Trump's midterm election combo punch: push for tax cuts and the “MAHA campaign,” with the pharmaceutical and processed food sector bearing the brunt

The Zhitong Finance App noticed that US President Trump was not very enthusiastic about supporting the election before the November midterm elections, and was quite economical in spending money. At the Republican convention in Dallas this week, he stepped up his participation and followed a strategy he had tried and tested for a long time — to sell himself.

Over the past few months, despite polls showing that his approval rating has fallen to a record low, Trump has vigorously promoted his construction projects in Washington and attended various major sporting events. However, at a time when his party is facing headwinds, he now seems to be focusing more on the midterm elections and argues that voters should treat him personally as a voting target.

Former Trump adviser Steve Bannon said, “He understood this was not an election to convince voters,” he said that the president needed to mobilize his own basic market, as well as “voters who are less willing to vote” and “Make America Healthy Again” (Make America Healthy Again) members.

The MAHA movement advocates cracking down on ultra-processed foods (ultra-processed foods) and limiting food additives/colorings and vegetable oils. Traditional high-sugar and high-processed food giants face stricter regulations and changes in consumption habits; while natural food, organic agriculture, and additive-free supply chain companies will usher in policy bias.

Bannon added, “To do this and maintain the situation by one seat in the House of Representatives and draw in the Senate is the result you want.”

Trump's plan also requires him to overcome voters' concerns about the 2026 issue by reminding them of the “bright political results” of 2025: including its iconic tax reform bill and stricter border enforcement. But for voters who are currently dissatisfied with high prices and the war in Iran, simply “taking a detour to celebrate” last year's achievements will not provide much comfort.

Trump recently previewed his message at the White House, telling Republican lawmakers to use his administration record as the main axis of the campaign, and said, “If you talk about this, you will win, and you will win big.” As for going to evenly distributed constituencies to support candidates, he declared, “All I need to do is fight, fight, and then win, win, win.”

Whether the president will stick to the plan remains to be seen. The White House has been promising for over a year that Trump will go out to help candidates in the election, but there have been few actual results. Spending on its super political action committee, MAGA Inc. has been weak, but recent investments in Texas and South Carolina have boosted Republicans' hopes.

A review of Trump's travel from June to August 2026 shows that he spent more time attending state party events, fundraisers, and candidate rallies eight years ago compared to the same period of the 2018 midterm elections during his first term. With only 54 days left until the elections, there is little time left to reverse this situation.

A Republican official discussing Trump's Dallas speech on Wednesday night said that the Democratic Party is already running a campaign against the president and his policies, so it is reasonable to use a national strategy to deal with the midterm elections. This tactic worked in South Carolina: Trump stepped in last month and may have helped novice Senator Darlene Graham win an even runoff.

But where the Republican Party sees an advantage, the Democratic Party sees a weakness.

Susan Delbene, chairman of the Democratic Congressional Campaign Committee, said, “I think Republicans all over the country are running in fear. They know we're on our way to taking back the House of Representatives.” “People are tired of Congress following Trump's orders.”

The Senate election is also more variable than a year ago, and traditional red states such as Alaska and Texas seem more competitive. Last weekend, MAGA Inc. injected $10 million into Texas Attorney General Ken Paxton's senate campaign — the Democratic Party has struggled to win the statewide seat in Texas for decades.

Although Trump may be investing more, a senior Republican trader pointed out that in 2018, after his team determined that the House of Representatives might fall out, they decided to focus on expanding the Senate map, and as a result, the president repeatedly traveled to Missouri, West Virginia, and Ohio to support the election.

There are very few such actions this summer. Instead, the president focused his attention on the renovation of the White House ballroom, reflection pool, and other Washington monuments while attending the NBA Finals, FIFA World Cup Finals, and LIV Golf Bedminster. After the Dallas conference, he will travel to Ireland to watch a golf tournament at his club in Dornberg.

A veteran Democratic Party trader agreed that Trump had a strong presence in 2018, adding that he was able to make a strong case at the time: even if people disapproved of all aspects of his presidency, they were generally satisfied with the economic performance.

Democratic strategist Jesse Ferguson summed up the differences in the current pattern: “What people hated in 2018 was the way he acted; in 2026, people couldn't afford him financially.”

White House spokeswoman Olivia Wales refuted the criticism, citing Trump's tax cuts, prescription drug price reduction, and border security efforts, and said, “The choice has never been so clear: either continue Trump's victorious, common sense agenda, or accept the Democratic Party's extreme liberal policies and obstruction.”

It advocates lowering the price of prescription drugs, reducing excessive medical treatment, and examining vaccine/specific drug dependency, causing policy shortages for large pharmaceutical companies that rely on traditional patented drugs and traditional vaccines, and at the same time promoting the shift of medical funds to emerging fields such as preventive medicine and metabolic health management.

Not all Republicans agree with the Trump-centered line.

A veteran Republican trader complained about paying too much attention to Trump, particularly those struggling candidates who might not attend the two-day conference in Dallas at all. Expected absentees this week include Maine Senator Susan Collins and Iowa Representative Zack Nunn; Cook's political report rated Nunn's constituency as “difficult to predict.”

Some states have issued ballots to voters, and the Democratic Party is expected to win control of the House of Representatives in November, and they are increasingly optimistic about the Senate — they will need a net increase of 4 seats in the Senate to gain a majority.

In view of the election situation, some Republicans say it is reasonable for Trump to focus on the basic market.

Republican strategist Alex Conant said, “The reason these red states are in a tug of war is because we are not performing well in our own basic market,” and “we need Republicans to go home and vote in Texas, Iowa, and Alaska. Trump knows how to do it.”