Murdoch Paper Slams 'Bully' Trump Over 'Embarrassing' Policy

The Wall Street Journal editorial board criticized the Trump administration's defensive response to a Federal Reserve study on tariffs.

Published on Feb. 28, 2026

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The Wall Street Journal, a flagship business newspaper owned by Rupert Murdoch, published an editorial criticizing the Trump administration's response to a Federal Reserve study that found American households and businesses are bearing almost 90% of the cost of tariffs, not foreign countries as Trump has claimed. The editorial board called the administration's defensive reaction, including insults from the director of the National Economic Council, an "embarrassment" and suggested the White House may be trying to intimidate the Federal Reserve.

Why it matters

The editorial highlights the growing divide between the Trump administration and some traditionally conservative-leaning media outlets, like the Wall Street Journal, over the president's economic policies. It also raises questions about the administration's willingness to accept research that contradicts its political messaging around the impact of tariffs.

The details

After economists at the New York Fed published an analysis finding that American households and businesses are bearing the brunt of Trump's tariffs, not foreign countries, the director of the National Economic Council went on CNBC to criticize the study, calling it "the worst paper I've ever seen in the history of the Federal Reserve system" and suggesting the authors should be "disciplined." The Wall Street Journal's editorial board pushed back, questioning why the administration is "so defensive" about the tariffs if they are an "unambiguous economic and political winner." The board noted the New York Fed's findings align with other research and "common sense."

  • The Wall Street Journal editorial was published on Thursday, February 20, 2026.

The players

Rupert Murdoch

The owner of the Wall Street Journal, a flagship business newspaper that published the critical editorial.

Kevin Hassett

The 63-year-old director of the National Economic Council who went on CNBC to criticize the Federal Reserve study on tariffs.

Donald Trump

The former president who has repeatedly claimed that tariffs strengthen the economy without hurting Americans.

Jerome Powell

The Federal Reserve chairman who has regularly found himself in Trump's crosshairs.

Kevin Warsh

Trump's nominee to replace Federal Reserve Chairman Jerome Powell.

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What they’re saying

“If the tariffs are such an unambiguous economic and political winner, why is the Administration so defensive about them?”

— Wall Street Journal Editorial Board (The Wall Street Journal)

“Clearly the White House is worried that voters might conclude this research aligns with their own experience.”

— Wall Street Journal Editorial Board (The Wall Street Journal)

“TARIFFS have given us Great National Security because the mere mention of the word has Countries agreeing to our strongest wishes.”

— Donald Trump (Truth Social)

“If your tariff policy is so unpopular that you have to bully the central bank into not talking about it, maybe it's time for a new policy.”

— Wall Street Journal Editorial Board (The Wall Street Journal)

The takeaway

This editorial highlights the growing divide between the Trump administration and some traditionally conservative-leaning media outlets, like the Wall Street Journal, over the president's economic policies. It raises questions about the administration's willingness to accept research that contradicts its political messaging and suggests the White House may be seeking to intimidate the Federal Reserve.