Faced with the possibility that the Republican Party is headed for a wipeout in the November midterms, White House insiders are attempting to head off a Friday announcement by President Donald Trump of new tariffs.

Trump is preparing to impose what the Financial Times is calling a "barrage" of fresh tariffs on dozens of countries this week, but his own advisers are urgently counseling him to step back from the brink, the outlet's report states. Senior officials worry that resurrecting his trade war—which delivered economic shocks and voter backlash in his first term—could prove "catastrophic" heading into elections Republicans are already struggling to win.

According to the report, "Behind the scenes, senior officials have been counseling the president to maintain stability with trading partners and honor the deals that Washington struck with them to reduce their tariffs in 2025, according to two people familiar with the matter.”

The timing is particularly fraught. Existing 10 percent tariffs adopted after a Supreme Court decision in February struck others down are set to expire Friday and some in the White House are engineering probes "of forced labor practices, allowing Trump to avoid using the emergency authorities knocked down by the Supreme Court."

The prospect of renewed tariffs collides with an already-deteriorating economic landscape. The escalating Iran conflict has roiled energy markets, pushing gas prices back above $4 per gallon. Voters are already furious about the cost of living and recent polling found two-thirds of Americans disapprove of how Trump is managing affordability.

Adding tariff hikes to soaring energy prices risks "inflaming voter frustration over the high cost of living," a sign that even Trump's own team recognizes the political danger, the report notes.

"This does not mean that tariff hikes are in the rear-view mirror," Wendy Cutler, a former U.S. trade official now at the Asia Society Policy Institute, told the Financial Times. "But it does suggest that a more cautious approach is now called for, particularly in the lead up to the midterm elections."