Conventional governmental fiscal policy is to stay the course on taxes and interest rates whenever possible to promote stability. Raise taxes only when needed for programs, cut taxes when possible or when a crisis requires more money in the pockets of business and consumers. Raise interest rates when the economy threatens to overheat, cut them when confidence disappears.
in 2017 Trump cut taxes for the expressed purpose of boosting the economy into 4% growth. The cuts will pay for themselves he said. They didn't and the US Federal Debt exploded while growth stalled out at far less than the target rate. Trump also hectored the Federal Reserve into reversing planned interest rate hikes and even making a slight cut in order to boost what was already well performing economy.
These two actions left the US with very little room to act when the Covid - 19 crisis shattered world economic confidence and sent the global economy to the edge of a cliff. The US federal reserve rate has been cut to 1.25%, leaving virtually no room for further lowering borrowing costs. The record high US debt load has left even Republicans balking at Trump's proposed payroll tax cut and other spending to inject liquidity into markets. In short, Trump failed to understand that using the tools he had to pursue political goals meant he didn't have them when needed to protect against real threats.
This failure to understand the value of maneuvering room explains much of Trump's horrible business record. A man who managed to bankrupt his casinos knows nothing about contingencies. His short sightedness is now in the White House and costing the USA, and the world far more than would otherwise have been necessary. Let's hope the loss is just measured in money.