I would like to clarify the meaning of "the bite behind the bark" in this context. Is the author saying that Donald Trump's nationalistic economic policies look harmful to the US and the world, and there will be real damage? Am I right?
The bite behind the bark
Trumponomics is a poor recipe for long-term prosperity. America will end up more indebted and more unequal. It will neglect the real issues, such as how to retrain hardworking people whose skills are becoming redundant. Worse, when the contradictions become apparent, Mr Trump’s economic nationalism may become fiercer, leading to backlashes in other countries—further stoking anger in America. Even if it produces a short-lived burst of growth, Trumponomics offers no lasting remedy for America’s economic ills. It may yet pave the way for something worse.
The Economist, Courting trouble, May 13th Issue