Trump's selective populism pits MAGA against Wall Street

President Trump is pioneering a bespoke form of populism — championing workers against corporate elites on the one hand, and protecting big business on the other. Why it matters: The unorthodox blend works for Trump and his deeply loyal MAGA base. But it leaves no clear blueprint for the movement's next leader, who will almost certainly lack his gravitational pull.True MAGA adherents may revolt if Trump's successor strays from hardcore populism. Business leaders could balk if they lean too far the other way.On the populist side: Trump has used tariffs to fundamentally remake the global trading order, with the goal of both punishing countries who "cheat" the U.S. and boosting domestic manufacturing.He's waged a public war on the Federal Reserve — railing against high interest rates as punishing ordinary Americans, and threatening the independence of the central bank.Trump's "big, beautiful bill" included targeted tax breaks for workers — eliminating federal taxes on tips and overtime — while avoiding the biggest cuts to Medicare and Social Security long sought by GOP deficit hawks.MAGA has embraced Trump's mass deportation campaign as a form of wage protection for American workers, while also claiming it could alleviate pressure on housing and health care.On the pro-business side: Trump has delivered major wins for corporate America, including by extending the 2017 tax cuts that disproportionately benefit the wealthiest Americans.His administration has aggressively slashed regulations and signed off on high-profile mergers, reviving the pre-Trump GOP instinct to unshackle big business.Trump also allowed Nvidia to continue exporting certain AI chips to China — a concession to tech and Wall Street that undercut his broader "tough on China" stance.And he's flirted with protections for undocumented farmworkers, a position that inflamed MAGA activists but aligned with Big Agriculture's demands for cheap labor.What they're saying: "While the Old Right has lost a lot of ground, its arguments are still potent with many elected Republicans," American Compass executive director Abigail Ball told Axios."On issues like tariffs, the administration has shown a willingness to choose long-term American interests over short-term business interests, but there remain areas where charismatic business leaders are winning the argument, at the expense of America's economic and national security."The intrigue: Some of Trump's moves have bucked the traditional populist–corporate dichotomy.The government's 10% stake in beleaguered chipmaker Intel, for example, blurred the line between worker-first industrial policy and corporate bailout — a uniquely Trumpian intervention that doesn't fit neatly in either camp.Sources tell Axios that within MAGA, there are limits to how much appetite there is for intervention in private businesses beyond Intel, which serves a national security interest that other companies don't.Between the lines: Free-market economists describe Trump's policy mix as less a cohesive approach to the world and more whatever confirms his long-standing personal beliefs, even if those policies contradict each other."I don't think these circles are squarable," says Wayne Winegarden, an economist at the Pacific Research Institute, which promotes private initiative and limited government."His policies are significantly more anti-growth than people readily talk about," Winegarden said, citing tariffs, immigration crackdowns and central bank interference, among others.Others agree that Trump's economic policy is rooted more deeply in personality than ideology — which works well for him but won't necessarily for whoever comes next."He's trying to give the base what they want in terms of these bad economic policies that make them feel good," said Alex Nowrasteh, vice president for economic and social policy studies at the Cato Institute."Personality and the economic benefits are like substitutes for each other," he added. "You can have a lot of personality that can make up for a lack of economic prosperity a little bit, and you can have economic prosperity that make up for personality."Friction point: While Trump's Republican support on economic policy has slipped of late, he's still mostly held onto his base.Whether that lasts, experts say, is entirely a function of how much national economic policy seeps into personal reality."You can manipulate the data all you want, but people know if they don't have a job," Winegarden said.For the record: The White House denies there are any contradictions in Trump's multipronged economic agenda."The Administration is rectifying the broken policies that have put America Last — from lopsided 'free' trade deals to no-strings-attached taxpayer giveaways to the largest companies in the world — while doubling down on the policies — like working-class tax cuts, energy abundance, and rapid deregulation — that have delivered for the American people," said White House spokesperson Kush Desai.The bottom line: Trump alone has managed to sell a mix of populist red meat and old-fashioned capitalism. But 2028 will test whether anyone else can keep Wall Street and Main Street on the same page.

Comments

World news

Gas leak at Sydney restaurant kills 25-year-old man and leaves 7 hospitalised

Independent

Comments

Similar News

Previous presidents projected calm after tragic events to ease the nation. Trump has mostly taken a different approach

Trump team set to announce link between 25 child deaths and Covid shots: report

Amid Trump's fury, Utah governor praised for restraint after Charlie Kirk's death

Trump says he’ll send National Guard to Memphis, escalating his use of troops in US cities

US and UK near tech, nuclear and whisky deals ahead of Trump trip

Trump says he ‘couldn’t care less’ about uniting US after Charlie Kirk killing

Trump can block Medicaid funds to ‘defund’ Planned Parenthood, court rules

Trump ally Laura Loomer ridiculed for swinging from Charlie Kirk attacks to leading backlash against detractors

Judge cuts off opening statement of man defending himself in court over Trump assassination attempt

Trump-supporting billionaire prevented from filling lake on UK estate during drought

Trump administration destroys $10 million of contraceptives bought by USAID for low-income countries

Trump eyes Memphis for next federal crackdown on crime but admits he would have preferred to send Guard to Chicago

Trump calls for ‘revenge at the voter box’ after Charlie Kirk’s assassination as he blasts ‘radicals on the left’

Qatari PM’s dash to see Donald Trump shows gravity of Israel’s bombing of Doha

Trump’s Hyundai Raid Drains U.S. Battery Brains

Trump backs off Chicago National Guard threats

Trump says he will send national guard to Democratic-run Memphis

‘She doesn’t have the power to stop him’: DC mayor walks a tightrope with Trump

‘I will not stay quiet’: LA man swept up in Trump Ice dragnet on why he’s suing

‘I think we have him’ - Trump says as arrest made in hunt for Charlie Kirk’s killer

World news

Gas leak at Sydney restaurant kills 25-year-old man and leaves 7 hospitalised

Tyler Robinson: Suspect in Charlie Kirk shooting set to face charges on Tuesday

Report claims thousands of children taken from Ukraine to be ‘re-educated’ by Russia

My evacuation from Gaza City: ‘I told my terrified toddler we’re going camping’

Luigi Mangione due in court amid double jeopardy fight in CEO killing

Israel IS committing genocide against Palestinians, says UN inquiry as IDF bombards Gaza City

Madeleine McCann ‘could have been stolen to order by paedophile network’

Australia warns social media over age checks as child ban plan moves forward

UN Commission says Israel is committing genocide in Gaza

Israel's Qatar attack was a costly failure

Israel launches fresh operation in major escalation amid warning 'Gaza is burning'

Four atrocities in horror UN report 'confirms Israel committing genocide' in Gaza

Coachella line up in full - all 132 acts performing at US music festival as Justin Bieber headlines

Russia raises tensions with NATO as Putin shows off his battlefield nuclear weapons

Charlie Kirk traveled across America. His security varied from venue to venue

Two men jailed for plot to kill president with witchcraft in Zambia

Dad threatened by ICE deportation days after being shot during robbery

‘Gaza is burning’: Israel reportedly begins ground offensive after Netanyahu threatens Hamas leaders

Donald Trump says he will sue New York Times for $15bn

Israel is committing genocide in Gaza, UN probe finds

‘Tooth-in-eye’ surgery enables man to see again after 20 years

Trump says he will sue the New York Times for $15bn

Is Keir Starmer already toast? I don’t think so

Apple TV+ swept the Emmys – these are the 11 shows to watch

Haitians yearn for home as gangs welcome them and police warn it's too dangerous

Father kills his own baby daughter on Facebook Live before taking his own life

Watch: JD Vance hosts Charlie Kirk's daily talk radio show

Why more women get cancer in India - but more men die

Malawi votes for next president as cost-of-living bites

They were shot dead for protesting against corruption in Nepal

Belarus and Russia's show of firepower appears to be a message to Europe

Google owner reveals £5bn AI investment in UK ahead of Trump visit

US Secretary of State inaugurates Israeli settler-led archaeological site in Jerusalem

Trump says he will sue New York Times for $15bn

Nigerian chef breaks world record for largest jollof rice dish

Chinese teens to pay $300,000 for urinating in soup

Report those who celebrate Charlie Kirk death to employers, Vance says

Israel escalates bombardment as defence minister says 'Gaza is burning'

Beaten and held in Russia for three years - but never charged with a crime

Trump's state visit is mired with potential pitfalls despite careful planning

Trump says the U.S. military targeted a boat allegedly carrying drugs from Venezuela

Federal Judge Declines to Intervene for Migrants Deported to Ghana

Florida attorney general says cops should stop enforcing open carry gun ban after court ruling

Russia shows off conventional and nuclear military might in drills — and raises tensions with NATO

Tyson Foods to eliminate high-fructose corn syrup in brands like Jimmy Dean and Hillshire Farm

A new Ebola outbreak has been declared. Here’s what we know

Luigi Mangione due in court amid double jeopardy fight in UnitedHealthcare CEO’s killing

How hands-off investing could have made you six times more than saving this year

‘I fought in Afghanistan but faulty earplugs left me with physical and mental scars’

Birmingham City and the battle of ambition vs tradition

I’m a first-time buyer – why does being self-employed mean I can borrow less?

Canada’s friendly seafood capital with a road trip and vineyards nearby

Sorry book snobs – Richard Osman’s The Impossible Fortune is a delight

Trump’s Tariffs Start to Bite in Vietnam

ADHD and bipolar patients face medicine delays – even when drugs are in stock

My Man Utd XI to save Amorim’s job – with three major changes

Please stop suggesting a date night – I’d rather you unblock the drain