Trump Has His Own Communist Manifesto

U.S. President Donald Trump and the Republican Party have been warning about the threat of "communism," yet the Trump administration has been taking over much of the means of production. If Trump's initiative into state capitalism last year appeared alarming, it has only intensified. The U.S. government now possesses equity stakes in approximately 30 companies spanning various industries.

Initially, this began with a "golden share" in U.S. Steel, but it has since evolved into a government takeover of extensive parts of the economy. Trump has recently pressured oil firms such as ExxonMobil and Chevron regarding their refining margins as the Iran war has resulted in higher gasoline prices. Simultaneously, Trump's chosen candidate for the Federal Reserve continues to struggle, while Trump himself frequently calls him.

Throughout this, Trump continues to exert congressional powers of taxation to raise import duties on U.S. consumers.

Tad DeHaven, an analyst at the Cato Institute, pointed out that these novel economic shifts are underway without any clear plan or strategy, as they are driven by one man's personal desires. Trump's aggressive takeover of industries has primarily targeted rare earths, mining, metals, and semiconductors, which is an unexpected move for a nominally Republican president who has traditionally championed free-market values.

While there might be a case for state intervention in certain industries that require government support, Trump's approach is distinct. Other countries are grappling with supply chain vulnerabilities or the need for infant industries, but the Trump administration has transformed state capitalism into a source of revenue.

The number of exemptions and exclusions for tariffs, along with special treatment for certain firms, has grown. Trump justifies this by claiming it is only for the critical industries. However, DeHaven argues that this is not a sophisticated plan, but rather someone who desires control over the economy.