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 r

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