That is the thrust of a new theory that has been gaining currency in Washington, on Wall Street, and in the financial press.

In recent months, as a testy war of words has begun to strain President Donald Trump’s coalition of hardline MAGA populists ...

In recent months, as a testy war of words has begun to strain Donald Trump’s coalition of hardline MAGA populists and right-leaning Silicon Valley tech elites, one member of that alliance has remained ...

business and finance with rank-and-file MAGA voters. The outlines of that coalition became clearer during the 2024 election, when Trump and Vance made sizable gains with working-class voters ...