As Heather Cox Richardson documented, "Wall Street billionaires tried desperately and unsuccessfully to change Trump’s mind on tariffs. This week they have begun to go public, calling out what they call the 'stupidity' of the new measures."
But one company - Fundstrat Market Strategy & Sector Research - went even farther than that, writing this is their newsletter today (emphasis mine):
In the last few days, we have had many conversations with macro fund managers. And their concern is that the White House is not acting rationally, but rather on ideology. And some even fear that this may not even be ideology. A few have quietly wondered if the President might be insane.
That is something that many of us have been talking about for years now. As others search for a political or economic strategy behind the president's actions, Jamelle Bouie goes to the heart of things.
It is a fool’s errand to try to rationalize President Trump’s obsession with tariffs...
[Trump] did not reason himself into his preoccupation with tariffs and can neither reason nor speak coherently about them. There is no grand plan or strategic vision, no matter what his advisers claim — only the impulsive actions of a mad king, untethered from any responsibility to the nation or its people. For as much as the president’s apologists would like us to believe otherwise, Trump’s tariffs are not a policy as we traditionally understand it. What they are is an instantiation of his psyche: a concrete expression of his zero-sum worldview.
The fundamental truth of Donald Trump is that he apparently cannot conceive of any relationship between individuals, peoples or states as anything other than a status game, a competition for dominance...For Trump, there is no such thing as a mutually beneficial relationship or a positive-sum outcome. In every interaction, no matter how trivial or insignificant, someone has to win, and someone has to lose...
The upshot of this understanding of Trump’s personality is that there is no point at which he can be satisfied. He will always want more: more supplicants to obey his next command, more displays of his power and authority and more opportunities to trample over those who don’t belong in his America.
During a speech last night, Trump shared his delusional thinking about his own dominance.
Tony Schwartz, ghostwriter for Trump's "The Art of the Deal," laid it all out for us eight years ago.
To survive, I concluded from our conversations, Trump felt compelled to go to war with the world. It was a binary, zero-sum choice for him: You either dominated or you submitted. You either created and exploited fear, or you succumbed to it...
Trump grew up fighting for his life and taking no prisoners. In countless conversations, he made clear to me that he treated every encounter as a contest he had to win, because the only other option from his perspective was to lose, and that was the equivalent of obliteration.
I recognize that it's hard for a lot of people to come to terms with the idea that the U.S. has elected a president who is insane. They want to console themselves with the idea that, behind these policies is some kind of political and/or economic strategy that can be countered via rational arguments. But the reality is that we have a president who is bragging that our (former) allies are now calling him up to kiss his ass. It is an affront to three year olds to claim that is simply childish. It is insane.
As a musical side-note, I've been thinking about this one a lot lately. Paul Simon said it's the most neurotic song he's ever written. But on a communal level, it perfectly describes Trump's "America first" mentality.