Is Donald Trump a socialist?

Donald Trump has been accused of being many things during his chequered career as a business baron and politician. Being a socialist was, till recently, definitely not among them. The accusation was made by California's Democratic governor, Gavin Newsom, shortly after the US government bought a stake in the once-mighty Intel that has fallen back in the race for AI chips. It's a specious claim of nationalisation that is also deceptive. Trump merely converted into equity the subsidy his predecessor Joe Biden had offered the company to boost US chipmaking. In this, Trump is being consistent with his transactional style of policymaking. His administration wants something in return for every action. Overseas mineral rights in return for peace initiatives and enhanced market access through higher tariffs have come to symbolise his foreign and trade policies. In Intel's case, the Trump administration is seeking results, not control.

Making America Great Again involves capitalism on steroids, and Trump would be the least likely candidate to save capitalism from the capitalists. His economic policy has repeatedly been labelled crony capitalism. Trump is not brandishing a new shade of orange socialism to take on the Chinese at their game. His administration is indeed using threats of withheld funding to get its way with universities-which smacks of tactics used by men in Mao suits-but it is chipping away at social security as well. This is a rare government that applies profit motive to itself. The outcomes can thus be bizarre from a social welfare perspective.

A property developer doesn't get into the White House without stumping up a generous amount of his own money and help from well-heeled friends. Trump's re-election bid was supported by Elon Musk, who just voted himself a $1 tn pay package. Campaign funders of such stature should be able to spot latent socialist leanings in a presidential candidate, however disguised. For those still not convinced, they can go back to the footage of Trump selling Teslas on the White House lawns. It's a bit of a stretch even by his standards.