Donald Trump loves money, billionaires and their compliments. The Silicon Valley barons, who were sitting in the front row for his inauguration ceremony on January 20, 2025, spared neither millions of dollars nor flattery to obtain the promised tax cuts and deregulation. From the start, however, it has been evident that within the diverse coalition that brought Trump to power, the MAGA base and the tech titans do not share the same priorities.
In addition to fighting immigration and lowering inflation, Trump had promised "big, beautiful" tariffs. Nonetheless, those from his first term did not have disastrous consequences, hence the relative disinterest of the magnates on these issues. But this time, Trump has gone all out, against the advice of all economists from both the right and the left and the president of the Federal Reserve, despite pressure from industrialists and Elon Musk. Vice President JD Vance, for his part, has shown unwavering support for the president but remains unclear on his priorities, except for his disdain for the European Union.
The White House, through various statements on Tuesday, April 22, seemed to take into account the poor polls and market chaos by denying the plan to dismiss Fed Chairman Jerome Powell and by acknowledging that tariffs on Chinese products could not remain at this level. And yet, doubt has settled in.
Violations of the law and the Constitution prior to the April 5 protests had done little to change the status quo. Only civil servants dismissed in violation of their rights, trade unions and civil rights and liberties groups have taken legal action against the illegal expulsions and dismantling of agencies and services that Americans hold dear (pensions and health insurance, to name but two). But the tariffs and their consequences on the stock market, on employment and on retirement savings plans are shaking Trump voters and some moderate Republican lawmakers. Frustrated, Musk called Peter Navarro, the president's economic adviser and main architect of his protectionist policy, "truly a moron" on X.
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