Jonathan Swan

wheel out photographs of the most heinous criminals, put out the most graphic, lurid stories of illegal immigrants doing awful things to American citizens. And I would say the majority opinion, and certainly Trump's own instincts, are that, you know, immigration is a winning issue. Whenever we can talk about immigration, we're winning.

wheel out photographs of the most heinous criminals, put out the most graphic, lurid stories of illegal immigrants doing awful things to American citizens. And I would say the majority opinion, and certainly Trump's own instincts, are that, you know, immigration is a winning issue. Whenever we can talk about immigration, we're winning.

I have no qualms about describing it as a success. I would say it's stunningly successful, perhaps the most successful element of his program so far. You can affix monetary value to it. He has extorted about a billion dollars collectively in pro bono work from these law firms on behalf of his agenda. They've said, Mr. Trump, please don't hurt us. Please don't attack us.

I have no qualms about describing it as a success. I would say it's stunningly successful, perhaps the most successful element of his program so far. You can affix monetary value to it. He has extorted about a billion dollars collectively in pro bono work from these law firms on behalf of his agenda. They've said, Mr. Trump, please don't hurt us. Please don't attack us.

We will do all this work for you for free, $100 million worth of free work. utter capitulation. The universities, as you say, are changing their policies. And then just look at corporate America. I mean, you had this procession of CEOs go down to Mar-a-Lago during the transition, go sit down, have dinner with him, and then they gave him money.

We will do all this work for you for free, $100 million worth of free work. utter capitulation. The universities, as you say, are changing their policies. And then just look at corporate America. I mean, you had this procession of CEOs go down to Mar-a-Lago during the transition, go sit down, have dinner with him, and then they gave him money.

They gave a million dollar check here for his inauguration. And then his people, his political authorities came back to him and said, actually, guys, we need a little more money. His political operation, Maggie will know the figure better than me, it keeps growing. But, you know, we're going to see probably a billion dollars plowed into this thing by the midterm elections.

They gave a million dollar check here for his inauguration. And then his people, his political authorities came back to him and said, actually, guys, we need a little more money. His political operation, Maggie will know the figure better than me, it keeps growing. But, you know, we're going to see probably a billion dollars plowed into this thing by the midterm elections.

What else would you use? There's no other word for it. I don't even know if Trump would dispute that word. I mean, he is like publicly boasting.

What else would you use? There's no other word for it. I don't even know if Trump would dispute that word. I mean, he is like publicly boasting.

It's this, from Trump's perspective, this virtuous cycle. Businesses are scared. They give the money. The money goes into Trump's political operation, which is designed to put the fear of God into any Republican who will step out of line, oppose his agenda. So it's this circle, right? Money comes in. Money is used to intimidate. Intimidation, you know, extracts more money.

It's this, from Trump's perspective, this virtuous cycle. Businesses are scared. They give the money. The money goes into Trump's political operation, which is designed to put the fear of God into any Republican who will step out of line, oppose his agenda. So it's this circle, right? Money comes in. Money is used to intimidate. Intimidation, you know, extracts more money.

And around the circle goes.

And around the circle goes.

No, it's really ad hoc and it's a total mess. And they're now desperately trying to find off ramps and ways of getting out of this global trade war that Trump has started.

No, it's really ad hoc and it's a total mess. And they're now desperately trying to find off ramps and ways of getting out of this global trade war that Trump has started.

And as one person said to me recently, Republicans might be afraid of Donald Trump, but the bond markets aren't afraid of Donald Trump and the economy's not afraid of Donald Trump and the stock market's not afraid of Donald Trump. And he did run into something that he couldn't intimidate, that he couldn't threaten.

And as one person said to me recently, Republicans might be afraid of Donald Trump, but the bond markets aren't afraid of Donald Trump and the economy's not afraid of Donald Trump and the stock market's not afraid of Donald Trump. And he did run into something that he couldn't intimidate, that he couldn't threaten.

And that created such a sense of panic on his senior team that they basically begged him to initiate that 90 day pause on his reciprocal tariffs. Begged. They absolutely made a very strong case. Treasury Secretary Scott Besant, Commerce Secretary Howard Lutnick, the vice president, even nobody with perhaps the exception of

And that created such a sense of panic on his senior team that they basically begged him to initiate that 90 day pause on his reciprocal tariffs. Begged. They absolutely made a very strong case. Treasury Secretary Scott Besant, Commerce Secretary Howard Lutnick, the vice president, even nobody with perhaps the exception of