Jonathan Swan

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

Peter Navarro thinks that Trump's plan of initiating a global trade war was well thought through and that it would create the stipulated goal of a golden age of reshored heavy industry American manufacturing.

Peter Navarro thinks that Trump's plan of initiating a global trade war was well thought through and that it would create the stipulated goal of a golden age of reshored heavy industry American manufacturing.

All that's true, but they have clearly signaled that they are on a direction of retreat.

All that's true, but they have clearly signaled that they are on a direction of retreat.

He has blinked, and the only challenge for them is how to spin capitulation in a way that's not capitulation. They are desperate for an off-ramp with China, to the point where Trump is saying that he got a phone call from President Xi Jinping, which as far as we can tell is a phone call that doesn't exist and never happened. So they're desperate for off-ramps, and Charlie's right.

He has blinked, and the only challenge for them is how to spin capitulation in a way that's not capitulation. They are desperate for an off-ramp with China, to the point where Trump is saying that he got a phone call from President Xi Jinping, which as far as we can tell is a phone call that doesn't exist and never happened. So they're desperate for off-ramps, and Charlie's right.