Donald Trump just can’t get along with a hugely important American industry – Washington Post
Wall Street has President Trump's ear.He meets with bankers and financiers at the White House, and he has signed orders indicating that he will accommodate the industry's needs.
Meanwhile, Trump's relationship with the nation's other center of big businesshas been tense, sometimes even hostile. Separated by culture, politics and a long, cross-country flight, Silicon Valley and the new administration have been experiencing compatibility issues.
Thecontrast suggests how the president's connections in business and his experience in real estate could influence his economic policies.
"The tech industry and the Trump administration are talking past each other as opposed to talking to each other," said Venky Ganesan, managing director of Menlo Ventures.
Trump's first three weeks in office have made the difference clear. Hesought to impose a ban on all immigration from seven predominantly Muslim countries, an action that prompted outrage from Silicon Valley, where manyfirms rely on foreignengineers.
[How Microsoft avoided billions in taxes, and what the GOP says it will do about it]
A few days later, Trumpordered a review ofrestrictionsimposed on the financial sector after the crisis and delayed a rule intended to require retail financial advisers to act in their clients' best interests. Analysts said the actions signaled the White Housewould be friendly toWall Street.
The financial sector is well represented among Trump's cabinet and his advisers.
National Economic Council Director Gary Cohn, White House senior strategist Stephen K. Bannon and Treasury secretary nominee Steven T. Mnuchin have all worked at Goldman Sachs. So did Anthony Scaramucci, a hedge-fund manager who advised Trump during the campaign. Transportation Secretary Elaine Chao spent time at Citi and Bank of America.
The technology sector does have at least one well-placed spokesmanamong Trump's confidantes in billionaire Peter Thiel.
"Peter is, I think, influential with Trump," said economistStephen Moore, who advised the president during the campaign. "Hes, sort of, the point man when it comes to the concerns and needs and so on of these Silicon Valley companies."
Trump also formed an advisory council of corporate leaders after his election, which includes a couple of delegates from Silicon Valley: Tesla's Elon Musk and IBM President Ginni Rometty. Uber chief executive Travis Kalanick quit the group last week in response to Trump's immigration order.
Financiers, however, outnumber them on the panel. The group is chaired by Stephen Schwarzman, a founder of the private equity firm Blackstone.
[Trump may be ditching conservatives on one of the issues they care about most]
Other members include Jamie Dimon, the head of J.P. Morgan Chase, and Laurence D. Fink, chairman of the mammoth money manager BlackRock.Patomak Global Partners chief executive Paul Atkins is also on the council -- his firm provides consulting services to the financial sector.
To some degree, the discrepancy is attributable to politics. Anecdotally, there are moreRepublicansworking in Manhattan than inthe Bay Area, and Democrats in the technology industrymade no effort to conceal their distaste for Trump during the campaign.
"Most of the CEOs are pretty hard-core Democrats," Moore said. "You have to search far and wide to find people in Silicon Valley who believe in the things that Trump talkedabout."
Said Ganesan: "The tech industry, during the presidential campaign, was far more vociferous in its opposition and disdain for the Trump candidacy than I think other industries were."
Yet Ganesan, the venture capitalist, argued that the technology sector should find ways of working with Trump.
"Ultimately, both the tech economy and the Trump administration need each other," Ganesan said. "Americas leadership in the world is driven by technology."
Michael Beckerman, the president of the Internet Association -- a lobbying group that represents large technology companies--agreed, predicting that entrepreneurs in technology would eventually find common ground with Trump's administration on areas such as regulation and trade.
U.S. digital exports "can create a competitive amount of economic value and competitiveness in the United States, and thats the exact kind of thing that hes been talking about throughout the campaign," Beckerman said. "Who seems to be getting the love in the first few weeks is not necessarily an indication of the long game of the next four years."
Former commerce secretary William M. Daley, whom President Barack Obama brought on as chief of staff in part to help the him improve his relationships with corporate America, said that Trump's personal relationships probably accounted for some of his apparent preference for bankers.
[Trump said they were getting away with murder. Now they might be getting a tax break.]
"If you take his whole career back to his father, its a pretty closed sort of world," Daley said. "He probably knows every banker, because hes probably tried to borrow from every one of them."
While both New York and San Jose are redoubts of the economic elite, the "whole mindset" of doing business is very different between the two cities, Daley said. He said that Trump probably feels more comfortable in the staid, managerial world of finance, real estate and blue-chip corporations, in contrast to the more unpredictable and entrepreneurial world of computing.
Financiers "want to live in a world thats not as chaotic as the Silicon Valley crowd likes to live in," said Daley, a former J.P. Morgan banker who is now a managing partner at the Swiss hedge fund Argentire Capital. "In the Silicon Valley world, theyre all over the place. Every day is a new game plan."
Daley pointed out that besides Trump's hotel in Las Vegas, his golf resort in Los Angeles and his recently completed Vancouver building, most of his properties are on the East Coast or overseas, limiting his exposure to the technology sector's culture and clout.
"It's partly because Trump is a creature of New York," Moore said. "He's dealt with Wall Street his whole life."
See the original post:
Donald Trump just can't get along with a hugely important American industry - Washington Post
- 'So much for being nice guy': Donald Trump reignites trade tensions, warns China it has violated tariff d - Times of India - May 30th, 2025 [May 30th, 2025]
- Mike Pence Accuses Donald Trump of Ignoring Constitution - Newsweek - May 30th, 2025 [May 30th, 2025]
- We demanded justice after George Floyds death. Donald Trump made things worse, but we fight on | Al Sharpton - The Guardian - May 26th, 2025 [May 26th, 2025]
- Donald Trump Posts All-Caps Memorial Day Message Attacking USA Hating Judges And Scum Who Are Trying To Destroy Our Country - Deadline - May 26th, 2025 [May 26th, 2025]
- CNN abruptly stopped for breaking news as Donald Trump explodes at reporter over Ukraine question - The Mirror US - May 26th, 2025 [May 26th, 2025]
- Donald Trump is throttling Americas oil industry - The Economist - May 11th, 2025 [May 11th, 2025]
- Donald Trump prizes more Gulf investment in the US - BBC - May 11th, 2025 [May 11th, 2025]
- Donald Trump Vows to Reduce Prescription Drug Costs by Up to 80 Percent - Newsweek - May 11th, 2025 [May 11th, 2025]
- What is habeas corpus and why might Donald Trump want to suspend it? - BBC - May 11th, 2025 [May 11th, 2025]
- Donald Trump calls for 20,000 new officers to aid with deportations - BBC - May 11th, 2025 [May 11th, 2025]
- Donald Trump is a bigger threat to UK than terrorists, poll says - politico.eu - May 8th, 2025 [May 8th, 2025]
- Donald Trump to announce 'major trade deal' with a big and highly respected nation - Times of India - May 8th, 2025 [May 8th, 2025]
- Donald Trump picks the wrong trade fight with China - The Economist - April 30th, 2025 [April 30th, 2025]
- Donald Trump says he will be talking to Australias prime minister about tariffs - The Guardian - April 30th, 2025 [April 30th, 2025]
- Donald Trump Names His Dream Successor for Pope Francis Ahead of the Papal Conclave - People.com - April 30th, 2025 [April 30th, 2025]
- Giants say they had no conversations with Donald Trump about Saquon Barkley - NBC Sports - April 30th, 2025 [April 30th, 2025]
- Donald Trump is proving disastrous for big tech - The Economist - April 30th, 2025 [April 30th, 2025]
- Opinion | Donald Trump Is Selling the White House to the Highest Bidder - The New York Times - April 27th, 2025 [April 27th, 2025]
- 'Kicking butt' or 'going too fast'? Donald Trump voters reflect on 100 days - BBC - April 27th, 2025 [April 27th, 2025]
- Donald Trump's approval rating takes a hit as he reaches 100 days: New polls - USA Today - April 27th, 2025 [April 27th, 2025]
- Experts On Russia Say Donald Trump Is Wrong About The War In Ukraine - Forbes - April 27th, 2025 [April 27th, 2025]
- Donald Trump went after one of America's top law firms. Its decision to fight back took just two hours. - Business Insider - April 27th, 2025 [April 27th, 2025]
- Sweeping change. Donald Trump voters reflect on controversial first 100 days of second term. - Chicago Tribune - April 27th, 2025 [April 27th, 2025]
- Donald Trump wants celebrities to kiss the ring. Bill Maher did: wholl be next? | Emma Brockes - The Guardian - April 25th, 2025 [April 25th, 2025]
- Donald Trump's trip to Pope Francis' funeral puts a sharper focus on their clashes over the years - AP News - April 25th, 2025 [April 25th, 2025]
- Donald Trump Is Tanking One of Americas Greatest Exports in the Middle of a Trade War - Slate - April 25th, 2025 [April 25th, 2025]
- 'Reality bites Donald Trump in the you know where': China contradicts the White House over tariffs - MSNBC News - April 25th, 2025 [April 25th, 2025]
- Donald Trump's "Objectively Embarrassing And Hilarious" Message To Vladimir Putin Is Now A Meme - Yahoo - April 25th, 2025 [April 25th, 2025]
- The Nobel is just the start: 16 imagined victories for Donald Trump | Ariel Dorfman - The Guardian - April 21st, 2025 [April 21st, 2025]
- Is Donald Trump Breaking the Law? Seven Experts Weigh In. - The Free Press - April 21st, 2025 [April 21st, 2025]
- JD Vance: Donald Trump's Global 'Bad Cop' In His First 100 Days In Office - NDTV - April 21st, 2025 [April 21st, 2025]
- What is the Insurrection Act? What To Know as Donald Trump Deadline Hits - Newsweek - April 21st, 2025 [April 21st, 2025]
- Vince Vaughn Visits Donald Trump and The White House Shares Wedding Crashers Parody Poster - Variety - April 21st, 2025 [April 21st, 2025]
- President Donald Trump Is Saving Social Security Hundreds of Millions of Dollars per Year. But Is It Enough to Prevent Benefit Cuts? - Yahoo Finance - April 21st, 2025 [April 21st, 2025]
- We knew Donald Trump is bad at business. Now the world does, too. | Sheneman cartoon - NJ.com - April 14th, 2025 [April 14th, 2025]
- Donald Trump is now badly wounded. Europe and the UK can seize an advantage - The Guardian - April 12th, 2025 [April 12th, 2025]
- Bill Maher Says Donald Trump Was Gracious and Willing to Listen During White House Visit - hollywoodreporter.com - April 12th, 2025 [April 12th, 2025]
- Bill Maher Recounts Surprising Meeting With Gracious and Measured Donald Trump - TV Insider - April 12th, 2025 [April 12th, 2025]
- Bill Maher's full monologue on his Donald Trump meeting: Read the transcript - USA Today - April 12th, 2025 [April 12th, 2025]
- Donald Trump's tariffs on China, EU and more, at a glance - BBC - April 12th, 2025 [April 12th, 2025]
- Donald Trump Says 'Market Is Going To Boom,' Claiming '$6-7 Trillion' Worth Of Inflows Will Come After The Worst Selloff Since 2020 - Yahoo Finance - April 5th, 2025 [April 5th, 2025]
- Live updates: 'Hands Off!' protesters rally against Donald Trump, Elon Musk - The Hill - April 5th, 2025 [April 5th, 2025]
- Donald Trump's Tariff Formula 'Based on an Error'Conservative Think Tank - Newsweek - April 5th, 2025 [April 5th, 2025]
- The ridiculous real story behind the tariff plan that turned Donald Trump into a global disaster - MSNBC News - April 5th, 2025 [April 5th, 2025]
- "Hang Tough, It Won't Be Easy": Donald Trump To Americans Amid Tariff War - NDTV - April 5th, 2025 [April 5th, 2025]
- This Economic Paradox Nearly Took Down Three Presidents. Is Donald Trump Next? - Politico - April 5th, 2025 [April 5th, 2025]
- Donald Trump says he is very angry with Vladimir Putin over Ukraine - The Guardian US - March 30th, 2025 [March 30th, 2025]
- Donald Trump: Is Irish America moving towards the Republican Party? - BBC.com - March 30th, 2025 [March 30th, 2025]
- Globalisation will triumph over Donald Trump - Financial Times - March 30th, 2025 [March 30th, 2025]
- Donald Trump's Approval Rating Over Economy Plunges to New Low - Newsweek - March 28th, 2025 [March 28th, 2025]
- Called a 'scab' during the campaign, Donald Trump wins UAW backing on tariffs - Detroit Free Press - March 28th, 2025 [March 28th, 2025]
- Donald Trump is moving fast and breaking things, but that may result in a better US | Simon Jenkins - The Guardian - March 28th, 2025 [March 28th, 2025]
- Donald Trump Has Invented Something New and Chilling - Yahoo - March 28th, 2025 [March 28th, 2025]
- Column: Thank you, Donald Trump, for giving me my dad back - - The Daily Tar Heel - March 26th, 2025 [March 26th, 2025]
- Donald Trump's Approval Rating Is Negative With Nearly Every Pollster - Newsweek - March 26th, 2025 [March 26th, 2025]
- Andrii Smytsniuk | Condolences to Kyiv: Ukraine, King Solomon, and Donald Trump - The Daily Pennsylvanian - March 26th, 2025 [March 26th, 2025]
- Whoopi Goldberg has chilling warning about Donald Trump on The View - PennLive - March 26th, 2025 [March 26th, 2025]
- Donald Trump threatens US tariffs on countries buying Venezuelan oil - BBC.com - March 25th, 2025 [March 25th, 2025]
- Donald Trump Calls George Clooney a Second Rate Movie Star After Clooney Calls Out the Government for Trying to Make Journalists Smaller: They Dont... - March 25th, 2025 [March 25th, 2025]
- People Can't Help But Giggle Over This Portrait Of Donald Trump That He Desperately Wants Removed From The Colorado State Capitol - Yahoo... - March 25th, 2025 [March 25th, 2025]
- Donald Trump will soon mark 100 days in power - where does his opposition stand? - Sky News - March 22nd, 2025 [March 22nd, 2025]
- Putin said he prayed for his friend Donald Trump after 2024 assassination attempt, U.S. envoy says - NBC News - March 22nd, 2025 [March 22nd, 2025]
- Donald Trump and John Roberts: A president, a chief justice and a judiciary under pressure - Reuters - March 22nd, 2025 [March 22nd, 2025]
- Prediction: President Donald Trump Is Going to Break His Social Security Promise, and These 16 Words Prove It - The Motley Fool - March 22nd, 2025 [March 22nd, 2025]
- Full List of Names Donald Trump Has Stripped of Security Clearance - Newsweek - March 22nd, 2025 [March 22nd, 2025]
- Social Security: What Donald Trump And Elon Musk Are Doing About Entitlement Program - Forbes - March 13th, 2025 [March 13th, 2025]
- Why John Mearsheimer Thinks Donald Trump Is Right on Ukraine - The New Yorker - March 13th, 2025 [March 13th, 2025]
- What the U.S. ceasefire proposal means for Ukraine, Russia, Europe and Donald Trump - The Conversation Indonesia - March 13th, 2025 [March 13th, 2025]
- Well, It Looks Like We Know What Donald Trump Will Do About Daylight Saving Time Now - Yahoo - March 7th, 2025 [March 7th, 2025]
- Jimmy Carter Reminds Us of Political Integrity; Donald Trump and Corporate America Remain Committed to Darkness - Progressive.org - March 7th, 2025 [March 7th, 2025]
- Donald Trump Supporters Are Waking Up To The Reality Of Their Ballot Choices, And The Stories Are A Loooooot - Yahoo - February 20th, 2025 [February 20th, 2025]
- It took Donald Trump less than a decade to turn the US toward Putins Russia - CNN - February 20th, 2025 [February 20th, 2025]
- Are We Still Friends?: How Donald Trump Is Unraveling the Western Alliance - Vanity Fair - February 20th, 2025 [February 20th, 2025]
- Prediction: President Donald Trump Will Break His Social Security Promise and Propose Cuts -- Just Not in the Way You Might Think - The Motley Fool - February 16th, 2025 [February 16th, 2025]
- It Pays to Be a Friend of Donald Trump - The FP - February 16th, 2025 [February 16th, 2025]
- Donald Trump's 'Drastic' Funding Cuts Face Republican Opposition - Newsweek - February 16th, 2025 [February 16th, 2025]
- President Donald Trump Hangs His Framed Mugshot Outside the Oval Office - E! Online - E! NEWS - February 16th, 2025 [February 16th, 2025]
- Donald Trump wants states and cities to do as they are told - The Economist - February 16th, 2025 [February 16th, 2025]
- Donald Trump Wants Reciprocity in Trade: Heres a Closer Look - Council on Foreign Relations - February 16th, 2025 [February 16th, 2025]
- Interview with President Donald Trump airing ahead of Super Bowl 59: How to watch - USA TODAY - February 9th, 2025 [February 9th, 2025]