Is Donald Trump a staunch capitalist, a secret socialist, a blend of the two, or none of the above? Depending on the day, it’s hard to tell.

Some of his initiatives are pure Ronald Reagan, such as his corporate-income tax cuts and deregulation efforts targeted at oil and gas. Some of his interventions would impress a Democratic Socialists of America chapter, such as demanding a public stake in Intel, requesting 15 percent of revenues from Nvidia’s chip sales to China, and securing a “golden share” of U.S. Steel to retain veto power over its decision making. As for the rest of Trump’s economic policy, it is a hodgepodge of 19th-century mercantilism, developing-world authoritarianism, and extremely online weirdness. The U.S. tariff rate stands near a 100-year high. When Trump isn’t firing t

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