The key to understanding Trump? It's not what you think

Everything the US president does is for money – and in serving his avarice, he’s managed to triumph over the market

https://www.theguardian.com/us-news/ng-interactive/2025/jul/27/trump-deals-trade-economy

https://archive.ph/ofQls



Donald Trump embodies dealmaking as the essence of a particular form of entrepreneurship. Every deal begins with his needs and every deal feeds his wants. He thus appears to be like other super-rich people: seemingly bottomlessly greedy, chasing the next buck as if it is the last buck, even when they have met every criterion of satiation.

But Trump is different, because his brand of greed harks back to an idea of leadership that is primarily about adversarial dealmaking, rather than about innovation or improved managerial techniques. Trump’s entire career is built on deals, and his own narcissism is tied up with dealmaking. This is because of his early socialization into his father’s real-estate dealings in and around New York. Real estate in the United States, unlike the money-making modes of super-rich individuals in other countries, relies on deals based on personal reputation, speculation on future asset values, and the ability to launder spotty career records. Profits and losses over time can be hard to identify and quantify precisely, as Trump’s auditors and opponents have often confirmed, since profits, which depend on speculation and unknown future value, are by definition uncertain.

Trump’s incessant boasts about being an apex dealmaker cast light on almost every aspect of his approach to his presidential decision-making. Numerous observers have long cast doubt on Trump’s image as a consummate dealmaker, pointing to his many failures in his long real-estate career, his abortive political and diplomatic deals, his backsliding and reversals, and his overblown claims about deals in progress. But these criticisms miss the point.



Deals, whether in finance, real estate, or in any other part of the economy, are just one step in the process of reaching full-fledged, binding agreements subject to the force of law. They are a stage in the negotiation process that has no force until it is finalized as a contract. It is, at best, an agreement to agree, which can turn out to be premature, poorly conceived or unacceptable to one or other party. Put another way, it is an engagement, not a wedding. A deal allows a negotiator like Trump to claim victory and blame the other party or some other contextual variable if things do not work out.

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