Donald Trump's positions are more akin to communism than capitalism, warns professor

Jeffrey A. Sonnenfeld, president of the Yale Chief Executive Leadership Institute, said a host of Donald Trump's economic initiatives “share more in common with [communist] Karl Marx that [capitalist] Adam Smith,” in an essay published Sunday by the New York Times.

Sonnefeld cast a chill over the former president's claims that he has massive support from big business CEOs as he seeks a second term in the White House this year.

The Yale professor, who previously served as a private liaison between business and political leaders including Trump and outgoing Democratic President Joe Biden, said CEOs were “overwhelmed by concerns” about a second Trump presidency.

“The MAGA [Make America Great Again] The hard-line voices that have Mr. Trump's ear often have more in common with the far left than with the mainstream Republican Party,” Sonnefeld wrote in his opinion piece titled “I Know What America's Top CEOs really think of Donald Trump. » Mr. Trump and his team are doubling down on some of his most anti-business instincts, including proposing draconian, universal 10 percent tariffs on all imports; unorthodox monetary and fiscal policies, notably by depriving the Federal Reserve of its independence; possibly implement yield curve control to force interest rates lower; and the devaluation of the dollar – all of which would lead to much higher inflation. These positions of Trump have more in common with Karl Marx than with Adam Smith. »

Sonnefeld added that Trump had “more reasonable voices” serving as conduits to the business community during his first term. However, “voices like those of Jared Kushner, Dina Powell and Steven Mnuchin have disappeared, replaced by MAGA extremists and academic opportunists,” he wrote.

Newsweek emailed the Trump campaign for comment Sunday afternoon.

Earlier this month, Trump met with CEOs at the Business Roundtable's quarterly meeting, but struggled to inspire confidence in the group of business leaders, according to a report from CNBC's Andrew Ross Sorkin. The outlet reported that several of the CEOs in attendance expressed concerns that the former president was “wandering” and unable to maintain “righteous thoughts.”

Steven Cheung, communications director for Trump's presidential campaign, previously disputed the article's characterization in a statement to CNBC, saying: “President Trump was warmly welcomed by everyone in the room and was praised for his policy proposals on deregulation and tax cuts. “

Former President Donald Trump greets supporters Saturday in Philadelphia. Jeffrey A. Sonnenfeld, president of the Yale Chief Executive Leadership Institute, said a host of Trump's economic initiatives “share more in common with [communist] Karl… Former President Donald Trump greets supporters Saturday in Philadelphia. Jeffrey A. Sonnenfeld, president of the Yale Chief Executive Leadership Institute, said a host of Trump's economic initiatives “share more in common with [communist] Karl Marx that [capitalist] Adam Smith”, in an essay published Sunday by the New York Times. More AFP/Getty Images

Sonnenfeld says big business executives criticize Biden for his tough antitrust enforcement and “misguided attacks on corporate greed.”

However, he wrote that Biden also has “advantages” in his column among CEOs, including: “Infrastructure investments to rebuild highways and bridges, which will help reduce supply chain disruptions; government support for domestic chip manufacturing and electric vehicle production; record corporate profits and financial market exuberance bury fears of a widely expected recession; the successful transformation of the United States into the world's largest producer of oil and natural gas.

Newsweek emailed the Biden campaign for comment Sunday afternoon.

A leading financial group recently raised the alarm about a possible second Trump term.

On Thursday, USA Today released a report detailing the differences between Trump and Biden's economic policies and plans. In the report, Mark Zandi, chief economist at Moody's Analytics, told USA Today that “Biden's policies are better for the economy.”

However, public perception of Biden's economic policies is bleak, with only 33% of Americans approving of how he is handling the economy, according to a Yahoo News/YouGov poll conducted June 3-6. had a margin of error of plus or minus 2.8 percent. Meanwhile, Biden supporters celebrated low unemployment rates under his administration. April was the 27th consecutive month in which the unemployment rate remained below 4%, the longest streak since the 1960s, according to the Associated Press.

The USA Today report comes shortly after Trump floated an idea, during a private meeting with Republican lawmakers at the Capitol Hill Club in Washington, D.C., introducing an “all-tariff policy” that would allow the federal government to eliminate the income tax.

Additionally, Trump said that if he wins the White House in November, one of the first things he would do is change federal law so as not to tax workers who earn part of their income from tips .

At a rally in Wildwood, New Jersey, last month, Trump promised tax cuts for all Americans. “Instead of a Biden tax hike, I'm going to give you a big tax cut for the middle class, the upper class, the lower class and the business class,” the former president said.

Trump also floated the idea of ​​a 10% tariff on all imports and a tariff of more than 60% on Chinese imports. He told Time magazine in April, “It could be more than that,” referring to the tariffs. “Maybe it’s a derivative of that.”

Trump and Biden are preparing to face off in a debate on June 27, which will mark the first time both candidates have done so this presidential cycle.

Uncommon knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

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