Inside the Trump Administration: Governing Like a Private Enterprise

Wall Street analysts have recently joked that the most reliable way to anticipate President Trump's actions—and potentially profit from them—is by following the so-called “TACO trade,” an acronym meaning “Trump always chickens out.” This reflects the frequent pattern of the president reversing or softening aggressive policies, such as tariffs.

This criticism of Trump’s unpredictable approach, which clearly frustrates him—he once admonished a reporter not to repeat what he had said—accurately captures a broader pattern that extends across his administration.

His stances shift dramatically: one day Ukraine is sidelined, the next it is pressured for its resources, and shortly afterward, it is embraced again. Vladimir Putin is alternately portrayed as a close ally and then labeled unstable. Canada swings from being humorously suggested as the 51st state to becoming a target of tariffs. Trump boasts about hiring only the "best" staff, yet quickly dismisses over a hundred National Security Council experts shortly after their appointments. Meanwhile, he hosts an exclusive event at his Virginia golf club for major buyers of his memecoin, who collectively spent $148 million for the opportunity to hear him speak behind the presidential seal—a gathering defended by White House spokespeople as a personal engagement rather than corruption.

The president’s governance is marked by impulsive decisions, minimal preparation, and little coordination among government agencies. He disregards established chains of command, entrusting close associates to act in official capacities regardless of their qualifications. Legal challenges are met with demands to resolve disputes in court, all while blending his official responsibilities with personal business interests.

What emerges from this pattern is a departure from traditional American presidential leadership. Instead, the government increasingly resembles an extension of a private enterprise—operated under the Trump Organization model.

During his first term, the president had advisors who could moderate his impulses and serve as buffers. In his current term, he is surrounded largely by loyalists who amplify his views without challenge. The administration has shifted from chaotic but conventional governance to a model where the president runs the government as he would a business: informally, with few checks beyond markets or courts.