If you want to understand Trump's agenda, don't listen to Trump, listen to Bessent

The Treasury Secretary makes the case for Trump's agenda without hyperbole and lies in yesterday's journal.
[https://www.wsj.com/opinion/trumps-three-steps-to-economic-growth-tariffs-trade-tax-cuts-deregulation-7804053a?st=Rwfukd&reflink=desktopwebshare\_permalink](https://www.wsj.com/opinion/trumps-three-steps-to-economic-growth-tariffs-trade-tax-cuts-deregulation-7804053a?st=Rwfukd&reflink=desktopwebshare_permalink)

But he says that "For America to build, government needs to get out of the way" without irony. In my opinion, the biggest problem with Trumpism from the perspective of stock prices (from other perspectives, there are arguably much bigger problems) is that Trump is putting government in the middle of everything, taking over universities, picking winners and loser personally, and demanding that CEOs come kiss the ring. Instead of dealing with OSHA, manufacturers have to worry about staying on Trump's good side without clear guidance on what that requires. Bessent's optimism is ill-founded because Trumpism is not free market capitalism, but he's worth reading because he makes it make a kind of sense.