Business leaders think Trump is all bluster. They’re badly mistaken.

The conventional wisdom about Donald Trump is that he has no coherent policy agenda. He is transactional, impulsive and narcissistic. The 140 of his former staffers who worked on the Heritage Foundation’s Project 2025 discovered this recently when Trump abruptly disavowed their effort because it became controversial.

But Trump does have an ideological core, and it’s one that dates back a long way.

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