Silicon Valley billionaires are poised to join forces with protectionist hard-liners in Trump’s second term, marking an alliance that could fundamentally reshape American economic policy.
The incoming administration’s economic team is a mix of competing interests, including tech industry power brokers and America-first ideologues, creating what The Economist describes as the largest and most diverse group of economic advisers in presidential history.
At its center is Elon Musk, whose new role leading a government efficiency drive signals Trump’s embrace of tech industry disruption within the federal bureaucracy.
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Commerce Secretary nominee Howard Lutnick underscores the administration's protectionist tilt, saying before the election, “You’ve got to tariff the rest of the world. Keep them the heck out. Bring the manufacturing back here.” Even traditionally moderate nominees like Treasury pick Scott Bessent and National Economic Council leader Kevin Hassett have endorsed aggressive tariff policies.
The newly created Department of Government Efficiency (DOGE), coled by Musk and former presidential candidate Vivek Ramaswamy, could be a direct channel between Silicon Valley and the White House. North Carolina Rep. Dan Bishop told The Economist that the DOGE development marks a “fundamental change in the dynamic” of government operations.
Silicon Valley’s influence extends throughout the administration. Venture capital giant Marc Andreessen has spent time at Mar-a-Lago shaping tech policy and personnel decisions. His firm Andreessen Horowitz has placed several partners in key positions, including Scott Kupor as director of the Office of Personnel Management.
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Stephen Miller, appointed deputy chief of staff, will spearhead the America First agenda from within the White House. Miller’s influence extends beyond immigration policy to broader economic strategy, including a planned two-phase approach beginning with immigration reform and later tackling tax legislation.
Budget director nominee Russ Vought, whom Miller praised as “the guy for the last four years that has been developing the plan to take down the deep state,” arrives with a blueprint for restructuring federal agencies.
Trade policy remains a central battleground. While Peter Navarro returns as a presidential adviser advocating extensive tariffs, incoming trade representative Jamieson Greer has called for revoking China’s normal trading status. The administration’s push for economic decoupling from China creates tension with business interests, including Musk’s Tesla operations in the country.
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Internal conflicts loom between the administration’s competing factions. Tech leaders advocate for expanded skilled immigration through H-1B visas, while Miller’s wing pushes for broad restrictions. Even on core Republican principles like tax cuts, divisions have emerged, with former strategist Steve Bannon calling for increased corporate taxation.
The appointment of Miller’s wife Katie to the efficiency department suggests the America First camp seeks to maintain oversight of the tech contingent’s reform agenda. Early political challenges, including recent congressional budget negotiations, have already tested the limits of this coalition’s influence.
As the administration prepares to take office, the alliance of Silicon Valley disrupters, economic nationalists and traditional conservatives must translate campaign promises into coherent policy.
Their success or failure could determine the future of American economic policy for years to come.
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