Summary

Stephen Myrow described how the second Trump administration is defined by an unprecedented expansion of executive power, eclipsing the norm-breaking of the first term. He argued that Trump and budget chief Russ Vought have effectively won control over federal spending through the impoundment of funds, using legal and procedural maneuvers to bypass Congress. The courts, he noted, offer little resistance, and Trump now governs largely by executive action. On trade, Myrow said tensions with China have evolved into a combined trade and technology war marked by recurring cycles of provocation and de-escalation, with tariffs and export controls as key tools. He warned that the administration underestimates China’s resilience and pain threshold. In technology policy, Myrow observed a shift toward a pro-innovation stance on AI, while antitrust pressure on Big Tech persists amid internal Republican divisions. States like California are setting de facto national standards in areas such as data privacy. In healthcare, Trump’s alliance with RFK Jr. reflects a populist strategy to expand his base, while expiring ACA subsidies and drug pricing pressures loom. On energy, Myrow said the administration prioritizes power availability over renewables, with nuclear emerging as the favored long-term solution.

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