Trump’s presidency is steering the United States toward a crony‑capitalist model that risks undermining its global economic leadership

Executive summary: Commentators argue that Trump’s leadership is pushing the United States toward a crony‑capitalist system where political connections outweigh open market competition. This reorientation could alter trade policy, investment climates, and labor standards, affecting multinational corporations and global supply chains.

Who is involved: Donald Trump and his administration, US businesses, international institutions such as the ILO.

Likely next: Expect further policy moves emphasizing preferential treatment for allied firms, potential pushback from trade partners, and ongoing scrutiny of US commitments to international labor bodies.

The El País piece argues that under Donald Trump the United States is adopting a form of “capitalism of friends” akin to the patronage systems seen in other countries. It highlights the administration’s close ties with select corporate interests and its reluctance to enforce impartial market rules. The commentary warns that such a shift could distort competition, increase regulatory uncertainty, and provoke pushback from trade partners and domestic stakeholders.