Washington Edition: The populist heir

Vance introduces himself [View in browser]( [Bloomberg]( Welcome to Washington Edition. Readers of the Balance of Power newsletter are also receiving this special edition. Bloomberg Businessweek national correspondent Joshua Green outlines what JD Vance’s selection as Donald Trump’s running mate means for the future of the Republican Party. To get Washington Edition going forward, [sign up here]( and follow us at [@bpolitics](. Email our editors [here](mailto:dcnewsletter@bloomberg.net). Vance’s Introduction In many ways, the political pairing was foreordained. When JD Vance took the stage in at the Republican convention in Milwaukee, he was accepting more than the nomination to be Donald Trump’s running mate. He was also trying on the mantle of heir apparent to carry Trumpism into the future. The 39-year-old Ohio senator first gained fame in 2016 as the author of “Hillbilly Elegy,” his best-selling memoir of growing up among the poor and White-working class in southwest Ohio. The book struck a chord. And, coinciding with Trump’s political rise, it helped explain to some why so many working poor in the Rust Belt were attracted to the New York businessman, who promised to lift up the “forgotten Americans.” Vance Photographer: Kamil Krzaczynski/AFP Six years later, Vance rode his literary celebrity to a political career, winning an Ohio Senate seat after backpedaling on his earlier criticism of Trump and gaining his endorsement. His arrival in Washington both highlighted and advanced Trump’s influence on the GOP, as it transformed into a more populist, isolationist party [culturally aligned]( with the working-class rather than Wall Street. In [his acceptance speech]( last night, Vance struck many of those notes. He introduced himself as someone raised in “a place that had been cast aside and forgotten by America’s ruling class in Washington,” victimized by “Wall Street barons,” and devastated by the North American Free Trade Agreement — “a bad trade deal that sent countless good American manufacturing jobs to Mexico.” Vance promised that he and Trump would reverse the gutting of communities like his own hometown of Middletown, Ohio: “We won’t cater to Wall Street; we’ll [commit to the working man](.” The Trump campaign views Vance’s biography as a potent electoral asset, particularly in the Midwest swing states that decided the last two presidential elections. It’s no coincidence that he called out “the auto worker in Michigan,” “the factory worker in Wisconsin,” and “the energy worker in Pennsylvania” — Trump narrowly lost all three states in 2020. Vance’s Wall Street bashing is at odds with at least some of what his running mate has been saying. In a [Bloomberg Businessweek interview](, Trump said he’s considering JPMorgan Chase Chief Executive Officer Jamie Dimon to be his Treasury Secretary. Still, polls show that most Americans are angry about the economy and inflation — and blame President Joe Biden for it. Vance’s promises to build factories, protect workers’ wages, and take a skeptical stance toward free trade deals suggest that the Republican campaign message will be much like the one Trump ran the first time around — but with an even stronger populist tilt. — [Joshua Green]( Key Reading: - [Trump on His Plan for Taxes, Tariffs, the Fed and More]( - [Trump’s Teamster Flirtation Complicates Republican Labor Stance]( - [Schumer, Jeffries Reportedly Warned Biden Against His Candidacy]( - [Biden’s Covid Case Delivers Latest Blow to Hard-Luck Campaign]( - [Russia’s Lavrov Praises Trump-Vance Ticket on Ukraine War Stance]( What’s Next Trump delivers speech formally accepting the Republican presidential nomination tomorrow night. Trump and Vance hold a rally Saturday in Grand Rapids, Michigan. The House is set to return to work on Monday and the Senate reconvenes next Tuesday. Israeli Prime Minister Benjamin Netanyahu is scheduled to address a joint meeting of Congress on July 24. The opening ceremony of the 2024 Olympic Games in Paris is July 26. The Democratic convention is Aug. 19-22 in Chicago. More From Bloomberg - [Balance of Power]( for the latest political news and analysis from around the globe - [FOIA Files]( for Jason Leopold’s weekly newsletter uncovering government documents never seen before - [Ballots & Boundaries]( for a weekly check-in from [Bloomberg Government]( on campaign trends and state voting laws - [CityLab Daily]( for the latest on America’s municipalities and more - [Five Things to Start Your Day]( for the most important business and markets news each morning - [Brussels Edition]( for a daily briefing on what matters most in the heart of the European Union And sign up for more Bloomberg newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it's here, it's on the Bloomberg Terminal. 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