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The ideological rift that characterized the first few months of Trump's second term was marked by this lingering hostility towards Wall Street. On one hand, Trump's "Liberation Day" tariffs enraged financial markets; on the other hand, Wall Street retaliated with financial panic, attempting to constrain the White House. Populists who call themselves "MAGA" and Trump's voter base—who expect to improve living standards and secure jobs through a tariff-driven revival of American manufacturing and a labor market contraction driven by deportations—are both facing challenges.