The “panican” doctrine. How trump is reclaiming politics from the markets
For over three decades, the global economy moved on autopilot. Wall Street dictated the tempo, and political institutions followed with more or less convincing commentary. Financial markets were the center of gravity. Governments, at best, provided the decorum. The logic of globalization left little room for national strategy. Until now.
With the start of his second term, President Donald Trump has reignited a structural shift: bringing political power back to the center of economic governance. His recent measures — especially the steep 125% tariffs imposed on Chinese imports — signal a deliberate attempt to rewrite the rules of the game. This isn’t just about trade. It’s about reclaiming sovereignty.
The keyword in this shift is “panican”, a neologism Trump introduced on April 7th via Truth Social. A blend of “panic” and “American”, the term is both a jab and a litmus test: it mocks those reacting with alarm to market swings while declaring loyalty to a new doctrine of economic nationalism. “Don’t be a panican,” he wrote, calling those who doubt his strategy “weak” and “stupid.” But the provocation contains a blueprint: in the Trump era, politics sets the agenda — markets follow.
It’s not just rhetoric. The United States has granted a 90-day tariff suspension to over seventy countries — with one major exception: China. That exclusion, combined with sweeping protectionist policies, outlines the contours of a strategy that seeks to isolate Beijing and reorient America’s economic alliances. Spearheading the maneuver is Treasury Secretary Scott Bessent, a former Soros ally now turned architect of conservative interventionism.
The financial markets have responded with wild fluctuations. In a single session, the Dow Jones surged nearly 3,000 points, setting a historical record. But such numbers tell only part of the story. Despite sensationalist headlines about “billions burned,” no money is truly lost unless panic drives investors to sell at a loss. Volatility is not destruction — it is the market’s native language. The real battle is psychological: who leads, who adapts, who controls the narrative.
Trump has made it clear that Wall Street will no longer define the framework. From his perspective, the United States must move beyond the logic of efficiency and embrace that of strategic resilience. Supply chains, energy independence, technological sovereignty — these are the new parameters of decision-making. Politics is no longer the polite backroom of economic globalization; it is the command center.
This approach mirrors — in a western key — the Chinese model, where the boundary between state and enterprise has never truly existed. But it also represents a broader transformation. In Europe, calls for industrial policy are growing louder. Berlin and Paris are recalibrating their national priorities. Even Rome is reconsidering its laissez-faire stance.
The Trump strategy is not without contradictions. Reasserting state control in the global economy carries the risk of retaliation, inflation, and fractured alliances. But the long-term goal is clear: reducing exposure, restoring negotiating power, and dismantling the taboos that made markets untouchable for decades.
Wall Street, for its part, is recalibrating. It continues to lobby, influence, and maneuver. But it’s no longer calling the tune alone. The White House has reclaimed the baton. And the world, like the markets, must now learn a new rhythm.
us politics, global economy, trump, markets, china,