For the last decade, the media, Democrats, and Never Trump Republicans have denounced Trump as a tool of the rich and of Wall Street. Trump’s populism was fake, they said. He doesn’t really care about the working class. He just cares about himself and his Wall Street buddies.

Trump’s tariffs and Wall Street’s reaction to them prove that all of that was a lie, says Batya Ungar-Sargon, the author of two important recent books, one about the media (Bad News) and the other about the working class (Second Class).

“Liberation Day should go down in history as the day that finally put to bed the myth that Donald Trump only cares about the rich,” she said in a new podcast with me today. “It's the exact opposite. He is waging class warfare on Wall Street for the sake of the American working class. And to punish him, Wall Street is literally just shorting him. They're shorting his agenda. They are betting against America, they are betting against the president because they cannot stand the idea that there is a person with power in America was not on his knees in front of Wall Street asking them, ‘And what would you like next?’ the way both parties have been doing for 60 years.”