Why Trump is embracing economic populism

Summary

CNBC politics reporter Garrett Downs explains President Trump's shift toward economic populism ahead of the midterm elections, citing proposals to cap credit card interest at 10%, restrict large private-equity investors from buying single-family rentals, and block defense contractors from dividends and buybacks. Downs says affordability is a top voter concern and that Trump's thin congressional majorities may be at risk if he does not deliver. He notes Senator Elizabeth Warren's support for the credit card cap and says the pivot could backfire politically if promises go unmet.

• Trump is pivoting to economic populism ahead of midterm elections.
• Proposals include a one-year 10% cap on credit card interest rates.
• Trump also wants to limit private-equity purchases of single-family rentals.
• He proposed barring defense contractors from dividends and stock buybacks.
• Affordability is a top voter concern, with about 70% saying costs are too high.
• Thin Republican majorities mean Trump may need bipartisan support.
• Senator Warren is open to working on the credit card interest cap.
• Downs says the pivot could backfire if promises are not delivered.