How Trump's Vance pick could alienate big business

Sen. JD Vance 's elevation to vice presidential pick on the GOP ticket was confounding to some political analysts and even conservative voters.

The announcement felt, to those hoping Donald Trump would select a more broadly appealing candidate, "like the world's biggest balloon was popped with the world's biggest pin," according to Isaac Willour, a political analyst with Young Voices.

Vance's pick doesn't offer much electoral advantage for Donald Trump, who won Ohio in both 2016 and 2020. The choice could also give pause to some of the big business donors who've historically fought hard for the GOP ticket on key economic issues.

"The businesspeople that are very strongly MAGA, they are not happy with this choice," said Trish Crouse, a political science professor at the University of New Haven.

Vance has pushed for higher minimum wages, tougher laws on immigration, more isolationist policy abroad and tougher antitrust regulations, all of which could make business harder for Wall Street.

One big bank lobbyist told The Financial Times, "Trump populism and Vance populism are not the same."

"That could create some tension for them in terms of, you know, donating to the campaign or giving money to the campaign at some point down the road," Crouse said.

Yet Willour thinks the Vance pick could energize young voters.

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"I think JD Vance represents that kind of younger Republican voter who doesn't feel like it's morning in America anymore, is really worried about the growing tides of social alienation and isolation, especially among young men," he said.

At the top of the ticket, Donald Trump has recently embraced cryptocurrency, planning to appear later this month at a bitcoin conference in Nashville.

The stance puts him in sync with his new running mate, who has pushed to open cryptocurrency investment and exchange. He recently drafted legislation that would overhaul how the federal government regulates digital currency. The bill would take a more industry-friendly approach than bipartisan legislation that passed the House in May.

But that advocacy could put the Trump/Vance ticket at odds with a significant backer: Bill Ackman, a billionaire hedge fund manager and Trump endorser. Ackman recently turned some of his attention to bitcoin, suggesting on 'X' that the digital currency could facilitate an economic collapse.

Vance, meanwhile, disclosed in 2022 that he held between $100,000 and $250,000 in crypto, raising the question of whether a crypto-friendly VP pick could feed a divide between big business and Trump.

"Unless Vance abandons his views and does, you know, a complete 180 about this, I don't know if he's gonna be sort of accepted by big business," Crouse said.