The two men met at Trump Tower and had an open-ended conversation about politics. Trump talked extensively about China and said that the country—which was on a trajectory to soon have the world’s largest economy—was ripping off the United States through its trade practices. Bannon talked positively about populism, and suddenly Trump piped up. “That’s exactly what I am—a popularist,” Trump said. Bannon corrected him. “No, it’s populist,” he said. “Yeah, popularist,” Trump responded.

