The reason Donald Trump is currently overperforming as an anti-system, anti-immigrant candidate is that Joe Biden hasn’t realised yet the rules of the next US presidential election.

The 2024 race is being shaped by three exceptional factors. First, the inflation produced by the economy restarting after the pandemic, supply chain problems, rising energy prices following the Russian invasion of Ukraine and the high cost of food. Second, heightened anger at profiteering by big companies and increasingly visible monopolies. And third, surging levels of migration caused by wars, political unrest and extreme weather.

Trump gets it. At rallies during the autumn he promised to launch the “largest domestic deportation operation in American history” and to secure the border.

The full article can be read at The Financial Times.