The Syndicate That Brought Trump Is Losing Patience

Donald Trump returned to the White House with the support of a broad coalition of political, business, media, energy, technology and investment interests. Many expected his second presidency to deliver decisive results. Nearly two years later, some members of this coalition may be confronting a widening gap between expectations and reality.

Iran is perhaps the clearest example. The US-Israeli war on Iran, which began on February 28, has entered its seventh month, yet Tehran has not surrendered. Iran has endured sustained military pressure while retaining significant leverage, particularly through the Strait of Hormuz. Diplomatic efforts are continuing, but Washington and Tehran remain far apart.

The economic consequences are becoming increasingly difficult to ignore. US diesel prices have climbed above US$6 per gallon, while concerns over shortages are intensifying. Trump has considered restricting diesel exports, but the oil industry has resisted, warning that such a move could disrupt refinery operations and ultimately worsen supplies.

The oil market presents another uncomfortable reality. Brent crude has moved above US$100 per barrel, but the much-discussed US$200 target remains elusive. More significantly, the spread between Brent and West Texas Intermediate has widened, reflecting a market increasingly distorted by geopolitical risk rather than controlled by policy.

The media was among the first constituencies to become increasingly critical. Energy companies are now showing greater resistance, while investors are becoming more selective about technology and AI valuations. The military-industrial complex, meanwhile, continues to receive substantial attention, but the prolonged conflict raises questions about the sustainability and strategic payoff of escalating military expenditure.

This growing friction also has a political dimension. A fresh impeachment resolution was tabled in the House on September 15 by 232–147, with 47 members voting present. It therefore did not proceed to a Senate trial. Yet another attempt cannot be ruled out, particularly if political control of Congress changes.

The larger question is whether the diverse interests that helped bring Trump back to power can remain united when geopolitical ambitions collide with energy prices, corporate interests, financial markets and domestic political pressures.

“The Syndicate” may never have been a formal organization. It was a convergence of interests. The real test now is whether that convergence can survive the widening gap between expectations and results.