Gavin Newsom: “You're seeing state capitalism, not just crony capitalism.”

“And not just with universities like UCLA and others in California, but he's doing it with law firms, he's doing it with media organizations, he's doing it with some of the most well heeled and powerful corporate leaders. You're seeing state capitalism, not just crony capitalism. There's the one thing everything has in common, the tariffs. The tariffs for him are about leverage and about the game that he's advancing.” (09:16–09:20)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.