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Photo illustration: Eniola Odetunde/Axios. Photo: Ira L. Black/Getty Images     

When President Trump first took office, there was lots of talk about "normalization."

The state of play: Today, American voters will either codify a new normal or relegate many of Trump's unconventional tactics to history's anomalous footnotes. Among them is browbeating and boycotting U.S. companies.

  • Trump began tweet-supporting boycotts well before he became president, including against Starbucks (for its infamous red holiday cups) and the maker of Oreos (because it was moving some production to Mexico).
  • He continued the practice after Inauguration Day, giving oxygen to grievances that ranged from policy (e.g., Harley-Davidson) to politics (e.g., Goodyear) to personal (e.g., pick a social media or mainstream media company).
  • Many of these tweets caused the target company's stock to sink, although the impacts were more pronounced earlier in Trump's term.

Joe Biden doesn't have the same type of history, either before or during the 2020 campaign. This isn't to argue that he's an uncritical friend to business — for example, he wants higher corporate taxes and shares some of Trump's animus toward Silicon Valley — but rather that his strikes would be of the more traditional, technocratic variety.

Flashback: Earlier this year, Trump made a false comment about a Fortune 500 company, related to an action it had taken. When I asked the company’s communications chief why he wouldn't comment on the record, he replied that it wasn’t worth the barrage of negative tweets that would likely follow. “We’d rather minimize the damage,” he explained.

The bottom line: We've stopped being shocked, or even surprised, when the White House attacks an American company by name. One question on the ballot today is if that change is permanent.

Go deeper

Off the Rails

Episode 8: The siege

Photo illustration: Aïda Amer/Axios. Photos: Mandel Ngan/AFP via Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 8: The siege. An inside account of the deadly insurrection at the Capitol on Jan. 6 that ultimately failed to block the certification of the Electoral College. And, finally, Trump's concession.

On Jan. 6, White House deputy national security adviser Matt Pottinger entered the West Wing in the mid-afternoon, shortly after his colleagues' phones had lit up with an emergency curfew alert from D.C. Mayor Muriel Bowser.

Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."

Dion Rabouin, author of Markets
30 mins ago - Economy & Business

The digital dollar is now high priority for the Fed

Illustration: Aïda Amer/Axios

The U.S. is starting to get serious about a central-bank-backed digital currency, with recent comments from top officials laying out the strongest support yet.

Driving the news: On Tuesday Fed chair Jerome Powell told Congress that developing a digital dollar is a "high priority project for us," but added that there are "significant technical and policy questions."