The future of the Trump administration and the Republican Party largely depend on whether the president and his allies can return to these roots. The elements of fusion are there. While Jacksonians are skeptical of corporate power and international institutions, they like economic growth that benefits the middle class, and they strongly believe in an America that stands up for itself and its allies. They are less worried about budget deficits than they are about a strong economy. If the tide is lifting the rowboats, they do not care all that much that the yachts are rising too.

For the coalition to work, Hamiltonians need to realize that the health and cohesion of American society is fundamental to the world order that allows corporations and financial firms to operate so profitably in the global market. In other words, Peoria matters much more than Davos. It was American power and will that built the present world order and ultimately must sustain it. A divided society with an eviscerated middle class cannot provide the stable, coherent leadership that is required.

The U.S. must be simultaneously a nationalist power, focused on the prosperity and security of its own people, and a globalist power working to secure the foundations of international order that Americans need. Mr. Trump appears to understand this truth better than many of his most vituperative critics. The task now confronting the president and his team is to develop and execute a national strategy based on these insights. Nothing in today’s world is harder than this, and nothing is more essential.