Who is Vivek Ramaswamy? What to know about the youngest major Republican candidate in history
“This is our moment to start running to something, to our vision of what it means to be an American today,” Vivek Ramaswamy says.
He’s addressing the first TV debate of the 2024 presidential election.
The 38-year-old business investor is the youngest major Republican candidate in history – and he has no political experience.
He thinks Trump is “the best president of the 21st century” and – if he wins – has vowed to pardon him if he is convicted of federal crimes.
His “anti-woke” agenda focuses on recapturing the American dream from a country “lost” to “reverse racism”, “climatism”, “Covidism” and “gender ideology”.
Let’s take a closer look at who he is…
What matters to him?
Ramaswamy is a political novice. He considered running to be a senator in his native Ohio in 2022 but decided against it.
He announced his candidacy for the 2024 Republican nomination in February on Tucker Carlson Tonight. The right-wing, anti-immigrant, Trump-supporting commentator had his regular Fox News show cancelled in April with little explanation.
Although he is an avid Trump supporter himself, having appeared outside the courthouse for two of the three cases lodged against the former president so far, Ramaswamy has set about presenting himself as his successor.
He says he is prepared to go further than Mr Trump on several issues.
Outside the courthouse in Florida when Donald Trump was arraigned
Instead of just building a wall along the US-Mexico border, for example, he said he would station soldiers at half-mile intervals along it.
He has promised to abolish the FBI, redeploying staff to what he believes are more effective agencies such as the US Marshals Service, so they can focus on issues like child sex trafficking.
In a huge departure from Western sentiment on Ukraine, he has said he would support a deal allowing Russia to retain what territory it has.
The Republican hopeful is soon to release a “comprehensive foreign policy vision” on Russia, China, Taiwan, India and other parts of Asia.
He has also drawn controversy for some of his comments, such as suggesting that federal agents may have been on planes involved in the 9/11 terrorist attacks.
What has he said?
Ramaswamy has published two books – Woke Inc and Nation of Victims: Identity Politics, the Death of Merit, and the Path Back to Excellence.
In them he compares the “woke left” to “psychological slavery”, claiming that like a “new secular religion” it “says your gender, race and sexual orientation determines who you are and what you can achieve in life”.
“America is a systemically racist nation. That if you’re black you’re inherently disadvantaged. That if you’re white you’re inherently privileged,” he adds.
By contrast, he says America has become a place “full of victims” where “faith, patriotism and hard work have disappeared”.
His campaign, he says will mean “a new movement to create a new American dream”.
When he launched it on Instagram, he said: “We’ve celebrated our ‘diversity’ so much that we forgot all the ways we’re really the same as Americans, bound by ideals that united a divided, headstrong group of people 250 years ago.
“I believe deep in my bones those ideals still exist. I’m running for president to revive them.”
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What is his story and what is his net worth?
Ramaswamy was born in Cincinnati, Ohio in 1985.
His parents are from Kerala, southern India. His father worked as an engineer and patent lawyer and his mother as a geriatric psychiatrist.
Although the family are Hindu, he attended Catholic school and credits his conservative Christian piano teacher there with informing many of his social views.
Having achieved top grades he studied biology at Harvard before attending Yale Law School.
While he was still studying he co-founded StudentBusinesses.com that connected entrepreneurs to professional resources on the internet.
After graduating in 2007 he co-founded a similar venture called Campus Venture Network to help university students start their own businesses.
Ramaswamy with Iowa Governor Kim Reynolds in August
During the early years of career he worked in hedge funds, largely within biotech.
In 2014 he set up his own firm Roivant Sciences with the main aim of buying up drug patents that have been abandoned by the pharmaceutical industry.
A year later he pulled off one of the biggest IPOs (initial public offering) in the sector’s history when he listed shares of its subsidiary company Axovant, which had previously bought the patent to an Alzheimer’s drug from GlaxoSmithKline.
Despite having earned $315m (£248m) from the IPO – eventually the drug failed testing – an experience he has since said was “humiliating”.
He stepped down as chief executive of Roivant in 2021, remaining chairman until this year but still retaining a 7% share in the company.
Last year he co-founded a new investment firm, Strive Asset Management.
It has been popular with right-wing backers and prides itself on being opposed to environment, societal and corporate governance (ESG). The system, increasingly adopted by top firms, encourages them to make responsible investment decisions for good causes.
Now he claims to have widespread support from young voters and new donors. He says around 40% of his 700,000 financial backers have offered small contributions and are donating to a political candidate for the first time.
Forbes reported his net worth at $630m (£495m) and so far he has spent $15m (£11.8m) of it on his campaign.
How was his first debate?
James Matthews, Sky News’ US correspondent, gave his view after the businessman’s presidential debate debut…
If they didn’t know Vivek Ramaswamy before, they do now.
In the first Republican candidates’ debate, he brought a stage presence and ease of performance that carved himself a central role.
The business entrepreneur railed against the political establishment, Trump-style. He denigrated his debate rivals, Trump-style. And he took the headlines, Trump-style.
His was the punchy routine of the optimistic ‘let’s get rich’ guy landing amongst stage rivals furrowed over problems needing dealt with first.
He was the star-quality candidate the others had to shut down and that created a debate dynamic that, for Ramaswamy, delivered due prominence.
There will be time to work through his inexperience and politics behind the slogans.
What he got from a stage in Milwaukee was a recognition he didn’t have before – it can take a man a long way in American politics.
If it doesn’t take him as far as the front-runner, what then?
There was a lot of talk about the Republican debate being an audition to be Donald Trump’s running mate.
It’s a question for another day but, on debate day, he didn’t have a bigger mate on stage than Vivek Ramaswamy.
US
Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem
Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.
The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.
While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.
Trump tariffs latest: US stock markets tumble
All three of the US’s major markets opened to sharp losses on Thursday morning.
The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP
By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.
Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.
Worst one-day losses since COVID
As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.
The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.
It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.
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The latest numbers on tariffs
‘Trust in President Trump’
White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.
“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”
Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”
He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.
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How is the world reacting to Trump’s tariffs?
Economist warns of ‘spiral of doom’
The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.
He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.
Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.
He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”
Read more:
Do Trump’s ‘Liberation Day’ tariff numbers add up?
Tariffs about something more than economics: power
It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.
Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.
Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.
It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.
He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”
Tanking stock markets, collapsing world orders, devastating trade wars; economists with their hair ablaze are scrambling to keep up.
But as we try to make sense of Donald Trumps’s tariff tsunami, economic theory only goes so far. In the end this surely is about something more primal.
Power.
Understanding that may be crucial to how the world responds.
Yes, economics helps explain the impact. The world’s economy has after all shifted on its axis, the way it’s been run for decades turned on its head.
Instead of driving world trade, America is creating a trade war. We will all feel the impact.
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PM will ‘fight’ for deal with US
Donald Trump says he is settling scores, righting wrongs. America has been raped, looted and pillaged by the world trading system.
But don’t be distracted by the hyperbole – and if you think this is about economics alone, you may be missing the point.
Above all, tariffs give Donald Trump power. They strike fear into allies and enemies, from governments to corporations.
This is a president who runs his presidency like a medieval emperor or mafia don.
It is one reason why since his election we have seen what one statesman called a conga line of sycophants make their way to the White House, from world leaders to titans of industry.
The conga line will grow longer as they now redouble their efforts hoping to special treatment from Trump’s tariffs. Sir Keir Starmer among them.
President Trump’s using similar tactics at home, deploying presidential power to extract concessions and deter dissent in corporate America, academia and the US media. Those who offer favours are spared punishment.
His critics say he seeks a form power for the executive or presidential branch of government that the founding fathers deliberately sought to prevent.
Whether or not that is true, the same playbook of divide and rule through intimidation can now be applied internationally. Thanks to tariffs
Each country will seek exceptions but on Trump’s terms. Those who retaliate may meet escalation.
This is the unforgiving calculus for governments including our own plotting their next moves.
The temptation will be to give Trump whatever he wants to spare their economies, but there is a jeopardy that compounds the longer this goes on.
Read more:
Do Trump’s numbers on tariffs really add up?
Trump hits island home only to penguins with 10% tariffs
Could America’s traditional allies turn to China? Pic: AP
Malcolm Turnbull, the former Australian prime minister who coined the conga line comparison, put it this way: “Pretty much all the international leaders I have seen that have sucked up to Trump have been run over. The reality is if you suck up to bullies, whether it’s global affairs or in the playground, you just get more bullying.”
Trading partners may be able to mitigate the impact of these tariffs through negotiation, but that may only encourage this unorthodox president to demand ever more?
Ultimately the world will need a more reliable superpower than that.
In the hands of such a president, America cannot be counted on.
When it comes to security, stability and prosperity, allies will need to fend for themselves.
And they will need new friends. If Washington can’t be relied on, Beijing beckons.
America First will, more and more, mean America on its own.
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