I agree with you regarding the war between populists and establishment, but I don’t think Trump fits into that as more than a cataclyst. The Obama story was the same: Hope and Change Populism.

Trump is business establishment through and through and has managed to wake a populist movement for his own enrichment.

He (and his sycophantic cronies) were (and continue to be) very much part of the “I got mine” greed establishment.

Instead of answering to the Population, it seems that Trump and his crew care only for self-enrichment. How he managed to capture the imagination of a Populist movement is indication of the total lack of alternatives.