University of Virginia professor James Ceaser offers his account of the election of Donald Trump in his third conversation with Kristol. Ceaser considers what we might anticipate from the Trump administration—both on policies like immigration, trade, and American leadership in the world, as well as on constitutional issues like the separation of powers. Ceaser also discusses modern conservatism and how the Trump presidency might affect it. Finally, Kristol and Ceaser reflect on the Obama years and discuss possible similarities and differences between Barack Obama and Donald Trump.