President Donald Trump. Chip Somodevilla/Getty Images On the campaign trail, Donald Trump painted a picture of a new stance for the American economy: protectionist, manufacturing-focused, and scornful of Wall Street's influence.

Nearing the 100-day mark of his presidency, Trump appears to be softening on some of his toughest, most nationalistic campaign bluster. It appears the Wall Street-aligned faction of his Cabinet, led by National Economic Council Director Gary Cohn, has gained influence in recent weeks, as Trump has shifted on China, the Federal Reserve, and more.

In a Wall Street Journal interview on Wednesday, Trump reversed course on his promise to label China a currency manipulator. During the campaign, Trump repeatedly said he would do so on "Day One." He even said in an interview with the Financial Times after he took office that China was the "grand champion" of currency manipulation.

But since meeting with Chinese President Xi Jinping last week, Trump has struck a conciliatory tone, saying the Chinese are "not currency manipulators."

Trump has also reversed course on his frequent criticism of Federal Reserve Board Chair Janet Yellen.

He has accused Yellen of being cozy with Democrats and holding interest rates low to help President Barack Obama and Democratic presidential nominee Hillary Clinton. Trump has also generally criticized the Fed's low-interest-rate policy.

"I like her. I respect her," he told The Journal. He even floated the possibility of renominating Yellen after her term ends in February 2018.

Trump also told the publication that he supported the Export-Import Bank, a frequent target of conservatives, who say it is the prime example of crony government capitalism.

Personnel is policy

At the same time the president's stances have shifted, so too have his closest confidants.

Before the election, Trump was largely influenced by Steve Bannon, the former executive chairman of Breitbart News who ran his campaign starting in August.

Bannon's hate for establishment economics and Wall Street runs deep. He blames Wall Street — even the financial commentator Jim Cramer — for his father losing $100,000 in the financial crisis, which cemented his stance as an "economic nationalist."

But in recent weeks, the voice that seems to have gained the most influence in the White House is Cohn, the former second in command at Goldman Sachs.

Cohn has become one of Trump's most connected advisers, and the former banker's public presence has drastically increased over the last month. Cohn has also been meeting with economic-policy makers. He reportedly spoke with members of the Senate banking committee early in April. In February, he was the administration's liaison to Yellen.

Rumors have recently swirled that he could be in line to replace Chief of Staff Reince Priebus in the near future.

Gary Cohn. Reuters/ Ueslei Marcelino

Trump has taken counsel from outside Wall Street giants as well. According to Politico's Josh Dawsey and Ben White, Trump frequently speaks with Steve Schwarzman, the CEO of the private-equity firm Blackstone and head of Trump's Strategic and Policy Forum.

Schwarzman has advised Trump on everything from tax reform to China, Politico reported, and even persuaded the president to keep in place the Deferred Action for Childhood Arrivals program, which allows unauthorized immigrants who entered the US as children the opportunity to apply for a work permit.

Other business-focused, more centrist voices on the economy — like Trump's son-in-law and senior adviser, Jared Kushner, and Treasury Secretary Steven Mnuchin — have also started to gain Trump's ear, while it appears Bannon and the economic-nationalist agenda have waned. Tensions between Bannon and Kushner have burst out into the open, with Trump reportedly upset at unflattering leaks aimed at Kushner.

According to The Washington Post, a source close to Bannon said his standing in the White House was like a terminally ill family member in hospice care. And a bevy of reports suggests he is close to an exit from the White House.

Permanent move or temporary shift?

While moves toward the center on certain topics appear to have come from the influence of people like Cohn and Schwarzman, it's unclear whether they represent a longer-term evolution for Trump.

Trump has so far stuck to his more aggressive rhetoric on taxes, suggesting in the Journal interview that a tariff-like tax could be levied on imports — a move that economists say could drive the country into recession.

Additionally, Trump has shown no sign of backing down on healthcare reform, even after the House failed to pass the Republicans' bill that would have repealed and replaced the Affordable Care Act, the law better known as Obamacare.

Politically, these shifts carry risks for Trump. Democrats are unlikely to ever support Trump, whose approval ratings remain low, and the shifts away from his campaign promises — and from Bannon, who is still popular on the far right — could damage the president's standing with his base.

The remedy, however, could come in the form of increased employment and economic growth. If Trump's supporters see their economic fortunes improve, it may not matter how the money got to their wallets.

"One by one we are keeping our promises - on the border, on energy, on jobs, on regulations," Trump tweeted Wednesday night. "Big changes are happening!"