when we added socialist elements to capitalism (eg. social security, free healthcare, free education and so on) it didnt stop being capitalism.
same thing here, this is not unlike when the US was putting tariffs on japanese electronics, back when they were getting good at it. branding protectionism with his own name ("bidenomics!") only makes sense to me in the context of a campaigning politician trying to make it sound like hes doing something new or revolutionary.