(Leaving aside that there's plenty of evidence of malice here.)
But, having known about it for a dozen years now, I also find it inadequate alone as a razor without the following caveats/corollaries:
Hubbard's corollary to Hanlon's Razor: "Never attribute to malice or stupidity that which can be explained by moderately rational individuals following incentives in a complex system". ( https://en.m.wikipedia.org/wiki/Hanlon's_razor#Exceptions )
Or (HN) Nerdponx's punchier simplification: "When money is at stake, never attribute to incompetence what could be attributed to greed." ( https://news.ycombinator.com/item?id=41066724 )
A large amount of things related to Trump fall into that category, and it's important to recognize when you need to instead treat it as a superposition: It is both malice and incompetence, unless the perpetrators decide to plead just one or the other.
You can only get into such a position if you've ignored smart people telling you "No". That's malice.