Anyone who invested in highly praised ETFs like the MSCI World or S&P 500 is currently feeling the pain. The American stock market has slipped into the red in recent weeks. Surprisingly, this seems to bother incumbent President Donald Trump very little—even though one of his key (and controversial) advisors, Elon Musk, has suffered losses amounting to several billion dollars. While the falling Tesla stock price has various causes, economists have long warned that the MAGA doctrine could lead to negative economic consequences—higher inflation and even a recession.
An Ipsos survey now shows that Americans are worried about the impact of tariffs on prices. Let’s remember: rising prices were one of the main reasons voters made their choice in the US. Only 31 percent of Americans support Trump’s price stability policy. On other issues such as the economy, foreign policy, and corruption, satisfaction with the president also remains below 40 percent. The government’s slimming-down efforts are controversial as well, with 57 percent opposing mass layoffs of civil servants. The only area where Trump still enjoys strong support (49 percent) is immigration policy.
Despite these low approval ratings, Trump’s overall approval stands at 44 percent—still higher than that of his predecessor, Joe Biden. A small consolation for Elon Musk: the US president has shown solidarity and reportedly plans to buy a Tesla. Whether this is good marketing remains to be seen.