The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
So far, he has not been able to keep any of his biggest campaign promises — from building and financing the wall with Mexico, to the Muslim travel ban, to the repeal of the health care reform known as ‘Obamacare’. The last of these has been a particular problem for Trump, since Republicans have been trying in vain for 7 years to block or eliminate it — but now, even as a Republican president with a Republican-controlled Congress, Trump has been unable to repeal and replace the reform law. This is primarily a reflection of Trump’s lack of support from his own party.
Republican Bob Corker criticizes Trump
As if that weren’t enough, Trump’s off-the-wall tweets and press conferences have managed to infuriate an increasing number of people not only abroad, but first and foremost within the US itself, on a near-daily basis. Democrats renewed their calls again this week to remove Trump from office under the 25th Amendment. For those not familiar with it, the 25th Amendment to the US Constitution specifies that a President may be removed from power if he is unfit to perform the duties of his office. Republicans might tend to see these calls as ‘no big deal’, coming as they do from their political opponents. Unfortunately, Republican senator Bob Corker, whose name had once been proposed as a potential vice president in the Trump administration, undermined that excuse with his comments yesterday. Corker turned against the President, arguing that ‘The President has not yet been able to demonstrate the stability nor some of the competence that he needs to demonstrate in order to be successful.’
Just about any logically thinking person is likely to agree with that sentiment. Consider Trump’s apparent reluctance to distance himself from the neo-Nazis that carried out the terrorist attack in the US city of Charlottesville, Virginia. Or his inappropriate comments on the terror attacks in Barcelona. Or the fact that his own impromptu statements nearly triggered a war with North Korea. And those are just the events of the past two weeks.
Financial markets face turmoil as a result
Trump is standing in the way of his own presidential agenda, and more and more important political and economic leaders are beginning to distance themselves from him. That, in turn, makes it unlikely that Trump will be able to implement significant tax and infrastructure reform, a development which could undermine the stock market rally since his election that has been based on the assumption of such reforms. There are turbulent times ahead for Wall Street — the Dow Jones is currently at 21,800 points.
.jpg)
