Investor Kevin O’Leary has raised concerns regarding President Donald Trump’s economic messaging as the former president begins an early campaign for the 2026 midterm elections. O’Leary, known for his role on “Shark Tank,” expressed his views during a recent appearance on CNN, emphasizing that he does not endorse political candidates but advocates for effective policy outcomes.
O’Leary pointed out that Trump is actively promoting his economic record, despite ongoing challenges that consumers face. He remarked, “I don’t shill for politicians, but I shill for policy,” highlighting a focus on substantive issues over partisan support.
Inflation and Economic Pressures Persist
The investor acknowledged a significant reduction in inflation rates since their peak, yet consumers continue to feel financial strain in their daily lives. O’Leary noted that rising costs, particularly in food and consumer services, are evident, making it challenging for politicians to convince households that economic conditions have fully stabilized.
O’Leary cautioned against premature declarations of victory in economic recovery, warning that such a stance could mirror the missteps of the Joe Biden administration, which faced difficulties in aligning favorable economic data with public sentiment.
Tariffs and Housing Costs Impacting Consumers
O’Leary identified tariffs as a notable contributor to inflation, specifically referencing duties on essential materials such as potash, bauxite, and softwood lumber. He explained that these policies increase costs for farmers, manufacturers, and builders, ultimately resulting in higher prices for consumers.
Moreover, O’Leary expressed concern over ongoing housing costs, indicating that tariffs on softwood lumber continue to negatively affect construction expenses. While these policy details may not dominate mainstream political conversations, they directly influence inflation and overall affordability for households.
Despite strong market performance, with U.S. equities nearing record levels, O’Leary warned that market confidence does not necessarily reflect voter sentiment. As the Republican Party navigates its path to retaining control of Congress, he stressed the importance of policy adjustments and potential changes within Trump’s Cabinet early next year.
O’Leary’s analysis comes at a time when Trump’s core issues—economy, crime, and immigration—are under scrutiny. The Republican Party has faced recent electoral setbacks, including a Democratic victory in the Miami mayoral race and a special election flip in a historically Republican district in Georgia.
Polling data reveals a decline in public approval for Trump’s handling of the economy, dropping to just 31% from 40% in March, according to a recent survey by the AP-NORC Center for Public Affairs Research. Approval ratings have also decreased regarding his handling of crime and immigration, posing challenges for the former president as he seeks to regain momentum ahead of the upcoming elections.
O’Leary’s insights highlight the complexities of the current economic landscape and serve as a reminder of the critical issues that will shape the political discourse leading into the midterms.
