Investor Kevin O’Leary has expressed concerns regarding Donald Trump‘s economic messaging as the former president initiates an early campaign strategy for the upcoming 2026 midterm elections. O’Leary, known for his role on “Shark Tank,” emphasized that he does not support particular political candidates but prioritizes the implications of policy outcomes.
O’Leary shared his perspective during a recent appearance on CNN, where he noted, “I don’t shill for politicians, but I shill for policy.” He indicated that Trump is actively promoting his economic record, yet unresolved challenges remain for consumers.
Inflation and Consumer Costs Persist
While inflation has decreased significantly from its peak, O’Leary pointed out that many voters still experience financial strain in their daily lives. Rising costs in food, protein, and consumer services continue to challenge households, complicating the task for politicians to convince the public that economic conditions have completely stabilized. He cautioned against prematurely declaring victory over inflation, warning that such assertions could echo mistakes made by the Joe Biden administration, which struggled to align economic data with public sentiment.
O’Leary’s observations come amidst broader discussions about economic challenges, including ongoing concerns related to tariffs and housing costs.
Tariffs and Housing Costs as Economic Pressures
O’Leary highlighted tariffs as a significant, often overlooked factor contributing to inflation. He cited duties on essential inputs such as potash, bauxite, and softwood lumber, which he argues increase costs for farmers, manufacturers, and builders. These heightened expenses ultimately translate into higher prices for consumers.
Housing remains a pressing issue as well, with O’Leary noting that tariffs on softwood lumber continue to elevate construction costs. Although these policy details may not dominate public discourse, he asserted that they have a direct impact on inflation and overall affordability in the market.
From an investment standpoint, O’Leary remarked that U.S. equities are nearing record levels, reflecting a degree of confidence in the American economy. Nevertheless, he cautioned that market trends and voter sentiments do not always align. He noted that adjustments in policy and potential changes within Trump’s Cabinet could play a critical role as Republicans attempt to maintain their narrow control of Congress.
Despite Trump’s previous successes driven by voter concerns over the economy, crime, and immigration, recent trends suggest a decline in Republican momentum. The party has faced a series of electoral setbacks, including a Democratic victory in Miami’s mayoral race—an event not seen in three decades—and a special election in a traditionally Republican district in Georgia.
Polling data indicates a decline in public approval of Trump’s handling of key issues. According to a recent survey by the Associated Press-NORC Center for Public Affairs Research, only 31% of U.S. adults currently approve of Trump’s economic management, a decrease from 40% in March. Approval ratings for his handling of crime and immigration have also seen a drop, indicating potential challenges for his political strategy moving forward.
