George Soros criticises Donald Trump Presidency again, striking a blow against the new US president on inauguration day. Is George Soros holding a grudge against Donald Trump?
20 January, AtoZForex – Veteran investor George Soros predicts that global markets will fail as result of the Trumponomics implementation. It is not the first time that George Soros has publicly criticised the new US president in public. Picking up where he left, today Soros criticises Donald Trump presidency and says that the new US president will eventually fail.
Why is George Soros convinced that Trump will fail?
George Soros criticises Donald Trump Presidency stating that he does not expect markets will do very well under his Presidency. Additionally, Mr Soros states that he is personally convinced that Trump will fail. He added:
“Not because of people like me who would like him to fail. But because his ideas that guide him are inherently self-contradictory.”
Moreover, the veteran fund manager lost almost $1bn (£820m) as a result of equities rising sharply in the aftermath of Trump’s election victory. Additionally, the US elections sent markets roiling before and after Trump victory was announced.
Trump’s victory effects on the market
During the two weeks before election day, America’s primary stock market index, the S&P 500 fell 70 points. That’s because the prospect of a Trump victory became more likely. Also, markets became worried about what the unpredictable candidate would do in the White House.
Since then, the President-elect’s promises to press ahead with a huge infrastructure spending spree. Also, he promises to implement business-friendly policies that helped indexes surge.
George Soros’ previous criticism on Trump
It is not the first time Soros criticised Trump publicly. In late November, Soros pledged $10m from his Open Society Foundation that promotes liberal values around the world. Hence, help combat the rise in reported hate crimes since the election.
At that time, Soros stated that due in part to the incendiary rhetoric of the President-elect, dark forces have been awakened since Mr Trump’s victory.
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