Berliner Boersenzeitung - One year on, it's all about Trump. But for how long?

EUR -
AED 4.099459
AFN 72.55656
ALL 90.854432
AMD 403.236651
ANG 1.997863
AOA 1024.725669
ARS 1725.716503
AUD 1.620032
AWG 2.009266
AZN 1.908969
BAM 1.95792
BBD 2.251649
BDT 139.310855
BGN 1.951032
BHD 0.422353
BIF 3344.903956
BMD 1.116259
BND 1.432558
BOB 13.416528
BRL 6.156839
BSD 1.11797
BTN 104.985685
BWP 15.400226
BYN 3.347906
BYR 21878.671669
BZD 2.248447
CAD 1.574248
CDF 2589.720669
CHF 0.914947
CLF 0.0277
CLP 1090.183107
CNY 7.452703
CNH 7.448895
COP 3616.432801
CRC 507.00375
CUC 1.116259
CUP 26.831195
CVE 110.384532
CZK 24.322276
DJF 199.07927
DKK 7.475501
DOP 67.930698
DZD 152.243187
EGP 60.341267
ERN 16.743881
ETB 183.485227
FJD 2.528995
FKP 0.835844
GBP 0.834074
GEL 2.896647
GGP 0.835844
GHS 13.069152
GIP 0.835844
GMD 83.157879
GNF 9901.932318
GTQ 8.547256
GYD 234.483915
HKD 8.751658
HNL 30.047001
HRK 7.555967
HTG 146.496769
HUF 362.944278
IDR 20214.050795
ILS 3.540654
IMP 0.835844
INR 104.731751
IQD 1695.636147
IRR 2111239.352217
ISK 136.8083
JEP 0.835844
JMD 177.430274
JOD 0.791445
JPY 176.643491
KES 145.068585
KGS 97.614372
KHR 4554.728771
KMF 493.386409
KPW 1004.632839
KRW 1507.256269
KWD 0.347224
KYD 0.931779
KZT 501.111442
LAK 25151.180911
LBP 100111.977802
LKR 371.774398
LRD 190.145903
LSL 18.488377
LTL 3.296022
LVL 0.675214
LYD 7.154286
MAD 10.933439
MDL 19.982972
MGA 5080.04349
MKD 61.557339
MMK 2343.536588
MNT 4019.833098
MOP 9.028977
MRU 45.135041
MUR 52.498031
MVR 17.176539
MWK 1938.561406
MXN 20.74952
MYR 4.533466
MZN 71.324403
NAD 18.488791
NGN 1506.414005
NIO 41.14465
NOK 10.535418
NPR 167.895587
NZD 1.993449
OMR 0.429201
PAB 1.118611
PEN 3.853072
PGK 5.095167
PHP 70.632393
PKR 309.195541
PLN 4.391217
PYG 6988.186673
QAR 4.088627
RON 5.333257
RSD 117.643055
RUB 91.531628
RWF 1650.125559
SAR 4.197709
SBD 8.984301
SCR 15.692146
SDG 671.429609
SEK 11.013898
SGD 1.42957
SHP 0.835992
SLE 25.617714
SLL 23407.392948
SOS 638.897077
SRD 41.952909
STD 23104.302586
STN 24.515236
SVC 9.786598
SYP 14513.596028
SZL 18.482073
THB 37.355611
TJS 10.318073
TMT 3.906906
TND 3.346924
TOP 2.687683
TRY 56.014648
TTD 7.581576
TWD 36.663741
TZS 2954.045111
UAH 50.646343
UGX 4574.954062
USD 1.116259
UYU 44.998728
UZS 13346.452419
VES 1000.52103
VND 28480.784096
VUV 133.12733
WST 3.111933
XAF 655.957
XAG 0.021125
XAU 0.000270979015
XCD 3.016745
XCG 2.015783
XDR 0.789253
XOF 655.957
XPF 119.331742
YER 264.134779
ZAR 18.399961
ZMK 10047.670755
ZMW 22.71661
ZWL 359.434865
SSP 6413.165902
MXV 2.332613
  • CMSD

    -0.1200

    19.81

    -0.61%

  • JRI

    0.0000

    10.77

    0%

  • BCC

    -1.8200

    74.15

    -2.45%

  • CMSC

    -0.2228

    19.53

    -1.14%

  • BCE

    0.2000

    20.34

    +0.98%

  • RIO

    0.0100

    94.17

    +0.01%

  • AZN

    -2.7400

    161.47

    -1.7%

  • GSK

    -1.1800

    48.17

    -2.45%

  • RBGPF

    0.0000

    65

    0%

  • NGG

    0.8800

    75.82

    +1.16%

  • RYCEF

    -0.7300

    19.08

    -3.83%

  • BTI

    -0.4500

    54.4

    -0.83%

  • BP

    0.4700

    43.99

    +1.07%

  • RELX

    -0.0600

    33.18

    -0.18%

  • VOD

    -0.1800

    16.15

    -1.11%

One year on, it's all about Trump. But for how long?
One year on, it's all about Trump. But for how long? / Photo: SAUL LOEB - AFP

One year on, it's all about Trump. But for how long?

On a sunny January morning in Florida, Donald Trump went shopping for marble and onyx for his new White House ballroom. A few hours later, he was bombing Venezuela.

Text size:

It was just one day in an extraordinary year since his return to office, but it summed up how Trump has reshaped the US presidency through the sheer force of his own personality.

And as he enters his second year back in the White House, Trump is increasingly acting as if there are no checks on his power -- either at home or abroad.

"He has really personalized the presidency," Noah Rosenblum, professor of law at New York University, told AFP.

If the former reality TV star's first term dominated news cycles because of its chaos, Trump's second has done so because of a single-minded determination to stamp his mark on the world's most powerful job.

He began with a freewheeling Oval Office appearance on January 20, 2025, during which he pardoned hundreds of pro-Trump rioters who attacked the US Capitol four years earlier.

The Republican leader has kept up the pace ever since.

An unprecedented blitz of executive orders, outrageous pronouncements and directives for the persecution of his political opponents came in the following days and months.

Trump has shaken the foundations of American democracy as the country prepares to mark its 250th anniversary, caused global turmoil with his tariffs and upended the global order.

"There is one thing. My own morality," Trump, who is the first convicted felon to be elected president, told The New York Times when asked if there were limits on his power.

At times Trump has also cultivated what looks like a cult of personality, revamping the White House and building a $400 million ballroom, and adding his name to the famed Kennedy Center for the performing arts.

And 2026 dawned with an unapologetic Trump Unbound: ordering the capture of Venezuela's Nicolas Maduro, threatening Greenland and sending immigration agents on a deadly operation into Minnesota.

Rosenbaum said the past year had "revealed that the old system had less legitimacy and was more fragile than I had understood, than was widely understood."

- 'Expect trouble' -

Trump has begun 2026 with a bang. Yet it could also finally show the limits of a presidency that revolves around the whims of one man who will turn 80 years old in June.

The biggest inflection point could come in November's midterm elections.

While these votes for the control of Congress are always effectively a referendum on sitting presidents, this year's will more than ever be a verdict on Trump himself.

His approval numbers remain low, with the White House battling to show that his economic plans are working despite voter anger over affordability.

If Republicans take a hammering, there are questions about whether Trump could seek to overturn the results, like he tried when Democrat Joe Biden beat him to the presidency in 2020.

"I expect trouble," William Galston of the Brookings Institution told AFP.

"He is more actively involved in the management of the midterms than any president I've seen."

Galston said however that Trump was unlikely to be able to mount any meaningful challenge if Republicans lose control of the House, which would leave him a lame duck president for the remaining two years of his term.

Trump faces challenges on other fronts too. The Supreme Court could clip Trump's wings on tariffs, while his bypassing of Congress by the use of executive orders could also backfire, said Galston.

"The problem with governing by fiat is that what you weave by day, your successor can unravel by night, which leads to far fewer permanent achievements," Galston said.

With Venezuela, Iran, Greenland, Ukraine and Gaza on Trump's agenda in 2026, the self-professed "America First" president also appears preoccupied by foreign policy.

"That's a problem politically because a lot of the people who voted for him didn't vote for that, they voted for them to focus on the economy. He's paid a significant price for that," added Galston.

(Y.Berger--BBZ)