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Donald Trump Hits the Wall

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Donald Trump Hits the Wall

Author: Greg Valliere

March 28, 2023

DONALD TRUMP WAS LEADING in a few states earlier this year, with generally good poll numbers, but something has happened to him in the past few days. Perhaps it was his threat to incite violence if he is indicted; perhaps that was the last straw for Republican voters who want to move on.

A NEW POLL IN IOWA shows that Trump now trails Ron DeSantis there, 45% to 37%, and New Hampshire — where Trump had a huge lead at the beginning of the year — is now tied. A new Marist poll, released yesterday, found that 61% of adults do not want Trump to become president again, compared to 38% who said they do want four more years of him.

TRUMP WILL GET TO TROT OUT his old arguments about a “witch hunt” if he’s indicted, as expected, in New York later this week. The Marist poll asked voters to assess the Stormy Daniels probe, and 46% think Trump did something illegal, 29% think he did something unethical but not illegal, and 23% say he did nothing wrong, the poll found.

A WEAK CASE: Of the four major Trump investigations, the Stormy Daniels case appears to be the weakest. It relies on testimony from the convicted felon Michael Cohen, and a convoluted legal case that ties campaign financing to payments to the porn performer.

THE OTHER THREE CASES ARE POTENTIALLY EXPLOSIVE: Prosecutors are close to wrapping up a case in Georgia that will allege that Trump sought to overturn the 2020 election result there. An indictment seems likely in the case of Trump’s taking classified documents to Mar-a-Lago. And the most explosive case of all involves Trump’s alleged incitement of the Jan. 6 riot.

TAKEN INDIVIDUALLY, TRUMP MAY HAVE A CASE — and will seek lengthy delays — in all four investigations, but collectively it’s a heavy load. Even if the Stormy Daniels probe fizzles, voters have heard the phrase “hush payments to a porn star” hundreds of times. The Marist poll highlighted that Trump received a tepid response from white Evangelical Christians, 41% of whom are now against him, potentially a major shift.

MORE CANDIDATES ARE ABOUT JOIN THE RACE: If Trump’s poll weakness is the beginning of a trend, and with DeSantis not showing much charisma, there’s a path for a few more GOP candidates. Sen. Tim Scott of South Carolina is expected to announce soon, along with Mike Pompeo and tough-guy Chris Christie.

OUR LONG-SHOT CONTINUES TO BE GLENN YOUNGKIN, the popular and well-financed Virginia governor. He hasn’t shown a desire to run, but if the polls show dissatisfaction with both Trump and DeSantis, there’s room for a fresh face like Youngkin, New Hampshire Gov. Chris Sununu or Nikki Haley.

COULD TRUMP STILL BE THE NOMINEE? Of course — he could win crowded primaries with 35% or 40% of the vote. But his act is getting stale and his late-winter surge may have hit the wall as Republican voters face the likelihood that an indicted Trump probably could not win the general election.


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

For further information, please visit AGF.com.

©2025 AGF Management Limited. All rights reserved.

Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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