Volodymyr Zelenskyy, Thrown Under the Bus
Author: Greg Valliere
February 19, 2025
WHEN DONALD TRUMP HITS, HE HITS HARD — as we saw yesterday when he blamed Ukraine for starting the war, an absurd assertion that was ridiculed by Republicans, many of whom are tiring of Trump and Elon Musk.
SETTING THE STAGE for further U.S.-Russia talks, Trump said Volodymyr Zelenskyy is “incompetent” and a poor negotiator who is deeply unpopular in Ukraine.
IT’S TRUE that Zelenskyy’s job approval rating in Ukraine has fallen to about 50%, roughly the same level as Trump’s rating in the U.S. The U.S. president said Zelenskyy has a 4% job approval rating in Ukraine, which most definitely is not true.
WHAT INFURIATED TRUMP? He took offense at criticism of him in Ukraine and Western Europe that key players — including Ukraine — were not invited to join yesterday’s talks.
WE THINK THERE WILL BE FURTHER TALKS, probably including Ukraine, this spring. And a settlement still looks likely later this year.
BUT THIS EPISODE sent a scathing signal to Trump’s allies and enemies — if you criticize Trump, he will hit back, hard, especially as criticism rises over intrusions into savings accounts.
THIS HAS SENT still another message to Republicans in Congress, many of whom were aghast by Trump’s assertions — but they won’t voice their criticisms in public.
MOST REPUBLICANS and many Democrats are bracing for fierce budget battles starting next month; a government shutdown is likely, in our opinion, in mid-March — perhaps extending for several weeks.
TRUMP’S POLLS HAVE SLIPPED in recent weeks, but most Americans think the government is bloated. The harsh firings, especially in critical sectors like air safety, are beginning to lose popularity. Most significantly, Elon Musk has become a lightning rod, a blessing and a curse for Trump.
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.
