FEAR & GREED | Business News Q+A: Has Donald Trump delivered, one year on?
Jan 19, 2026
Dr. Charles Miller, a Senior Lecturer at the ANU School of Politics and International Relations, dives into the impacts of Donald Trump's second presidency. He evaluates Trump's mixed legacy, cautioning against attributing stock market highs to him while discussing the complexities of U.S.-Venezuela relations. Miller highlights Trump's Jacksonian foreign policy approach and the unpredictability of his decisions. He also expresses concerns over tariffs and national security risks, asserting that allies are hesitant to break from the U.S. despite challenges.
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Early Judgment On Trump's Presidency
- Charles Miller judges Trump's first year as positioning him among the worst US presidents historically.
- He cautions that many negative consequences may unfold long after Trump's term ends.
Markets Driven By Business, Not Just Politics
- Miller argues US stock market gains largely reflect corporate performance, notably AI, not presidential credit.
- He notes other developed markets are outperforming the US, weakening claims that Trump deserves the credit.
Military Success Needs Political Follow‑Through
- The Maduro capture operation was well executed, but planning for the aftermath appears lacking.
- Miller warns seizure success doesn't guarantee political outcomes without a follow-up strategy.