Economists about the brand “Trump”: The name is today a synonym for a violent mob attack on Congress.
Donald Trump became famous for a business empire that bears his name. But the brand “Trump” is now weakened. Four years of political turmoil could cost him dearly financially, observers told the AFP news agency.
Companies and corporations that have been loyal to Trump throughout his presidency are cutting all ties in the 11th hour after supporters of the president stormed the congressional building.
This applies to Signature Bank, which has closed Trump’s personal accounts, and the PGA of America, which had otherwise planned to hold its 2022 championship at Trump’s golf course in New Jersey.
The reactions in the financial world are not just an expression that one wants to distance oneself from Trump at a time when he is being condemned by many in American society. It also underscores that his business empire is already in deep crisis – not least because of the corona pandemic.
The president’s role in the congressional storm that killed five people is being criticized by a wide variety of business groups and organizations, including the largest American trade union in the AFL-CIO.
– Trump’s name is really a burden today, says Michael D’Antonio, who in 2015 helped write a Trump biography.
He points out that the events of January 6 were a “game changer” for the president’s brand.
– He’s the most disgraced president in history. This is the person who is a synonym for a violent mob attack on the US Congress, he says and emphasizes:
– It simply went too far.
Tim Calkins, a professor of marketing at Northwestern University’s Kellogg School of Management, believes Trump’s brand will be weakened for a long time to come because of the current chaos.
– Before he was installed, Trump stood for prosperity, success and excessive luxury. Now it is a brand that is associated with anti-government attitudes, racism and extremism. That makes the brand pretty toxic, he says.
Several US media outlets – including The Washington Post – have reported on few tenants in Trump’s properties in Washington and Chicago at a time when the United States is fighting the covid-19 crisis.
/ ritzau / AFP
Source: Kristeligt-dagblad.dk – Nyheder – Alle artikler by www.kristeligt-dagblad.dk.
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