Kevin O'Leary Flags Tariffs, Food Prices And Housing As Trump Starts Selling His Economic Record For The Midterms: 'I Don't Shill For Politicians'

On Friday, investor Kevin O'Leary weighed on President Donald Trump's economic messaging, arguing the president has begun an unusually early campaign-style push ahead of the 2026 midterm elections.

O'Leary Says Trump Is Campaigning Early

In a post on X sharing a clip from his CNN appearance, the "Shark Tank" star said he does not back political candidates but focuses on policy outcomes. "I don’t shill for politicians, but I shill for policy."

O'Leary said Trump is effectively "on the road" pitching his economic record for the midterms, despite unresolved pain points for consumers.

Inflation Down From Peak, But Still Felt At The Grocery Store

The investor acknowledged that inflation has cooled significantly from its peak but said voters continue to feel pressure in everyday spending.

He said rising costs remain evident in food, protein and consumer services, making it difficult for politicians to convince households that conditions have fully stabilized.

O'Leary added that declaring victory too early risks repeating a mistake made by the Joe Biden administration, which struggled to align economic data with voter sentiment.

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Tariffs And Housing Costs Remain Key Pressure Points

The "Shark Tank" start pointed to tariffs as an underappreciated driver of inflation, citing duties on inputs such as potash, bauxite and softwood lumber. He said these policies raise costs for farmers, manufacturers and builders, ultimately feeding into higher prices.

Housing, he added, remains a major concern, noting that tariffs on softwood lumber continue to weigh on construction costs. While such policy details may not dominate public debate, O'Leary said they show up directly in inflation and affordability.

Markets Strong, Politics Less Certain Ahead of 2026

From an investor's perspective, O'Leary noted that U.S. equities remain close to record levels, signaling confidence in the American economy. Still, he cautioned that markets and voters do not always move in sync.

O'Leary said policy adjustments — and potential changes within Trump's Cabinet early next year — will matter more than optimistic messaging as Republicans look to defend their narrow control of Congress.

I don't shill for politicians, but I shill for policy. There are some truths in his road show. Let's face it, this is the earliest anybody's gone on the road for the midterms, because that's exactly what he's doing. He's on the road pitching for the midterms. Inflation is still… pic.twitter.com/BYXppNvxK7

— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) December 12, 2025

GOP Momentum Slips As Trump's Core Issues Weaken

Trump rode voter anxiety over the economy, crime and immigration back to the White House last year, but replicating that success may prove harder.

Republicans have suffered a string of recent losses, including a Democratic victory in Miami's mayoral race — the first in three decades — and a flipped special election in a historically Republican Georgia district.

Trump has also shown limits to his sway within the party, failing to secure support for a new congressional map in Indiana.

Polling suggests erosion on Trump's strongest issues. Just 31% of U.S. adults approve of his handling of the economy, down from 40% in March, according to The Associated Press-NORC Center for Public Affairs Research poll. Approval has also slipped on crime and immigration.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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