Что нам этот Трамп?

I’m trying to confirm the meaning of this sentence - my feeling is that it means “What is Trump to us?”, i.e. what does Trump mean for us as Russians?

I can see it used 2 ways

  1. Why would we care about Trump at all?
  2. What can Trump do to us? (implying Trump is not much of an obstacle in whatever context it’s used)