I've seen this theory floated a few times — but no.

1. With the timescale of iPhone-production planning, these colors were probably selected before the 2024 US presidential election.

2. Trump would hate any association with orange. That's something his haters say, not him or his fans. (Gold or red would appeal to him more.)

3. Don't let him own this color association! Orange was cool long before these assholes were alive, and it'll be cool long after they're dead.
https://ieji.de/@khoji/115180866447626777