trust of the American people in the credibility of the president

The phrase "trust of the American people in the credibility of the president" appears to have two possibilities:

(1) It means "the American people's trust in the president".
(2) It means "the president's trust in the American people".

Which is correct?

Since the author first states "The coin of the realm for any president is trust" and so "the president must trust his people". (2) is the answer. But the grammar of the phrase agrees more with (1). Which is correct, I wonder.

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Leon Panetta, former CIA director and defense Chief under Clinton, stated on Fox Business channel in February 2017, "The coin of the realm for any president is trust - trust of the American people in the credibility of the president." In the nearly two years that Dohnald Trump has been in our face almost daily, he has sown mistrust in all his Republican rivals, alienated much of a conservative Republican block he needs in the house for legislative success, ignored Congressional Democrats, and viciously insulted Democrat leaders, calling them Liars, clowns, stupid, and incompetent, and condemning Barack Obama as "sick" and Hillary Clinton as "the devil. When he represents the people abroad, his belligerent behavior and disrespect for leaders of our closest allies rips apart the comity and peacekeeping pledges built over decades. Yet, he never hesitates to congratulate despots, such as turkeys Erdogan, Egypt's General Sisi, and, most lavishly of all, Russia's Putin.

Source: The Dangerous Case of Donald Trump
by Bandy Lee, M. D.
©2017

Trump's Trust Deficit is the Core Problem.
by Gail Sheehy, PH. D.

pp. 75-81