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Trump’s first 100 days delivered the worst stock market drop for a new presidential term since Nixon, with the S&P 500 falling more than 8.5% amid fears of recession triggered by Trump’s tariffs and chaotic approach to governance. On average, the S&P 500 rises 2.1% in the first 100 days for a new president. Trump’s approval rating, meanwhile, fell to 39%, dragged down by his trade war, cuts to the federal workforce, dismantling of federal agencies, and escalating fights with the courts as he’s tested the limits of presidential authority. Trump, who’s signed 98 executive orders in his first two months, defended his reliance on unilateral action to bypass Congress, saying: “The first time, I had two things to do — run the country and survive […] The second time, I run the country and the world.” Three-quarters of voters expect Trump’s tariffs to raise prices, while 61% disapprove of his handling of trade and 60% disapprove of his management of inflation. Despite his botched economic policy rollout that spooked markets and sparked fears of stagflation, Trump dismissed the idea of reevaluating his approach, saying, “It always affects you a little bit,” but that no economic red line would force him to change course. On immigration, Trump’s approval has slipped to 49%, with 51% disapproving of his border policies. Trump has framed his second – and final – term as a campaign to reshape the presidency around himself, saying that “Unlike anyone else, the President is a branch of government.” He’s dismantled post-Watergate ethics rules, purged independent officials, and ordered prosecutions of political opponents, while blaming his sinking poll numbers on a “compromised and corrupt” media. “Maybe they didn’t know me at the beginning, and they know me now,” Trump said. Republican strategists have warned that Trump’s administration is veering into “dangerous territory.” Nevertheless, Trump has dismissed concerns about political and economic fallout from his policies and approach, reportedly saying before his November 5, 2024, victory speech: “They could have been getting rid of us by now. But actually, we’re just beginning.” (
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Trump recorded the lowest 100-day approval rating of any president in 80 years, with 39% approving of his performance. Consumer confidence also collapsed during Trump’s first 100 days, with sentiment dropping 32% since January — the sharpest fall since the 1990 recession. 60% of economists now see a high risk of global recession this year, blaming Trump’s tariffs for damaging the business environment and wiped out trillions from markets. 72% of Americans cited fears of a recession, rising prices (62%), and presidential overreach (54%) as reasons for their disapproval, while 62% said his administration disrespects the rule of law. Even Trump’s support among non-college-educated white men fell to 54% — matching his previous low with that group. Still, 37% of voters said they trusted Trump more than Democrats in Congress to handle the nation’s biggest problems, compared to 30% who favored Democrats. (
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Trump demanded investigations into major news outlets after a series of polls showed his approval rating underwater by double digits, marking the worst early-term approval of any modern president. Trump, posting to his personal social media network, claimed that The New York Times, ABC News, Washington Post, and Fox News were guilty of “ELECTION FRAUD,” calling their pollsters “Negative Criminals” and “the enemy of the people.” Trump claimed, without evidence, that the polls undercounted his supporters, saying: “They suffer from Trump Derangement Syndrome.” (
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The Justice Department rescinded Biden-era restrictions on subpoenaing journalists’ records. Attorney General Pam Bondi said the department will again seek reporters’ materials to identify leakers, calling unauthorized disclosures “illegal and wrong.” The new policy requires subpoenas to be “narrowly drawn” and approved at senior levels, with advance notice given to journalists when possible. Bondi said protecting Trump’s agenda from leaks was essential, writing that “The Justice Department will not tolerate unauthorized disclosures that undermine President Trump’s policies.” (
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The midterm elections are in 554 days.
Notables.
- Three U.S. citizen children – ages 2, 4, and 7 – were deported to Honduras with their undocumented mothers. One of the children, a 4-year-old boy with Stage 4 cancer, was removed without his medication or access to doctors. The Trump dministration claimed the mothers chose to take their children, but lawyers said ICE blocked the families from contacting attorneys or relatives before removal. A federal judge called the deportations a “strong suspicion” of sending U.S. citizens abroad “with no meaningful process” and set a hearing for May 16. ICE and DHS officials maintained that deportations followed proper procedure, despite mounting evidence of rushed, secretive removals. (CNN / Washington Post / New York Times / NBC News / Axios / NPR / Washington Post)
- The FBI arrested Milwaukee County Circuit Judge Hannah Dugan for allegedly obstructing an immigration arrest inside her courtroom. FBI Director Kash Patel accused Dugan of “intentionally misdirecting federal agents” trying to detain Eduardo Flores-Ruiz, an undocumented immigrant with a prior deportation history. Dugan confronted agents, told them to seek a judicial warrant, and escorted Flores-Ruiz through a private door before agents caught him outside. Dugan’s lawyer called the arrest unjustified and said she would “defend herself vigorously.” Trump officials called it a warning to “activist judges.” (Axios / Milwaukee Journal Sentinel / Washington Post / Reuters / CNBC / New York Times / ABC News)
- Trump ordered a list of “sanctuary cities” that could lose federal funds and face lawsuits. A second executive order expands law enforcement powers, increasing access to military equipment and limiting civil rights investigations. Press Secretary Karoline Leavitt said cities must “obey the law” or face consequences, while Border Czar Tom Homan added: “Every sick person we take off the streets […] makes this country safer.” (New York Times / Wall Street Journal / Bloomberg / Axios / USA Today)
- Trump will host a private dinner at his Virginia golf club for the top 220 investors in $TRUMP, a memecoin tied to his brand that serves no purpose. The top 25 holders are promised a VIP reception and White House tour, though organizers quietly scrubbed White House mentions after backlash. The announcement sent $TRUMP’s price up more than 50%, despite the coin’s earlier crash and billions in investor losses. Critics accused Trump of selling access, with Senator Chris Murphy calling it “the most brazenly corrupt thing a President has ever done.” (Politico / New York Times / Axios / CNBC / Mother Jones / Bloomberg)
- Trump – referring to himself – urged Canadians to “elect the man who has the strength and wisdom” to make Canada the 51st U.S. state even though he is not a Canadian citizen, not a candidate, and not legally eligible to hold office. Nevertheless, Trump promised to “cut your taxes in half,” “quadruple” businesses “with ZERO TARIFFS OR TAXES,” and boost Canada’s military “for free,” adding: “It makes no sense unless Canada is a State!” Conservative leader Pierre Poilievre fired back, saying, “Stay out of our election,” and vowed Canada would “never be the 51st state.” Prime Minister Mark Carney responded with a video declaring, “This is Canada — and we decide what happens here.” (ABC News)