By Haddon Libby
April 30th marked the 100th day of the second Trump presidency. To say that it has been a chaotic is nearly an understatement. The aggressive agenda included a record-breaking number of executive actions, including 137 executive orders, 39 proclamations, and 36 memorandums. Amongst the first actions, Trump declared a national emergency at the southern border and began pushing for mass deportations.
Trump’s tariff policies, including a 10% universal tariff and up to 145% on Chinese goods, aimed to boost American manufacturing but sparked market turmoil and recession fears. Other moves included pardoning January 6 defendants and anti-abortion protesters, ending diversity programs, and dismantling the Department of Education. While his base praises the rapid action, critics suggest constitutional overreach.
Trump’s call for the firing of Federal Reserve Chairman Jerome Powell last week was nearly the straw that broke the camel’s back. The idea of the loss of Federal Reserve independence nearly caused a crisis in confidence for the US Dollar that could have led to a sharp drop in the stock market and higher interest rates. Stocks were set to have the worst April since 1932 because of Trump’s attacks on Powell. Only after Trump stated that he had no intention to ‘fire’ Powell (despite words and online posts to the contrary) helped markets stabilize and reverse some of the economic damage..
At this point, it is fair to say Trump and his big mouth and constantly posting may be one of the biggest threats to the success of his agenda.
Posted on Truth Social on April 15th by the President, “The United States is taking in RECORD NUMBERS in tariffs, with the cost of almost all products going down, including gasoline, groceries, and just about everything else. Likewise, INFLATION is down. Promises Made, Promises Kept!
As many fail to share Trump’s love for tariffs, Trump warned, “The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!” In this post, Trump seems to fuse the word ‘panic’ with Republican.
One of the primary focuses of tariffs has been on China. At the National Republican Congressional Committee Dinner, Trump said, “China’s been ripping us off for years, but now they’re kissing my a** to avoid tariffs!” Subsequently, China said that it has had no talks of any kind on tariffs with Trump.
The initial focus on his tariff threats was Canada. On Truth Social, he posted, “Canada’s just a suburb of the United States now!”.
As egg prices came down after imports from South Korean farms, Trump said, “You can have all the eggs you want! We have too many eggs. In fact, if anything, the prices are getting TOO low.” In another appearance, he stated that “The price of eggs went down 87%.” This is obviously an exaggeration as a dozen eggs would need to cost $2 to make that statement true.
From his trips through the Coachella Valley, Trump has made it clear that he is no fan of wind mills having said, “The windmills are driving the whales crazy, and you need a lot of wind for your bacon to cook properly.”
Teasing his critics, Trump said this about his hair, “My hair is like a national monument—nobody touches it, and it’s perfect in any storm.”
Karl Rove, long-time Republican strategist, said this about the start of the 2nd Trump presidency, “…in the non-MAGA world—which includes independents and Republicans—the start of Mr. Trump’s second term has been exhausting. They aren’t used to this pace, confusion and incessant combat.” Rove terms what many Americans feel as Trump Fatigue.
100 days done, 551 days to go until the midterm elections and 1,360 days until the start of a third term?
Haddon Libby is the Founder and Chief Investment Officer of Winslow Drake Investment Management. For more information on our services, please visit www.WinslowDrake.com.
