| On his 100th day in office, President Donald Trump is taking the stage in Michigan tonight to tell the voters who helped elect him to a second term that he’s delivered on many of his campaign promises. It’s an achievement, though, that’s brought with it disruption and uncertainty and created a political burden for Trump in the next phase of his presidency. Trump pledged to reshape the global economic order to restore American manufacturing power. But the chaotic rollout of his tariff plans has mostly left financial markets, businesses and consumers in a cloud of uncertainty. Even with some recent gains, the S&P 500 is down about 8% since Inauguration Day and the US dollar index has lost about 9%. Read more here. The Conference Board’s consumer confidence fell in April to an almost five-year low. Job openings, meanwhile, fell in March, indicating the labor market is softening. And some companies, including GM, UPS and several major airlines, have scrapped their earnings guidance for 2025 given the unpredictable impact of tariffs. That’s not to mention the cost-cutting drive led by billionaire presidential adviser Elon Musk that’s triggered lawsuits and left federal workers, government contractors and scores of organizations reliant on grants in limbo. The result has been a hit to the president’s approval rating. Even on immigration, arguably Trump’s strongest issue, he’s lost some support. (Trump has denounced the polls in a social media post as “FAKE.) And just off in the distance is the 2026 election, which will determine whether Republicans can keep control of Congress as well as the trajectory of the last two years of Trump’s term. The president and his top advisers say they are moving full-speed ahead. “The next period of time, I think, my biggest focus will be on Congress, the deal that we're working on,” Trump said before leaving for Michigan, referring to the Republican tax cut package. Treasury Secretary Scott Bessent said at a briefing this morning getting that bill through Congress will bring certainty to markets and drive growth. The president’s also been teasing some progress in negotiations with US trading partners. Tomorrow, the White House is bringing in executives from companies including Nvidia and GE to highlight pledges they’ve made to invest in the US. “They want to continue to push the envelope, and they want to do more, and they want to do better,” Chad Wolf, a former Trump official, said. “So I don’t think they’re quite satisfied yet.” — Stephanie Lai Executive orders. Trade wars. Elon Musk and DOGE. Donald Trump’s second term has been nothing short of eventful. Bloomberg reporters recap Trump’s first 100 days in a Live Q&A on May 1 at 11 a.m. EDT. Tune in here. | 
