As Trump's first 100 days in office are almost up, the financial markets have given him a "poor review".

As Trump is about to reach the 100 - day mark of his second presidential term next Tuesday (April 29th), the market has given a "poor review" of his "100 - day new deal".

From imposing high tariffs on Canada and Mexico, to signing the so - called "reciprocal tariff" executive order, to continuously pressuring the Federal Reserve to cut interest rates, and even hinting at replacing Federal Reserve Chairman Powell, the "policy storm" led by Trump has ignited the uneasiness in the financial market.

The market's attitude of "voting with their feet" is clear: from the inauguration on January 20th to April 25th, the three major U.S. stock indexes have all declined significantly, and the U.S. dollar index has dropped by nearly 9%. Throughout the 21st century, this is undoubtedly one of the most dismal starts for a U.S. president.

The panic on Wall Street is gradually spreading to the real economy. The University of Michigan Consumer Sentiment Index in the United States has fallen to its lowest level since August 2022, and has dropped by nearly 30% from its peak in December last year. Bloomberg data shows that so far, 27% of the companies in the S&P 500 have lowered their performance expectations for 2025, while only 9% have raised their expectations.

In addition, the U.S. legal firm LegalShield reported that in the first quarter of 2025, the number of client consultations regarding bankruptcy surged, reaching the highest level since early 2020. The company predicts that there may be a "wave" of bankruptcy filings this summer.

The "smart money" from large European pension funds has hit the "pause button" on U.S. investments. The specter of recession looms, and the credibility of the United States as a global capital safe - haven is being shaken. U.S. media CNN said that Trump's trade war is making the United States an unsafe place to invest.

U.S. E - commerce Platforms Raise Prices Collectively

Under Trump's tariff policy, ordinary Americans are facing a "price - hike wave"!

According to U.S. media reports on April 25th, due to the rising operating costs, many merchants on e - commerce platforms such as Amazon in the United States have started to raise the prices of their products.

According to data provided by a price analysis agency, since April 9th, the prices of nearly 1,000 products on the Amazon website in the United States have risen significantly, covering multiple categories such as clothing, household items, electronic products, and toys, with an average price increase of nearly 30%. Many cross - border e - commerce platforms, including Temu and Shein, have issued announcements stating that due to "recent changes in global trade rules and tariffs" leading to increased operating costs, they will start price adjustments from April 25th.

There are also a large number of American netizens on social media sighing that overnight, the items in their shopping carts have become more expensive.

According to a report by Securities Times·Broker China, the impact of the tariff policy is hitting almost all industries and enterprises in the United States. The U.S. skincare company Pure Daily Care reported that the manufacturing cost of a skincare product almost jumped from $10 to $25 overnight. Dave Dama, co - founder of Pure Daily Care, said: "Previously, for products sold at $40, we could make a profit of $7 to $8. Now, with the tariffs, those days are gone forever." He said that the company plans to gradually raise the prices of products that "consumers definitely need to buy" in the next few weeks to avoid a lower ranking of product displays by Amazon's algorithm.

Many sellers are "extending the inventory consumption time as much as possible", hoping to reach a trade agreement to normalize relations. At the same time, shoppers will face fewer discounts and promotional activities as enterprises try to salvage whatever profit they can.

In addition, U.S. media said that the U.S. government's tariff policy will also lead to a significant increase in the prices of cheap basic clothing in the United States, increasing the expenses of some consumers.

According to a report by CNN, 98% of clothing products in the United States rely on imports. According to an analysis by the Yale University Budget Lab, affected by the tariff policy, U.S. clothing prices may rise by 65% and shoe prices by up to 87% in the next year. Among them, cheap basic clothing such as T - shirts that many American consumers favor are the most severely affected by the tariffs.

The report said that the demand for basic clothing such as T - shirts, underwear, and socks is stable. Sellers restock frequently and need to import more often, so the tariff costs will be passed on to consumers more quickly. The profit margins of cheap basic clothing are already very low, and the price increase will be even greater under the impact of tariffs. And it is the low - income families in the United States that have the greatest demand for such products.

Tariff Policy Will Cause Supply Chain Disruptions, U.S. Media Warns of Product Shortages in the U.S.

U.S. media warns that if the U.S. government continues to maintain the current tariff policy, shortages of some products may occur in various parts of the United States as early as a few weeks later.

According to a report by NBC on April 25th, after the U.S. government imposed additional tariffs, the high tariff costs forced many U.S. companies to cancel orders. According to ship - tracking data provided by the "Port Optimization System" website, as of May 10th, the number of cargo ships scheduled to arrive at the Port of Los Angeles on the U.S. West Coast has decreased by 33% year - on - year.

According to the National Retail Federation of the United States, if the tariffs remain at the current level, the U.S. import volume is expected to decline by 20% in the second half of the year. Low - cost shoes, clothing, toys, and some electronic products are the most likely to disappear from U.S. shelves in the next few months. As the two major U.S. consumption seasons - the back - to - school season in autumn and the winter holidays - arrive one after another, the U.S. product supply will face challenges, and consumers may not be able to buy the products they want.

Tan Sen, President of the U.S. - China Business Council, said that starting from a few weeks later, U.S. products will gradually run out. If the government only tries to solve the problem when product shortages occur, it will be too late. Some analysts also pointed out that if the tariff policy continues, it will cause disruptions to the U.S. supply chain. Even if the U.S. improves its tariff policy, it will take at least several weeks or even months to repair the disrupted supply chain.

"It's Completely Reversed", a U.S. Company Sues the U.S. Government for a More Than 40 - Fold Tariff Increase

How outrageous is the U.S. government's wanton imposition of tariffs? According to a report by CBS on the 24th, Rick Waldenberger, CEO of an educational toy company called "Teaching Resources" in the United States, said that his company may pay $100 million in tariffs this year, a nearly 44 - fold increase. The company accuses the U.S. government's tariff policy of being illegal.

The U.S. "Teaching Resources" company announced that they filed a lawsuit with the U.S. District Court for the District of Columbia on the 22nd, accusing the Trump administration of unilaterally and significantly raising tariffs without congressional authorization, resulting in a sharp increase in the cost of their imported goods and almost a complete halt to their import business.

Rick Waldenberger, CEO of Teaching Resources in the United States: When the tariff increased from 20% to 145%, it was completely out of control. It was so high that no company could bear it. Since then, we have basically stopped importing, which is obviously a disaster.

In response to the Trump administration's attempt to "force the return of manufacturing through tariffs", Waldenberger refuted that it was an unrealistic fantasy. He revealed that the company had tried domestic production several times in the past decade but failed every time.

Rick Waldenberger, CEO of Teaching Resources in the United States: In the past 10 years, I have intermittently looked for (domestic producers). Because there were policies encouraging production in the United States at different times, we even tried to develop a series of products that could be produced domestically. But the reality is that I couldn't find any U.S. manufacturer willing to do it.

Waldenberger said that the U.S. government completely ignored the survival difficulties of small and medium - sized enterprises and wantonly imposed tariffs, which made him feel that "right and wrong were reversed". So they firmly sued to safeguard their rights and interests.

Rick Waldenberger, CEO of Teaching Resources in the United States: We hope that the court can make an emergency ruling. We just filed the lawsuit yesterday (the 22nd), and everything has just begun. We will appeal to the Supreme Court as soon as possible for them to hear this case. We believe that the introduction of these tariffs lacks effective authorization. Seriously, this is a completely reversed world.

French Official: EU - U.S. Tariff Negotiations "Are Still Far from Reaching an Agreement"

According to Xinhua News Agency, French Economy and Finance Minister Eric Lombard said on the 24th that the European Union and the United States "are still far from reaching an agreement" on tariff issues.

According to a report by Le Figaro in France, Lombard made the above statement at a press conference during the Spring Meetings of the International Monetary Fund and the World Bank this week.

Lombard said that he had met with officials such as U.S. Commerce Secretary Howard Lutnick and U.S. Treasury Secretary Scott Bessent. "I felt that all the interlocutors hoped to make progress as soon as possible," but "these negotiations will have ups and downs."

Lombard said that during his meeting with Lutnick, some "projects" had been launched to eliminate trade barriers between the EU and the United States, and both sides were working hard to get out of the "somewhat blocked situation".

Currently, the United States has postponed imposing high "reciprocal tariffs" on some trading partners such as the EU, but still imposes a 25% tariff on steel, aluminum, and cars imported from the EU and maintains a 10% "benchmark tariff" on trading partners. The European Commission said that the U.S. government's tariff - increasing measures lack a proper basis, which not only damages the economic interests of both the EU and the United States but also has an adverse impact on global economic stability.

Editor | Cheng Peng, Du Hengfeng

Proofreader | He Xiaotao

Cover image source: Visual China (File photo)

This article is from the WeChat official account "Daily Economic News", author: Reporter of Daily Economic News, published by 36Kr with authorization.