MAGA momentum wanes as Trump stumbles across 100-day mark

• Trump now has the worst 100-day approval rating of any president in the last 80 years — lower than at this point in his turbulent first term.
• But unlike in 2017, Trump's own policies are triggering deep economic pessimism — threatening to blow a hole through a floor of support he's always been able to count on.

The big picture: There's no question that Trump's first 100 days have been enormously consequential, fueled by the revolutionary vision, hard-edged rhetoric and blinding pace demanded by his supporters.

• But compare today's status quo to the MAGA triumphalism on display from November through January.

1. Polling: One week after his inauguration, Trump's approval rating peaked at 52% — an astonishing turnaround for a president whose support had fallen to 34% when he left office in 2021.

• Today, his average approval mark has slid to 44%, driven by abysmal polling on the top issue he was elected to fix: the economy.

2. Economic outlook: Many CEOs believed Trump when he promised a "new golden age" powered by deregulation, lower taxes, savvy dealmaking and other pro-business policies.

• But his chaotic tariff rollout has blindsided corporate America, roiled global markets, dragged down consumer confidence and dramatically raised the risk of a recession.

3. Immigration: Trump's Day One border crackdown has thrilled his supporters, with the White House eager to spend Day 100 highlighting its high-profile deportations of alleged migrant criminals.

• Border security remains Trump's best issue, but cracks are beginning to emerge as the courts restrain his powers and voters raise concerns over violations of due process.

4. DOGE: Elon Musk was a permanent fixture in the early weeks of the administration, as Trump and his Cabinet rallied behind his efforts to slash billions from the federal budget.

• But Musk quickly became a political liability: His mass firings and chaotic rehiring of some federal workers are now estimated to have cost taxpayers $135 billion — wiping out most of the $160 billion that DOGE claims it saved.

5. Russia: Trump entered office vowing to end the war in Ukraine "on Day One," touting his relationship with Russian President Vladimir Putin and his credibility as a dealmaker.

• Trump now claims that promise was a figure of speech and an "exaggeration," and is threatening to walk away from negotiations amid stalled progress.

What they're saying: "In his first 100 days, President Trump has delivered on hundreds of promises and already accomplished his two most important campaign goals — the border is secure and inflation is ending," White House press secretary Karoline Leavitt said in a statement.

• "The next 100 days will consist of trade deals, peace deals and tax cuts. More American greatness is on the way."

Between the lines: Trump benefited in his early weeks from a spellbound public, with onetime skeptics willing to give him a chance after inflation and illegal border crossings surged under President Biden.

• The vaunted "Resistance" from Trump's first term, meanwhile, was left paralyzed and demoralized after Democrats' disastrous election.
• Big Tech, media companies, universities, law firms and foreign countries all "bent the knee," highly sensitive to Trump's immense power and desperate to stay out of his crosshairs.

But 100 days in, the fever has broken:

• Harvard is suing the Trump administration over its freeze on federal funding, while other top universities are forming a "private collective" to push back against Trump's threats.
• Some of Trump's most influential allies — Musk, Barstool Sports founder Dave Portnoy, investor Bill Ackman — have spoken out against his tariffs.
• Canada, fuming from Trump's persistent vow to make it America's 51st state, just elected Liberal Prime Minister Mark Carney on an openly anti-Trump platform. Other foreign allies are banding together to counter U.S. tariffs.
• Democrats are still deeply unpopular, but young stars such as Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Pete Buttigieg are tapping into a hunger for generational change.

The bottom line: Even the strongest political machines are beholden to fickle American voters. Trump's challenge now is to stop a slow descent from becoming a free fall.