Good morning! GM’s Mary Barra says tariffs could cost the company billions, Tesla board chair denies looking for Musk replacement, and female founders reflect on Trump’s first 100 days in office.
– Founder’s scorecard. In the first 100 days of his second term in office, President Donald Trump has exerted power to a degree unprecedented among modern American presidents. As Fortune has covered elsewhere, that’s led to widespread uncertainty among business leaders and consumers alike, increased federal spending, and the worst run for the stock market on record in the first 100 days of a U.S. presidency.
For many women, the president’s first 100 days have been trying and destabilizing. The woman-focused newsletter The Skimm polled over 17,000 subscribers and found widespread economic concern: 95.6% said the president’s tariffs should not stay in place, and an astounding 93% believe the U.S. is in, or is about to be in, a recession. For what it’s worth, many economists and analysts agree we’re on the way there.
Leslie Feinzaig, who led the VCs For Kamala effort during the 2024 presidential election, surveyed 180 early-stage female founders based primarily in the U.S., and found that 47% say Trump’s economy is hurting their businesses. Tariffs are, of course, a big reason why—but there are other factors as well. The founders, who were not asked their political affiliation in the survey, cited difficulty raising capital, grant freezes, and slashed federal budgets as detrimental to their companies. Rampant uncertainty and instability and regulatory shocks related to health, climate, and fintech are also having negative effects.
“The government’s all-out war on any kind of program that supports women or minorities is very deeply felt, with founders losing customers and funding, and facing increased reputational risk,” Feinzaig wrote on Substack. “And for many of these founders—especially immigrants and LGBTQ—all of this has resulted in fear, stress, and poor mental health.”
Of course, there are other reasons women have grown wearier these past 100 days. The president has made it a priority to dismantle diversity, equity, and inclusion initiatives across the federal government, causing a ripple effect throughout private companies that don’t want to land on his bad side. His administration has also gutted the U.S. Centers for Disease Control and Prevention’s reproductive health division and began withholding Title X funding from 16 organizations that provide birth control, cancer screenings, STI testing and more for low-income households.
And the news that Trump is reportedly considering $5,000 baby bonuses to encourage couples to have more children has been met with, at best, deep suspicion, at least judging by the responses I received from this newsletter audience when I wrote about the idea last week.
Despite all of the uncertainty, particularly related to the economy, Feinzaig notes that the founders she interviewed remain optimistic about achieving their goals.
“These founders aren’t naive about today’s challenges. They’re pragmatic, clear-eyed, and relentlessly focused,” she writes. “They refuse to give up.”
Alicia Adamczyk
alicia.adamczyk@fortune.com
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This story was originally featured on Fortune.com
