I don’t know about anybody else, but this American’s tired of winning already.

100 days into Donald Trump’s “golden age,” US equities are among the worst-performing stocks on the planet, Treasurys the worst-performing sovereign debt and barring a multi-standard deviation upside surprise to consensus, the US economy will show a sharp deceleration when the BEA releases its first estimate of Q1 growth on Wednesday.

If this is “winning,” then gaahdamn, I’d hate to see what losing looks like.

A quick tour through the horror-themed house of mirrors that is the presidential TruthSocial feed finds Trump boasting that America will be “making a fortune soon,” claiming there’s a conspiracy among pollsters to obscure how “GREAT” he’s doing and calling these last three months “VERY SPECIAL.” (He’s “special” all right. I won’t argue with that.)

On Tuesday, Canadians suggested Trump forced them to vote for Mark Carney, the idea being that whatever was important to Canadians pre-Trump 2.0 took a backseat to not being annexed. One meme on Tuesday declared Trump “the first US president to lose a Canadian election.” Here’s someone’s grandmother to explain the situation:

You gotta love her candor. And gosh is it lamentable that we’ve put our good neighbors to the north in a situation where they feel like they have to defend themselves against Americans.

Anyway, GM on Tuesday pulled its guidance citing… well, Trump. What else? “Prior guidance can’t be relied upon,” CFO Paul Jacobson told the financial media. “We’ll update [it] when we have more information on tariffs.”

The company also froze buybacks. Just two months ago, Jacobson announced another $6 billion in repurchases alongside a dividend hike. It was a continuation of a yearslong, $40 billion effort to reduce the float (read: bolster the shares through financial engineering).

In February, while discussing the latest authorization, Jacobson said “our balance sheet remains strong and we will be agile if we need to respond to changes in public policy.” Consider Tuesday’s announcement a demonstration of that “agility.”

This is why you should read every article published here, even the short, boring ones. Late Monday evening, I snuck in “No One Likes Uncertainty,” a short piece which included a chart from Goldman showing the impact of increases in policy uncertainty on corporate cash use. The category most affected: Buybacks.

As the figure shows, repurchases tend to fall by nearly 20% in the presence of a 100ppt increase on the most widely-cited uncertainty gauge, which is obviously up dramatically under Trump.

Notably, GM delayed its analyst call until Thursday, when the company will apparently deliver updated full-year guidance. Management needs additional details from Trump on the tariffs.

Good luck with that. Extracting details, I mean. If you know anything about GM’s business, you know that with auto tariff policy in flux to the degree it is currently, it’s well nigh impossible to issue guidance and indeed, I’d argue it’s irresponsible to try.

Let’s face it, even if you can wrap your mind around the administration’s multi-faceted “strategy” for auto tariffs and somehow tell a coherent story about how you plan to manage the situation, that “strategy” (scare quotes are obligatory) can, and probably will, change.

Folks, this is a joke. He’s a dangerous idiot. You know it, I know it, GM knows it, Republican senators know it and Canadian grandmothers damn sure know it. If this goes on for another 100 days, let alone for another 1,000 days or (God help us) for a third term, the world will be unrecognizable versus January 19, 2025.