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EMARKETER

The First 100 Days of Trump

What's Changed Across Advertising, Retail, Tech, Health, and Financial Services—and What's Next

Report by Jeremy Goldman, Grace Broadbent, Grace Harmon, Rajiv Leventhal, Gadjo Sevilla, Zak Stambor  |  Apr 29, 2025
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Table of Contents
Executive Summary
Introduction
Tariffs and uncertainty are reshaping ad budgets and strategy
Retail outlook dims as tariffs squeeze consumers and cloud planning
Big Tech’s growth plans have been disrupted by Trump’s early policies and rising uncertainty
Healthcare and pharma companies stay on edge as Trump and Robert F. Kennedy Jr. disrupt the status quo
Trump’s pro-crypto agenda is fueling industry momentum—even as volatility deters consumers
Sources
Media Gallery
About This Report
In the first 100 days of his second term, President Trump has reshaped business strategy across retail, tech, healthcare, and media. Here’s how tariffs, regulation, and market volatility are forcing brands to rethink spend, growth, and planning.
Topics
Digital Advertising
Technology
Retail Sales
United States
Table of Contents
Executive Summary
Introduction
Tariffs and uncertainty are reshaping ad budgets and strategy
Retail outlook dims as tariffs squeeze consumers and cloud planning
Big Tech’s growth plans have been disrupted by Trump’s early policies and rising uncertainty
Healthcare and pharma companies stay on edge as Trump and Robert F. Kennedy Jr. disrupt the status quo
Trump’s pro-crypto agenda is fueling industry momentum—even as volatility deters consumers
Sources
Media Gallery

The first 100 days of President Donald Trump’s second term have triggered major shifts across advertising, tech, retail, and healthcare. This report unpacks how tariffs, regulatory changes, and ensuing economic uncertainty are reshaping business strategy in 2025.

Key Question: How are President Trump’s early 2025 policies—particularly tariffs and regulatory shifts—reshaping business strategy across advertising, retail, technology, healthcare, and financial services?

Tariffs Could Wipe Out All of the US Ad Market’s Projected Gains This Year (billions in US total media ad spending, by tariff forecast scenario, 2021-2025)
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Key Stat: Depending on their severity, tariffs could wipe out as much as $28 billion from the US advertising ecosystem this year alone, per our forecasts.

Here’s what’s in the full report

1file

Exportable files for easy reading, analysis and sharing.

7charts

Reliable data in simple displays for presentations and quick decision making.

Table of Contents

  1. Executive Summary
  2. Introduction
  3. Tariffs and uncertainty are reshaping ad budgets and strategy
  1. Retail outlook dims as tariffs squeeze consumers and cloud planning
  2. Big Tech’s growth plans have been disrupted by Trump’s early policies and rising uncertainty
  3. Healthcare and pharma companies stay on edge as Trump and Robert F. Kennedy Jr. disrupt the status quo
  1. Trump’s pro-crypto agenda is fueling industry momentum—even as volatility deters consumers
  2. Sources
  3. Media Gallery

Charts in This Report

Tariffs Could Wipe Out All of the US Ad Market’s Projected Gains This Year (billions in US total media ad spending, by tariff forecast scenario, 2021-2025)Social Media to Be Hit Hardest by Tariff-Fueled Uncertainty (% of US advertisers concerned about the potential negative impact of tariffs on 2025 US ad spending, Feb 2025)
US Consumer Sentiment Has Fallen Sharply Since Jan 2025 (US consumer sentiment index, April 2024-March 2025)Tariffs Are Expected to Slow, or Even Reverse, US Retail Sales Growth (billions in US retail sales, by tariff forecast scenario, 2021-2025)
Tariff Fears Could Be Driving Consumers to Front-Load Smartphone Purchases (% of US adults who bought or plan to buy select tech devices ahead of potential tariff-driven price increases, March 2025)Nearly 12 Times as Many Republicans Trust RFK Jr. on Health Issues as Democrats Do (% of US adults who trust the following sources on health issues, by political affiliation, Jan 2025)
Cryptocurrency Payment Users Will Jump by About 82% From 2024 to 2026 (millions of US cryptocurrency payment users and % change, 2022-2026)

authors

Jeremy Goldman, Grace Broadbent, Grace Harmon, Rajiv Leventhal, Gadjo Sevilla, Zak Stambor

Contributors

Madan Kumar
Copy Editor
Penelope Lin
Director, Data Visualization
Emman Velasco
Chart Editor
Julia Woolever
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