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

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.

ALSO IN THE HEADLINES

- Man-made. In her first big speech since President Donald Trump began his term over 100 days ago, Kamala Harris said Trump caused the “greatest man-made economic crisis in modern presidential history.” Axios

- Here to stay. Robyn Denholm, chair of Tesla’s board of directors, denied a report that the electric vehicle company was looking for a CEO replacement. Denholm shared via Tesla’s X account that the board was “highly confident” in Elon Musk’s abilities as a leader. New York Times

- Costing the company. General Motors, with CEO Mary Barra, said tariffs could cost the company up to $5 billion, cutting GM’s net profit for the year by a quarter. To combat these losses, the automaker will reduce its spending and increase its U.S. factory production. Wall Street Journal

- British ban. Next season, transgender women will be banned by the English Football Association (FA) from playing on women’s teams. The FA cited the U.K. Supreme Court’s recent ruling that trans women are not legally women as a reason for its policy change. ESPN

MOVERS AND SHAKERS

eBay (No. 390) appointed Peggy Alford as the company’s new CFO, effective May 12. Alford previously served as EVP, Global Sales and Merchant Services at PayPal (No. 145) and succeeds Steve Priest.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.

Builders Vision, Walmart heir Lukas Walton’s family office, named Noelle Laing chief investment officer. She most recently served as CIO of Builders Initiative, the firm’s philanthropy arm.

Georgia Power, an electric utility and subsidiary of Southern Company (no. 163), named Audrey King SVP of corporate responsibility and president and CEO of the Georgia Power Foundation. Most recently, King was Georgia Power’s SVP of region external affairs.

Modern Health, a mental health care platform, appointed Laura Dunn as chief commercial officer. Most recently, she was EVP of Alight Solutions.

Altesa BioSciences, which develops treatments for viral infections, appointed Dr. Katharine Knobil as chief medical officer. Previously, she was chief medical officer at GSK.

Crowdfunding platform Kickstarter named Nikki Kria director of integrated marketing and communications. Previously, she was the company’s director of communications.

ON MY RADAR

How the women of F1 Academy are gunning for racing’s top ranks Vanity Fair

Jennifer Hegseth holds unorthodox role shaping Pentagon affairs Washington Post

Sheryl Crow on settling down but still fighting the power in Nashville: ‘I call my representatives every single morning’ Variety

PARTING WORDS

“When I started working with Gaga, I very quickly learned that my wildest dreams and fantasies could transpire with her.”

— Choreographer Parris Goebel on Lady Gaga’s Coachella performance