US President Donald Trump’s first 100 days in office have yielded a mixture of successes and defeats, according to Pimco.
In a note to investors, Pimco head of public policy Libby Cantrill noted that Mr Trump has had “no major legislative achievements” since taking office, and that “vacancies in vital positions” within the executive branch could hinder efforts to push his agenda further.
"Looking at several metrics – legislative achievements, staffing in key areas and executive orders – President Trump’s first-100-day track record has been mixed," she said.
Despite this, Ms Cantrill said, Mr Trump has made use of executive orders to implement parts of his agenda, though this process too faces challenges in the long-term.
“The President has been active in terms of issuing executive orders, ranging from financial deregulation, to trade, to the tax code,” Ms Cantrill said.
“Of course, executive orders without subsequent congressional action often have limited effectiveness and are frequently more symbolic than substantive. Nonetheless, President Trump, similar to his predecessor, is finding executive orders the most straightforward way to leave his fingerprints on Washington.”
Ms Cantrill reiterated her previous remarks that Mr Trump will struggle to pass his proposed tax reforms and cautioned that if no action is taken on the reforms before early 2018; such reforms won’t be implemented until after midterm elections in November 2018.