The full scope of Trump’s tariff agenda settles in: From the Politics Desk

Welcome to the online version of From the Politics Desk, an evening newsletter that brings you the NBC News Politics team’s latest reporting and analysis from the White House, Capitol Hill and the campaign trail.

After yesterday’s jump, the markets started to reflect the full scope of President Donald Trump’s trade war today, while Democrats raised questions about the timing of his stock-buying suggestion. We dive into all the latest tariff developments. Plus, Faith Wardwell digs into our recent poll and finds that a plurality of voters think CEOs are too supportive of Trump — and that the media is too critical.

Sign up to receive this newsletter in your inbox every weekday here.

— Adam Wollner

Trump’s tariff reality sets in

The major U.S. stock indexes dropped sharply on Thursday as President Donald Trump continues to pursue a tariff agenda capable of throwing the global economy into chaos, Rob Wile reports.

Stocks had staged a historic rally on Wednesday after Trump revised his tariff plans, appearing to back down from some of the highest rates on many U.S. trading partners. 

But he has also escalated tariffs on China and did not ease tariffs on Canada or Mexico, the largest U.S. trading partners. A revised analysis from the Budget Lab at Yale University found that consumers will still face an overall tariff rate of 25.3% — the highest since 1903. 

The S&P 500 is now off about 14% from its February highs. 

Even with most tariffs targeting individual nations now ostensibly on hold, Trump’s plan still entails the United States’ average effective tariff rate climbing considerably, as a baseline fee of 10% for all imports and 145% for ones from China snap into place — suggesting the cost of imports are still likely to surge.

Trump also still plans to impose “sectoral” tariffs on entire swaths of goods, including pharmaceuticals and lumber.

What Trump is saying: Trump said he was not tracking a fall in the stock market today as he met with his Cabinet secretaries, Katherine Doyle reports.  

He acknowledged that his tariffs will pose “transition problems,” but said that, ultimately, “it’s going to be a beautiful thing.”

“We’re doing again what we should have done many years ago,” Trump added. 

Asked if he had spoken with Chinese President Xi Jinping, Trump declined to say. He instead played down the escalating trade war with Beijing, saying that he believes the U.S. will reach a deal “that’s very good for both countries.” 

What the polls are saying: Kloe Zheng notes that a recent survey from Pew Research Center found that a majority (52%) of Americans said tariffs on Chinese goods will be bad for the U.S. and for them personally.  

What Democrats are saying: Congressional Democrats are questioning whether Trump and his allies may have improperly acted on his suggestion Wednesday that it was a “great time to buy” stocks shortly before announcing he was cutting back on some of his new tariffs, Kate Santaliz, Rob Wile and Rebecca Shabad report. 

House Minority Leader Hakeem Jeffries, D-N.Y., said Democrats “need to get to the bottom of the possible stock manipulation that is unfolding before the American people, including what if any advanced knowledge did members of the House Republican Conference have of Trump’s decision to pause the reckless tariffs that he put into place.”

More on tariffs and the economy:

Plurality of voters are wary of CEOs’ support for Trump, and a similar share say media is too critical

By Faith Wardwell

A recent national NBC News poll found a near-majority of voters see CEOs of large corporations as being too supportive of President Trump, while about the same share of voters said they think the news media is too critical of him.

The poll, conducted March 7-11 (before the latest announcements and then partial pullback of global tariffs, which sparked alarm from business leaders) showed 49% of registered voters saying CEOs of large corporations are too supportive of Trump, with another 29% saying the executives are dealing with him “in the right way.” A plurality of voters (46%) also say they think the media is too critical of the president, while another 24% say the media is dealing with him in the right way; 25% say outlets are too supportive of him.

Trump has surrounded himself with billionaires and tech tycoons since the beginning of his second term, starting with lining the Capitol rotunda with some of the world’s wealthiest men during his inauguration ceremony. Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos both got prominent seats at the event alongside Elon Musk, whom Trump has described as the leader of the Department of Government Efficiency.

Meanwhile, Trump’s team has ramped up its trademark anti-media rhetoric compared to his first term — banning The Associated Press from the White House and Air Force One for refusing to adopt the renaming of the Gulf of Mexico as the Gulf of America, accusing outlets of corruption and rolling out a series of lawsuits against news organizations.  

The NBC News poll found 49% of Republicans say CEOs are dealing with the president in the right way, while 14% of Trump’s party say CEOs are too supportive. On the question of the media’s handling of Trump, 84% of Republicans say news outlets are too critical of the president, and just 8% say the media is dealing with Trump in the right way.