For business reporters and anchors at outlets like Fox Business Network and CNBC, the past week has been nothing short of explosive, the biggest story they’ve covered since the 2008 fiscal crisis after President Donald Trump imposed trade tariffs on 90 countries, sending the markets into a freefall.
The Dow plunged 2,200 points. The S&P 500 fell 6%, wiping out trillions of dollars in wealth. Other international markets followed suit, making it a wild ride on Wall Street and rattling investors.
But one of the biggest surprises was the reaction of business anchors on the two most powerful business networks, Fox Business and CNBC. Even some conservative on-air MAGA broadcasters criticized the trade policies he announced. The President softened his stance on tariffs a few days later, calling for a 90-day delay. But he increased China’s tariffs to 145%, and Beijing retaliated. Market volatility continues under trade tensions, making it a boon for ratings.
During the day of Trump’s tariff announcement, Fox Business saw increased ratings of 25% compared to the week before. CNBC’s viewership last Monday increased a whopping 75% compared to its weekday audience from late last year.
It’s refreshing in this polarized media landscape that many otherwise fiercely conservative journalists questioned the president’s decision-making ability. The MAGA media crowd is almost always in lockstep with Trump, which can diminish its credibility to report the news accurately. Media liberals were, predictably, all too happy to pile on against their favorite target. And all of this unfolded as tens of millions of Americans, including journalists, were watching their retirement accounts suddenly shrink.
Both channels share the partisan tilt of their sister networks, MSNBC and Fox News. On Monday morning, Maria Bartiromo — on her Fox Business show Mornings with Maria — interviewed former Republican governor Mike Huckabee, now Trump’s ambassador to Israel. She aired a banner headline: “Trump Gets Standing Ovation at Miami UFC Event.” And she welcomed panelist Liz Peek, who describes herself as having “a strong conservative view.”
On CNBC’s Squawk Box, the hosts interviewed Janet Yellen, President Biden’s Treasury secretary (who has called the tariffs a “self-inflicted policy wound”), and Lina Khan, Biden’s FTC chairman. Jim “Mad Money” Cramer, co-host of Squawk on the Street, is a major Democrat who recently called tariff rollout by Donald Trump “bush league.”
Despite Bartiromo’s conservative bent, she played a significant role in helping the president reverse course on tariffs. She can be seen next to President Donald Trump at events and has his ear. She also has a Sunday show on Fox News featuring a parade of pro-Trump guests and the president himself. The “Money Honey,” as she was once nicknamed, spent twenty years at CNBC before jumping to Fox ten years ago.
Her Fox Business interview with JPMorgan Chase CEO, Jamie Dimon, caught the attention of the president. Dimon said that a recession was a likely outcome of the tariffs. The Wall Street Journal reported that Trump called Bartiromo about the interview, and he said that “Jamie made some good points.” It proved that journalism is one of the biggest power centers that influences Donald Trump, who often calls the media the “enemy of the people.”
Business executives had been trying to get through to Trump about a potential economic meltdown and it seemed Dimon scored. The president quoted Dimon in public comments and social media posts and quickly reversed course calling for the 90-day pause.
Also, according to The Wall Street Journal, Bartiromo’s ratings were up 14% from the same period in 2024.
Fox Business anchor Larry Kudlow consistently has the highest-rated business program on cable. He also backs President Donald Trump. As far back as January, he blamed liberal journalists for pushing a “tariffs are a disaster narrative,” saying there would be a recession and predicting high inflation. He’s been a strong supporter of Trump’s reciprocal trade policies, but said the 25% increase in global tariffs for automobiles was “confusing.”
One conservative anchor on CNBC criticized the tariffs. Joe Kernen, who hosts the morning show Squawk Box with Andrew Ross Sorkin, almost always defends Trump. Sorkin, who is also a financial columnist for The New York Times, exploded at Kernan last year saying, “You are in the tank for Trump.” As if there was no room for dissenting opinions. Kernen has also mocked the mainstream media for “hyperventilating” about the chaos in the markets.
But last week, Kernen slightly altered his viewpoint by going after the administration. He confronted senior Trump trade advisor Peter Navarro over the trade war, saying they have been “universally derided as being non-serious.” Navarro fired back, saying, “What I’m seeing Joe, is a beautiful situation where we will hit 50,000 on the Dow.”
The Wall Street Journal’s editorial board piled on after Trump lifted the tariffs for 90 days, asking in a headline, “Does Trump Even Know What He is Doing?” The paper — owned by Rupert Murdoch, who has had a long-time relationship with Donald Trump — comes up with scoops that tarnish both sides.
It is not plainly conservative in its news coverage, but the opinion editors are. They said earlier this year that “Maybe Mr. Trump will claim some victory and pull back if he wins some token concessions. But if a North American trade war persists, it will qualify as one of the dumbest in history.” Recently the board called Trump’s approach “reckless” and said, “He needs a policy reversal, not a pause.”
And other pro-Trump, non-TV outlets launched criticism as well. The conservative National Review mused that many believe that the chaotic tariff announcement is part of some grand plan. Jim Geraghty said, “I regret to inform you that there is no plan.”
Ben Domenech, Editor-at-Large at the Spectator, said on Fox News’ Special Report that he hates tariffs and thinks they are “stupid.”
Even conservative icon Ben Shapiro, who hosts a daily video podcast, and has supported and fundraised for the president, slammed Trump over tariffs. “The president’s vision of international trade is, I’m sorry to say, mistaken.”
It’s no secret that President Trump hates negative coverage and counters it by attacking the media. But the anti-tariff bellringing, especially from some of his supporters, proved too much. Reversing course seemed the only option to quell the plunging markets.
And in part, it was thanks to the media’s negative coverage to push him into doing so. A welcome change from the status quo and one that is healthy for the nation and freedom of the press.
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Great write up! Thank you for what you do😊
Well written and informative piece. Thank you.