The Tariff Test

The world is still reeling from Donald Trump’s global tariff blitz that sent stocks plunging this week in a financial bloodbath. But his disruptive trade war that has thrown global markets into upheaval, wiping out an astonishing $6 trillion from Wall Street, not only threatens the U.S. economy—it poses a high-stakes test for the president’s right-wing media allies who have long supported and defended his unhinged actions.

In the two days since Trump’s “reciprocal tariffs” were announced, the S&P 500 plunged 10% and the Dow dumped nearly 4,000 points. It was the market’s worst week since 2020, rocking Wall Street and raising the prospect of a self-inflicted recession. As the economic tsunami washed away investments and retirement funds, Trump’s boosters on Fox News and across the right-wing media landscape spun into overdrive to defend and dismiss the completely avoidable meltdown.

“I don't really care about my 401(k) today. You know why?” Jeanine Pirro declared Thursday on “The Five,” Fox News’ highest-rated show. “Not that I can afford it, not that it isn’t important, not that I’m not at a point in my life when I should be worried about my 401(k) because I am. But this is what I believe. I believe in this man.”

Fox’s Laura Ingraham, meanwhile, mocked the stress and anxiety many were feeling as they watched the historic market selloff, using it to instead attack investors.

“Who is happiest today about Trump’s tariffs? Obviously, not Wall Street, not those who raked in big money offshoring jobs. In fact, they’re busy trying to scare you into turning on Trump,” Ingraham said. “The sky is falling! The sky is definitely falling.”

And over on CNN, MAGA pundit Scott Jennings told “NewsNight” that the president’s supporters were actually pleased with the tariffs. “The vast majority, if not everyone, who voted for Donald Trump is some level of happiness ranging from 9 to 10,” he said, to a group of stunned panelists.

Trump’s MAGA media allies are, in effect, attempting to convince the public that what they’re seeing and feeling as the market tanks and imperils the U.S. economy isn’t anything to actually worry about. While Trump has famously obsessed over the stock market, taking credit for its rises during his first administration, this “period of self-induced vomiting,” as one market strategist put it, is nothing to worry about and all part of a larger plan. You just have to put your faith in him.

But as the devastating effects of Trump’s tariffs set in, and producers of everything from cars and electronics to food and clothing are forced to jack up their prices, MAGA adherents and the public at large will undoubtedly be faced with economic pain.

How will Americans react when their morning cup of coffee costs $1 to $2 more per cup because of Trump’s tariffs? Or when they go to buy a new pair of Nikes that are now subject to a stiff 46% tariff? Or when they look to upgrade to the latest Apple iPhone, that analysts now say could rocket to $2,300?

It marks a profound test of Trump’s influence over his base—and of the limits of propaganda itself. Unlike a political narrative spun inside the Beltway or an FBI indictment reinterpreted through culture-war talking points, the economic fallout from tariffs is a tangible. It’s everyday reality. MAGA Media won’t just have to defend Trump; they’ll need to convince their audiences that the higher prices they’re seeing aren’t real, or at least not Trump’s fault. That’s a far more difficult task. While it might work on some, for many Americans—especially those living paycheck to paycheck—it’s hard to imagine the spin will hold when they’re staring down bills that keep climbing and hearing Fox News hosts make light of it.

To be certain, not all conservatives are on board with Trump’s attempt to upend the global trade order. Ben Shapiro notably pushed back on the tariff policy as “probably unconstitutional” and “pretty crazy,” telling his Daily Wire audience “the president’s vision of international trade is, I’m sorry to say, mistaken.”

But Fox News’ highly-watched hosts and others are working hard to convince their audience that Trump’s tariffs are “already a win,” as Greg Gutfeld proclaimed Friday on “The Five” after the Dow plummeted 2,200 points. “We are already getting results.”

“I’m here to say, ignore the Dow doomsdayers,” Ingraham added hours later. “I’m not listening to any of these people. You have to think beyond the short run.”

And while Fox conspicuously dropped its on-air stock ticker as the market cratered, the attempt to rewrite reality from the network’s hosts now poses the question: will Americans, faced with rising prices and drained investment accounts, trust their own eyes? Or will they believe the Orwellian message pushed by Trump’s media loyalists?