On Wednesday, President Donald Trump announced a 90-day pause on the massive tariffs he had proposed the previous week on dozens of countries. At the same time, he increased tariffs on China, the largest U.S. trading partner. Fox News’ propagandists cheered Trump’s climbdown as a “huge win” that shows he was playing “3D chess” and executing the “Art of the Deal.” Meanwhile, reporters at outlets including Fox pointed out that Trump had “capitulated” out of fear that his unilateral imposition of massive taxes on all of our trading partners was triggering a collapse in the bond market.
As Media Matters’ Matt Gertz writes, “North Korean state TV anchors would blush at the fervor with which Fox’s hosts announced their support for the move on their programs” Wednesday night. Sean Hannity said, “We begin with the art of the deal — told you this was going to happen.” Laura Ingraham trumpeted the tariff shift as “Trump’s 3D chess move.” And Jesse Watters said, “Trump created maximum leverage for himself, and now his team’s sitting pretty.”
Of course, their narrative that Trump is cooly executing a deliberate plan is total nonsense — he was responding to a “mass sale of bonds” the night before which indicated that “people are losing confidence in the U.S. economy” and could have triggered a financial crisis, as Fox Business’ own senior correspondent Charlie Gasparino reported earlier that day.
In the lead up to Trump's capitulation, a pattern emerged on Fox and Fox Business in which network hosts vociferously defended Trump’s tariffs while experts and guests repeatedly criticized them. Media Matters found that at least 90 people across Fox News and Fox Business praised Trump's tariff pattern between April 2 and April 9.