The major story today is still the economic after-effects of Trump’s globe-reshaping cascade of new tariffs. Yesterday, they sent markets tumbling head over heels with major losses — the biggest one-day wipeout in value since the early days of the Covid-19 pandemic. POLITICO economics correspondent and Capital Letter columnist Victoria Guida joins Playbook Deputy Editor Zack Stanton to break it down. Plus, Playbook London reports that President Donald Trump could hold another phone call with Russian President Vladimir Putin as soon as today, and here in Washington, Capitol Hill is intently focused on the Senate’s vote-a-rama session that’s expected this weekend ahead of final adoption of the Senate GOP’s budget resolution.

Buckle up. In a major announcement after markets closed yesterday afternoon, President Donald Trump unleashed a major wave of tariffs against America’s trading partners throughout the world. Today, as allies respond in kind with tariffs targeting the U.S., all eyes will be on the markets as investors react to the new economic reality. Even so, a whirlwind of news occupies Washington, from Elon Musk’s potential future (or not) in the Trump administration, to new revelations about national security adviser Mike Waltz’s use of Gmail and Signal for government work. POLITICO’s White House bureau chief Dasha Burns joins Playbook author and managing editor Jack Blanchard to break it all down.

This morning, many Democrats are waking up feeling something they haven’t experienced since Donald Trump’s election in November: optimism. Yesterday, Democratic-backed Judge Susan Crawford won election to the Wisconsin Supreme Court, ensuring a liberal majority that some Dems hope could throw out district maps that favor the GOP. Meanwhile in Florida, Republicans won two special elections for the House, but with margins that hint at the makings of a national Democratic wave heading into the 2026 cycle. Playbook deputy editor Zack Stanton joins Playbook author and managing editor Jack Blanchard to unpack what this all means for Trump, Elon Musk, and the rest of Washington. Plus, it’s “Liberation Day” at the White House, where a slate of major new tariffs are set to be unveiled this afternoon.

The first major electoral tests of the Trump era are here: In two special elections in Florida and a statewide race in Wisconsin, voters will head to the polls and offer the first meaningful glimpse of the prevailing winds heading into the 2026 cycle. In normal times, Republicans would handily win both seats up for grabs in Florida, but as politics bureau chief and senior political columnist Jonathan Martin tells host Steven Overly, the Democrats shouldn’t be counted out just yet. We walk through what to watch for and how it’s likely to shape the narrative in Washington in the days ahead.

After several days dominated by a single story — Signalgate — the new week brings a series of major stories that will drive the narrative here in Washington. One of those comes from Wisconsin, where a high-profile battle for control of the state supreme court has become the unlikely center of the political universe. With north of $100 million spent, tomorrow’s election presents the first and most meaningful electoral test of the new Trump era — even as the race itself has turned into something of a referendum on conservative billionaire donor Elon Musk. POLITICO Morning Score author Andrew Howard joins Playbook deputy editor Zack Stanton to unpack the ins and outs of the race, its implications and what Democrats hope it tells them. Plus, voters head to the polls in two key Florida special elections, a battery of trade moves hit the economy and Trump’s weekend interviews make headlines and spin heads.

It’s a fitting end to a week of news dominated by foreign policy hands in Trump world: Yesterday, the White House announced that it is withdrawing Rep. Elise Stefanik’s nomination for UN ambassador. The New York Republican will instead remain in the House as Republicans work to maintain their narrow majority in the chamber. What does that tell us about the outlook for Trump’s agenda? And how does Stefanik return to life on Capitol Hill? Senior Congress editor Mike Debonis joins Playbook deputy editor Zack Stanton to break it all down. Plus, Vice President JD Vance heads to Greenland, and Signalgate fallout continues for a fifth day.

For a fourth day, the Signalgate ordeal dominates every conversation in Washington — the rare Trump administration controversy with true staying power. What makes this time different? POLITICO cybersecurity reporter Maggie Miller joins Playbook deputy editor Zack Stanton to talk through that and its potential implications for policy and politics in the Trump administration and beyond.

It's been two days since 'Signalgate' took over Washington, and the president’s inner circle continues to deal with its impacts. Despite the administration's public support of National Security Advisor Mike Waltz, some are wondering if he'll eventually fall on the sword. White House bureau chief Dasha Burns joins Playbook managing editor and author Jack Blanchard to discuss.

It was the group chat heard round the world, and it perhaps shouldn’t even exist at all. Yesterday, “The Atlantic” published a piece revealing that some of the Trump administration’s top national security officials were using the commercial messaging app Signal to hold conversations about top-secret war plans — and that they inadvertently leaked those plans by adding “Atlantic” editor-in-chief Jeffrey Goldberg to the chat. POLITICO intelligence reporter Amy Mackinnon joins host Steven Overly to discuss the fiasco and its implications in the U.S. and around the globe.

With both the Senate and the House returning today from a weeklong recess, the race is on to pass a budget bill. And though one of the prevailing recent storylines out of Washington centers on the divides within the Democratic Party, we’re about to have the divides within the Republican Party on full display. Congress reporter Jordain Carney joins host Steven Overly to talk through what to watch for this week on the Hill. That, and all the rest of the news you need to know today.