The Playbook Podcast

The U.S. is engaged in a trade war — just not the one many people expected. Yesterday afternoon, President Donald Trump backpedaled on most of the steep tariffs that took effect only hours earlier, pausing them for 90 days to allow time to negotiate potential deals with other nations. One big exception? China, which he announced will now be subject to a 125%. tariff. How did we get here, and what comes next? White House bureau chief Dasha Burns joins Playbook author and managing editor Jack Blanchard to unpack what happened and why. Plus, Speaker Mike Johnson delays the budget vote in the House.

At 12:01 this morning, President Donald Trump’s massive tariffs against China, Vietnam, Japan, and other countries took effect. The new policies are sure to impact not only the country’s economy, but also the dynamics among Republicans on Capitol Hill. White House Bureau Chief Dasha Burns joins Playbook author and managing editor Jack Blanchard to unpack what’s at stake and where things go from here.

United States Trade Representative Jamieson Greer will be in the hot seat today as he testifies in front of the Senate Finance Committee, where he's expected to defend President Donald Trump's global tariff hike. Trump has sent mixed messages about whether his new tariffs are permanent or up for negotiation, although there are some signs that Trump is entertaining offers. Meanwhile, tensions with China are flaring. Trump told Beijing to withdraw its reciprocal tariffs by today, or else he’ll hike tariffs on China by another 50 percent. POLITICO trade reporter Daniel Desrochers breaks it all down with host Steven Overly. Plus, the House is slow-marching toward its vote on a budget blueprint, which could happen as soon as tomorrow.

The stock market is already showing the impact of President Donald Trump’s tariffs — and there’s no sign the pain will stop any time soon. Wall Street banks are ratcheting up their predictions of a recession this year, global markets continue to nosedive and meanwhile, Trump administration officials fan out across media with mixed messages about what it all means. POLITICO White House reporter Megan Messerly joins host Steven Overly to unpack it all and where things go from here.

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.