May 5, 2025: The dolls and pencils economy

It takes a lot to rip the news cycle away from President Donald Trump. But yesterday, that’s precisely what happened. Shortly after the president unveiled a major new trade deal with the U.K. — something the White House was eager to shine attention on — white smoke billowed from the Sistine Chapel’s chimney. Meet the new pope: Chicago-born Robert Francis Prevost, now known as Pope Leo XIV. And just as soon as his name was uttered, he was dragged into a partisan battle over his real or imagined personal politics. POLITICO national political correspondent Adam Wren joins Playbook deputy editor Zack Stanton to discuss.

Last night, President Donald Trump teased an announcement the White House had been waiting for: Trump’s first trade deal since his sweeping tariffs upended the global economy. Who answered Trump’s call? The United Kingdom, the latest chapter in the so-called “special relationship” between the two nations. What does it mean for Trump, for the economy, for the US-UK alliance and for Europe as a whole? Playbook managing editor and author Jack Blanchard and POLITICO White House bureau chief Dasha Burns discuss.

This morning, Vice President JD Vance will speak at a meeting of world leaders convened in Washington by the Munich Security Conference. The speech is amid a backdrop of rising tensions between India and Pakistan, a Russia-Ukraine war that is dragging on, and seemingly endless tensions between Israelis and Palestinians. Back home, officials are bracing both for Federal Reserve Board Chair Jerome Powell’s decision on whether to cut interest rates — and President Donald Trump’s reaction to the announcement. Playbook managing editor and author Jack Blanchard and POLITICO White House bureau chief Dasha Burns unpack what they’re watching.

Today, President Donald Trump will meet with Canadian Prime Minister Mark Carney on the heels of his recent electoral victory. It’s their first time face to face, even as backlash to Trump in Canada helped propel Carney to power. Is it possible that the two men could actually find some middle ground? Playbook managing editor and author Jack Blanchard and POLITICO White House bureau chief Dasha Burns discuss what to watch for as the two leaders face off.

If one issue has defined President Donald Trump’s second term, it is the economy. Markets continue to deal with tariff-induced whiplash, and people around the country are bracing for higher prices to hit home. But rather than denying the possible hits to people’s wallets, Trump has taken to projecting a new message: settle for less. Playbook managing editor and author Jack Blanchard and POLITICO White House bureau chief Dasha Burns discuss. Plus, what’s next for Secretary of State Marco Rubio?

Mike Waltz is out as national security adviser (and in as UN ambassador). Elon Musk is eyeing an exit from DOGE. And President Donald Trump continues to plow ahead, now past his first 100 days in office. Do you see all of this action as the fruit of a busy, ambitious administration or as, well, chaos? The White House’s political fortunes may rise or fall depending on which answer prevails among the American electorate. POLITICO national political correspondent Adam Wren and Playbook deputy editor Zack Stanton discuss.

More than 100 days into his presidency, Donald Trump isn’t quite ready to claim the economy as his own. The latest GDP figures are underwhelming, markets are still dealing with tariff-induced whiplash and inflation fears are widespread. At what point does the economy become Trump’s for credit or blame? And how is the White House approaching messaging on economic issues at this uncertain moment? Playbook deputy editor Zack Stanton joins managing editor and author Jack Blanchard to discuss it all.

In marking his 100th day in office yesterday at a rally in Michigan, President Donald Trump wasn’t just looking backwards — he was projecting forward a vision for how he plans to sell his message to the public and what exactly his case to the American people will look like in 2026 and beyond. During a 90-minute speech, Trump flaunted his successes and downplayed his shortcomings — and the MAGA faithful lapped it up. But what about the rest of America? How will they respond to his message over these next 100 days? Playbook managing editor and author Jack Blanchard and POLITICO White House bureau chief Dasha Burns discuss.

Today, President Donald Trump marks the 100th day of his second term, a head-spinning period of time that has upended the global order, pushed the bounds of executive power, rattled the economy and reshaped American politics. What mattered, what didn’t and what comes next? POLITICO White House bureau chief Dasha Burns joins Playbook managing editor and author Jack Blanchard to unpack it all.

As President Donald Trump gears up to mark his 100th day in office, his administration is beset by challenges. Polls show his approval rating at a historical low for this stage in a presidency. Markets are volatile,  no new trade deals have yet been brokered and Americans’ economic outlook has darkened. His immigration agenda is stymied by the court system, with the threat of a larger legal confrontation in the wings. Where do things go from here? And will the White House take this moment as an inflection point or a chance to redouble their efforts? POLITICO White House bureau chief Dasha Burns joins Playbook managing editor and author Jack Blanchard to discuss.