Tips for covering the Trump trade war

The Global Business Journalism program is pleased to share professional journalist tips from the National Press Club Journalism Institute. We are thankful to NPCJI executive director Beth Francesco for her kind permission to excerpt this from the National Press Club Journalism Institute's newsletter, "The Latest." It was originally published on April 10, 2025.

In recent days, the global economy has dominated headlines, causing a sense of whiplash for journalists and their audiences as they keep up with the latest on the Trump tariffs, looming trade wars, stock market ups and downs, and talks of recession. 

To help journalists with their economic coverage, the Institute reached out to Mark Hamrick, senior economic analyst and Washington Bureau Chief at Bankrate.com, senior director at Red Ventures, and a past National Press Club president.

International shipping has been Ground Zero for tariffs. (Photo by Wolfgang Weiser / Unsplash)

What tips do you have for journalists covering the US economy right now?

Hamrick: Choose your words carefully and work to get it right the first time. In our highly politically polarized environment, one must be extremely diligent to avoid embracing the words and alleged stated facts coming from elected officials. A good example in recent days has been falling back on words like “reciprocal tariffs” and “Liberation Day,” neither of which were true on the face of it. All of this isn’t new, but the velocity and volume of mis- and-disinformation is overwhelming. 

The same was true during the previous administration when it fell back on false rhetoric like “price gouging” being responsible for inflation, reported as if it were fact. The actual causes for inflation — broadly speaking — are much more complex. 

Recently, reporters who had the ability, if not the luxury, to dig in and look for the underlying stories, including the would-be formula used to calculate the since-paused tariffs, provided a great amount of context and value.

Avoid jargon. If you lose your readers and audience members by failing to use language they can understand, you’ve left them behind.

Connect the dots. This is a priority in my work and among my colleagues at Bankrate.com

At issue: How do developments and trends affect the finances of individuals and households? Why does it matter if the Federal Reserve makes an interest rate adjustment? It is our job to add context and to explain.

For example, in the coverage of the main gauge of inflation at the retail level, the Consumer Price Index, there’s a lot of focus on the month-over-month and year-over-year changes. There’s no question that inflation can be quite toxic, affecting most those in the middle and lower wealth and income levels.

More relevant to consumers, as opposed to economists, investors, and central bankers, the actual price levels matter more. The average price of a new vehicle was recently nearly $50K. Yes, that’s risen in recent years, but the final price is the most relevant data point to consumers. 

Federal Reserve Chairman Jerome Powell notes that the central bank focuses on recent changes in inflation, specifically the Personal Consumption Expenditures Price Index (including core, which excludes food and energy), and that the Fed really can’t do much about the price levels.

CNBC and Reuters recently shared false information from an errant post on X that had real-time implications for the stock market. How can journalists avoid making similar mistakes while trying to keep up with fast-paced economic news?

Hamrick: I don’t know the “inside story” on how this happened, but the content was shot down in a short amount of time after a reporter contacted the White House press office for confirmation, which said the pause wasn’t true. 

It turned out to be true in time, but not immediately. So, the stock market shot up and then sold off in reaction to the rumor and the correction or evolution of the story. This affirms the value of attribution and real reporting. Editors add value, lest we forget. Getting it right is always going to be more important than being first, particularly when it is incorrect. That’s a lesson I learned from my two and a half decades with the Associated Press.

From DOGE laying off thousands of federal workers to the Trump tariffs, the US economy is in a vulnerable position. What advice do you have for localizing these big national stories?

Hamrick: Get out of the newsroom and talk to credible sources who have first-hand experiences with the issues at hand. 

In the case of auto tariffs, for example, sources like dealers, auto company executives, and trade group representatives — as well as relevant elected officials — all provide valuable context. High-level observations can come from economists as well. 

Ultimately, consumers also are key given that they have lived through the experience of supply chain disruptions, leading to shortages of autos and the resulting price increases. Plenty of folks have purchased cars at elevated prices in an environment where interest rates are higher than years ago, only making affordability challenges worse.

What do you think is missing from recent coverage of tariffs and the US economy? 

Hamrick: The journalism universe is incredibly diverse across formats (text, audio, video), ranging from national to local. Since I do hundreds of interviews with folks from a variety of outlets in a given year — combined with my leadership roles at the National Press Club and the Association of Business Journalists (SABEW) — I am deeply moved by the hard work and dedication of our colleagues across the profession. 

Generally, I think folks are doing the best jobs they can with the resources they are given. If they had the luxury of more time and resources to do their jobs, that would be akin to a perfect world. But everyone has to do the work with what they are given. We need more mentoring and the ability to take time to learn, not only in the midst of breaking news. This is one reason why remote work has undermined learning and networking, and my sense is that some level of return to office/the newsroom needs to happen. 

If I had one bit of advice for individuals and managers in journalism, I’d say prioritize financial/business/personal finance coverage. Allow folks in the newsroom to develop expertise, even if they must also be in the mix of general news. Our nation suffers from an insufficient level of financial literacy. Journalists can provide everyone with vital information and advice that is truly actionable.

What are some resources for journalists to add context for reporting on Trump’s tariffs?

 

Hamrick: This is where building a bench of contacts comes in handy. The work is something that has to take place over the long term.  

Organizations like SABEW, the Reynolds Center, the National Press Club, the Journalism Institute, Poynter Institute, and NEFE are among some of the non-government entities that come to mind.

Within government, the Federal Reserve Board, FRED (Federal Reserve Bank of St. Louis), the Labor Department, including BLS, and the Commerce Department including BEA, are some that come to mind.

Mark Hamrick: "If you lose your readers and audience members by failing to use language they can understand, you’ve left them behind."

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This article is written and edited by the National Press Club Journalism Institute staff: Beth Francesco, Holly Butcher Grant, Elliot C. Williams, and Mitch Harle. Send your questions and suggestions for topics to cover.

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