On this episode of The Chuck ToddCast, Chuck Todd is joined by Marc Caputo, Senior White House Reporter for Axios.

Chuck begins by breaking down how the personnel guardrails that existed during Donald Trump’s first term are now gone—and why a potential second Trump administration would look dramatically different from the first.

He and Marc then explore which Trump official is most likely to take the blame for the administration’s disastrous tariff rollout, and outline three key factors that led Trump to temporarily reverse course with a 90-day delay.

They also explain why Trump can no longer credibly pin economic challenges on President Biden, and why his plan to boost domestic manufacturing may fall short. The conversation turns to Trump’s use of executive orders to target whistleblowers and critics, and who might be managing his so-called “enemies list.”

Finally, they assess which members of Trump’s inner circle are gaining or losing favor with the president, and preview a looming controversy that could shake up the Florida governor’s race.

Timeline:

0:00 Introduction

2:00 Trump 1.0 was NOT a blueprint for Trump 2.0

4:40 This is a brand new style of governing

6:22 Was there insider trading based on Trump’s tweet?

8:28 The market and rich people are serving as a guardrail

10:00 Anti-american sentiment will affect American businesses

11:30 Marc Caputo joins the show

12:55 The “dear leader” quality to the administration

17:37 Howard Lutnick the likely fall guy for tariffs?

18:36 Three factors caused Trump to change course on tariffs

23:07 Trump 1.0 was completely different compared to Trump 2.0

27:50 Does the administration regret that they didn’t pass the tax cut first?

29:22 Trump gave up the ability to blame Biden for the economy

30:00 Manufacturing plants take years to build

31:15 Trump working through an “enemies list”?

35:05 Revenge agenda is a slippery slope

37:00 Is RJK Jr. being reeled in by the White House?

39:56 Trump changes his mind constantly

43:31 What is Elon Musk’s current standing within the administration?

45:46 Is Rubio’s stock rising or falling?

48:09 The administration is using AI to monitor social media feeds

50:30 Scandal looming over the Florida governor’s race

52:55 Chuck’s final thoughts

The Reagan National Defense Forum