It’s Wednesday, March 12. This is The Front Page, your daily window into the world of The Free Press—and our take on the world at large. Coming up: Christopher Rufo on the conservative influencers peddling Jew-hate; the Democratic fundraising platform accused of enabling terror funding; Moscow wakes up to war as Ukraine commits to a ceasefire; and more.

But first: It’s the economy, stupid.

Monday was the worst day on Wall Street so far this year. Stock prices tumbled further on Tuesday, and the S&P 500 is down nearly 10 percent from its mid-February high. But as the market flirted with a correction and fears of a recession grew, Donald Trump seemed focused on the value of one company in particular: Tesla (which is down more than 40 percent so far this year). He and First Buddy—Tesla founder Elon Musk—appeared in front of a fleet of Tesla cars on the White House’s South Lawn.

The event was designed to encourage his supporters to back the electric vehicle brand amid a left-wing backlash that has, at some Tesla dealerships, turned violent. “He shouldn’t be penalized for being a patriot,” said Trump, who put his money where his mouth was, ordering a red Model S.

Asked about the market turmoil, the president shrugged it off. Trump added that markets “are going to go up and they’re going to go down but, you know what, we have to rebuild our country.”

Trump also met top CEOs at the Business Roundtable meeting yesterday, where he said his tariffs were having a “tremendously positive impact.”

Much of yesterday’s market roller-coaster was thanks to the president’s own announcements. In the morning, he announced a 50 percent tariff on Canadian steel and aluminum. By the end of the day, he had backtracked. Bloomberg had it right with its headline: “Wall Street Left Dazed and Confused as Trump Jolts Markets Again.”

The administration is dismissing economic worries in a way that sounds distinctly Bidenesque. “We are in a period of transition,” insisted White House Press Secretary Karoline Leavitt yesterday.

Here is what “transition” looks like (h/t Financial Times):

The stock market is not the whole of the economy, of course. But economists are downgrading their growth forecasts for 2025. Goldman Sachs has cut its forecast for U.S. GDP growth this year from 2.4 percent to 1.7 percent because of “considerably more adverse” assumptions on trade.

To make sense of the darkening economic picture, as well as the politics and policy substance of Trump’s tariffs, today we offer three pieces.

First, veteran economic journalist Peter Coy looks at Wall Street’s rude awakening. President Trump has drawn the ire of Democrats, Ukrainians, trans athletes, and college presidents, among others. But Wall Street assumed the president would have its back. Recent weeks suggest they realize they have made a big mistake.

Read Peter Coy’s piece, “Trump to Wall Street: Brace for Impact.”

Second, conservative commentator and radio host Erick Erickson says that the White House is getting its economic messaging all wrong. “Republicans risk repeating the same mistake Democrats made in the last four years—becoming so focused on everything else that they forget it’s the economy, stupid,” warns Eric. He also notes that “crediting Donald Trump ‘with the balls’ to crater people’s 401(k) investments as ‘the pain that comes from real change’ is a terrible talking point.” It’s Politics 101—but not a lesson the White House appears to be paying much attention to.

Read Erick Erickson on why “MAGA’s Tariff Talking Points Are Bound to Backfire.”

For our third piece, we bring you an alternative, more sympathetic perspective on Trump’s tariffs. Michael Lind, one of the most perceptive observers of the Trumpian realignment in our politics, says that the conventional wisdom on tariffs—which holds that they are simply an act of economic self-harm—is dead wrong.

Read Michael Lind on “Why Tariffs Are Good.”

Christopher Rufo on the Antisemitic Influencer Problem

Antisemitism is an ancient affliction, but it takes on different forms in different eras. Today it thrives online—and the leading antisemites are, in many cases, right-wing influencers. They have adopted a tone that flourishes in today’s postmodern discourse and goes viral online: “detached, ironic, schizoid,” as Christopher Rufo characterizes it. And they have ridden this made-for-the-internet tone all the way to the biggest podcasts in the world. Rufo explains how this happened—and how the right should respond—in his op-ed for us today. Read it here.

When War Crashed Through the Window

Ever since the start of Russia’s invasion of Ukraine, Moscow has largely been insulated from the conflict. That changed on Tuesday morning, when Ukraine unleashed a major drone strike on Russia’s capital. The Free Press’s Tanya Lukyanova spoke to Muscovites about the attack, including Andrei, whose home was hit by a drone. “His own house was engulfed by flames. The roof collapsed. Inside, everything he owned was destroyed.”

Read Tanya’s full report: “When War Crashed Through the Window.”

Exclusive: ActBlue Faces Call for Terror-Financing Investigation

The Democrats’ top fundraising platform, ActBlue, is in turmoil. Senior officials recently quit abruptly, the platform faces allegations of fraud, and staff unions say they are losing confidence in the organization.

Now, to add to its problems, ActBlue faces calls from Republican lawmakers for the Trump administration to investigate “credible allegations” that ActBlue has allowed terror-linked groups to use its services. The Free Press’s Gabe Kaminsky has the exclusive report on calls for what some say is a long-overdue investigation into a serious crime, but what Democrats insist is just partisan politics.

Read Gabe’s scoop: “Amid Turmoil, ActBlue Faces Call for Terror-Financing Investigation.”

• Ukraine backed a U.S. proposal for a 30-day ceasefire following talks between American and Ukrainian delegations in Saudi Arabia Tuesday. The U.S. agreed to restart intelligence sharing and shipments of military equipment to Ukraine. The Kremlin has yet to weigh in on the proposal. “The ball is now in their court. We hope the Russians will reciprocate,” said Secretary of State Marco Rubio.

• Israel and Lebanon have opened negotiations over their long-disputed land border in what is a major step for two countries that do not have direct formal diplomatic relations. The talks will focus on Israel’s military presence in southern Lebanon and Israel’s holding of Lebanese prisoners.

• Trump is a long way behind on his campaign promise to deport “millions and millions of criminal aliens” in his first year in office. ICE agents made only 18,000 arrests last month, and the agency has since stopped publishing arrest data. The problem, reports The Atlantic’s Nick Miroff, is that “ICE doesn’t have the resources or staffing to do what Trump wants.” And the fewer than 6,000 ICE officers nationwide are mostly involved in the drudgery of immigration paperwork, rather than “kicking down doors in tactical gear.”

• A senior USAID official instructed the remaining staff to destroy and burn as many documents as they could. In an email sent to staff, acting executive director Erica Carr said, “Shred as many documents first, and reserve the burn bags for when the shredder becomes unavailable or needs a break.” Burn bags were to be labeled “SECRET.” Meanwhile, the Department of Education has laid off nearly 50 percent of its workforce.

• Days after the detention of Columbia student Mahmoud Khalil, Secretary of State Marco Rubio has clarified the grounds for the move. Khalil is deportable under fed