Marketing Briefing: Check in with marketers after the first 100 days of President Trump’s policies

By Kristina Monllos • May 6, 2025 •

Ivy Liu

This Marketing Briefing covers the latest in marketing for Digiday+ members and is distributed over email every Tuesday at 10 a.m. ET. More from the series →

If you were to sum up the first 100 days of Trump’s presidency — a milestone we just passed on April 30 — with one word you’d likely use “uncertain” to do so. And for marketers, well, uncertainty is toxic.

There’s been an expectation of chaos this time around, but that expectation doesn’t make the reality any easier to manage — it’s hard for marketers not to get caught in the slipstream of President Trump’s economic — specifically on tariffs — policy whiplash.

So far it’s been a matter of figuring out what his policies are affecting when it comes to their businesses, how they’ll be affected, what that means for their advertising and marketing and how — let alone, if — they should react. Pause spending and weather the storm in a safe harbor? Or sail into it with unfurled spending to preserve marketshare?

“‘He’s going to change his mind at some point, right?’ Is the big question on everybody’s mind right now,” said Nancy Hill, founder of The Media Sherpa and former 4A’s president, when asked to sum up the current mood for marketers. “This feels different because everyone is on that tenterhook of wondering if he’ll change his mind at some point.”

The changing of his mind that most marketers refer to when they pose that question is about tariffs.

There’s a sense from marketers that President Trump has seemingly changed his mind before (read: the continued delay of the TikTok ban; multiple tariff pauses and mixed signals) so maybe he’ll do the same with tariffs and backtrack to a more consistent approach. Some marketers and agency execs see that sentiment as a hopeful outcome. Others are planning for the worst — but expecting the best.

“The thing that’s tricky is what we’ve learned is that whatever is happening might not actually happen, so it’s caused us to not believe whatever is happening — to see it as posturing,” said an agency CEO, who requested anonymity, when asked to describe the current marketer mood.

They continued: “We aren’t on the inside of the game that’s being played. We don’t know [what’s real]. So I think there’s gonna come a point when we just have to put our heads down and run our businesses and do what we know. We’re not there yet. But I think that is going to be the [modus operandi for] the second half of the year because we can’t sit and wait on every decision and strategy.”

Even if marketers are in wait-and-see mode, “tariff contingency planning is taking over our industry,” said a media buyer who requested anonymity when asked to sum up the last 100 days. “I get daily texts from brand folks asking about tariff strategies and even questions about what would happen if they paused [their] media altogether.”

The buying exec expects that “many channels and media spends will get turned off” as marketers continue to grapple with the ripple effects of constant chaos from the administration regarding tariffs and more. “I think waste elimination in under performing media spends will be the name of the game of this year,” the buyer said. “You will see significant reduction in ad spend specifically because margins are going to be hammered.”

Of course, it’s not just the on-going topsy-turvy tariffs that have marketers feeling rung dry and uncertain of what’s real and what’s not.

“We’re only five months into the year, and it already feels like a decade,” said Greg Swan, senior partner and Midwest digital lead at Finn Partners, noting that marketers are grappling with TikTok’s continued limbo; Google in flux, both with the cookie u-turn and the monopoly news; Meta is shifting moderation politics; and the AI-ification of everything, among other major news stories over the past 100 days or so.

“The sheer volume of chaos is forcing marketers to stay hyper-aware, culturally fluent and creatively adaptive just to keep pace,” said Swan.

Moreover, President Trump’s policies has had a “chilling effect on what people are prepared to do and say,” said Joe Burns, strategy lead at Quality Meats Creative, who added that in 2016 marketers were willing to make advertising that responded to the administration and even, at times, made fun of it.

Now, however, “people are scared of retribution,” he said.

What we’re watching

On Sunday, President Trump said on Truth Social that he was looking into a 100% tariff on movies that are produced “foreign lands.” It’s unclear how the tariff would be enforced and what it means for the entertainment industry, leaving executives scrambling and creatives with a ton of questions/concerns. It’s another ding for an embattled industry that’s still reeling from ripple effects of the strikes, the Los Angeles fires and more. For marketers, especially those who’ve invested in brand studios, it’s yet another pain point to endure.

By the numbers

Digital ad revenue hit a record $259 billion last year, fueled by major events like the U.S. Presidential Election and the Olympics. It’s yet to be seen if that growth continues as marketers brace for economic uncertainty, tariffs and more. But until those tea leaves are ready to be read, here’s how spending shaped up last year, with a recent study from the IAB and conducted by PwC. See key findings below:

Digital ad revenue hit a record $259B in 2024 — up 15% YoY, marking the strongest growth since 2021
The top 11–25 publishers saw the fastest growth in 2024, gaining 3.1% in market share as brands increasingly shift ad budgets beyond the largest platforms toward emerging digital players.
Digital video continued to be the fastest-growing format, now accounting for nearly a quarter of total ad revenue, reflecting consumer engagement with video content. — Kimeko McCoy