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• 🌸 But first: Axios Communicators is hosting a breakfast reception in D.C. on April 25, featuring conversations with White House press secretary Karoline Leavitt and others on the evolving media landscape. Request to join here.
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Today's newsletter is 1,806 words, a 7-minute read.

Corporate America's reaction to President Trump's tariffs has been muted so far, with many relying on trade associations or special interest groups to speak on their behalf.

Why it matters: Corporate America has recently drawn a hard line in the sand regarding how and when they comment on public policy, social issues or cultural moments.

• The line is, "We only comment on policies that impact our business." For many companies — specifically those in automotive, retail and consumer goods — this moment would qualify.
• Plus, silence is a statement too.

Catch up quick: Trump ended the free-trade era on Wednesday by implementing 10% baseline tariffs on U.S. imports, plus steeper reciprocal levies on those from the European Union, China and Vietnam, among others.

• It's one of the "biggest, most abrupt economic gambles in presidential history," says Axios Macro co-authors Courtenay Brown and Neil Irwin.

Driving the news: Axios reached out to more than a dozen Fortune 500 companies whose stock plummeted following the tariff news, none of which had comment.

• The Business Roundtable — the lobbying group that represents America's top CEOs — put out a statement on Wednesday warning that the universal tariffs "run the risk of causing major harm to American manufacturers, workers, families and exporters" and that "damage to the U.S. economy will increase the longer the tariffs are in place."
• Meanwhile, the U.S. Chamber of Commerce called the tariffs "a tax increase that will raise prices for American consumers and hurt the economy."

Yes, but: Leaders from the automotive industry voiced concerns ahead of "Liberation Day," with Ford Motor Company CEO Jim Farley stating the tariffs will create "costs and chaos" and some are adjusting their production and manufacturing operations.

• Meanwhile, executives from Target, Best Buy, Mattel, Hasbro, Walmart and Costco preemptively warned consumers that price hikes are likely.

Between the lines: While "Liberation Day" didn't serve as a liberating moment for CEOs, some are voicing frustrations behind closed doors, according to corporate communicators who asked to speak on background.

• "It's already starting to feel like the tide is changing among CEOs. You can come for their workers' rights, but don't come for their money," said one communications leader from a major tech company.

The big picture: Business leaders will need to navigate the uncertainty and volatility brought forth by the Trump administration's policies and explain how these policies impact key audiences.

• Employees, in particular, are concerned about how these policies could affect their lives, employment or the business' broader operations.

What's next: First-quarter earnings season will get into swing next week, which will likely force many executives to address Trump's trade policies head-on.

What to watch: During the first administration, Trump's 2017 immigration ban opened the floodgates for corporate pushback, with Microsoft, Google, Apple, Facebook and other major tech companies arguing that the ban hindered business growth.

• The implementation of these trade policies could serve as a similar tipping point for his second term.

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Shifting spheres of influence and news consumption habits have dramatically changed since the last IPO boom in 2021, which means the IPO comms playbook should evolve too.

Why it matters: A flurry of public offerings is on deck and the business community is watching, which presents a major opportunity for modern corporate storytelling.

State of play: StubHub, Klarna, Hinge Health, eToro and Circle have filed to go public.

• Meanwhile, shares of newly listed companies Newsmax and CoreWeave are well above their IPO prices.

What they're saying: The work starts well before filing, often years, and extends well beyond listing day, but a steady drumbeat of communications in the year leading up to IPO is critical, said Ash Spiegelberg, Brunswick partner and technology, media and telecoms global co-lead.

• "So much of it now is about how do you get enough of the story out there before the quiet period, so that when investors come to see the S-1 filing, the business and its potential crystallizes," he said.

Plus, expectations for companies approaching IPOs have changed, says Shahed Fakhari Larson, founder of UNLMTD Partners.

• "Communicators need to be prepared for increased scrutiny around business health and need to be able to protect reputation through established 'normal course of business' communications during a quiet period," she said.
• "Good comms hygiene ahead of a quiet period allows you to continue to engage strategically to build your value proposition through smart and SEC-friendly storytelling."

Zoom in: While press releases, broadcast interviews, blog posts and internal communications remain part of the playbook, the tactics and specific comms channels are slowly changing.

• Owned content, executive communications across LinkedIn and long-form magazine opportunities or podcast interviews are increasingly important as investors seek to learn the founding story and understand what's next for the company.

AI will also change the playbooks, according to Marc Drechsler, executive vice president of corporate affairs at Weber Shandwick.

• "AI applications will become a go-to source for persona- and scenario-based IPO planning as well as long-term investor relations programs," Drechsler said. "AI-embedded information sources like S&P's Capital IQ Pro offers earnings transcript sentiment scoring based on an LLM with predictive sentiment, transparency and complexity analytics."

The big picture: An IPO is one of the few moments that is guaranteed to break through the news cycle and reach all stakeholders, said Lacey Berrien, senior director of public relations at Klaviyo, a marketing software company that went public in 2023.

• "You have the opportunity to reach an incredibly broad set of audiences, talk about what has been accomplished so far and the company's vision for the future. ... But it's not just about the media — it's about your employees, partners and customers," she said.

What to watch: IPOs are the single biggest job creators for communication professionals.

• "IPOs present an interesting opportunity for communicators to build a new team with a clean slate," United Minds CEO Kate Bullinger said. "The team can define the role strategic communication can play once the company is public."

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Mass layoffs at the Department of Health and Human Services are leaving a communications gulf within the federal health system that millions of Americans rely on for information about drug safety, product recalls, disease outbreaks and other public health threats.

Why it matters: HHS Secretary Robert F. Kennedy Jr. frequently says he's bringing "radical transparency" to the agency. But as the government health establishment is turned on its head, there's the real prospect of a lingering information vacuum.

Catch up quick: The agency reorganization plan Kennedy first announced last week includes centralizing health communications. Before Tuesday's layoffs, HHS had about 100 separate communications teams within individual divisions that largely operated independently of each other.

• At the CDC, most of the media relations team was laid off on Tuesday, per Stat. The agency's team that processes open records requests was also eliminated.
• The National Institutes of Health also cut entire communications teams, the AP reported.
• Most Food and Drug Administration communications roles were eliminated too.

What they're saying: "Communications to the American people about drug and device safety, product approvals and recalls, and outbreaks will continue in a timely manner — as they have since the start of the new administration," Andrew Nixon, HHS director of communications, said in an email to Axios.

• Of note, current and former HHS staff say the changes will likely make it harder to get accurate information out.

The big picture: Kennedy is known for spreading misinformation. Since starting his role as HHS secretary, he's promoted unproven treatments for measles and downplayed the importance of vaccines.

• Centralizing health communications could give Kennedy more direct control over the information coming out of all facets of the federal health department.
• If agency communications are cut off from HHS central communications, there won't be any "checks and balances" from scientific experts on the messaging, a former FDA official told Axios.

Between the lines: These layoffs — particularly those within the FDA — could also affect corporate America by making drug manufacturers, food providers and retailers more prone to legal and reputational risk.

• Many of the departing communication professionals shared the latest news and information about product approvals, recalls and outbreaks.
• Each center at the FDA had a protocol for communicating product recalls and working with the drug sponsor or food manufacturer to initiate the recall process, one FDA employee with knowledge told Axios. The layoffs could slow that all down, the employee said.
• "I'm concerned that the industry will have more leverage to stall on announcing their recalls," they told Axios.

What to watch: "Communications is much more than putting out press releases and its function incorporates an enormous amount of patient and stakeholder engagement," Susan Mayne, a professor at Yale School of Public Health and former FDA official, told Axios.

• "It is not clear there is any plan that the incoming administration will hear from all impacted stakeholders, including food industry, consumer groups and others."

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Blake Simpson leads communications and corporate affairs for Adtalem Global Education, which operates for-profit higher education institutions that support students pursuing careers in the health care industry.

• Why it matters: Simpson's team is responsible for educating audiences on Adtalem's impact on the workforce and health care system.

📍How she got here: Simpson started her communications career in retail, where she held corporate affairs and communications roles at companies like Levi Strauss & Co. and Gap.

• From there, she oversaw communications and public affairs for CKE Restaurants, the parent company of fast-food chains including Carl's Jr. and Hardee's.
• Most recently, Simpson served as senior vice president of global communications at Under Armour before joining Adtalem in 2022.

🪜How it's structured: Simpson reports to Adtalem CEO Steve Beard and oversees the team responsible for investor and government relations, alumni engagement, global impact and issues management as well as internal and external communications.

🗣️What she's saying: "Communications teams have the ability to connect the dots across the business with a consistent narrative, but if we're not included in the decision-making, we can't amplify what the company is doing to its maximum potential," Simpson told Axios.

• Zoom in: Simpson and the team at Adtalem are currently focused on building relationships within the new Trump administration, she says.

🧠 Best career advice: "Always look for a way to make a small idea big."

Keep reading her spotlight in its entirety.

We've written a lot about the evolving media landscape and the rise and fall of social media platforms. Well, in a surprising twist, it seems that Gen Z is seeking solace on the blogging website Tumblr.

• By the numbers: Gen Z makes up half of Tumblr's monthly active users and 60% of new signups, according to platform data shared with Business Insider.

What to watch: Tumblr could be ripe for younger fandoms and brand-based community building.

• 👑 Plus, you know who never gave up on Tumblr? Taylor Swift.

Drowning in data? Narrative Insights turns questions into clarity, integrating actionable research into communications strategy and empowering organizations to know, plan, act, and measure quickly.

That’s data-driven influence.

Learn more.

Join us April 9 at 12:30 pm ET for the annual state of internal comms.

We'll dig into the biggest workplace challenges ahead and how execs are thinking about tackling them: RTO, political burnout, DEI scalebacks, and more.

Register for the event

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An extra thanks as always to editors Christine Wang and Kathie Bozanich.