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There's no question that Donald Trump wants to limit the press's freedom to cover him. He has called them dishonest again and again, but perhaps more revealing of his intent comes from what he said at a rally in Texas in February:
"One of the things I’m gonna do, and this is only gonna make it tougher for me, and I’ve never said this before, but one of the things I’m gonna do if I win … is I’m gonna open up our libel laws so when they write purposely negative and horrible and false articles, we can sue them and win lots of money. We’re gonna open up those libel laws.
"So that when the New York Times writes a hit piece which is a total disgrace, or when the Washington Post … writes a hit piece, we can sue them and win money, instead of having no chance of winning because they’re totally protected.
“With me, they’re not protected, because I’m not like other people… We’re gonna open up those libel laws, folks, and we’re gonna have people sue you like you never got sued before.”
Can the President of the United States sue news outlets? Well yes. In New York Times Co. versus Sullivan, the Supreme Court ruled in 1964 that public persons, such as politicians, can win a suit against a media organization if the person can prove that the publication published information with actual malice, knowing it to be wholly incorrect, as well as in cases of reckless disregard. The NYT won this case, but the term "actual malice" was largely clarified by the court.
Donald Trump is the master of lawsuits, and we can expect him to use this precedent setting case to intimidate media organizations that write "malicious stories" critical of him. He will do it for the publicity if nothing else. And if he has his crony installed on the Supreme Court he might actually win...5-4.