Trump is unfortunately POTUS, and he has a real hatred of the media. He could easily fix the "fake news" phenomenon if he wanted though.
In the 1980s, Ronald Reagan scrapped the truth in media requirement.
In 2013 and again in 2016, Obama allowed propaganda to take over the media.
There are only a few corporations controlling the media in the US now.
Trump, if he really wanted to fix the fake news problem, could reverse Reagan's and Obama's mistakes and break up the media monopoly.
He won't though, because the ugly truth about himself hurts his narcissistic feelers. He can't stand the slightest bit of criticism.
His rich friends and owners would never allow him to do such a thing. The truth would hurt their profits and show their true intentions to the world, causing mass-scale outrage.
The military industrial complex especially would lose vast amounts of taxpayer money if they couldn't fabricate some sort of enemy from across the pond.
Unfortunately, "fake news" is one of the many things needed to create a fascist dystopia that still thinks it's the epitome of freedom.