The President (legally) can do very little about the 1st Amendment and that's a good thing. Unfortunately there have been exceptional monsters like Lincoln, Wilson, and FDR, who did restrict speech arbitrarily. The individual states, let alone corporate entities, are not bound by the Bill of Rights. A state could if it wishes impose a "censorship tax" on tech companies that have users in the area, though this might also get struck down in the courts.
Trump has struck a blow against censorship simply by his attacks on fake news and calling attention to how corrupt they are. Not as much as he could or should, of course, but it's still something. Too many people have been infected with the Progressive mantra, present for a hundred years, that the President can wave a magic wand to fix society's problems. This of course has dramatically aided (((socialist))) attempts to remake society. It's not going to work in our favor to the same degree, unless if you have a full-scale revolution, because the enemy has had plenty of time to entrench itself and it's nigh impossible to reverse all the problems in eight years, let alone four, after which there will be probably another stooge to reverse all our progress. Our best chance to have a president who truly represented our interests was Ron Paul '08, but even if the impossible happened he would be facing the same entanglements Trump has.
It's helpful to have a president to take the brunt of the media's attacks, but to accomplish anything worthwhile it's necessary to operate at the local, state, and online levels.