The National Geographic article stated that an examination of Tut's skull indicates he was "primarily Caucasoid". This conclusion created a bit of a furor in Egypt as you might imagine. I don't know what "primarily Caucasoid" actually means, so I avoided this in my article. The royal family was whatever they were and probably did not fit into any of our modern racial stereotypes. As I have mentioned in previous discussions on this subject, the royal family strove to be "all things to all people" (to borrow a Pauline phrase). They were masters of disguise. Among Africans in Upper Egypt and Ethiopia they would have wore Nubian wigs.
The royal family generally discouraged the mixing of tribal/ethnic groups, but often relocated large groups as they saw fit. For this reason the ancient world was probably much more racially diverse than it is now. Even in parts of Upper Egypt you might find large groups of Greeks, Libyans, and Semites interspersed between the more expected settlements of Africans.
As far as the pharaohs themselves, there is really no point in applying a racial type in my opinion. Pretty much everyone in the Western World, including the Middle East, Europe, and Africa share their genes equally. For better or for worse, we are all their descendants and legacy.
Hope this helps,
© Charles N. Pope, US Library of Congress. All rights reserved.