Germany downgraded its economic growth forecast to zero, the Financial Times reports.
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Trump Would Ban Congressional Stock Trades
President Donald Trump said he would “absolutely” sign a bill banning congressional stock trading, saying he was concerned lawmakers could be using insider information for an advantage, Bloomberg reports.
The Return of Stagflation
David Frum: “No American business—no business that serves the American market—will commit to any capital expenditure under these conditions. If Trump’s tariffs last for any length of time, the result will be a vast disinvestment instead. The worst of the pain may not be felt immediately. Trump advertised the tariffs many weeks in advance, opening an opportunity for businesses to stockpile inventories. Sooner or later, however, those stockpiles will dwindle. Consumers will face higher prices or outright shortages. Businesses will suffer diminished demand. Workers will be laid off.”
“The only early hope is that the president who set the maelstrom going will panic and try to stop the wreckage. But he seems just as likely, perhaps more so, to make that damage worse.”
Trump Says Russia Will Get to Keep Crimea
President Donald Trump said that “Crimea will stay with Russia,” the latest example of the U.S. leader pressuring Ukraine to make concessions to end the war while it remains under siege, the AP reports.
Trump Says He’ll Wrap Up Trade Deals Soon
“President Donald Trump said he expected to wrap up trade deals with U.S. partners looking for lower tariffs soon,” Bloomberg reports.
Said Trump: “I would say, over the next three to four weeks, and we’re finished, by the way.”
He added: “I’ll be finished. Now, some countries may come back and ask for an adjustment, and I’ll consider that, but I’ll basically be, with great knowledge, setting—ready.”
Trump Ousts Official Over Ties to ‘Anonymous’ Author
“The White House ousted a top customs official earlier this week primarily because of his alleged connections to the author of a 2018 opinion piece critical of President Donald Trump,” the Washington Post reports.
“George Bogden, who was appointed executive director of the Office of Trade Relations at Customs and Border Protection this year, was asked to step down, surprising fellow administration officials.”
“It wasn’t immediately clear how the administration connected Bogden to Miles Taylor, who had been an appointee at the Department of Homeland Security when he wrote an anonymous opinion piece in the New York Times describing internal resistance to Trump during his first term.”
Trump’s Immigration Ratings Turn Negative
“President Donald Trump’s approval ratings on immigration, relatively strong in the early weeks of his second term, have dipped into negative territory, according to a Washington Post-ABC News-Ipsos poll, a sign that his administration’s hard-line and, in some cases, legally dubious enforcement tactics are losing public support.”
“A majority of Americans, 53 percent, disapprove of Trump’s handling of immigration, with 46 percent approving, a reversal from February when half of the public voiced approval of his approach.”
Elon Musk Leaves a Legacy of Self-Destruction
“Elon Musk arrived in Washington as the most powerful political outsider ever, brimming with Silicon Valley swagger and bipartisan buy-in for his goal of streamlining the federal government,” Axios reports.
“He’s leaving with his reputation wounded, relationships severed, companies in crisis, fortune diminished — and little to show for DOGE but chaos and contested savings.”
Stunning takeaway: “Musk’s net worth has declined by a staggering $122 billion this year — nearly matching the $160 billion in government savings claimed by DOGE, which budget experts believe is wildly inflated.”
Bannon Sees Bright Future for Karoline Leavitt
Steve Bannon predicted that White House press secretary Karoline Leavitt would get promoted after a year or two in her current post, Politico reports.
Said Bannon: “I think she’s going to get a Cabinet position. Maybe chief of staff.”
FDA Has ‘No Plans’ to Pull Abortion Pill
Food and Drug Administration Commissioner Martin Makary said he has no plans to restrict the availability of the abortion pill mifepristone, which has emerged as a source of debate among conservatives since the Supreme Court overturned Roe v. Wade, Semafor reports.
California Is the 4th Largest Economy in the World
Gov. Gavin Newsom (D) announced that California’s economy has surpassed Japan’s, making the Golden state the fourth largest economy in the world, The Guardian reports.
Marjorie Taylor Greene Weighs Senate Bid
Rep. Marjorie Taylor Greene (R-GA) is “seriously considering” a run for Senate, and believes she would “crush” a GOP primary contest — that is, if Georgia Gov. Brian Kemp passes on a bid to challenge Democratic Sen. Jon Ossoff, the Daily Caller reports.
Booker Backs Schatz for Senate Democratic Whip
“Sen. Brian Schatz (D-HI) is picking up a key endorsement in his yet-to-be-announced bid to become the next Senate Democratic whip,” Punchbowl News reports.
“Sen. Cory Booker (D-NJ), who was floated as a potential contender for the job, told us that Schatz has his ‘full, unqualified support’ for the No. 2 Senate Democratic leadership post.”
“Schatz hasn’t officially jumped into the contest but is seen as the frontrunner and has been making calls to Democratic senators.”
Hegseth’s Personal Phone Use Created Vulnerabilities
“Defense Secretary Pete Hegseth’s personal phone number, the one used in a recent Signal chat, was easily accessible on the internet and public apps as recently as March, potentially exposing national security secrets to foreign adversaries,” the New York Times reports.
“The phone number could be found in a variety of places, including WhatsApp, Facebook and a fantasy sports site. It was the same number through which the defense secretary, using the Signal commercial messaging app, disclosed flight data for American strikes on the Houthi militia in Yemen.”
Politico: Pentagon leadership vacuum overwhelms Hegseth’s office.
Empty Shelves
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Are Things Falling Apart for Trump?
Aaron Blake: “Even as Trump nears that milestone by which new administrations have increasingly gauged their early progress, there are myriad signs that his second-term project may be falling apart.”
“A man who came into office vastly exaggerating the mandate that voters had just given him — and has governed accordingly — appears to have, per public polling, squandered whatever mandate he was given with his brazen actions. And indicators are increasingly dire on a number of significant policy fronts for him.”
CNN: Trump goes after Fox News for highlighting his cratering economic approval ratings.
Trump’s Policies Boost Left-Leaning World Leaders
“Across the world, from Australia to Canada to the U.K., left-leaning leaders and political parties were in the doldrums. Then came Trump 2.0,” the Wall Street Journal reports.
“In his first three months in office, President Trump pivoted toward Russia, slapped close U.S. allies with tariffs and relaunched a trade war against China. The moves upended U.S. policy and left financial markets in chaos.”
“But the turmoil is helping Trump’s ideological opponents around the globe who are seeing their polling rebound as voters seek out stability.”
Democrats Eager to Pick Apart GOP Megabill
“Republicans are gearing up to put pen to paper on President Donald Trump’s big domestic policy bill. It could give Democrats a big, beautiful target for their midterm messaging,” Politico reports.
“Next week, GOP lawmakers will start rolling out portions of the planned megabill, with House committees slated to hold a series of meetings advancing individual portions. Speaker Mike Johnson has set an aggressive Memorial Day deadline to get a final product through the chamber.”
“Democrats, meanwhile, are mapping out a committee-by-committee fight over the drafting of the megabill. They’re planning to force a plethora of votes, aiming to put vulnerable House Republicans on the record regarding some of the most controversial pieces of the GOP agenda.”
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