• Sen. Elizabeth Warren of Massachusetts is railing against a major stablecoin bill in Congress.
• Warren argued that the legislation, if passed, will "accelerate Trump's corruption."
• The progressive lawmaker has been a frequent critic of the administration on regulatory matters.

Sen. Elizabeth Warren of Massachusetts on the Senate floor Monday said a major stablecoin bill would boost President Donald Trump and his family's cryptocurrency business ventures.

Warren, a former Democratic presidential candidate and the ranking member of the Senate Banking Committee, is on the opposing side of the so-called GENIUS Act, a bill intended to regulate stablecoins — a type of currency whose value is tied to another asset.

"The GENIUS Act will accelerate Trump's corruption by supercharging the size of the stablecoin market and the reach and profitability of Trump's USD1," the lawmaker said in her Senate speech. "For the first time in American history, this bill will make our president — Donald Trump — the regulator of his own financial product."

"Congress should not be making it even easier for him to line his pockets with even more shady crypto cash," she continued. "If Congress does not fix this issue here, today, then it will be aiding and abetting his corruption every time President Trump's stablecoin is used to finance a corrupt deal."

The stablecoin bill once had a bipartisan veneer, with a bloc of Democrats joining Republicans in backing the legislation. But the bill has fallen out of favor with Democrats in the wake of Trump's crypto ventures, including the launch of his own meme coin in January and an upcoming dinner for his coin's top 220 investors.

The top 25 holders of the meme coin are set to attend a reception and a VIP White House tour.

In Warren's remarks, she also contends that the legislation could "directly lead to the next financial meltdown."

Before being elected to the Senate, Warren conceived of the Consumer Financial Protection Bureau, the independent consumer protection agency that the White House DOGE office has sought to dismantle since the beginning of the year.

• President Biden has been diagnosed with an "aggressive form" of prostate cancer.
• Biden's office said in a statement that the cancer appears to allow for "effective management."
• Biden withdrew from the 2024 presidential campaign after concerns about his health.

Former President Joe Biden was diagnosed with an "aggressive form" of prostate cancer, according to a statement from his personal office on Sunday.

The cancer has spread to the former president's bones.

"While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive, which allows for effective management," a spokesman said in a statement. "The president and his family are reviewing treatment options with his physicians."

President Donald Trump, who has been critical of Biden's presidency and often derides the former president as "Sleepy Joe," sent well wishes to Biden and his family on Sunday.

"Melania and I are saddened to hear about Joe Biden's recent medical diagnosis," he said. "We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery."

Prostate cancer is a more curable form of cancer, but it can be difficult to detect early if there aren't any indications that it is occurring in the body.

Roughly one in eight men will be diagnosed with prostate cancer during their life, and the average age of first diagnosis for men is 67, according to the American Cancer Society.

Biden turned 82 last November.

Before leaving office in January, Biden had been a fixture of Washington for decades, representing Delaware in the US Senate from 1973 to 2009 before serving as vice president from 2009 to 2017 under then-President Barack Obama.

In November 2020, Biden was elected president.

The following January, Biden took the oath of office at age 78, making him — at the time — the oldest US president to enter office. It's a record that was broken by his successor, Trump, in January 2025.

Biden served for one term. He assumed the presidency amid the COVID-19 pandemic, which had transformed societies across the globe in unprecedented ways.

During Biden's time in the Oval Office, Congress passed the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, two of his most consequential initiatives.

Biden launched a reelection bid but withdrew from the race over concerns for his viability as a candidate. Many Democrats raised concerns about his health.

Last August, then-Vice President Kamala Harris officially became the Democratic presidential nominee, but lost the November general election to Trump.

In a statement on Sunday, Harris praised Biden and sent words of encouragement to his family.

"Doug and I are saddened to learn of President Biden's prostate cancer diagnosis. We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time," she said. "Joe is a fighter — and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership."

• Scott Bessent said on Sunday that Donald Trump could raise tariff rates again for certain nations.
• "This means that they're not negotiating in good faith," Bessent told NBC's Kristen Welker.
• All eyes are on the Trump administration's trade talks, particularly with China.

Treasury Secretary Scott Bessent said Sunday during an NBC interview that President Donald Trump will raise tariff rates again for nations that don't negotiate trade deals with the United States in "good faith."

During an interview on "Meet the Press," Bessent pointed to the higher tariffs imposed on myriad countries after Trump's April "Liberation Day" speech as a consequence of any failed talks.

"I think that it would be the April 2nd level," Bessent replied when asked by host Kristen Welker about the tariff rates some nations may face by the administration.

"Some countries were at 10%, some were substantially higher," he said. "The negotiating leverage that President Trump is talking about here is if you don't want to negotiate, then it will spring back to the April 2nd level."

Bessent also addressed Trump's remarks on Friday, when the president said nations may receive a letter from the administration outlining their effective tariff rate if talks are being held without sincerity.

"This means that they're not negotiating in good faith," Bessent said. "They are going to get a letter saying, 'Here is the rate.' So I expect that everyone would come and negotiate in good faith."

After Trump's "Liberation Day" speech, which sent global markets reeling, the president issued a 90-day pause on the higher "reciprocal" tariff rates that he sought to impose on numerous nations. Instead, most countries have been subject to a baseline 10% tariff rate while they conduct their respective trade discussions with the US.

A notable exception has been China. The US in April raised tariff rates on Chinese goods to a high of 145%. Last week, the US temporarily cut the tariff rate on Chinese goods to 30% as the two countries continue to engage in high-level trade talks. China also lowered its levies on US goods from 125% to 10%.

Earlier in May, the Trump administration announced a trade framework with the UK, with the US rescinding tariffs on British steel and automobiles and US farmers gaining increased market access in the UK.

• GOP Rep. Nick LaLota wants to see top earners pay a higher tax rate.
• LaLota said Saturday that the idea would help push Trump's "big beautiful bill" forward.
• The GOP-led tax and immigration package — if it passes — could define Trump's second term.

A GOP congressman said on Saturday that raising the top tax rate for high earners could help President Donald Trump's massive tax and immigration package get the votes it needs.

"The One Big Beautiful Bill has stalled — and it needs wind in its sails," Rep. Nick LaLota said on X. "Allowing the top tax rate to expire — returning from 37% to 39.6% for individuals earning over $609,350 and married couples earning over $731,200 — breathes $300 billion of new life into the effort."

LaLota said that his proposal would be fiscally prudent and could be done "without raising taxes on the middle class." The New York congressman has suggested that the money generated from raising taxes on high earners could protect Medicaid and "fix" the cap on the so-called SALT deduction.

A SALT deduction allows taxpayers to deduct their state and local tax payments. Since 2018, however, there's been a $10,000 limit on those deductions. LaLota is among several New York Republicans who are seeking a higher limit so taxpayers can deduct more.

The GOP-led bill proposes raising the cap to $30,000 for taxpayers who earn $400,000 or less. LaLota wants to see the SALT cap set at $62,000 for single filers and $124,000 for joint filers.

Hardline conservatives on Capitol Hill, meanwhile, believe the tax bill should include more spending reductions, arguing that it doesn't go far enough in cutting into the nation's budget deficit.

On Friday, five Republicans on the House Budget Committee joined Democrats to tank a procedural vote that would have advanced the "one big beautiful bill."

House GOP leaders are working through the weekend to put together a deal that could pass in a Sunday night committee vote. They're still aiming to pass the bill on the House floor by Memorial Day, but the failed vote was a big setback for both Trump and House Speaker Mike Johnson.

On Friday, Trump urged GOP unity on the bill in a post on TruthSocial.

"Republicans MUST UNITE behind, 'THE ONE, BIG BEAUTIFUL BILL!'" he said. "We don't need 'GRANDSTANDERS' in the Republican Party. STOP TALKING, AND GET IT DONE!"

Conservatives have long advocated for tax cuts for higher earners. However, in recent weeks, Trump has seemingly opened the door to raising taxes on rich Americans to help fund the tax bill, a significant development for a GOP president.

Earlier in May, Trump said on Truth Social that he'd "graciously accept" a small increase on the top tax rate for millionaires but conceded it would present risks for his party.

"Republicans should probably not do it, but I'm OK if they do!!!" he said.

• Walmart said last week it might have to raise prices because of Trump's tariffs.
• Trump was not happy about it.
• The president said Walmart made "billions of dollars" in 2024 and should "eat the tariffs."

President Donald Trump said on Saturday that Walmart should "eat the tariffs" after the retail giant suggested it might have to raise prices amid the upheaval brought on by the president's trade policies.

"Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected," Trump said on his Truth Social platform.

"Between Walmart and China they should, as is said, 'EAT THE TARIFFS,' and not charge valued customers ANYTHING. I'll be watching, and so will your customers!!!" he added.

Trump's response came after Walmart CEO Doug McMillon said during an earnings call on Thursday that "higher tariffs will result in higher prices" even with the administration temporarily lowering the tariff rates for myriad countries over the past several weeks.

Also during the earnings call, Walmart CFO John David Rainey said that higher prices were likely in store for the company's customers in the coming weeks.

"There are certain items, certain categories of merchandise, that we're dependent upon to import from other countries, and prices of those things are likely going to go up, and that's not good for consumers," Rainey said.

In the first quarter of 2025, Walmart reported revenues of $165.6 billion, and its e-commerce sales rose by 21%.

Roughly one-third of the items that Walmart sells in the US come from other countries, particularly Canada, China, India, Mexico, and Vietnam.

Last month, Trump hiked tariffs on most Chinese goods to 145%, but earlier this week the rate was temporarily cut to a baseline of 30% as part of a 90-day pause on the higher tariffs. Trump has indicated that the tariffs might become "substantially higher" if the two countries don't forge a trade agreement.

A spokesperson for Walmart told Business Insider in a statement on Saturday that the company has always sought to keep prices low and "won't stop."

"We'll keep prices as low as we can for as long as we can given the reality of small retail margins," the spokesperson said.

• President Trump continues to defend a plan for the US to receive a plane from Qatar.
• Many politicians in Washington have raised ethical and national security concerns over the issue.
• The issue of emoluments, which arose during Trump's first term, is now front and center again.

President Donald Trump seems to be obsessed with Qatar's offer of a $400 million plane and the subsequent blowback.

Since it was first reported on Sunday that the Qatari royal family is considering gifting the Trump administration a Boeing 747-8 jumbo jet, both Democrats and MAGA loyalists alike have criticized the proposed gift as ethically suspect, legally questionable, and a potential security risk.

But Trump keeps defending the proposed gift in numerous posts on Truth Social and in a Tuesday night conversation with Fox News' Sean Hannity.

"There are those that say we shouldn't be accepting gifts in the Defense Department, and I would say only a stupid person would say that. Why wouldn't we do that?" Trump told Hannity aboard Air Force One on Tuesday during his trip to the Middle East, where he's visiting Saudi Arabia, Qatar, and the United Arab Emirates.

If the deal goes through, Trump has said the aircraft would be temporarily used as Air Force One during his remaining time in office before being donated to his presidential library. Though the exact value of the specific jet in question — which is 13 years old, ABC News reported — isn't clear, a new 747-8 jumbo jet fetches a whopping $400 million.

"The Boeing 747 is being given to the United States Air Force/Department of Defense, NOT TO ME! It is a gift from a Nation, Qatar, that we have successfully defended for many years," Trump wrote on Truth Social on Tuesday. He continued, "Why should our military, and therefore our taxpayers, be forced to pay hundreds of millions of Dollars when they can get it for FREE from a country that wants to reward us for a job well done. This big savings will be spent, instead, to MAKE AMERICA GREAT AGAIN! Only a FOOL would not accept this gift on behalf of our Country."

Trump also re-shared multiple posts from supporters commenting on the plane late Tuesday (or very early Wednesday morning for Trump, with one post coming at 4:05 a.m. local time), including one in which a Truth user compared the plane to the 1886 gift of the Statue of Liberty from France and the 1880 gift of the Resolute Desk from Queen Victoria.

There are a few differences between those gifts and the Qatari plane.

For one, the Resolute Desk has remained in the White House to be used by future presidents, including Trump, and the Statue of Liberty is located on public land and managed by the National Park Service.

Under federal law, members of the executive branch must disclose gifts from foreign governments that are worth more than $480.

The Foreign Gifts and Decorations Act of 1966 governs the receipt of gifts taken in by federal officials, and its passage by Congress was aimed to avert conflicts of interest.

Presidents are permitted to retain gifts to be showcased at their future presidential library. However, if a president hopes to keep a gift for personal use, they must reimburse the fair market cost for the item.

The Air Force One plane used by Ronald Reagan and several other presidents is currently exhibited at Reagan's presidential library and museum in California, but that plane has been decommissioned and was never again used. It's not clear if the Qatar plane would be decommissioned before being gifted to Trump's presidential library, but Trump has said he would not use it after his time in office.

The proposal has reignited the longstanding debate over emoluments and the fight that many lawmakers have taken up over the years to ensure that presidents aren't profiting from their perch in the Oval Office.

In the US Constitution, there are emoluments enshrined into law that aim to shield the presidency from outside influences — which includes foreign governments.

Article I states that governments cannot accept gifts from any "King, Prince, or foreign State" in the absence of congressional approval. And in Article II, a president's compensation can't be raised or lowered during their time in the White House.

Qatar's media attaché to the US, Ali Al-Ansari, told BI in a statement that the transfer of the aircraft is "currently under consideration." The matter "remains under review by the respective legal departments, and no decision has been made," Al-Ansari said.

"Any gift given by a foreign government is always accepted in full compliance with all applicable laws. President Trump's Administration is committed to full transparency," White House press secretary Karoline Leavitt previously said in a statement to BI.

• House Republicans on Monday released a draft of the huge tax bill that Trump wants Congress to pass.
• Included in the draft is a pilot program for "MAGA accounts," essentially savings accounts for kids.
• Republican Sen. Ted Cruz of Texas has been a strong proponent of the idea.

The "big, beautiful bill" that aligns with President Donald Trump's broader economic agenda and was unveiled by House Republicans on Monday includes a so-called "MAGA" savings accounts for kids.

Within the bill's draft is the creation of "Money account for growth and advancement" accounts, or "MAGA accounts," laying out a pilot program to launch the accounts with $1,000 each.

GOP Sen. Ted Cruz of Texas recently talked about the plan with Semafor after he pushed the idea to his fellow Republicans as they attended a party retreat earlier this month.

"The case I made to my colleagues is: We should ask ourselves in this bill, what will be the legacy that people will remember and talk about 10 years from now, 20, 30, 40 years from now?" Cruz said at the time.

Unlike previous Democratic-led proposals, Cruz said his plan aims to encourage more Americans to invest in the stock market. He credited Brad Gerstner, CEO of the Altimeter Capital hedge fund, with helping create the idea.

"A 10-year-old can pull out an app on his phone and say, 'Hey, look, I own $50 worth of Apple, I own $75 worth of Boeing, I own $30 of McDonald's, I go to McDonald's, I'm an owner of McDonald's,'" Cruz told CNBC. "That changes a young person's attitude, I think when they are a stakeholder in our free market."

The high-profile conservative and onetime Republican presidential candidate also told Semafor that such accounts could "begin the journey of savings" for many Americans, with those individuals reaping the advantages of compound interest years later.

In the House bill, the item is listed as the "MAGA Accounts Contribution Pilot Program." The plan would give parents with a qualifying child a "one-time credit of $1,000" that'd be payable into the child's account.

To be eligible for the program, the child must be a US citizen "at birth," possess a Social Security number, and have a birthdate after December 31, 2024, and prior to January 1, 2029.

In the House bill's draft, the MAGA accounts are specified as being "exempt from taxation."

The program is reminiscent of the "baby bonds" proposal from Democratic Sen. Cory Booker of New Jersey, who pitched the idea of granting $1,000 to US babies in savings accounts in order to help create a financial foothold for them early in life. Booker advanced the idea as part of his 2020 presidential campaign.

Alongside Booker, Democratic Rep. Ayanna Pressley of Massachusetts was also a strong advocate of the "baby bonds" plan, which was pitched as a way to close the racial wealth gap.

Unlike Cruz's proposal, Booker's plan also had hard cutoffs for wealthier families.

• President Donald Trump is poised to accept a jet from Qatar to be used as Air Force One.
• ABC News reported that Attorney General Pam Bondi signed off on the potential deal.
• Trump is receiving pushback from some of his most fervent MAGA loyalists over the issue.

President Donald Trump may soon be receiving a luxury jet from Qatar, and even some of MAGA's most faithful are against it.

Multiple outlets on Sunday reported that the Qatari royal family is preparing to give the Trump administration a Boeing 747-8 jumbo jet, to be used as Air Force One in Trump's second term before being donated to his presidential library. Though the exact value of the specific jet in question — which is 13 years old, ABC News reported — isn't clear, a new 747-8 jumbo jet fetches a whopping $400 million.

Frequent Trump critics such as Sen. Chuck Schumer of New York and Sen. Bernie Sanders of Vermont have criticized the gift, but in a notable break, some of Trump's most ardent MAGA loyalists have also criticized the potential plane deal.

"I love President Trump. I would take a bullet for him," Laura Loomer, a conservative activist and longtime Trump ally, wrote on X on Sunday. "But, I have to call a spade a spade. We cannot accept a $400 million 'gift' from jihadists in suits."

"This is really going to be such a stain on the admin if this is true. I'm so disappointed," she added.

Trump all but confirmed the news in a Truth Social post on Sunday.

"So the fact that the Defense Department is getting a GIFT, FREE OF CHARGE, of a 747 aircraft to replace the 40 year old Air Force One, temporarily, in a very public and transparent transaction, so bothers the Crooked Democrats that they insist we pay, TOP DOLLAR, for the plane. Anybody can do that! The Dems are World Class Losers!!! MAGA," Trump wrote.

Meanwhile, Qatar's media attaché to the US, Ali Al-Ansari, told BI in a statement that the transfer of an aircraft for temporary use as Air Force One is "currently under consideration." The matter "remains under review by the respective legal departments, and no decision has been made," Al-Ansari said.

Some other Trump supporters echoed Loomer's concerns.

Mark Levin, a radio host and Trump backer, took to X to accuse Qatar of spreading "anti-American" propaganda.

"Their jet and all the other things they are buying in our country does not provide them with the cover they seek," he wrote on the social media platform.

He later wrote "Ditto" in response to Loomer's post.

Conservative political commentator Ben Shapiro also weighed in on the controversy during a Monday episode of his self-titled podcast.

"Taking sacks of goodies from people who support Hamas, Muslim Brotherhood, al-Jazeera, all the rest, that's not America first. Like, please define America first in a way that says you should take sacks of cash from the Qatari royals who are behind al-Jazeera," he said, adding, "If you want President Trump to succeed, this kind of skeezy stuff needs to stop."

There's been little pushback among GOP lawmakers — for now at least.

But Rep. Warren Davidson, a conservative Republican from Ohio, seemingly alluded to the situation on X without specifically naming Trump.

"I recall trying to rally support for a thorough investigation of the Clinton Foundation," he wrote. "It seemed odd that a Secretary of State / Senator / First Lady / Presidential candidate could collect hundreds of millions of dollars from foreign governments with no corruption. The appearance of corruption alone screams, 'Bad idea!'"

He continued: "My views have not changed. At a minimum, 'Bad idea!'"

And on Fox News, Republican Senator Rand Paul of Kentucky questioned the legality of the Trump administration accepting the Qatari plane, saying it's "not worth the appearance of impropriety."

Florida Republican Senator Rick Scott, a fervent Trump supporter, also voiced his concern about the safety of Trump flying on a plane from a country that has helped fund the Palestinian militant group Hamas.

The news of the plane came ahead of Trump's planned visit to Qatar, Saudi Arabia, and the United Arab Emirates this week.

Legal experts told Business Insider the reported gift raises both ethical and constitutional concerns.

"Outside of the legal context, it is fair to ask whether the acceptance of this gift could give rise to an apparent conflict of interest or corruption," Jessica Levinson, a law professor and the director of the Public Service Institute at Loyola Law School, told BI.

The gift could also be a potential violation of the Constitution's foreign emoluments clause, which prohibits government officials from accepting gifts or benefits from foreign parties without consent from Congress.

Trump again defended the move on Monday, telling reporters the jet wouldn't be a gift to him personally, but to the Department of Defense.

Attorney General Pam Bondi and White House counsel David Warrington determined that gifting the jet would be "legally permissible" if it is transferred to Trump's presidential library before the end of his second term, ABC News said.

In 2019, during Trump's first term, Bondi lobbied on behalf of the Qatari government.

The White House press secretary, Karoline Leavitt, said in a statement to BI: "Any gift given by a foreign government is always accepted in full compliance with all applicable laws. President Trump's Administration is committed to full transparency."

• President Donald Trump said he's in no rush to sign a trade deal.
• The 90-day pause on his "reciprocal tariffs" will run out on July 9.
• There's a new trade deal with the UK. The US is also in talks with China.

President Donald Trump is running out of time to make trade deals before the 90-day pause on his so-called "reciprocal tariffs" runs out.

Trump said this week that he's not in any rush.

"Everyone says, 'When, when, when are you going to sign deals?' We don't have to sign deals. We could sign 25 deals right now, Howard, if we wanted," Trump said in the Oval Office, motioning to Commerce Secretary Howard Lutnick as Canadian Prime Minister Mark Carney sat nearby.

"We don't have to sign deals. They have to sign deals with us," Trump said. "They want a piece of our market. We don't want a piece of their market, we don't care about their market."

Then, on Thursday, Trump announced a trade deal with the UK. "This is going to boost trade between and across our countries," British Prime Minister Keir Starmer said at the time. Treasury Secretary Scott Bessent, meanwhile, is in Switzerland for trade talks with China.

Wall Street continues to hang on every word.

After the UK trade deal was announced, JPMorgan Chase CEO Jamie Dimon told Fox 11 Los Angeles that Trump's tariff approach was initially "too aggressive" but highlighted the need to address unfair trade policies.

"These are deals in principle … a real trade deal would be 10 or 20,000 pages long," he said. "But any progress is good."

Here's what we know about where discussions stand for major US partners.

China

The US and China can't even agree on who initiated the discussions. But it is significant progress that the world's two largest economies are talking.

Bessent has said that a deal with China is more complex, so the Trump administration views it as separate from discussions with other nations.

Beijing has boasted that it can endure a protracted trade fight. And while Trump has said that discussions have taken place, Beijing denied it.

A breakthrough could be coming, however.

Bessent and US Trade Rep. Jamieson Greer traveled to Switzerland for face-to-face talks with He Lifeng, China's top economic official. Talks between the two countries began on Saturday.

In April, Trump imposed a 145% tariff on Chinese goods, escalating the trade dispute. However, on Friday, he said he believes 80% would be an appropriate levy.

The talks will occur in the same city as the World Trade Organization's headquarters. Trump has long complained about China's 2001 admission to the WTO.

Canada

Trump recently met with the newly elected Carney in the Oval Office.

The economist and onetime governor of the Bank of England told reporters that Canadian officials, himself, and Trump planned further trade discussions "in the coming weeks."

During a public portion of their Oval Office meeting, Trump and Carney both said that there needs to be changes made to the US-Mexico-Canada agreement, Trump's first-term rewrite of the North American Free Trade Agreement.

In the meantime, the United States continues to impose a 25% tariff on non-USMCA-compliant Canadian goods and a 10% tariff on energy imported from Canada. Additional US tariffs on automobiles, steel, and aluminum also apply to Canadian goods.

Canada retaliated by imposing a 25% tariff on US goods, including steel, aluminum, and agricultural goods.

United Kingdom

In the trade agreement forged between the UK and the US, Trump will reverse tariffs on British steel and automobiles

British steel and aluminum won't be subject to US-imposed 25% tariffs. And tariffs for UK cars imported into the United States will be cut from 27.5% to 10% for the first 100,000 vehicles.

US farmers will also get more access to UK markets.

The White House said the deal represents a "$5 billion opportunity for new exports for US farmers, ranchers, and producers."

Trump's 10% tariff — still in effect for most countries — will remain in place for the UK.

India

Vice President JD Vance said on May 1 that a US-India trade deal would "be among the first deals" the administration will reach.

"Pretty soon," Vance told Fox News anchor Bret Baier.

Vance traveled to India for four days in April and spent significant time with Indian Prime Minister Narendra Modi.

Trump announced a 27% tariff on Indian goods at the White House as part of his "Liberation Day" celebration. His 90-day pause on those tariffs ends on July 9.

As a large purchaser of Venezuelan oil, India could also face additional US tariffs.

Vietnam

Vietnam's top trade negotiator Nguyen Hong Dien on May 7 urged his country's businesses to be "proactive" in doing more business with the US.

Greer, according to a Bloomberg News report, told Dien during a March meeting in Washington that Vietnam needed to do more to lower the US trade deficit. The US deficit was $123.5 billion in 2024, an 18% increase from the previous year.

Trump imposed a 46% tariff on Vietnam as part of his "Liberation Day" announcement — it, too, is subject to the 90-day pause.

European Union

European Trade Commissioner Maros Sefcovic said on May 6 that the European Union will release more details about potential countermeasures should talks with Trump fail.

"Negotiations clearly come first but not at any cost," Sefcovic told reporters, per NBC News.

In April, Italian Prime Minister Giorgia Meloni became the first European leader to visit Washington after Trump roiled global markets with his "Liberation Day" tariffs. At the time, both she and Trump spoke positively of a potential deal.

Tesla CEO Elon Musk said in April that he hoped to see a "free trade zone" between the US and Europe.

Japan

Trump said on April 30 that he had "potential deals" with Japan, India, and South Korea.

Ryosei Akazawa, Japan's chief negotiator, told reporters a few days later that he and his US counterparts had "concrete discussions."

"There are still many issues that need to be addressed and resolved before a final agreement can be reached," Akazawa said.

Trump imposed a 24% tariff on Japanese goods before announcing his 90-day pause.

South Korea

South Korea sent representatives to the US early on, but it's unlikely to be one of the first countries to strike a deal.

That's because South Korea is holding snap elections on June 3. A senior government official previously told Reuters that no deal would come before the election.

• Six months later, the 2024 election has ended.
• Donald Trump defeated Kamala Harris in November, but one race has dragged on for months.
• Republican Jefferson Griffin just conceded in the hotly-contested North Carolina Supreme Court race.

Everyone knows that President Donald Trump defeated then-Vice President Kamala Harris at the ballot box in November. But technically, the 2024 election just ended on Wednesday, when the last remaining contest was finally decided.

In the hotly-contested North Carolina Supreme Court race between Republican Jefferson Griffin and Democratic incumbent Allison Riggs, Griffin conceded after US District Judge Richard Myers ruled against his electoral challenge.

Myers instructed North Carolina's election board to certify Riggs' victory in a race that she won by a razor-thin 734-vote margin out of more than 5.5 million ballots cast.

"While I do not fully agree with the District Court's analysis, I respect the court's holding — just as I have respected every judicial tribunal that has heard this case," Griffin said in a statement on Wednesday.

There were multiple recounts for the key judicial seat on a court where Republicans hold a 5-2 majority.

Griffin challenged the validity of roughly 65,000 votes, which was more than enough to affect the final outcome of the election in one of the most competitive swing states in the country.

The challenges stretched on for weeks — and then months — after the November election.

Democrats called foul on the GOP effort to overturn Riggs' victory, arguing that the party was seeking to disenfranchise voters, especially in Democratic-leaning areas. However, Griffin and state Republicans contended that many of the votes in question could potentially have been cast by ineligible voters.

Riggs, who was appointed to the state Supreme Court in 2023 by then-Democratic Gov. Roy Cooper, applauded the outcome while also criticizing the GOP's election challenge.

"After millions of dollars spent … thousands of volunteers mobilized, hundreds of legal documents filed, and immeasurable damage done to our democracy, I'm glad the will of the voters was finally heard, six months and two days after Election Day," she said in a statement.

"It's been my honor to lead this fight — even though it should never have happened," she added.

In a statement, Democratic National Committee chair Ken Martin also praised the result while lambasting the state GOP.

"For six months, Republicans waged an unprecedented attack on voters — including members of the military serving our country overseas — but the Riggs campaign and North Carolina Democrats never wavered," he said. "Make no mistake: This was a fundamental fight of right versus wrong."

Last November, Democrats performed strongly in North Carolina, easily winning the governor's race, flipping the lieutenant governor's office, and holding the attorney general's office despite Harris' statewide loss to Trump.

• The toy industry is poised to be hit hard by Trump's heightened levies on Chinese goods.
• China is the world's toymaking powerhouse, making its relationship with the US all the more crucial.
• Several experts told BI that the tariffs could have dire consequences for the US economy.

The upcoming holiday season could look drastically different for many American families as President Donald Trump's tariffs are on a path to radically alter the toy industry.

Trump's 145% levies on Chinese goods have wreaked havoc on supply chains after being imposed in April, with experts warning of surging prices and emptier shelves for an array of products in the coming weeks and months.

The US toy industry — which imports about 80% of its products from China, according to data from the Toy Association — will be one of the first areas to see a negative impact, supply chain experts and toy industry insiders predict.

"This is as close to a nuclear bomb as the toy industry has ever faced," Steve Velte, the president of Global Toy Experts, told Business Insider in an interview. "It doesn't compare to any toy shortages in the past or recessions."

Trump thinks US children can cut back on toys

Trump has repeatedly downplayed the effects his tariffs might have on the cost and availability of toys for US consumers.

"Maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls would cost a couple of bucks more than they would normally," he told reporters during a Cabinet meeting in April.

Trump repeated the refrain in early May, telling reporters on Air Force One that young girls in the US don't need dozens of dolls.

"She could be very happy with two or three or four or five," he said.

Bob Ferrari, a supply chain executive and managing director of the Ferrari Consulting and Research Group, previously told Business Insider that low-margin products — including toys — that companies don't make a huge profit from could see price increases and low inventory before other products.

The political fallout for Trump

There's a reason US politicians generally don't talk about Americans, especially children, making do with less.

Compared to President Franklin D. Roosevelt calling on the American public to make sacrifices during World War II, Trump's call for girls to sacrifice their dolls is "strikingly ill-informed," David Frank, a professor emeritus of rhetoric and political communication at University of Oregon, told BI.

Frank noted that The Budget Lab at Yale University estimates that Trump's tariffs will reduce the after-tax income of low-income households by 4%.

"These are not households with 37 dolls and 250 pencils," he said.

This sort of rhetoric of making do with less could hurt the president's standing with some of his supporters, Ethan Porter, an assistant professor of media and public affairs at George Washington University, told BI.

"Trump is trying to persuade people to accept less, but at the end of the day, people are going to feel deprived, and Americans don't like to feel deprived," he said. "He's sabotaged his own greatest strength, which is his understanding of the American consumer."

Empty shelves and a bleak Christmas

Unless Trump reverses the tariffs on Chinese goods — and soon — the levies will have a big impact on American consumers, who will start to see higher prices and a smaller inventory of toys, both online and on the shelves, Velte told BI.

"There'll be a shortage of product, number one, because some products just won't come in," he said. "There'll be some products that do come in but will be delayed, and then some products you just won't be able to afford."

And for the companies that stocked extra inventory ahead of the tariffs, those products will sell out quickly, resulting in longer lines and emptier shelves, Velte noted.

"It's going to be a very sad Christmas," he said.

Lynn Rosenblum, a consumer products expert, echoed Velte's concern about empty toy shelves ahead of the holiday season.

"Usually in the toy industry, an empty shelf means that you've sold out, and that's actually a good thing," Rosenblum said. "But I just think that there might be less choices, at least for the short term and maybe the long term."

In May, toy behemoth Mattel said it might have to raise its prices in the US to offset the impact of Trump's tariff policies.

"Given the volatile macroeconomic environment and evolving US tariff situation, it is difficult to predict consumer spending and Mattel's US sales in the remainder of the year and holiday season," the company's most recent earnings report read.

Ocean freight bookings of containers shipping from China to the US are down significantly, nosediving 42.7% for the week of April 28 — the sharpest weekly drop so far this year, according to data from the digital logistics company Vizion.

Rebuilding toy manufacturing in the US could take years

Even with massive tariffs on Chinese goods, it's unlikely industries like toy manufacturing will be able to quickly scale up in the US.

"All the mold-making for plastic products, for example, is something that is highly specialized," Jason Miller, a professor of supply chain management at Michigan State University, told BI. "The ecosystem for toy production — not just for the US, but really for the world — is in China. That ecosystem isn't something that can up and move quickly."

Scott Steinberg, a toy expert and the creator of The Modern Parent's Guide book series, echoed those concerns. "To get the kind of manufacturing capabilities to make toys in the US that the administration is hoping for — that's more like a five-to-seven year process of investments," he said.

On Tuesday, Mattel CEO Ynon Kreiz said manufacturing for the company wasn't returning stateside anytime soon. "We don't see that happening," Kreiz said on CNBC's Squawk Box.

The consequences of tariffs for the industry could be "devastating," Rosenblum said.

"Everybody thinks of the big toy companies when they think of the industry, but a very large percentage of the industry are entrepreneurs, small toy companies, midsize toy companies, and just like a lot of other businesses, folks that can't keep their doors open, can't keep their employees paid," she said.

• Trump said he'd offer TikTok another extension if it can't find a buyer by June.
• A law requires TikTok to divest from ByteDance, its Chinese owner, or face a ban in the US.
• Trump told NBC's "Meet the Press" on Sunday that he had a "warm spot" for TikTok.

President Donald Trump said Sunday he'd offer TikTok another extension should the social media app fail to find a buyer by the June 19 deadline.

During an appearance on NBC's "Meet the Press," Trump told host Kristen Welker that he had a "warm spot in his heart" for TikTok and that he'd like to see the popular app remain available in the United States.

"TikTok is — it's very interesting, but it will be protected," he said in a pre-taped interview conducted at his Mar-a-Lago club on Friday.

It's the latest development in the ongoing saga involving TikTok in the United States.

In 2020, Trump unsuccessfully sought to ban TikTok in the United States because he believed its Chinese owner, ByteDance, posed security concerns. He also once suggested it was a form of punishment for what he saw as China's role in the COVID-19 outbreak.

Former President Joe Biden later picked up the baton, signing a law last year that requires TikTok to divest from ByteDance or face a ban from US app stores.

The US Supreme Court upheld the law in January. TikTok then briefly shut down its app to US users before Trump promised to find a solution.

Trump began to change his tune on TikTok during his 2024 campaign, during which he said young people in the United States would "go crazy without" it. Many observers have credited TikTok's reach in helping Trump connect with a wide swath of voters, especially among young Americans who dominate the app's user base.

After Trump took office, he signed a 75-day extension for TikTok to find a buyer, which expired on April 5. On April 4, Trump announced he would issue another 75-day extension.

A number of wealthy Americans have publicly expressed interest in purchasing TikTok, including "Shark Tank" mogul Kevin O'Leary and YouTube power creator MrBeast.

• Warren Buffett said on Saturday that cutting government spending was a tough but necessary task.
• Buffett made the remarks during Berkshire Hathaway's annual shareholder event in Omaha, Nebraska.
• During the event, Buffett announced that he planned to step down as CEO at the end of this year.

Warren Buffett said Saturday during Berkshire Hathaway's annual shareholder meeting that the United States has an "unsustainable" level of debt, but didn't envy those who were tackling the issue.

The longtime CEO offered a blunt assessment on the state of the country's finances as cost-cutting efforts by the White House DOGE Office have dominated President Donald Trump's second term thus far.

"I think the problem of how you control revenue and expenses in the government is one that is never fully solved. And I don't think we're immune from it," Buffett said.

"We're operating at a fiscal deficit now that is unsustainable over a very long period of time," he continued. "It has the aspect to it that gets uncontrollable at a certain point. [Former Federal Reserve chair] Paul Volcker kept that from happening ... we've come close multiple times."

When Buffett was asked about DOGE, he didn't delve into the politics of the initiative. However, he said it would be a difficult but necessary job to cut the deficit.

"I think that bureaucracy is dangerously contagious, and it really doesn't have any checks on it," he said. "I wouldn't want the job of trying to correct what's going on in revenue and expenditures of the United States with roughly a 7% gap, when probably a 3% gap is sustainable."

"I think it's a job I don't want, but it's a job I think should be done, and Congress does not seem good at doing it," he added, with the audience in Omaha, Nebraska, clapping after this point was made.

Business Insider's Theron Mohamed reported live from the event. In the closing moments of his speech, Buffett shocked the world by announcing that he planned to step down as CEO of Berkshire Hathaway at the end of this year. Buffett said he'd recommend to the board of directors that Greg Abel, now a vice chair at Berkshire Hathaway, succeed him as chief executive.

In May 2024, Buffett warned of the perils of the deficit, arguing that it's "what we should be focused on," while also praising Federal Reserve chair Jerome Powell.

"Jay Powell is not only a great human being, he's a very, very wise man, but he doesn't control fiscal policy," Buffett said at the time.

In recent weeks, Trump has ramped up his feud with Powell, arguing that the chair needed to lower interest rates.

• Warren Buffett announced he is stepping down as Berkshire Hathaway's CEO at the end of the year.
• He has recommended that Greg Abel, a vice chair at the company, succeed him.
• Tributes have been pouring in from business leaders such as Bill Gates, Mark Cuban, and Tim Cook.

Warren Buffett said he would step down as Berkshire Hathaway's CEO after 55 years, eliciting tributes from investors and business leaders.

Buffett, 94, made the announcement on Saturday during the company's annual shareholder meeting in Omaha, Nebraska. The crowd gave Buffett two standing ovations, acknowledging his career as the longest-serving chief executive of an S&P 500 company.

He said he intended to step down at the end of 2025 and recommended to the board of directors that Greg Abel, now a vice chair at the company, take over as CEO.

Buffett has remained an enduring force as an investor and businessman since purchasing Berkshire Hathaway in 1965, then a New England textile mill, and transforming it into a $1 trillion conglomerate that spans multiple industries.

Following Buffett's announcement, business leaders from across the globe shared tributes.

Bill Gates

In a statement to Business Insider, Microsoft cofounder Bill Gates called Buffett "one of the greatest CEOs ever" and "hands-down the most successful investor of all time."

Buffett and Gates have been friends for 30 years, meeting in the 1990s. They have worked together on philanthropic efforts for decades, though their friendship has cooled in recent years.

"He has built an extraordinary company in Berkshire Hathaway, and he's done it with wisdom, integrity, and a phenomenal sense of humor. But Warren hasn't been satisfied with setting an example as a businessman. When he decided to give his wealth back to society, he set an example as a philanthropist, too. His legacy will inspire generations to come," Gates said.

Tim Cook

The Apple CEO praised Buffett in an X post on Saturday.

"There's never been someone like Warren," Cook wrote. "It's been one of the great privileges of my life to know him. And there's no question that Warren is leaving Berkshire in great hands with Greg."

Jamie Dimon

Dimon, the chief executive of JPMorgan Chase and a fixture of Wall Street, praised Buffett in a message after the investor's big announcement.

"Warren Buffett represents everything that is good about American capitalism and America itself — investing in the growth of our nation and its businesses with integrity, optimism, and common sense," he said, per Reuters. "I've learned so much from him to this very day, and I am honored to call him a friend."

Brian Moynihan

Bank of America Chair and CEO Brian Moynihan told Business Insider that Buffett "has achieved unparalleled success over a seven-decade-plus career."

Bank of America was one of Berkshire Hathaway's largest holdings before it began to sell shares last year.

"Beyond his business success, his unprecedented philanthropic giving continues to be an example to follow," Moynihan told BI over email. "His life lessons delivered to young and old are as valuable as his business acumen. I have personally learned so much from him and look forward to continuing to benefit from his insights. He has been a tremendous supporter and investor in Bank of America and our nation's economy and the innovative spirit of the United States."

Bill Ackman

Bill Ackman, the billionaire CEO of Pershing Square Capital Management, said on Monday he "wouldn't bet against Berkshire."

"I think they will be a little bit more aggressive about buying back stock. I don't see Berkshire waking up in six months and Berkshire announcing $100 billion acquisition," Ackman told CNBC's "Squawk Box."

The billionaire hedge fund manager said that Buffett's replacement, Greg Abel, "is a superb operator" who nonetheless may be cautious early on.

"I think the new CEO will be and the new board, not the new board, the current new CEO and the current board will be a little bit more careful on the first deals because if Berkshire's first deal turns out not to be a good one, you know, I think that the market will kind of frown upon that," Ackman said. "But I think the business will do very well."

Bill Gross

Billionaire investor and PIMCO cofounder Bill Gross told Business Insider via email that Buffett's vision set him apart from other investors.

"His vision was not limited to an optimistic vision of the future," Gross told BI. "Through his insurance holdings that by their structure allowed for the investment of premiums at a near zero cost into higher returning assets such as Coke, AMEX and Apple and in so doing he created a spread which over time led to billions and the recognition not just as a stock picker but as a financial structural wizard."

Gross also congratulated Buffett and recalled on X the first time his firm gave Berkshire one of its first loans in the mid '70s.

"I knew nothing about insurance and candy stores but was sold by his long-term vision of the economy and markets," Gross wrote. "Congratulations my friend — not just on the numbers — but on the philanthropy and the years. Having a cherry Coke with you was a highlight of my career."

Mark Cuban

Cuban told Business Insider in an email that Buffett was his "investing hero" and shared a photo of him with the investing legend at a Dairy Queen in Omaha.

"We used to go to DQ in Omaha," Cuban wrote. "It was the highlight of my year."

Following the announcement, Cuban also reposted on X a video showing Buffett receiving a standing ovation during the annual Berkshire Hathaway meeting.

Spencer Hakimian

Hakimian, the founder of Tolou Capital Management, shared a video on X of Buffett receiving a standing ovation from the crowd at Berkshire Hathaway's annual meeting.

"Curtain call for the captain," Hakimian wrote.

Ron Olson

Olson, a Berkshire Hathaway board member, told CNBC that Buffett has "lived a life full of surprises. Very few of his decisions have been anything but sensational. I am very anxious to see Warren become the Charlie Munger for Greg Abel."

Olson also believed Abel "is ready" for the role.

"I have no doubt about that. We've known it for a long time," Olson told the outlet.

French Hill

The Arkansas GOP congressman and former businessman told CNBC that Buffett, Abel, and Berkshire Hathaway's board "have done a magnificent job over the last decade preparing shareholders for today."

Hill added that he's admired Buffett since his college days.

"When I got out of government in 1993 and went back to the private sector in investment management, it was Warren Buffett who was my role model — a man I've never personally met, but I've admired all these years," Hill told the outlet.

Stephen Squeri

The chairman and CEO of American Express told Business Insider via email that Buffett "has had one of the most storied careers in the history of American business."

Squeri added that Buffett's "vision and deep sense of responsibility to shareholders is unmatched, and his humility and humor are rare qualities in a leader that have made working with Warren a delight."

He added that American Express, in which Berkshire Hathaway holds a minority stake, looks forward to "continuing to work with Greg as he builds upon Warren's legacy."

Seth Klarman

The CEO of the Baupost Group hedge fund told BI over email that Buffett ran an "investment marathon" for decades and excelled in all conditions.

"But he is more than an investor — he is a visionary business leader, teacher, role model, and philanthropist. I've always seen him as a mentor, and I suspect he'll keep contributing in all of these spheres far into the future. There will be no other like him!"

Howard Marks

The co-chairman of Oaktree Capital Management told BI in an email that it is "impossible" for anyone to measure up to Buffett.

"He is the single most influential investor of all time — the Isaac Newton of investing," Marks said.

"He says when he started in the early 1950s, he was able to buy dollars for 50 cents — and he makes it sound easy," Marks added. "But the thing is, even if the opportunities were there, nobody else did it. There weren't multiple Warren Buffetts."

Jim Cramer

Jim Cramer, the host of the CNBC show "Mad Money," called Buffett "our only G.O.A.T." in an X post on Sunday.

"In awe of Buffett and congratulate him on the greatest run of all time," Cramer wrote.

• President Trump on Wednesday defended his administration's trade stance regarding China.
• Trump during a Cabinet meeting said US children might have to contend with fewer dolls from China.
• "They made a trillion dollars … selling us stuff … much of it we don't need," he said of China.

President Donald Trump on Wednesday defended his tariff approach with China by saying American children might end up with fewer toys — and the toys they do end up with might cost more.

During a Cabinet meeting at the White House, Trump was asked if he had spoken with Chinese President Xi Jinping, and the commander-in-chief contended that China's factories "aren't doing business."

"They made a trillion dollars with [former President Joe] Biden … selling us stuff … much of it we don't need," Trump said. "Somebody said, 'Oh the shelves are going to be open.' Well, maybe the children will have two dolls instead of 30 dolls."

"Maybe the two dolls will cost a couple bucks more than they would normally," he added.

In recent weeks, there have been growing fears that a prolonged US-China trade war will cause major supply chain issues, as Trump earlier this month slapped 145% tariffs on Chinese goods.

China responded by upping the tariff rate on US goods to 125%, but on Wednesday, Reuters reported that the Chinese government has quietly exempted some products from the sky-high tariffs. The exact details of the exempted products are not yet clear.

Many economists have been critical of the Trump administration's trade plan, questioning the approach that the president has taken with most countries — as well as the more hardline stance that it has taken with China.

Last Thursday, China said it had not yet engaged with the US in trade talks.

"China's position is consistent, and we are open to consultations and dialogues, but any form of consultations and negotiations must be conducted on the basis of mutual respect and in an equal manner," Commerce Ministry spokesman He Yadong said at the time.

Treasury Secretary Scott Bessent told ABC News on Sunday that he felt there was a "path" to resolve the trade clash with China.

"The first path will be a de-escalation, which I think the Chinese are going to have to have," he said. "A trade deal can take months, but an agreement in principle and the good behavior and staying within the parameters of the deal by our trading partners can keep the tariffs from ratcheting back to the maximum level."

A White House spokesperson didn't immediately respond to a request for comment.

• President Donald Trump is blaming former President Joe Biden for any downturn in the markets.
• "This is Biden's Stock Market, not Trump's. I didn't take over until January 20th," he said on Truth Social.
• In recent weeks, Trump has sought to reassure the public over the fallout from his tariff strategy.

President Donald Trump on Wednesday blamed former President Joe Biden for the poor performance of the stock market during the first 100 days of his second term.

In a morning post on his Truth Social platform, Trump defended his economic policies while urging Americans to "be patient," amid news that the US economy also contracted in the first quarter of the year.

"This is Biden's Stock Market, not Trump's. I didn't take over until January 20th," he wrote. "Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden 'Overhang.'"

"This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other," he added.

In January 2024, when Biden was still in office, Trump said investors saw him as the likely winner of that year's presidential election and dubbed that market the "Trump stock market."

Trump's current tariff plan, which has continued to evolve ever since his April 2 "Liberation Day" speech, led to fluctuations in the stock and bond markets throughout the month.

Trump on Tuesday celebrated the first 100 days of his presidency, touting his work on issues such as immigration and the overhaul of the federal bureaucracy.

But the US economy shrank by 0.3% in the first quarter, weighed down by tariff fears and sparking concerns about a recession.

The Dow Jones Industrial Average has slipped nearly 7% since Trump took office in January, the worst performance at the onset of a presidency since Richard Nixon's abbreviated second term in 1973, according to Dow Jones Market Data. Through April 28, the S&P 500 has declined nearly 8% since Trump took office for his second stint in the White House.

• Karoline Leavitt laughed off any notion that President Trump is aiming for a third term.
• "Trump trolling," she said during remarks to new media members in Washington.
• The Constitution bars Trump from seeking a third term. But some of his allies are still pushing it.

White House press secretary Karoline Leavitt on Tuesday laughed off any notion that President Donald Trump would seek a third term in office, though she used the opportunity to note the popularity of the "Trump 2028" hats being sold on the Trump Organization's website.

When Leavitt was asked at the White House about the chance that Trump may push for another term in office, she smiled.

"Trump trolling," she said. "Although the hats are flying off the shelves."

On the Trump organization's site, red hats donning "Trump 2028" are being sold for $50 apiece. There's a note on the webpage which reads: "Due to high demand, please allow 10-14 business days to process prior to shipping."

Some of Trump's closest allies have floated a third term for the GOP commander-in-chief, despite the Constitution forbidding it.

Leavitt on Monday seemingly toyed with the idea of a Trump seeking another term while speaking during a "new media" briefing.

"We've seen the president put forth common sense executive orders and take really common sense executive action that we would love Congress to take further action on … so you don't have another president come in here in eight years and undo some of the executive work that the president has worked so hard on," she said.

Trump has signed a flurry of executive orders since taking office, reshaping the federal government in a distinctly conservative direction on everything from civil rights to energy regulation.

The White House did not immediately respond to a request for comment from Business Insider.

• President Trump created DOGE to identify inefficiencies and pare down the size of government.
• A new Washington Post-ABC News-Ipsos poll showed that most Americans don't see reductions in waste or fraud.
• The development comes as Elon Musk recently said he'd be stepping back from DOGE to focus on Tesla.

President Donald Trump's second term has been dominated by his attempts to pare down the size of government, with the White House DOGE office taking the lead in his efforts to root out inefficiencies within federal agencies.

New polling shows that most Americans don't think government waste has declined since January.

In the most recent Washington Post-ABC News-Ipsos survey, conducted from April 18 through April 22, 43% of US adults said government waste had decreased since January. But when combined, a majority of respondents said waste had either increased (25%) or remained the same (31%) since Trump's return to the Oval Office.

Regarding government fraud, only 32% of respondents said it had lessened since January, while 34% felt that fraud had gone up and 34% said fraud had largely been unchanged.

Tesla CEO Elon Musk has been the de facto face of the "Department of Government Efficiency" — as it is largely known to the public — since the beginning of the year.

In recent months, though, DOGE-initiated terminations of federal employees and the group's attempts to gain access to sensitive files on taxpayers have raised alarms among many voters, with Trump seeing his job approval rating slide to 39% in the Washington Post-ABC-Ipsos poll as his 100-day mark approaches on April 30.

Musk recently said DOGE hoped to secure $150 billion in savings for the current fiscal year, a figure far below the rosier $2 trillion estimate that he previously hoped to cut from the federal budget.

The tech titan has himself become a much more polarizing figure since the onset of Trump's second term.

In the Washington Post-ABC-Ipsos survey, Musk had a 57% disapproval rating among US adults regarding his work with the administration, with 35% of respondents approving of how he's handled his role. It's a slide from February, when 34% of adults approved of Musk's performance and 49% of respondents expressed disapproval.

Since the onset of Trump's second term, Musk has defended DOGE's cuts across agencies and departments, and he's taken a leading role in targeting the US Agency for International Development (USAID) and the Consumer Financial Protection Bureau, which have been dramatically scaled down by the White House DOGE office.

In recent weeks, Musk has faced increasingly vocal protests over his work with DOGE, and he announced earlier in April that he'd be stepping back from his role in Washington in the coming weeks to turn his attention back to Tesla, which saw a significant first-quarter sales dip compared to last year.

The White House and DOGE did not immediately respond to requests for comment by Business Insider.

• Americans elected Trump to bolster the economy. But, so far, they're unimpressed.
• An array of new polls shows Trump in negative territory regarding his handling of the economy.
• Trump's trade policies have injected uncertainty into the economy and raised fears of a recession.

Last year, President Donald Trump rode a wave of voter angst over the economy to sweep the swing states and win a second term in the White House.

However, almost 100 days into Trump's second term, voters appear unimpressed, expressing dissatisfaction with the president's handling of inflation and tariffs.

In the latest Washington Post-Ipsos survey, conducted from April 18 through April 22, Trump had a 39% approval rating on the economy, with 61% of adults disapproving of the president's performance on the key issue. The survey found that 53% of adults feel that the economy has gotten worse since Trump took office for a second time, while 21% of respondents said it has improved.

Trump was also in negative territory regarding his handling of tariffs, with 64% of adults disapproving. When asked about the recent volatility in the stock market, adults by a more than 2-to-1 margin (67% to 31%) disapproved of Trump's handling of the issue.

In a recent CBS News/YouGov poll, conducted from April 23 through April 25, some 58% disapproved of his handling of the economy.

On inflation, an issue Trump relentlessly attacked former President Joe Biden on during the campaign, voters were even more sour on the president. About 62% of adults disapproved of his handling of the issue, while 53% said the economy was worsening. Just 28% of respondents said it was getting better.

In the latest New York Times/Siena College survey, which was also conducted in late April, 50% of registered voters said Trump has made the economy worse, while 21% of respondents said he's made it better. Some 27% of registered voters said the economy is roughly the same as it was before Trump's return to the Oval Office.

Overall, the Times/Siena College survey showed Trump's job approval rating at 42%, with 54% of registered voters disapproving of his job performance thus far.

Democrats have led the charge against Trump's trade approach, arguing that he has too much authority in setting tariff rates without congressional approval. Trump has also received some notable GOP pushback on tariffs, too. Seven senators have sided with Democrats on legislation to address the issue.

Trump has injected uncertainty into the economy with his on-again, off-again trade policy. The president levied sweeping tariffs on countries worldwide earlier this month, only to issue a 90-day pause on many of them a few days later. Trump's 10% baseline tariff, however, remains in effect for most countries, as do his steep tariffs on Chinese goods, which have sparked a trade war with China.

Supply chain researchers and logistics specialists who recently spoke with Business Insider said Americans might see higher prices and shelves with fewer available products if Trump continues to forge ahead with his confrontational trade approach.

• Bessent defended Trump's trade policies during an ABC News interview on Sunday.
• "In game theory, it's called 'strategic uncertainty,'" Bessent said of Trump's tariff strategy.
• Bessent also said he believed there was a "path" to negotiations with China.

US Treasury Secretary Scott Bessent says President Donald Trump is using "strategic uncertainty" in trade negotiations with world leaders.

During an ABC News interview with "This Week" co-anchor Martha Raddatz on Sunday, Bessent firmly defended Trump's approach to tariffs despite sagging voter sentiment over his handling of the economy.

"In game theory, it's called 'strategic uncertainty,'" Bessent said of Trump's back-and-forth tariff strategy. "So you're not going to tell the person on the other side of the negotiation where you're going to end up. Nobody's better at creating this leverage than President Trump."

"He's shown these high tariffs — and here's the stick," he continued. "And the carrot is 'Come to us, take off your tariffs, take off your non-tariff trade barriers, stop manipulating your currency, stop subsidizing labor and capital, and then we can talk.'"

In early April, Trump made waves around the globe when he announced a series of steep tariffs on dozens of countries, many of which had been reliable US trading partners for decades.

However, just days after his announcement, Trump paused the highest tariffs for 90 days, retaining a 10% baseline rate for most countries.

Trump's motivation for announcing the array of levies is to attack the trade deficit and reorient what he's long argued are tariff policies that have placed the United States — and especially its manufacturing sector — at a major disadvantage in the global market.

Trump's trade policy has caused friction in its longstanding alliances with Canada and Mexico and ripped apart any relationship it had with China. Trump's actions this month have also contributed to volatility in the stock and bond markets. Many economists have critiqued the administration's trade strategy, questioning Trump's dramatic and unpredictable approach.

Trump has implemented a 145% tariff rate on Chinese goods, causing Beijing to respond by placing 125% tariffs on US goods — a severe economic escalation between the two global superpowers.

Still, Bessent on Sunday said he believes there's a "path" to resolve the trade dispute with China.

"The first path will be a de-escalation, which I think the Chinese are going to have to have," he said.

"A trade deal can take months, but an agreement in principle and the good behavior and staying within the parameters of the deal by our trading partners can keep the tariffs from ratcheting back to the maximum level."