Every voter in our latest Engagious/Sago swing-voter focus groups said both President Trump and former President Biden went too far with their presidential pardons — and that future presidents should be reined in.

Why it matters: Trump's pardons of roughly 1,500 defendants charged in connection with the Jan. 6, 2021, attack on the U.S. Capitol, and commutations of 14 defendants' sentences, is testing the faith of voters who took a chance on him to offset the pain of inflation or better secure the border.

• Biden's pardons, meanwhile, further diminished his legacy with some former supporters.

The pardons backlash was a top takeaway from our first swing-voter focus groups on governance in the Trump 2.0 era.

• 10 of the 12 Georgia voters who participated in the sessions opposed all of Trump's pardons. Two opposed just his pardons of defendants who committed violent crimes.
• All 12 said they would support a theoretical constitutional amendment to curb presidential pardon power.

How it works: The two online sessions conducted Jan. 21 included women and men from Georgia who backed Trump in November after voting for Biden in 2020. Panelists included seven independents, four Republicans and one Democrat.

• While a focus group is not a statistically significant sample like a poll, the responses show how some voters are thinking and talking about current events.

What they're saying: "If you did the crime, you need to do the time," said respondent Chris F., 40.

• "I think it's setting a bad example that people can do all this criminal activity and get away with it," said Leah A., 41.
• "Forgiving the one who committed such a crime because they supported you back then is not a right choice," said Nive P., 39.

The swing voters also disapproved of Biden's decision to pardon members of his family on Monday in the final moments of his presidency. One questioned why a president should have that power when other citizens don't. Another said Trump couldn't be expected to resist his pardon flex given Biden's actions.

• Biden "hasn't really done much for the American people," Gretchen S., 49, said, adding, "Then just, well, 'Let me take care of my family and my friends on the way out because there's nothing else for me here.'"
• Biden on his last day in office also pardoned former NIAID Director Anthony Fauci, members of the House Jan. 6 committee and retired U.S. Army Gen. Mark Milley.

Rich Thau, president of Engagious, who moderated the focus groups, said that "considering how emphatically Georgia swing voters disapproved of Trump's and Biden's Inauguration Day pardons, there's a chance 'pardon reform' could be an issue in 2028 if a candidate embraces it."

Between the lines: Democrats and Republicans each tried to paint the other party leader's pardons as presidential overreach. But these Georgia voters saw little distinction between the pardon actions.

What we're watching: The participants, most of whom said they voted for Trump this time around because of economic issues, said they hope that will be his focus now that he's back in power.

• "The best thing that Trump could do for us this year is make our economy stronger," said Jimmy P., 47.
• "The worst thing President Trump can do this year would be a continuation of disrespecting the people of America like he did before," said Chris F.

Go deeper: Behind the Curtain: The new judge and jury

President Trump left Washington four years ago touting a revolutionary new consensus on the threat posed by China.

• He returned this week seeming to downplay that threat — signaling a potential thaw in relations between the world's two leading superpowers.

Why it matters: The stakes are enormous. How Trump deals with Chinese President Xi Jinping over the next four years will have sweeping implications for the global economy, AI, climate change, national security and more.

The big picture: After mentioning China just once in his inauguration address, Trump revealed he's considering 10% tariffs on Chinese products — far lower than the 60% duties he had threatened during the campaign.

• Trump held a phone call with Xi just days before the inauguration to discuss trade, fentanyl and TikTok — the Chinese-owned app that the president is now seeking to protect from a U.S. ban.
• Beijing's readout of the call was exceedingly warm, with state media declaring the two superpowers "can become partners and friends ... prosper together, and benefit both countries and the world."

Trump has struck a similar tone with his own rhetoric, even while insisting on the need for trade "fairness" and criticizing China for its operations near the Panama Canal.

• "I like President Xi very much. I've always liked him. We always had a very good relationship," he said at the World Economic Forum in Davos, acknowledging tensions ran high during the COVID pandemic.
• Trump went on to say he hopes China "can help us stop the war" in Ukraine, citing Beijing's close ties with Russia — and even suggested the three countries could work together on "denuclearization."

What they're saying: Trump's early actions undoubtedly signal a "more restrained" approach to Beijing, Jacques deLisle, a China scholar at the University of Pennsylvania Carey Law School, tells Axios.

• In a remarkable moment on Fox News, Trump was pressed by interviewer Sean Hannity on why he has defended TikTok given its reputation as a "spying app for the Communist Chinese."
• "You can say that about everything made in China," Trump shot back, citing cell phones and other imports. "Is it that important for China to be spying on young people, on young kids watching crazy videos?"

Flashback: It was Trump who first signed an executive order in 2020 warning China could use TikTok to conduct disinformation campaigns, build data dossiers for blackmail, and conduct corporate espionage on U.S. soil.

Between the lines: Investors like the sound of what Lu Zhou, CEO of investment firm Vanquor, called "a more pragmatic economic approach towards China."

• Zhou predicted Trump would "artfully implement certain tariffs on China" to satisfy the American people and his voters, but potentially hold back on blanket tariffs to satisfy certain Chinese officials.
• Mark Malek, chief investment officer of Siebert.NXT, agreed that Trump appears to be moderating his stance toward China — a dynamic that Wall Street and the bond markets "would love to see" continue.

The intrigue: Some experts believe Elon Musk could be a moderating influence on Trump's approach to China.

• Tesla has a factory in Shanghai and gets about 37% of its sales from China, according to Evercore ISI estimates, and Musk rarely criticizes Beijing —while constantly railing against "censorship" in Western countries.
• So if China were to retaliate against the U.S. over tariffs, TikTok or other Trump policies, Tesla would make a convenient target — especially now that Musk is so close to the new president.
• Chinese officials have also privately discussed the possibility of selling TikTok to Musk to allow the app to keep operating in the U.S., Bloomberg and The Wall Street Journal reported last week.

Reality check: Trump's Cabinet is stocked with China hawks like Secretary of State Marco Rubio and national security adviser Michael Waltz.

• Few experts view Trump's first week as a full retreat from his previous policy views, especially his plans for tariffs.
• "If the question is, 'Are we going to be back to sunshine and puppies?', the answer is definitely not," deLisle says.

What to watch: Trump's policies toward Taiwan, which Beijing has vowed to bring under its control, could be the ultimate indicator of where U.S.-China relations are heading.

• "Taiwan doesn't give us anything. Taiwan is 9,500 miles away. It's 68 miles away from China," Trump told Bloomberg Businessweek when asked whether the U.S. would come to the island's defense.
• "They did take about 100% of our chip business," he added. "I think, Taiwan should pay us for defense."

Senate Majority Leader John Thune (R-S.D.) is making good on his threat to keep the Senate working after hours, vowing to go straight through the weekend if Minority Leader Chuck Schumer (D-N.Y.) doesn't cut a deal to speed things up.

Why it matters: Pete Hegseth for Defense is expected to get a final confirmation vote around 9pm ET on Friday, if Democrats take up the full 30 hours of debate time.

• Kristi Noem for Homeland Security is up next, with a cloture vote tomorrow and a final vote landing between 3 and 4am on Sunday.
• Scott Bessent for Treasury follows, then Sean Duffy for Transportation. Their final votes could be pushed into early next week.

Zoom in: Hegseth lost two GOP votes — Sens. Lisa Murkowski of Alaska and Susan Collins of Maine — in Thursday's procedural vote.

• But some Republicans hope Democrats will be more willing to cut deals on the other nominations.
• Noem, Bessent and Duffy were approved by their relevant committees with bipartisan support.
• Noem had just two "no" votes against her and Duffy's vote was unanimous.

The other side: CIA Director John Ratcliffe also won bipartisan support in committee, but Schumer still allowed Sen. Chris Murphy (D-Conn.) to ensure the confirmation process took as long as possible.

More than 98% of Costco shareholders voted down an anti-DEI proposal Thursday at the company's annual shareholders meeting, according to the preliminary vote results.

Why it matters: Diversity, equity and inclusion (DEI) efforts are falling out of favor and coming under legal scrutiny with President Trump's return to the White House, Axios' Emily Peck reports.

• Anti-DEI shareholder proposals have surged over the past few years.

State of play: The anti-DEI proposal was filed by the National Center for Public Policy Research, a conservative think tank.

• Costco grabbed headlines over the holidays when its board of directors put out a robust defense of its DEI efforts in response to the anti-DEI proposal.
• The board had voted unanimously to ask shareholders to reject the motion.

Zoom out: Trump issued a sweeping executive order Tuesday revoking decades of diversity and affirmative action practices in federal government.

What they're saying: "The fact that 98% of investors voted against the proposal shows that almost all investors are not buying what the anti-ESG and anti-DEI organizations are selling," Jonas Kron, Trillium Asset Management's chief advocacy officer, said in a statement to Axios.

• "It's also a strong indication that all the media reports of the death of DEI and ESG are way overblown," Kron said. "The investing community clearly understands the importance and value of these ESG and DEI approaches and are ready to express that through their votes."

Editor's note: This story has been updated with additional information.

More from Axios:

• Walmart boosts some top managers to over $600,000 a year
• Egg shortages, higher prices spike as bird flu grows
• How to apply for FEMA $770 payment for California fires

President Trump signed pardons on Thursday for 23 anti-abortion protesters who were convicted of illegally blockading a reproductive health clinic in Washington, D.C.

What they're saying: "They should not have been prosecuted, it's a great honor to sign this," Trump said as he signed the order one day before he's due to speak via video at anti-abortion activists' annual March for Life rally at the national mall in D.C., which Vice President JD Vance is due to address in person.

• After White House staff secretary Will Scharf told Trump the pardons were for "peaceful pro-life protesters who were prosecuted by the Biden administration," Trump said "many" of the activists were "elderly people."
• Trump described it as "ridiculous" that some remained in prison as he signed their pardons.

The big picture: Among those convicted under the Freedom of Access to Clinic Entrances Act who were pardoned by Trump was Lauren Handy, 31, who was sentenced to nearly five years in prison for leading the blockade that prosecutors said resulted in a nurse spraining her ankle. Police found fetuses at Handy's Capitol Hill home.

• Trump signed the pardons one day after the 52nd anniversary of the U.S. Supreme Court establishing the constitutional right to an abortion.
• This ruling, Roe v Wade, was overturned in a majority Supreme Court decision in 2022 that Trump took credit for.
• Trump said during the 2024 presidential campaign that abortion laws should be left to states to decide, but did not endorse a national abortion ban after earlier hinting that he would support one.

Flashback... Vance: GOP has to earn America's trust back on abortion

The U.S. Department of Education took initial steps to carry out President Trump's anti-DEI executive order Thursday, putting employees on paid administrative leave and tossing out resources.

The big picture: The move comes after Trump instated a sweeping executive order revoking decades of federal diversity and affirmative action practices and gutting mechanisms historically used to root out discrimination and guarantee equal opportunity.

• The Education Department called its existing DEI initiatives "harmful" and said getting rid of them is "the first step in reorienting the agency toward prioritizing meaningful learning ahead of divisive ideology in our schools."

Zoom in: The department said in a press release Thursday that it removed or archived hundreds of guidance documents, reports and training materials that include mentions of DEI.

• It also put employees charged with leading DEI initiatives on paid administrative leave and canceled ongoing DEI training and service contracts totaling over $2.6 million.
• More than 200 web pages from the department's website that housed DEI resources were identified for removal.
• Additionally, the department withdrew its Equity Action Plan and dismissed its Obama-era Diversity & Inclusion Council along with the Employee Engagement Diversity Equity Inclusion Accessibility Council within the Office for Civil Rights.

Our thought bubble: Without inclusion efforts, there's no mechanism to address inequities or educate people on the realities of systemic injustice, Axios' Delano Massey writes.

• Erasing DEI dismantles tools meant to reflect history accurately and foster understanding — leaving underserved communities without a voice or redress.

Go deeper: Trump rolls back bedrock civil rights measure in sweeping anti-DEI push

Senate Minority Leader Chuck Schumer (D-N.Y.) is summoning the entire Democratic caucus on Friday after a surprise meeting left key issues unresolved.

Why it matters: Republicans are already teeing up their next tough vote, and Schumer's members want a clear strategy from the top on protecting Trump-state Democrats.

• Schumer met for over an hour with about a dozen senators Thursday afternoon to discuss general strategy. Axios scooped the meeting.
• Now Schumer wants to take the pulse of his full membership.

Zoom in: Senate Majority Leader John Thune (R-S.D.) has lined up a vote on sanctioning the ICC as the Senate's next legislative piece of business. It could come as early as next week, depending on the pace of Cabinet confirmations.

• The ICC sanctions bill, which imposes penalties on ICC officials involved in prosecuting Americans or citizens of U.S.-allied countries that are not a party to the ICC, has nearly universal support in the Republican Party.
• But it puts vulnerable Democrats in a difficult political position between pro-Israel groups and progressive activists who think Israeli officials are guilty of war crimes.

What they're saying: "I am reviewing the bill," said Sen. Mark Kelly (D-Ariz.) after the meeting, declining to say how he planned to vote.

• "I think folks are still trying to work through some amendments and I am going to have to wait and see," Sen. Gary Peters (D-Mich.) told Axios after meeting with Schumer.
• "I think all of us would like to see the ICC perform differently but do it in a way that ensures that our allies and partners are still supporting and working with us," said Sen. Jeanne Shaheen (D-N.H.).

Between the lines: The House and Senate GOP control their chambers' calendars, giving them a tactical advantage over Schumer and the Democrats who represent districts and states that President Trump won in 2024.

• They used the Laken Riley Act, which allows for greater detention of undocumented immigrants, to divide the Democratic caucus and score a quick political win.

What's next: The House GOP bill banning transgender women from playing in women's sports is also in the pipeline.

A House Republican on Thursday introduced a proposed change to the Constitution that would allow President Trump to seek a third term in office.

Why it matters: The amendment has virtually no chance of becoming ratified but it is a marker of the depths of fealty the new president enjoys within the House GOP.

• Republican House members have rushed to introduce bills that would codify Trump's vision for expanding the U.S. borders by acquiring Greenland and the Panama Canal, for instance.
• The measure is an extreme long-shot: It would need a two-thirds vote in both chambers of Congress and be ratified by 38 states to be added to the Constitution.

Driving the news: Rep. Andy Ogles (R-Tenn.) said Thursday he is introducing a two-page joint resolution to amend the 22nd Amendment, which sets the current two-term limit for presidents.

• Ogles' amendment would allow any president to serve a third term if their first two terms were non-consecutive.
• The text of the amendment would still prohibit a third term if the first two were consecutive — prohibiting former Presidents Bush, Obama and Clinton from running again — or a third full term for anyone who has served more than two years of someone else's term.

What they're saying: "It is imperative that we provide President Trump with every resource necessary to correct the disastrous course set by the Biden administration," Ogles said in a statement.

• "He is dedicated to restoring the republic and saving our country, and we, as legislators and as states, must do everything in our power to support him."
• Ogles is a member of the Trump-aligned House Freedom Caucus who introduced legislation to allow him to negotiate a purchase of Greenland.

The other side: Ogles also faces a potential House Ethics Committee investigation for his campaign finances, as one House Democrat who sits on the committee that considers constitutional amendments noted.

• "I don't think he wants to talk about the campaign finance fraud that he is accused of and would like us instead to focus on what a committed Trump sycophant he is," said Rep. Becca Balint (D-Vt.), a Judiciary Committee member.
• "Truly pathetic. Voters from Tennessee deserve much better," she said.
• Rep. Steve Cohen (D-Tenn.), another Judiciary member, told Axios: "2 terms is enough chaos for any nation to endure."

Editor's note: This story has been updated with an additional statement.

Pete Hegseth cleared a major hurdle on his path to be President Trump's Defense secretary, with all but two of the Senate's Republican members supporting him in a Thursday procedural vote.

Why it matters: President Trump's defense secretary nominee now has a clearer path to confirmation despite "no" votes from GOP Sens. Lisa Murkowski (Alaska) and Susan Collins (Maine.)

• The Senate voted 51-49 to limit debate on the nomination.
• Hegseth's candidacy has been beset with scandal since Trump announced his selection.
• Despite early uncertainty, Republicans have largely rallied around him, and the Armed Services Committee recommended his nomination Monday via a nail-biter 14-13 vote.

The intrigue: Former Majority Leader Mitch McConnell (R-Ky.) voted to advance Hegseth's nomination, despite some concern he would oppose it.

• Sen. John Fetterman (D-Pa.) voted no, after missing votes earlier in the day.
• This is just a procedural vote, and senators can change their vote during the final confirmation roll call.

What's next: Thursday's vote likely sets up a Friday confirmation vote.

• Hegseth has been accused of sexual misconduct, excessive drinking and financial mismanagement. He has denied the accusations.
• The latest allegation came in a sworn affidavit from Hegseth's former sister-in-law who said the defense secretary nominee's ex-wife feared for her safety.

President Trump on Thursday signed an executive order to declassify files related to the assassinations of John F. Kennedy, Robert F. Kennedy and Martin Luther King Jr.

Why it matters: The files relating to JFK's killing have been the focus of decades of speculation.

• "Their families and the American people deserve transparency and truth," Trump said in the order. "It is in the national interest to finally release all records related to these assassinations without delay."

State of play: Records related to the former president's assassination were meant to be publicly disclosed in 2017 unless the federal government determined their release would harm national security or go against the public interest.

• "I have now determined that the continued redaction and withholding of information from records pertaining to the assassination of President John F. Kennedy is not consistent with the public interest and the release of these records is long overdue," Trump said.
• Congress did not require the release of files related to King or the former senator, but Trump said the release of those records "is also in the public interest."

Between the lines: The longtime classification of the documents contributed to conspiracy theories about the killings.

Catch up quick: Robert F. Kennedy Jr., a Trump ally and Cabinet pick, believes the CIA had a role in assassinating his uncle, which was part of why he unsuccessfully pushed his daughter-in-law Amaryllis Fox Kennedy, for deputy CIA director.

• He's also said there's "convincing" but "circumstantial" evidence that the CIA was involved in his father's death.
• No such evidence has ever surfaced and the Warren Commission determined that gunman Lee Harvey Oswald acted alone.

Context: Trump said in August that he'd establish a new independent presidential commission on assassination attempts.

• The commission would be tasked with releasing documents of the previous assassinations and the attempt against him in Butler, Pennsylvania.

Flashback: In 2022, former President Biden authorized the National Archives to release thousands of secret documents related to JFK's assassination.

• Trump released nearly 3,000 files in 2017. He withheld the rest at the time because of requests from various agencies.

Zoom out: JFK was killed in 1963, and civil rights leader King and RFK were both killed in 1968.

Go deeper:

• RFK Jr. wants answers on JFK assassination
• Tracking Trump's executive orders: What he's signed so far

Editor's note: This story has been updated with details throughout.

President Trump is expected to give his Middle East envoy Steve Witkoff responsibility over Iran diplomacy, according to two U.S. officials and two other sources with knowledge of the issue.

Why it matters: Trump's intention to give the Iran file to Witkoff, the close confidant he tasked with pushing for a historic peace deal in the Middle East, signals that the president wants to try and get a new nuclear deal with Iran before considering other options, like military strikes.

• Witkoff already helped secure a diplomatic win for Trump when he was involved in the final push for the Gaza hostage and ceasefire deal. Israeli and Qatari officials said Witkoff's involvement was critical for concluding the deal.

Driving the news: The sources said Trump hadn't made an official decision yet, but that's where he's headed.

• The Financial Times first reported first about Witkoff's expanding portfolio.

What they're saying: In an interview with Fox News two weeks ago, Witkoff said Trump wants to try and get a deal with Iran.

• "The president will not allow a bomb to be gotten by the Iranians. Not going to happen. We're not going to that place... hopefully, we can solve it diplomatically."
• "And the president is all about solving it diplomatically, if that's possible, and if people are going to adhere to their agreements. But, if not, then the alternative is not necessarily a good one," Witkoff said.

State of play: Senior diplomats from France, Germany, the UK and the EU met with their Iranian counterparts in Geneva 10 days ago and discussed the Iranian nuclear program.

• European diplomats told Axios the Iranians made clear in the talks that they want to resume negotiations on a new nuclear deal that will be different from the 2015 agreement from which Trump withdrew in 2018.
• The Iranians asked the Europeans to convey this message to Washington and stressed they are waiting for a U.S. plan or proposal, a European diplomat told Axios.
• The diplomat said that the European response was that it's up to Iran to put a proposal on the table that will include more concessions on the nuclear issue.

The Anti-Defamation League (ADL) condemned Elon Musk for making a series of Nazi-related jokes on X, calling it "inappropriate and offensive to make light" of the "singularly evil" Holocaust.

Why it matters: Just days earlier, the ADL had defended Musk over an awkward hand gesture he made during an inauguration event that drew comparisons to a Nazi salute — saying "all sides should give one another a bit of grace."

• "This is a delicate moment. It's a new day and yet so many are on edge. Our politics are inflamed, and social media only adds to the anxiety," the ADL, an organization dedicated to fighting antisemitism, wrote on X.
• "It seems that Elon Musk made an awkward gesture in a moment of enthusiasm, not a Nazi salute, but again, we appreciate that people are on edge."

In the days since, Musk has mocked media outlets and liberals who fanned the controversy, accusing them of a "dirty tricks" campaign to smear him over his support for Trump.

• On Thursday morning, Musk rattled off a series of puns referencing prominent Nazis like chief propagandist Joseph Goebbels and Heinrich Himmler.
• "Bet you did nazi that coming," Musk wrote on X along with a laughing emoji.

What they're saying: "Making inappropriate and highly offensive jokes that trivialize the Holocaust only serve to minimize the evil and inhumanity of Nazi crimes, denigrate the suffering of both victims and survivors and insult the memory of the six million Jews murdered in the Shoah," the ADL said in a statement.

Flashback: Almost exactly one year ago to the day, Musk visited the former Nazi concentration camp in Auschwitz, Poland, as part of an apology tour for endorsing an antisemitic post on X.

• Musk later said "it might be literally the worst and dumbest post I've ever done."

President Trump's executive order on birthright citizenship is "blatantly unconstitutional," a federal judge said Thursday, temporarily blocking it nationwide, multiple outlets reported.

The big picture: The decision came a day after the president offered his first defense of the order, which seeks to end birthright citizenship for children born in the U.S. to noncitizen parents and undocumented immigrants.

• The president's order would also extend to parents in the country legally but temporarily, like foreign students, workers or tourists.

Driving the news: U.S. District Judge John C. Coughenour sided for now with four states that sued — Arizona, Illinois, Oregon and Washington.

• They had argued the 14th Amendment and Supreme Court case law guarantee the right to birthright citizenship.

Zoom out: Trump signed the order on his first day in office Monday, and was swiftly met by lawsuits from every state with a Democratic attorney general.

• The case ruled on Thursday is just one of five lawsuits brought by 22 states, along with other challenges filed by immigrants rights organizations, including the American Civil Liberties Union.

Flashback: Trump had floated the prospect of ending birthright citizenship in his first term too, but didn't follow through at the time.

Go deeper: Trump offers first defense of birthright citizenship order in court filing

Editor's note: This is a breaking news story. Please check back for updates.

DAVOS, Switzerland — President Trump told the World Economic Forum that he wants to meet Russian President Vladimir Putin soon in order to discuss a possible peace agreement to end the war in Ukraine.

Why it matters: Ending the war is one of Trump's primary foreign policy objectives. He said recently that he'd like to secure a deal in the next six months, after previously promising a deal on "day one."

What they're saying: "Our effort to reach a peace deal between Russia and Ukraine are now hopefully underway. It is so important to get that done. Millions of soldiers are getting killed. Millions of Russians and millions of Ukrainians. It has to end," Trump said in his video address to Davos attendees.

State of play: Trump said Ukraine wants to make a deal to end the war and stressed Russia needs to come to the table.

• On Wednesday Trump threatened to impose tariffs and more sanctions against Russia if it doesn't agree to negotiate a peace agreement — a new, more hawkish posture from Trump, though there is already little U.S.-Russia trade.
• On Thursday, several hours before Trump's speech, Putin's spokesperson Dmitry Peskov said the Kremlin didn't see any "new elements" in what Trump was proposing, but that Putin was ready for "an equal and mutually respectful dialogue."
• Peskov said of Trump's rhetoric: "He likes these methods, at least he liked them during his first presidency."

Between the lines: Trump has been placing most of the onus for a deal on Russia since taking office, after repeatedly urging Ukraine to make peace during the campaign.

Behind the scenes: Trump said he raised the Russia-Ukraine war in his phone call with Chinese President Xi Jinping last week.

• "He called me," Trump said about the call, after the Chinese government claimed it took place at Trump's request.
• Trump said he hopes China will use its influence with Putin to help stop the war.

The big picture: Trump said he wants to push for "denuclearization" of the world and claimed that towards the end of his first term in office he discussed this with Putin.

• "He liked the idea of cutting down... Putin wanted to do it. China would have joined. It would have been an unbelievable thing for the planet," Trump said.

Reality check: China — which has far smaller stockpiles than the U.S. or Russia but has been building them up — repeatedly rejected overtures from the first Trump administration to negotiate on arms control, while several Cold War era arms control agreements with Moscow actually ended on Trump's watch.

What to watch: Trump's envoy for Russia-Ukraine diplomacy Keith Kellogg is expected to travel to Europe in February to discuss the issue with U.S. allies, European diplomats said.

Senate Minority Leader Chuck Schumer (D-N.Y.) has called a last-minute closed-door meeting on Thursday to hash out the party's internal fight over engaging with Republicans.

Why it matters: Schumer has put himself right in the middle of his caucus' tug-of-war over immigration. More tough votes are coming, including over Israel and trans rights.

• Schumer is juggling two different parts of his caucus. One wants to engage with the GOP on some of its priorities. The other thinks the party should fight back against the MAGA agenda.
• Behind the scenes, Schumer was hands off in dealing with the GOP's first immigration crackdown bill, letting Democrats engage with Republicans on the bill but ultimately voting against the legislation on the floor.
• Senate Democrats on both sides of the immigration issue told Axios that Schumer needs to find a better strategy in dealing with Republican bills which fracture the party.

Between the lines: Sources around Schumer argue the Democratic leader is good at providing cover for both flanks of his party.

• But multiple Senate Democrats, who were granted anonymity to speak freely about the caucus, said Schumer should do more to give them leverage in negotiations over the GOP bills.

Between the lines: The meeting on Thursday will give Senate Democrats a chance to air the grievances ahead of a battle over proposed sanctions against the International Criminal Court (ICC), which Republicans have prioritized in their first weeks in power.

• The ICC issue is another which splits Democrats — some believe the court's arrest warrants for top Israeli officials are unjust, while others believe the Israeli government should be held accountable for the war in Gaza.
• Senate Majority Leader John Thune (R-S.D.) started the process of getting the bill through the chamber on Thursday.

President Trump's early barrage of executive orders may seem familiar to anyone who paged through the Heritage Foundation's Project 2025.

Why it matters: The conservative organization's blueprint to expand executive power and reshape American life became a campaign trail headache that Trump tried to distance himself from. But his new administration has already seemingly taken a few pages out of it.

• As Democrats lobbed attacks over Project 2025 last year, Trump said he had "no idea who is behind" it. He also said he disagreed with some details of the blueprint, calling them "absolutely ridiculous and abysmal."
• "As President Trump has said many times, he had nothing to do with Project 2025," White House Principal Deputy Press Secretary Harrison Fields said in a statement to Axios this week.

Reality check: Several of Trump's Cabinet and agency picks, including Brendan Carr and Russ Vought, wrote parts of Project 2025 or contributed to the text.

• Tom Homan, John Ratcliffe and Pete Hoekstra are listed among the dozens of Project 2025 contributors who aided in "development and writing."
• A review of Trump's early executive orders shows clear parallels with Project 2025 on key proposals, such as dismantling diversity, equity and inclusion initiatives; loosening environmental regulations; and ending certain international agreements.

Trump orders mirror Project 2025 recommendations

Project 2025 called for rescinding a 1965 executive order signed by President Lyndon B. Johnson in order to eliminate the Office of Federal Contract Compliance Programs (OFCCP).

• Trump nixed Johnson's effort by signing an executive order dashing decades of diversity and affirmative action policy in the federal government, stripping the OFCCP of one of its core authorities.
• The bedrock Civil Rights order barred federal contractors from employment discrimination and required them to take affirmative action to ensure equal opportunity "based on race, color, religion, and national origin."
• Trump targeted the OFCCP in his executive order, saying it must stop promoting diversity and affirmative action.

Zoom in: Project 2025 also recommended the repeal of executive order 14020, which Biden signed to establish the White House Gender Policy Council. Trump rescinded the Biden order on day one.

• Trump also signed an executive order declaring there are "two sexes, male and female" and that "sex" is not a synonym for gender identity — echoing a section of the Heritage Foundation's plan.
• Project 2025 says the Health and Human Services (HHS) secretary "should never conflate sex with gender identity or sexual orientation" in anti-discrimination policy statements and "should proudly state that men and women are biological realities."
• He also rescinded Biden-era protections allowing transgender Americans to serve in the military, a throwback to his first term that Project 2025 also called for.

Trump adopts Project 2025 energy, climate policies

Project 2025 urged the expansion of oil and gas drilling in Alaska, noting "national energy security interests in the region including rare earths, oil, and natural gas."

• Trump signed an executive order promoting the use of "Alaska's vast lands and resources" on his first day in office.

Additionally, Project 2025 echoed Trump's pledge to eliminate what he called Biden's "electric vehicle mandate," which Trump fulfilled with a day-one executive order.

• The plan also called for the repealing a Biden-era executive order promoting offshore wind energy development, which it said was "being used to advance an agenda to close vast areas of the ocean to commercial activities."
• Trump on day one paused offshore wind leasing in federal waters.

Project 2025 immigration, refugee policies

One of Trump's day one executive orders called for troops to be sent the southern border, including the National Guard.

• That mirrors Project 2025's proposal for "use of active-duty military personnel and National Guardsmen to assist in arrest operations along the border."
• Additionally, Project 2025 suggested that addressing the influx of migrants at the southern border would necessitate the "indefinite curtailment of the number of USRAP refugee admissions."
• Trump signed an order Monday suspending U.S. Refugee Admissions Program resettlements "until such time as the further entry into the United States of refugees aligns with the interests of the United States."

Paris Climate, WHO and Schedule F executive orders

Zoom out: Trump also reinstated several policies from his first term that Project 2025 wanted reinstated.

• He signed orders to withdraw the U.S. from the Paris Climate Agreement and the World Health Organization (WHO). Project 2025 called for him to again leave the Paris agreement and withdraw from WHO.
• Project 2025 recommended reinstating Trump's Schedule F order — and it was. Trump signed an order Monday that effectively reclassifies certain federal workers as political appointees and makes it easier to fire federal employees deemed to be disloyal.

Trump executive orders not in Project 2025

Yes, but: Trump also took steps Project 2025 did not explicitly mention, like declaring an energy emergency and attempting to end birthright citizenship.

• There are scores of recommendations in the Heritage Foundation plan, like outlawing pornography, that Trump hasn't touched so far.

Go deeper: National Security Council staffers grilled about loyalty to Trump

President Trump said in a virtual address at the World Economic Forum on Thursday that he will mandate the Federal Reserve lower interest rates imminently, a threat that undermines the Federal Reserve's political independence.

Why it matters: In his first major speech since the inauguration, Trump re-upped pressure on the central bank — a frequent feature of his first term, though it had previously been rare for presidents to comment on Fed policy.

• The Fed — led by Jerome Powell, who Trump first nominated — makes its borrowing costs decisions independent of the White House.
• Any sense of political interference in its interest rate decision-making process would roil financial markets.

What they're saying: "I'll demand that interest rates drop immediately— and likewise, they should be dropping all over the world," Trump said before an audience of global business leaders and government officials in Davos, Switzerland.

• While Trump did not attend the conference in person, his presence was felt all week. Global leaders, particularly those in Europe, worried about the impact Trump's policies might have on the global economy.

For his part, Powell has lauded the importance of the Fed's political independence.

• "We're supposed to achieve maximum employment and price stability for the benefit of all Americans and keep out of politics completely," Powell said last month at a conference hosted by the New York Times.
• He said he was not concerned about the risk that the Fed could lose its independence.

Driving the news: The Fed has already lowered interest rates by a full percentage point since last September after raising borrowing costs sharply to wrangle inflation.

• While down from its peak, inflation has taken longer than anticipated to return to the Fed's 2% target. Officials signaled fewer rate cuts this year than previously thought as it appeared inflation might be higher for longer.

The intrigue: Trump's own policies might prevent interest rates from lowering further.

• Some Fed officials fretted that Trump's tariffs and hardline immigration policies could reignite inflation — and is one reason why they anticipated fewer rate cuts this year.
• The Fed will begin a two-day policy meeting next week. Financial markets widely anticipate rates will be left unchanged.

In his speech, Trump played up his plans to impose tariffs on goods produced outside the United States.

• "My message to every business in the world is very simple: come make your products in America and we will give you among the lowest taxes of any nation on Earth," Trump said.
• "But if you don't make your product in America, which is your prerogative, then very simply you will have to pay a tariff," he added.

Of note: Trump said he would tell members of OPEC, the oil cartel that includes Saudi Arabia, to lower energy costs.

• "You got to bring it down, which frankly, I'm surprised they didn't do before the election," Trump said.

Go deeper: The paradox of Trump's economic inheritance

President Trump celebrated the start of his administration Thursday while addressing the World Economic Forum in Davos, Switzerland, lauding his agenda while taking digs at former President Biden.

Why it matters: Trump vowed this week to usher in a "golden age" in the U.S. and immediately issued a flurry of executive orders reshaping the country's immigration and environmental policies, civil rights protections and federal workforce.

Driving the news: "What the world has witnessed in the past 72 hours is nothing less than a revolution of common sense," Trump told the gathering business leaders and European officials in Davos.

• Recapping his executive orders, Trump claimed his administration had accomplished more in less than four days since taking office than other administrations had done in four years.
• Trump said his administration was tasked with fixing the "disasters" of the Biden administration, adding that his predecessor had "totally lost control of what was going on in our country."

Zoom in: Trump also outlined some of his goals for his term.

• The president said he plans to ask Saudi Arabia and OPEC to "bring down the cost of oil" and that once oil prices begin falling he will "demand that interest rates drop immediately."
• He will also ask all NATO members to raise their defense spending to 5% of their GDP. Just over half of NATO members currently meet the 2% spending target.
• Trump also pledged to lower the corporate tax rate down to 15% — from the current 21% — for companies that "make your product in the U.S."
• Trump also repeated his pledge to soon meet with Russian President Vladimir Putin to end the Russia-Ukraine war.

Go deeper: Tracking Trump's executive orders: What he's signed so far

Economic orthodoxy is out. Rule-busting and experimentation are in. That's a key takeaway from this week's gathering of top executives and world leaders at the World Economic Forum in Davos, Switzerland.

Why it matters: Economic mini-experiments are happening in nations big and small as government officials embrace tariffs, protectionism, anti-immigration and other policies.

• The goal is to invigorate economic growth after tried-and-true policies have failed, despite warnings from mainstream economists that such approaches will damage the economy.
• However, the conventional wisdom around the economic benefits of free trade and a more interconnected world became that for a reason — and risks abound.

Driving the news: "My message to business is simple: Come make your product in America, and we will give you the lowest tax rate on Earth. But if you don't make the product here, you will have to pay a tariff," President Trump told the gathering in a virtual appearance — a reminder that the world's largest economy is led by a figure who rejects the mainstream economic view that tariffs are harmful.

What they're saying: Top executives may not love the prospect of big tariffs but say they believe the set of policy changes on the way will be good for the economy on net.

• "Lower regulatory burden will result in higher profit margins, will then allow us to manage the tariff burden differently," Bank of America CEO Brian Moynihan said in an interview with Axios on Thursday, so long as tariffs are used "in moderation."
• "We absorbed the tariffs put in during the first Trump administration and they never came off. Ten years later, we're talking about outsized economic growth relative to trend and relative to the rest of the world," Moynihan said.
• Or as JPMorgan CEO Jamie Dimon put it to CNBC on Wednesday when asked about tariffs, "If it's a little inflationary but it's good for national security, so be it. I mean, get over it."

The intrigue: For the second year in a row, Argentine President Javier Milei gave a special address at Davos criticizing mainstream economic thought.

• "I say to all global leaders, it is time to break free of the script," Milei said. "The truth is that there is something badly mistaken about the ideas that have been promoted through forums such as this one."
• "It is essential to break these ideological chains if we want to usher in a new golden age," he added, borrowing a phrase from Trump's inaugural address.

What to watch: European leaders face a harsh reality about their economy: Take a new approach, or fall even further behind after its yearslong slog.

• Officials in Germany are debating whether to upend a longtime debt rule enshrined in their constitution to jumpstart the stagnant economy.
• Speaking in Davos, German Chancellor Olaf Scholz pushed to expand borrowing to invest in infrastructure — an idea that helped tank the government last year.
• The nation's top central banker backed the idea, telling a German newspaper that the longstanding debt rule has worked well. "But now we live in a world of tectonic change and we have to address that. ... We have to start thinking outside the box."

When nations raise economic barriers as tools of foreign policy, it could lead to a meaningful economic cost, a report out Thursday from WEF and consultancy Oliver Wyman finds.

State of play: The report examines the likely consequences if world leaders continue their march toward greater use of sanctions, export controls, tariffs and other tools of statecraft that create bigger economic barriers between nations.

• In particular, it looks at the risk of falling into an increasingly bifurcated world, with separate financial systems for China and Russia versus the West.

By the numbers: Financial system fragmentation — dividing the world into fully separate blocs — would reduce global GDP by up to 5%, or $5.7 trillion a year, the report finds.

• The hit would be disproportionately felt in smaller emerging economies, which could see GDP losses of up to 11%.

Between the lines: In the United States, the use of sanctions as a geopolitical tool has ramped up steadily for two decades, across administrations. Trump imposed tariffs in his first term in office that the Biden administration kept in place.

• The last many years have been, in effect, a one-way ratchet toward a world with more barriers to the flow of money, goods and people.
• This has made countries with which the U.S. has hostile relationships more eager to develop financial networks of their own, even at a cost of efficiency.

The bottom line: "We're not saying that these type of economic statecraft tools shouldn't be used," Daniel Tannebaum, an author of the report and partner at Oliver Wyman, tells Axios, "but that they should be used smartly and to ensure no unintended consequences to the global economy."

President Trump on Tuesday revoked a decades-old executive order that strengthened protections against workplace discrimination.

Why it matters: Trump's desire to dismantle diversity, equity and inclusion initiatives in the federal government's employment practices could set the tone for private companies nationwide to do the same.

• Trump's executive order targeting DEI practices undid a whole host of previous orders that sought to prohibit discrimination in the workplace. Among the landmark pieces of legislation were anti-discrimination rules enacted by President Lyndon Johnson in the Civil Rights era.

What is the Equal Employment Opportunity Act?

Signed by Johnson in 1965, Executive Order 11246, mandated government contractors to give equal opportunity to people of color and women in recruitment, hiring, training and other employment practices.

• It prohibited employment discrimination and called on federal contractors to take affirmative action to ensure employees are treated equally, "without regard to their race, creed, color, or national origin."
• Johnson signed the act just a year after signing the Civil Rights Act of 1964.
• Congress later expanded on the executive order in the Equal Opportunity Employment Act of 1972, increasing the number of employees covered by the workplace protections and requiring state and local governments to follow the rules outlined.

What does Trump's executive order say?

Trump's expansive executive order states that "Executive Order 11246 of September 24, 1965 ... is hereby revoked."

• The executive order claims that both the private and public sectors "have adopted and actively use dangerous, demeaning, and immoral race- and sex-based preferences," and that these DEI practices "can violate the civil-rights laws of this Nation."
• It noted that federal contractors could continue complying with the act for the next 90 days.

Caveat: Trump's executive order targets the Department of Labor's Office of Federal Contract Compliance Programs (OFCCP), which enforces Executive Order 11246.

• It orders the OFCCP to "immediately cease" promoting diversity, holding federal contractors and subcontractors responsible for affirmative action practices, and "allowing or encouraging" those same entities "to engage in workforce balancing" on the basis of race, sex, sexual orientation, religion and nation of origin.

What's been the response?

Trump's executive order has already sparked outcry from civil rights leaders and advocacy groups.

• "Diversity, equity, and inclusion are aligned with American values," National Urban League president Marc H. Morial told Axios. "They are about uniting us, not dividing us. Efforts to paint DEI as a preference program are nothing more than campaigns of smear and distortion."
• Judy Conti, government affairs director of the National Employment Law Project, slammed Trump's executive order in a statement Wednesday.
• "This is not a return to so-called 'meritocracy.' Rather, it's an attempted return to the days when people of color, women, and other marginalized people lacked the tools to ensure that they were evaluated on their merits," Conti said.

Go deeper:

• Trump rolls back bedrock civil rights measure in sweeping anti-DEI push
• Trump's diversity rollback sparks civil rights outcry

Editor's note: The story and headline have been corrected to note that Johnson's executive order was revoked by Trump (not the Equal Opportunity Employment Act signed by Congress).