Axios

Ahead of a midnight deadline, President Trump has decided to extend tariff exemptions for European allies — but only for one month, the WSJ first reported and the White House confirmed.

The big picture: Trump isn’t just worried about China. The U.S. trade deficit with the EU has grown steadily — something Trump made sure to raise with German Chancellor Angela Merkel last Friday, and which had him considering opening a European front in his trade war.

Axios' Mike Allen was in Chicago last week to discuss the Future of Work 💼 and smart cities 🏙 with:

• T.H. Rahm Emanuel, Mayor, Chicago; T.H. G.T. Bynum, Mayor, Tulsa; Mr. Imir Arifi, Head of Artificial Intelligence & Machine Learning, Health Care Service Corporation.

"[W]ith only days left before the exemptions expire and punitive tariffs take effect, it’s dawning on foreign leaders that decades of warm relations with the United States carry little weight with a president dismissive of diplomatic norms," the N.Y. Times reports.

Why it matters, from Axios future editor Steve LeVine: Our eye is on the Chinese-U.S. trade talks. But the EU is our biggest trading partner, and we appear to be headed toward a precipice with them no one stopping it.

Less than 48 hours before a major tariffs deadline that could roil global markets, senior Trump administration officials are still internally divided over what to do. At 12:01 a.m. Tuesday, Trump is supposed to impose a 25% tariff on steel and a 10% tariff on aluminum on all the countries that got temporary exemptions in March. Those countries include some of America’s closest allies.

Why this matters: The temporary exemptions — the European Union, Canada, Mexico, Australia, Brazil and Argentina — account for almost half of steel imports to the U.S. If Trump slaps tariffs on all of them on Tuesday morning, it would disrupt global markets and throw international supply chains into uncertainty.

"Avengers: Infinity War" has shattered the record for opening weekends, raking in $630 million worldwide and $250 million in North America, per box office numbers cited by the Hollywood Reporter. And it hasn't even opened in the biggest market, China, yet.

In perspective: The previous domestic record holder — "Star Wars: The Force Awakens" — made $248 million. The world record was previously set by "The Fate of the Furious," which earned $542 million. [Go deeper: Check out our chart of the top 100 highest-grossing films in North America]

The White House Correspondents' Dinner ended with a barrage of vulgar anti-Trump jokes by comedian Michelle Wolf, who attacked the appearance of White House press secretary Sarah Sanders, who was sitting with her at the head table.

What they're saying: White House officials in the audience thought Wolf's patter went too far, and thought the attacks on Sanders and Kellyanne Conway were too personal.

Comedian Michelle Wolf's roast of President Trump and his aides at the White House Correspondents Dinner Saturday night has drawn sharp criticism from prominent journalists and political figures in Washington who say some of the jokes were off-color personal attacks that crossed the line.

The bottom line: The purpose of the dinner is to celebrate the accomplishments of journalists and the importance of the First Amendment. Those who are critical of Wolf's roast argue that her remarks have only widened the gap between the media and those who distrust it.

Schools in 39 of 50 states have seen decreases in funding for instructional materials for their students, according to data from the Urban Institute. These conditions have sparked a wave of teacher activism across the country.

Why it matters: Educators have had to pay for supplies themselves to provide new materials for students at times. Teachers' salaries aren't enough to pay for materials, either. In some cases they have to pay for materials for dozens of children.