Axios

U.S. manufacturers are pleading with the Trump administration not to allow the Chinese auto industry "to wheedle its way in" to the American market.

Why it matters: President Trump is visiting China at a time when sky-high gas prices and inflation concerns have reignited calls for allowing cheap Chinese vehicles into the U.S.

Kevin Warsh has been confirmed as the 17th leader of the Federal Reserve, becoming America's economist-in-chief at a moment of resurgent inflation, public discontent with the economy and unprecedented attacks on the Fed's independence.

Driving the news: Warsh was confirmed to a four-year term as Fed chair Wednesday by a 54-45 Senate vote. He received unanimous support from Republicans but only one "aye" vote from a Democrat, John Fetterman of Pennsylvania.

• Warsh takes the helm of the central bank after Jerome Powell's term ends Friday.

Stay off the road Thursday and Friday afternoons if you want to avoid the worst Memorial Day weekend traffic, according to INRIX forecasts.

Why it matters: AAA predicts this will be the busiest Memorial Day ever for travel — meaning your departure time could make or break your trip.

America's inflation problem is getting worse, not better, as 2026 progresses. New wholesale price data — on the heels of Tuesday's consumer price report — confirm it.

Why it matters: The evidence of continued price pressures stretches far beyond the energy price spike that occurred following the Iran war, and suggests ongoing pressures across a range of goods and services.

Americans may be burdened by inflation, but they're still willing to buy cars, especially used ones, according to new research shared first with Axios.

Why it matters: While cost pressures persist, demand for vehicles remains resilient because of how essential they are to work and opportunity.

Anthropic is cracking down on unauthorized secondary stock sales. At least rhetorically.

Why it matters: There may be a lot of people, or even institutions, who think they have Anthropic shares but really don't.

Amazon is making Alexa a more powerful shopping companion by folding its Rufus assistant into Alexa+.

Why it matters: AI shopping assistants are quickly moving from search boxes to software agents that can track prices, remember preferences, recommend products and eventually make purchases for consumers.

Semiconductors, or chips, are again turning out to be the It Girl of the global economy.

Why it matters: Chips are essential to the AI build-out, and that's driving a huge burst of demand, creating supply shortages, pushing up prices and creating an investment frenzy.

• It also puts chips at the center of geopolitics.

President Trump flew to Beijing on Tuesday under some of the darkest economic clouds of his political career, leaving behind a country reeling from the cost of everyday life.

Why it matters: The bottom is falling out on Trump's economic credibility — the central promise of his return to power. The inflation crisis that doomed his predecessor suggests he may not recover.