President Trump's second term has been a payday for the powerful, exposing a disconnect in his promise to deliver for "the forgotten man" of America's working class.

• Why it matters: The populist paradox at the heart of MAGA — a movement fueled by economic grievance and championed by a New York billionaire — has never been more pronounced, Axios' Tal Axelrod and Zachary Basu report.

⚡ Trump's blue-collar base remains fiercely loyal, energized by his hardline stances on immigration, trade and culture — and patient that his economic "Golden Age" will materialize.

• But so far, the clearest financial rewards of Trump's tenure are flowing upward — to wealthy donors, family members, insiders, and the president himself.

The big picture: Trump's inner circle has shattered norms around profiting from the presidency, dulling public outrage to the point where even the most brazen access schemes draw only fleeting scrutiny.

👀 Take crypto: The top holders of Trump's meme coin were granted an exclusive dinner last month at the president's Virginia golf club, where some paid millions for access.

• The White House refused to release the guest list, but wealthy foreigners — including a Chinese billionaire who faced SEC charges under the Biden administration — were among those revealed to be in attendance.
• Trump's sons, meanwhile, are spearheading a family crypto venture that has raked in hundreds of millions of dollars. Trump Media, the parent company of Truth Social, is raising $2.5 billion to buy Bitcoin.
• All of this — plus a flurry of lucrative real estate deals overseas — is playing out as Trump presides over U.S. foreign policy and the fate of crypto regulation.

💰 Now take Trump's relationship with his donors.

• His Cabinet is the wealthiest in American history, stocked with mega-donors whose combined net worth reaches well into the billions — even discounting estranged former adviser Elon Musk.

Trump has granted pardons or clemency to a stream of white-collar criminals and wealthy tax cheats, many of whom hired lobbyists, donated to the president, or raised money on his behalf.

• The Wall Street Journal found that the biggest corporate and individual donors to Trump's inauguration later received relief from investigations, U.S. market access and plum postings in his administration.

The other side: Trump officials wholly reject the premise that the administration's policies don't benefit the working-class Americans who voted for the president en masse.

• White House officials point to cooling inflation, plummeting border crossings and the tariff-driven re-shoring of manufacturing as evidence of Trump delivering on his core promises.
• They frame his crypto push, AI acceleration and deregulatory agenda as driving forces behind a pro-growth tide that will lift all boats — including for middle- and working-class Americans.

Reality check: Inflation may remain benign for now, but there are growing signs businesses are experiencing higher prices and passing some or all of those costs directly through to consumers, Axios managing editor for business Ben Berkowitz notes.

• While companies have made encouraging public statements about re-shoring, in almost all of those cases it's too soon for any shovels to be in the ground.

🔭 What to watch: Trump's "One, Big, Beautiful Bill" is packed with populist red meat, including the extension of his first-term tax cuts, the elimination of taxes on tips and overtime, and $1,000 "Trump Accounts" for newborns.

• "All his hopes and dreams on that front are pinned to that reconciliation bill," one MAGA operative told Axios, characterizing it as "the bulk" of Trump's legislative agenda for the middle class.

Keep reading.

A third day of protests is expected in LA today as President Trump moves to deploy 2,000 California National Guard troops to quell demonstrations over the administration's immigration crackdown.

• LA is now the epicenter of national unrest surrounding Trump's aggressive deportation push.

Trump warned that any protest or violence blocking government personnel would be seen as "a form of rebellion."

It's the first time since 1965 — when President Lyndon B. Johnson sent forces to Alabama to guard civil rights demonstrators — that a president has mobilized a state's National Guard without the governor's request, The New York Times reports.

• "That move is purposefully inflammatory and will only escalate tensions," California Gov. Gavin Newsom said yesterday.

💡 The backstory: "Trump and his aides have often lamented that not enough was done by Minnesota's governor to quell protests over the murder of George Floyd in 2020," the N.Y. Times' Maggie Haberman notes (gift link).

• During a campaign rally in Iowa in 2023, Trump made clear he wouldn't hold back in a second term: "You look at any Democrat-run state, and it's just not the same — it doesn't work ... We cannot let it happen any longer. And one of the other things I'll do — because, you know, you're supposed to not be involved in that. You just have to be asked by the governor or the mayor to come in. The next time, I'm not waiting."

Catch up quick: Confrontations broke out yesterday near a Home Depot in the heavily Latino city of Paramount, south of Los Angeles, where federal agents were staging at a Department of Homeland Security office nearby, AP reports.

• Agents unleashed tear gas, flash-bang explosives and pepper balls, and protesters hurled rocks and cement at Border Patrol vehicles.

A series of immigration sweeps pushed the weeklong total of arrests in the city past 100, heightening unease among residents.

President Trump answered "no" when asked by NBC News' Kristen Welker if he'd like to repair his relationship with Elon Musk. "I think it's a shame that he's so depressed and so heartbroken," Trump said of the billionaire.

• Why it matters: This alliance between two of the most powerful men in the world has crumbled in just days, with seemingly little hope for reconciliation.

Trump said he has no plans to speak to Musk during the phone interview with Welker for "Meet the Press."

• He said he hasn't given any thought to canceling Musk's companies' government contracts — a move he threatened to make in a Truth Social post Thursday.

🗳️ Musk will "have to pay very serious consequences" if he funds Democrats to run against Republicans who vote for the "big, beautiful bill," Trump told Welker.

• The billionaire — and biggest GOP donor of '24 — posted this past week that any lawmaker who backs the bill should be voted out in the midterms.

More from the interview.

Coco Gauff celebrates after winning her first French Open yesterday. The second-ranked Gauff defeated No. 1 Aryna Sabalenka.

• It's Gauff's second Grand Slam title. She won the U.S. Open two years ago. Plus, she's the first American to win the French Open since Serena Williams in 2015.

Yesterday's victory was especially sweet for Gauff after her heartbreaking loss in the French Open final three years ago.

• "I was going through a lot of things when I lost in this final three years ago ... A lot of dark thoughts and just the fact that I stayed to it, just means a lot to be here," she said in her victory speech.

Watch the speech.

President Trump might be the most accessible president ever — for spies or scammers, Axios Future of Cybersecurity author Sam Sabin writes.

• He has been known to pick up when his cell rings, even if he doesn't know who's calling. Senior members of his team also love chatting on their personal devices.

Why it matters: If Trump is willing to answer unknown numbers, as The Atlantic reported this week, there's no guarantee a scammer, impersonator, or even a foreign intelligence operative couldn't have a chat with the president.

🔎 Federal authorities are investigating a scheme where someone spoofed the phone number of White House chief of staff Susie Wiles to impersonate her in calls to senators, governors and CEOs, per The Wall Street Journal.

• Meanwhile, Chinese hackers reportedly penetrated U.S. telecom networks as early as summer 2023, according to Bloomberg — a year earlier than previously known.
• That access has been used by a China-backed group, Salt Typhoon, to spy on Trump, Vice President Vance, and other officials, the N.Y. Times reported.

White House communications director Steven Cheung told Axios: "President Trump is the most transparent and accessible President in American history. World leaders, heads of state, elected officials, and business titans all reach out to him because they know America is back under President Trump's leadership."

• Keep reading.

What would otherwise be an uncontroversial congressional vote to denounce the Boulder attack is devolving into a contentious partisan feud, Axios' Andrew Solender reports.

• Why it matters: Language praising ICE and labeling "Free Palestine" an "antisemitic slogan" are sparking fury from some Democrats, who see the provisions as a GOP maneuver to force them into a difficult vote.

💬 A senior House Democrat told Axios: "It's unfortunate that they're using a serious antisemitic terrorist attack as a wedge opportunity to divide Democrats. They knew what they were doing."

• "Nice little catch to put Democrats on the board," vented another House Democrat.

State of play: At least 15 people and one dog were injured last week in Boulder, Colo., when a suspect allegedly yelled "Free Palestine" as he threw Molotov cocktails at demonstrators advocating the release of hostages held by Hamas.

• Rep. Gabe Evans (R-Colo.), along with his fellow Colorado Republicans, introduced a three-page resolution denouncing the attack, which is scheduled to be voted on this week.
• The measure labels "Free Palestine" an "antisemitic slogan that calls for the destruction of the state of Israel and the Jewish people."

📜 Between the lines: Senior aides to several progressive House Democrats said their bosses were still mulling how to vote on the bill as of yesterday.

• The "Free Palestine" language is not the only wrinkle for Democrats in the measure — it also expresses "gratitude" to Immigration and Customs Enforcement for "protecting the homeland."

Keep reading.

Chinese, Tagalog and Vietnamese are the three most commonly spoken languages in the U.S. other than English and Spanish, Axios' Alex Fitzpatrick reports from new census data.

• Spanish is far and away the predominant non-English language nationwide, with about 41.2 million speakers. Putting it aside offers insight into other population centers around the country.

By the numbers: About 3.5 million people in the U.S. speak a form of Chinese, 1.7 million a form of Tagalog, and 1.5 million Vietnamese and related languages.

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Meatball, pictured above, was a single kitten living in a cold garage with a group of semi-feral adult cats before his recent rescue. There are more than a million like him.

• The big picture: Kitten season, typically landing during warmer months, is the time of year when most cats give birth. Shelters get overwhelmed, especially when it comes to the 24-hour care and feeding of extremely young kittens, AP's Leanne Italie reports.

🐱 "We see about 1.5 million kittens entering shelters every year. And most of them will come into shelters during May and June," Hannah Shaw, an animal welfare advocate, told the AP.

• That triggers a need for more foster homes.

Between the lines: People are reluctant to foster, in part because they think it'll come with a boatload of expenses.

• But these days, many shelters and rescues cover the food, supplies and medical costs of fostering.

❤️ Shaw said: "A lot of people don't foster because they think it's going to be this huge cost, but fostering actually only costs you time and love."