The White House is deploying its platforms and personnel in ways that resemble a modern media company, Axios' Neal Rothschild writes.

• Why it matters: Through flashy stunts, meme-heavy social media postings and camera-friendly Cabinet secretaries, Trump 2.0 has been built to win attention and fire up the MAGA base.

🔭 The big picture: The strategy reflects a sophisticated understanding of the current media environment — and incorporates it into the official communications of the United States.

The White House this week launched a web page styled like the Drudge Report to share Trump-friendly news.

• A few days earlier, the White House adorned the North Lawn with posters of arrested unauthorized immigrants. The purpose: Position the posters so they'd be visible in TV live shots.

📱 On social media, Trump administration accounts employ provocative tactics — often on immigration — to tap into the zeitgeist of those platforms, and get reach and reaction.

• The official White House X account posted an ASMR-style video of migrants being deported, and a cartoon rendering of a crying woman being arrested by ICE. This week, Trump's team tapped into the viral 100 men vs. one gorilla meme to tout deportations.
• White House TikTok and Instagram accounts have posted videos of arrests and ICE patrols, accompanied with lyrics "You don't have to go home but you can't stay here," and "I will be kickin' you out."

Share this story.

President Trump threw cold water on the notion of seeking a third term in 2028 — an idea that has gained currency in some MAGA circles despite being unconstitutional, Axios' Alex Isenstadt writes.

• "This is not something I'm looking to do. I'm looking to have four great years and turn it over to somebody, ideally a great Republican, a great Republican to carry it forward," Trump told NBC News' Kristen Welker in a "Meet the Press" interview airing this morning.

Why it matters: Trump has teased the possibility of running again. He said in March that he wasn't "joking" about the possibility, and that "there are methods" by which he could seek another term, despite the 22nd Amendment prohibiting it.

On "Meet the Press," Trump hedged on who his successor should be, though he mentioned Vice President JD Vance and Secretary of State Marco Rubio as prospects.

• "I don't want to get involved in that," Trump said when asked if he had a No. 1 choice. "I think [Vance is] a fantastic, brilliant guy. Marco is great. There's a lot of them that are great."

Other takeaways from the interview with Kristen Welker:

1. 📜 A dodge on whether he's required to uphold the Constitution: Trump was pressed on the administration's refusal to abide by a Supreme Court order to "facilitate" the release of Kilmar Abrego Garcia, the Maryland man who was wrongly deported and sent to a prison in El Salvador.

• The president said "I don't know" when asked if citizens and non-citizens deserved due process, as provided by the Constitution. He also said "I don't know" when asked if he was required to follow the Constitution.

2. 🚢 Tariffs may be permanent: Trump said it's possible tariffs on imported goods would be permanent, adding: "If somebody thought they were going to come off the table, why would they build in the United States?"

• Trump also told NBC that he would not give exclusions to small businesses hit by tariffs, saying they wouldn't "need it."
• The comments came just days after the U.S. Chamber of Commerce penned a letter to the administration warning that small businesses may "suffer irreparable harm" from the tariffs unless exclusions are granted.

3. 💸 He won't fire Fed Chair Jay Powell: Trump backed away from his threat last month to remove Powell before his term ends in 2026, saying: "No, no, no. That was a total — why would I do that? I get to replace the person in another short period of time."

• Share this story ... Watch the video.

Warren Buffett said yesterday he will ask Berkshire Hathaway's board to replace him as CEO with his designated successor Greg Abel at the end of this year, Axios managing editor for business Ben Berkowitz reports.

• Why it matters: It's the end of an era for one of the world's richest and most storied investors, who's run Berkshire for decades.

⚡ Catch up quick: Buffett saved the bombshell for the end of Berkshire's annual shareholder meeting, a days-long pilgrimage for fans of the "Oracle of Omaha" that attracts more than 100,000 visitors.

• "I think ... the time has arrived where Greg should become the chief executive officer of the company at year-end," Buffett said. He added that his plans would be news to the company's board.

Zoom out: Buffett has been synonymous with markets in America for decades, a household name whose folksy aphorisms and value investing strategies inspired generations of investors.

• At 94 years old, he's having one of his best years in decades, outperforming the S&P 500 by almost 23 points. Yesterday's meeting was Buffett's 60th running the conglomerate.

🔮 Replacing Buffett will be the Canadian-born Abel, 62, who comes from the energy industry.

• He's been vice chair of Berkshire Hathaway since 2018 and Buffett's designated successor since at least 2021.

Buffett also fielded a question on tariffs. He said:

"There's no question that trade ... can be an act of war. I think it's led to bad things. The attitudes it's brought out in the United States — I mean, we should be looking to trade with the rest of the world and we should do what we do best and they should do what they do best. I do not think it's a great idea to try and design a world where a few countries say 'Hah-hah-hah, we've won' and other countries are envious."

Go deeper: Buffett's best, worst investments over 60 years.

Despite recession fears, Americans aren't skimping on live music, Axios' Jason Lalljee reports.

• Live Nation reported that it's expecting feverish concert ticket sales to run through summer.

🎤 Zoom in: Kendrick Lamar and SZA kicked off their "Grand National Tour" in April. Opening night made Lamar the first rapper in history to gross more than $9 million from a single show, per Touring Data.

• Beyoncé started her "Cowboy Carter" stadium tour last week, which Live Nation said was at 94% capacity a month after pre-sales started.
• Lady Gaga, The Weeknd, Billie Eilish and Dua Lipa will all be touring this summer.

Live Nation said the number of stadium shows is up 60% from last year.

• Keep reading.

First in Canada and then yesterday in Australia, voters looked at what President Trump is doing and chose the precise opposite.

• Why it matters: Safe, uncharismatic establishmentarians from the center-left are on the march in the Anglophone world, Axios' Dave Lawler writes.

Trump's 2016 victory, four months after the UK's Brexit vote, ignited talk of a global wave of right-wing populism. But in two big elections during Trump 2.0, winners on the left have linked Trump to opponents on the right.

• 🇦🇺 Center-left Australian Prime Minister Anthony Albanese, reelected yesterday, branded Peter Dutton, the conservative opposition leader, as "DOGE-y Dutton."
• 🇨🇦 Canadian Prime Minister Mark Carney's Liberal Party won the country's federal election last week. The Liberal Party looked poised to lose power for the first time in a decade, but it shored up support after Trump's threats to annex Canada.

President Trump is going far beyond traditional mechanisms and employing a whole-of-government campaign to achieve his goal of the "largest deportation operation in American history," Axios' Sareen Habeshian reports.

• The IRS reached an agreement with the Department of Homeland Security to share tax information of undocumented immigrants with authorities. The move could speed up immigration enforcement, but may push undocumented immigrants to avoid paying taxes and turn to the informal economy.
• Social Security is also now an immigration enforcement tool: Hundreds of thousands of immigrants in the U.S. with "temporary parole" status — granted through various Biden-era programs — have received Social Security numbers to work. DHS identified 6,300+ of them who are on the FBI terrorist watch list, or with FBI criminal records, an official told Axios.
• HUD has partnered with DHS to help identify undocumented immigrants living in publicly subsidized housing.
• The U.S. Postal Inspection Service, the Postal Service's law enforcement arm, has quietly started to cooperate with federal immigration officials in order to find undocumented immigrants, The Washington Post reported this week: "Immigration officials are seeking photographs of the outside of envelopes and packages ... and access to the postal investigation agency's broad surveillance systems."

Share this story.

"I've signed 147 executive orders — everything from banning paper straws to defunding PBS. I understand Elmo has now been apprehended by ICE," James Austin Johnson, dressed as President Trump, quipped in last night's "Saturday Night Live" cold open.

• The Trump character was joined in the Oval Office by "Stephen Miller," with a debut impression by Mikey Day, and "Marco Rubio," played by Marcello Hernández, for the signing of hyper-niche executive orders.

📱 "Miller": "Sir, this order will make the New York Times Connections game easier."

• "Trump": "And it's about time! Every time, it's like: 'How the hell was I gonna get that fourth one?' Y'know the purple one? ... It's always like 'units of measurement plus the letter Q.' Or 'types of beans minus the concept of love.' What the hell does any of that mean? [Holds up signed order for cameras.] Let's keep it rollin', Stephen."

👻 "Miller": "Sir, this order will outlaw ghosts."

• "Trump": "We're sick of the ghosts, right? We don't like 'em! Y'know, every Christmas Eve, I get visited by three ghosts. [Laughter] ... They're like, 'Siiir, you have to change. ... You did bad things.' ... And I'm like: 'Stop rattling those chains!'"

📉 "Miller": "Sir, this order will officially shorten the word recession."

• "Trump": "Recession will now be called 'recess.' Fun, right? So, America: Get ready for a historically long recess!"

Watch the clip.

A fan dressed up at Churchill Downs yesterday. Attendees have been donning show-stopping hats at the racetrack since the first Run for the Roses in 1875.

Yesterday's Wall Street Journal front page cheekily teased: "The Smart Money's on Journalism to Win."

• But Sovereignty came from behind to win at 7-to-1 odds, and Journalism got 2nd.

More Derby pics.