Axios

U.S. and Iranian officials met and spoke briefly in the first round of nuclear talks on Saturday in Oman, according to the Iranian foreign ministry.

Why it matters: President Trump has repeatedly said Iran needs to rapidly reach a deal that makes sure it can't obtain a nuclear weapon or face the prospect of military strikes, which could lead to war.

Smartphones and computers will be exempted from the 125% import levies President Trump imposed on China.

Why it matters: The exemption is a win for companies like Apple that manufacture most of their products in China.

America's most prestigious law firms have agreed to provide almost $1 billion worth of legal work to President Trump — and that total will likely grow.

• Trump announced deals with 5 firms Friday. He's now gotten the giants of Big Law to pledge a combined $940 million in pro bono legal work for conservative causes.

Zoom in: Trump began this process by signing executive orders targeting firms that had employed or represented his critics.

Tens of thousands of unaccompanied children who are in the U.S. illegally stand to lose legal help for their immigration hearings — and face being deported — because of a little-known Trump budget cut.

Why it matters: The $367 million cut takes aim at the legal defense fund designed to help children and teens who've fled violence, lost their parents, or are victims of trafficking.

President Trump on Friday put the Pentagon in charge of a narrow strip of land along the U.S.-Mexico border, authorizing the military to detain immigrants suspected of crossing illegally.

Why it matters: The latest directive builds on Trump's January executive order declaring illegal immigration a national emergency and ordering the military to secure the border.

Nearly five years after fueling the largest protest movement in American history, Black activism stands at a generational, emotional and strategic crossroads.

Why it matters: Many of the Black Americans who flooded the streets in 2020 have stepped back from the renewed anti-Trump protests — torn between the urgency of the moment and the spiritual toll of relentless, often fruitless resistance.

President Trump will be interviewed next week by Rachel Campos-Duffy for the Spanish-language "Fox Noticias" program, Axios has learned.

Why it matters: It will be the first interview Trump has given since he announced— and then paused — sweeping global tariffs.

Maine won't bar transgender athletes from competing in women's sports despite President Trump's threat to withhold federal funding, the state attorney general's office said Friday.

The big picture: After Maine refused to budge, the Department of Education referred its Title IX investigation to the Department of Justice "for further enforcement action" and said it would initiate proceedings to cut federal K-12 education funding.

WorldPride has been years in the making for D.C. and a global coalition of organizations, but President Trump's rhetoric is sparking safety and participation concerns just a month before the festivities kick off May 17.

The big picture: This comes amid the Trump administration's attacks on LGBTQ+ individuals and organizations — focusing especially on the trans community, as well as diversity, equity and inclusion programming.

The pharmaceutical industry faces a growing mountain of threats from the Trump administration, Axios' Caitlin Owens reports.

• "I think they're more screwed than they realize," said a consultant for drug companies who's close to the administration.

🔬 Why it matters: The U.S. leads the world in pharmaceutical innovation. But experts say the whole ecosystem is under threat, which could ultimately result in fewer breakthrough treatments.

• Cuts to NIH funding will make it harder to get new research started, they say. Cuts and policy changes at the FDA threaten to make the finish line less predictable.

💊 The big picture: RFK Jr., the HHS secretary, has talked about scrapping the process the FDA uses to decide whether to approve new drugs, calling it a conflict of interest because it's funded heavily by the industry.

U.S. and Iranian officials are describing similar goals for high-stakes nuclear talks tomorrow — determining whether the other side is serious.

• "The main question we want answered from the Iranians is whether they have the political will to have a serious discussion so that we won't have to resort to the other alternative," a U.S. official told Axios' Barak Ravid.
• Iran's foreign ministry wrote on X: "We do not prejudge. We do not predict. We intend to assess the other side's intent and resolve this Saturday."

1. 💰 Stocks ended this wild week with a rally: The S&P is up 5.7% for the week. But consumer confidence plunged for the fourth consecutive month, and Wall Street executives warned of growing economic uncertainty. Go deeper.
2. 🪖 The Pentagon removed a commander of the Pituffik Space Base in Greenland, Col. Susannah Meyers, after she sent an email disagreeing with Vice President Vance's criticisms of Denmark. Go deeper.
3. ⚖️ Justice Department lawyers told a federal judge they couldn't provide an update about efforts to bring Kilmar Abrego Garcia back to the U.S. The Supreme Court ordered his return last night. The judge has now ordered the U.S. to provide daily status updates. Go deeper.

Movie studios are counting on familiar franchises to deliver a blockbuster summer.

• The film industry typically generates 40% of its annual revenue during the summer, Reuters reports, making it a critical window as ticket sales overall keep declining.

🎥 What we're watching: "Mission: Impossible — The Final Reckoning" is arguably the biggest event on the summer calendar. It'll be Tom Cruise's eighth — and potentially last — "Mission Impossible" film.

Detained Columbia University alumnus Mahmoud Khalil can be deported despite his status as a legal U.S. resident, a judge ruled Friday according to multiple outlets.

The big picture: It's a win for the Trump administration in a historic test of immigrants' speech rights.

The Trump administration is considering deep cuts to NOAA while seeking to end much of its climate change work, according to an internal document seen by Axios.

Why it matters: The proposal, if Congress enacts it, would squash some of the nation's premier climate change research programs.

After lying low from cable TV in 2024, Senate Minority Leader Chuck Schumer (D-N.Y.) is returning to the airwaves.

Why it matters: Signalgate and President Trump's tariffs have given Schumer a chance to show some fight after he infuriated the Democratic base last month by voting to avoid a government shutdown.

Thirteen weeks in session, 213 votes, 55 confirmations, two vote-a-ramas and a final 2am vote — Senate Republicans could not be more ready for a two-week recess.

Why it matters: Republicans demanded that their new leader get the Senate working hard again. Senate Majority Leader John Thune (R-S.D.) answered the call, but Republicans are feeling the effects of the Democratic opposition.

A federal judge on Friday demanded the government provide daily updates in the case of a Maryland resident whom the Trump administration erroneously deported to a notorious prison in El Salvador.

The big picture: It comes a day after the Supreme Court ruled the Trump administration must take steps to return Kilmar Armando Abrego Garcia, a Salvadorian national who was wrongly swept up, DOJ lawyers previously admitted in a filing.

Iowa Gov. Kim Reynolds (R) announced Friday that she won't seek reelection.

Why it matters: Reynolds, Iowa's first woman governor, pushed conservative policies on education, health care and taxes since assuming the office in 2017.

Director of National Intelligence Tulsi Gabbard has quietly installed William Ruger, a former Charles Koch Institute vice president and skeptic of military action against Iran, into a key position in her department, according to congressional officials.

Why it matters: Ruger's appointment to one of the most important jobs in the intelligence community had led to private concern and public praise among congressional Republicans, reflecting the deep divides in the party on key policy questions, from Iran to Ukraine to China.

U.S. consumer confidence plunged for the fourth consecutive month in early April, the University of Michigan said on Friday.

Why it matters: President Trump's tariff policies crushed the economic optimism that prevailed after the presidential election. Now consumers — including Republicans — fear inflation will skyrocket and the economy will weaken, expectations that economists say could be self-fulfilling.

The Pentagon removed a Greenland base commander on Thursday after she sent an email critical of Vice President JD Vance's comments about Denmark, multiple outlets reported.

Why it matters: The Pentagon said it would not tolerate officials who undermine President Trump's agenda.

President Trump will undergo his annual physical on Friday in what could provide a new snapshot of his health — if he releases the results.

Why it matters: The findings from Friday's exam can only be shared publicly with Trump's consent, per KFF Health News. The exam could renew calls that Trump faced during his first term and on the campaign trail to release medical records demonstrating his physical and cognitive wellbeing.

Egg prices rose to a record high of $6.23 per dozen in March, according to U.S. Bureau of Labor Statistics data released on Thursday that pre-dates a recent decline in retail prices.

The big picture: President Trump claimed credit last month for a drop in wholesale egg prices, as bird flu outbreaks that had forced producers to cull millions of chickens and sparked shortages began to wane — and his administration moved to tackle high prices by boosting egg imports.

China increased its tariff on U.S. goods to 125% on Friday, matching President Trump's levy, but said it won't go higher.

Why it matters: The tit-for-tat move extends a trade war impacting hundreds of billions of dollars' worth of goods — though the intention to cap the tariff may be a small opening to moderate tensions.

Most Pennsylvania swing voters in our latest Engagious/Sago focus groups stuck by President Trump through this week's drama over tariffs and the stock market, but say he must better explain his strategy and how long Americans should prepare for pain.

Why it matters: Just two of these 13 Biden-to-Trump voters said Trump has made a good case for tariffs since he returned to the White House; 11 said he hasn't articulated enough or that they aren't sure of the end game.

A warning from the world's largest and most powerful financial market did what few others could: force President Trump to pivot on a key aspect of his trade agenda.

Why it matters: The U.S. Treasury market is the heart of the global financial system. The rapid selloff fueled by Trump's tariffs was seen as a ticking economic time bomb that risked bringing the world economy to a screeching halt.

President Trump's diplomatic envoy Steve Witkoff traveled to Russia and met President Vladimir Putin on Friday, according to a source familiar with the trip and FlightRadar data.

Why it matters: This will be the third meeting between Witkoff and Putin as Trump pushes for a ceasefire in the war between Russia and Ukraine.

Senate Majority Leader John Thune (R-S.D.) gave House Speaker Mike Johnson (R-La.) a big assist in the last 24 hours. But now GOP senators are drawing their own lines in the sand, and they won't be as easy to flip.

Why it matters: Thanks to a likely baked-in "no" from Sen. Rand Paul (R-Ky.), Thune can lose only two other GOP votes and pass the Trump budget. That's very possible on several fronts.

President Trump threatened Mexico with more tariffs and sanctions on Thursday over a water dispute at the southern border.

What he's saying: "Mexico OWES Texas 1.3 million acre-feet of water under the 1944 Water Treaty, but Mexico is unfortunately violating their Treaty obligation," Trump said in a Truth Social post, referring to a 1944 agreement that requires Mexico to deliver to the U.S. 1.75 million acre-feet of water over a five-year cycle.