The trade war with China is "unsustainable" in its current form, Treasury Secretary Scott Bessent said Wednesday, though there were mixed messages from the administration about whether the U.S. would move unilaterally to reduce tariffs.
Why it matters: As recession worries grow, the Trump administration is signaling intentions to tamp down trade tensions with China, which have threatened to all but shutter commerce between the world's two largest economies.
President Trump declared that Volodymyr Zelensky has "no cards to play" in a stinging rebuke after the Ukrainian president rejected his framework for peace.
Why it matters: The U.S. presented Ukraine with its "final offer" for peace last week, which includes U.S. recognition of Crimea as Russian territory and no possibility of NATO membership for Ukraine. But Zelensky rejected that proposal on Wednesday.
Viewers across the U.S. are getting ready for the next Pope to be announced by binge watching the fictional drama "Conclave."
Why it matters: The Oscar-award-winning film that depicts how the Catholic Church chooses its leader has seen a massive spike in daily viewership since Pope Francis died earlier this week.
Financial market reality remains a constraint on President Trump's most aggressive impulses. But that doesn't mean the economy is out of the woods.
The big picture: Tuesday brought a presidential climbdown on both his threats to fire Federal Reserve chair Jerome Powell and to slam Chinese imports with tariffs so high as to virtually shutter trade between the world's biggest economies.
Merchandise trade between China and the U.S. is likely to collapse if the current tariffs on both sides remain in place.
How much of that collapse has already started, however, is unclear.
The big picture: While some transpacific container-shipping routes have been canceled or changed to avoid U.S. ports, many ships are still headed for Long Beach, Oakland, and other U.S. destinations.
President Trump got a scare from CEOs and markets on Monday. On Tuesday, he bluntedsome of his sharpest threats — signaling a softer stance on China and retreating from fiery rhetoric targeting the Fed.
Why it matters: The president is resolute in his goal of reshaping the economy. But he's sensitive to the movement of the markets and the pleas of powerful corporate leaders and investors who fear the worst from his sweeping efforts.
President Trump's penchant for chaos — overload the media, public and government with disorienting action and controversial figures — is mass-producing ... chaos, everywhere.
Why it matters: As Trump's 2.0 administration approaches its first 100 days, his less leaky, less back-stabby White House is starting to look more like the first-term one, with a surge in infighting and embarrassing public revelations.
Voice of America workers who were placed on leave or fired should return to work and the Trump administration must restore funding to the VOA and other U.S. government-funded news outlets, a federal judge ruled on Tuesday.
Why it matters: The ruling effectively halts the Trump administration's plan to gut the VOA and its parent, the government-funded U.S. Agency for Global Media (USAGM).
The U.S. expects Ukraine's response Wednesday to a peace framework that includes U.S. recognition of Crimea as part of Russia and unofficial recognition of Russian control of nearly all areas occupied since the 2022 invasion, sources with direct knowledge of the proposal tell Axios.
Why it matters: The one-page document the U.S. presented Ukrainian officials in Paris last week describes this as President Trump's "final offer." The White House insists it's ready to walk away if the parties don't make a deal soon.
A consortium led by the Carnegie Corporation of New York is pledging millions of dollars to turbocharge nuclear weapons expertise, particularly concerning risk reduction and the bomb's intersection with space and artificial intelligence.
Why it matters: Political uncertainties in the U.S. are sparking proliferation concerns and prompting nuke discussions in France, Germany, Poland and South Korea.
Meanwhile, China is expanding its own arsenal, the nuclear shadow looms over Ukraine and negotiations about Iran's future creep along.
The number of antisemitic incidents in the U.S. has surged almost 900% in 10 years, and last year reached its highest level recorded in nearly half a century, an annual Anti-Defamation League (ADL) survey released Tuesday found.
President Trump spoke on Tuesday with Israeli Prime Minister Benjamin Netanyahu to discuss the Gaza ceasefire and hostage deal and the nuclear talks with Iran, according to Israeli and U.S. officials.
Why it matters: The phone call took place amid a stalemate in the Gaza negotiations after another failed attempt last week by the U.S. and Egypt to put forward a bridging proposal both sides could accept.
The U.S. economy is the big drag on global growth expectations this year, thanks in large part to President Trump's tariffs, according to forecasts released by the International Monetary Fund on Tuesday.
Why it matters: The estimates reflect the consequences from Trump's sudden reset of the world's trading system, with worse economic conditions expected in nearly every major country.
Pope Francis' funeral will be held in St Peter's Square from 10am local time (4am ET) Saturday, the Vatican announced on Tuesday.
The big picture: The Vatican also released the first images of the late leader of the world's 1.4 billion Roman Catholics in an open casket with a rosary placed in his hand in the chapel of the Casa Santa Marta, his papal home for the past 12 years until his death on Easter Monday at age 88.
Defense Secretary Pete Hegseth is locked in open warfare with his own Pentagon, a hotbed of distrust and dysfunction that commands the most powerful military on the face of the Earth.
Why it matters: No Trump Cabinet official has endured more turmoil in less time than Hegseth, who survived a nasty confirmation battle only to be burned — again and again — by leaks, blunders and now backlash from his own handpicked aides.
The next pope will take over a Roman Catholic Church with dwindling membership in Europe, North America and Latin America, but surging numbers across Asia and Africa.
Why it matters: That's a big reason why two of the cardinals widely seen as top contenders to lead the 1.4 billion-member church after Pope Francis are from Asia and Africa, regions where the church is particularly focused on increasing its influence.
President Trump is toeing an economic red line that few before him have dared even consider crossing.
Why it matters: The mere possibility that Trump could erode the Federal Reserve's independence has been enough to unnerve investors and tank the stock market.
Pope Francis' funeral will follow centuries of Catholic tradition — but it will also reflect the simplicity the late pontiff embraced last year in a nod to humility over pomp.
The big picture: Pope Francis' memorial services are expected to bring faith leaders, mourners and international officials to the Vatican in the coming days and weeks to bid their final farewell to a historic pontiff and usher in a new era for the Church.
Chinese automakers are turning to Russia and the Middle East to offset the impact of global tariffs imposed by the U.S., Europe and other countries.
Why it matters: Despite the global tariff storm, China remains an industry juggernaut, dominating vehicle sales in its home market while continuing to expand exports around the world.
Pope Francis wished to be buried in a "simple" tomb at Rome's Papal Basilica of Saint Mary Major, bearing only the inscription "Franciscus," per his final testament that the Vatican released following his death Monday.
The big picture: It's his will that the tomb should be "without particular ornamentation," in keeping with his modest lifestyle that saw him move into a modest Vatican guesthouse instead of grander papal apartments.
The big picture: Thelegal U.S. resident, who has been in the custody of Immigration and Customs Enforcement (ICE) since last month, was denied temporary release to meet his newborn, said his wife, Noor Abdalla.
