Principals

1. FDA won’t pull mifepristone
2. China tariff rollback
3. Duffy on congestion pricing
4. Trump pressures Russia
5. Dem whip race
6. GOP targets CFPB
7. Reconciliation timeline
8. Working class against tariffs

PDB: Trump order targets ActBlue

Trump departs for Pope Francis’ funeral ... Semafor’s World Economy Summit wraps final day … S&P 500 futures ⬆️ 0.26%

FDA has ‘no plans’ to restrict abortion pill

Food and Drug Administration Commissioner Martin Makary said he has no plans to restrict the availability of the abortion pill mifepristone, which has emerged as a source of debate among conservatives since the Supreme Court overturned Roe v. Wade. At the World Economy Summit, Makary carved out a firmer position than he did during his confirmation hearing earlier this year — at that time, he pledged to a “review of the data” without committing to specifics — but on Thursday, he still left open the door to future action. “If the data suggests something or tells us that there’s a real signal, we can’t promise we’re not going to act on that data,” he said of a ban. Sen. Josh Hawley, R-Mo., quickly expressed disapproval: “This is exceptionally disappointing to say the least,” he posted on X.

Is a US-China thaw on the horizon?

China quietly exempted some US imports from tariffs, after denying that it’s in active negotiations with the US on a resolution. The latest development will fuel hopes that a thaw could be imminent, and stock futures are rising this morning on the prospect of a deal. Still, the pressure is on: “[Getting a deal] is so fundamental to the future stability of the market,” Kevin Rudd, Australia’s ambassador to the US, said at the World Economy Summit. Analysts say Chinese President Xi Jinping is waiting for President Donald Trump to budge first. “China is actually quite prepared already” for the trade war, Henry Wang, president of the Center for China and Globalization, said at WES, noting that the tariffs impact US and multinational firms, as well as those based in China.

— Morgan Chalfant

Duffy: Consequences for congestion pricing lawyers

Transportation Secretary Sean Duffy said at the Semafor World Economy Summit that there should “absolutely” be consequences for the lawyers who accidentally filed an internal letter to the courts that identified some possible weaknesses in the DOT’s case on congestion pricing. He added that he wasn’t sure whether the action was incompetence or deliberate, and noted that the attorney general would ultimately be the one to determine the consequences for the attorneys, who were sidelined from the case on Thursday. Duffy also told Semafor it’s up to Congress whether to privatize Amtrak, and argued that while he loves bikes, America isn’t Europe and bike lanes can contribute to congestion in some major cities. “Bike lanes might make sense,” he said, but are a problem when they come at the “expense of vehicles.”

— Shelby Talcott

Trump ups pressure on Russia, Ukraine

The deadly Russian airstrike that killed a dozen people in Ukraine caused Trump to issue a rare rebuke of Vladimir Putin. “Not necessary, and very bad timing. Vladimir, STOP!” Trump wrote on Truth Social, increasing pressure on Ukraine and Russia to come to a peace deal. The Trump administration is pushing a deal that would be favorable to Russia by ruling out NATO membership for Ukraine, recognizing Crimea as Russian, and allowing Moscow to keep virtually all of the territory it has taken from Ukraine. Bloomberg reports that the US will also ask that Moscow accept Ukraine’s right to military force as part of the agreement. Asked by a reporter about the concessions Russia is willing to make, Trump replied, “stopping the war” which he described as a “pretty big concession.” Trump envoy Steve Witkoff arrived in Russia today for more talks.

Whip field starts clearing for Schatz

Politics can upend friendships — but I’d be surprised if that’s the case when it comes to the race to succeed Senate Minority Whip Dick Durbin. No Democrats I talked to this week believed either Sen. Cory Booker, D-N.J., or Sen. Chris Murphy, D-Conn., would run against Sen. Brian Schatz, D-Hawaii, for the No. 2 Democratic caucus position, which will open up when Durbin retires next year. Booker, Murphy, and Schatz are longtime friends, and Democrats see no shred of a possibility that either would challenge Schatz. Murphy simply has no interest in the position and doesn’t see it as a stepping stone to other posts. Nevada Sen. Catherine Cortez Masto is also not running, a spokesperson said. That doesn’t necessarily mean that Schatz will be the only candidate. Minnesota Sen. Amy Klobuchar, the No. 3 in the caucus, is keeping her powder dry.

House Financial Services targets CFPB

Rep. Mike Haridopolos, D-Fla., said at the World Economy Summit that lawmakers on the House Financial Services Committee want to slash the cap on transfers from the Federal Reserve to the Consumer Financial Protection Bureau in half as part of the GOP’s tax bill. “The CFPB is getting so much money from the Fed, we want to reduce that percentage roughly in half, about 12% down to 5%, and that will bring that billion dollars in savings” the committee’s Republicans have been asked to provide, he said. His remarks follow those of his colleague, Rep. Frank Lucas, R-Okla., who predicted lawmakers would “undo the CFPB” and “step the Fed back.” Other potential targets for the panel include the Public Company Accounting Oversight Board and the Treasury Department’s Office of Financial Research.

— Kadia Goba and Eleanor Mueller

Moore: Tax messaging could boost market

Trump’s shifting tariff policies make it challenging to predict their impact on reconciliation legislation. “We don’t know how that’s going to play out,” Rep. Blake Moore, R-Utah, said at the World Economy Summit. Moore, who serves on the House Ways and Means Committee, said he doesn’t love tariffs as a revenue source to offset tax cuts, but suggested it would be difficult to factor them in because a lot of the tariffs that have been proposed have already been scaled back or postponed. House Republicans want to wrap up their portion of reconciliation by Memorial Day, and Moore is hoping that GOP messaging on a “pro-growth” package “should be able to give a lot of confidence to the market,” he said.

— Kadia Goba

Working class voters lean against tariffs

Polling for a new Democratic group suggests that working-class voters might sour on Trump’s tariffs — unless convinced that they’ll bring back jobs quickly. The Working Class Project, an American Bridge spinoff led by former New Orleans Mayor Mitch Landrieu, surveyed 1,000 “working class voters” (most with a household income under $75,000) who broke for Trump in 2024. Fifty-nine percent said that the tariffs amounted to a “tax” on Americans and American companies, and 59% worried that “going back and forth” with tariffs on close allies would hurt the economy. Polling conducted for Fox News this week also found majority opposition to the tariffs, but the WCP’s polling found 50% support, from working class voters, for tariffs if they “[created] new manufacturing jobs.” That fell to 44% if the tariffs were in place for “as long as it takes.”

— David Weigel

Blindspot: Iran and Kenya

Stories that are being largely ignored by either left-leaning or right-leaning outlets, curated with help from our partners at Ground News.

What the Left isn’t reading: Pennsylvania Sen. John Fetterman told The Washington Free Beacon he thinks President Trump should “waste” Iran’s nuclear facilities with a military strike.

What the Right isn’t reading: During a visit to Beijing, Kenyan President William Ruto pledged to build closer ties with China.

Beltway Newsletters

Playbook: Steve Bannon predicted that White House press secretary Karoline Leavitt would get promoted after a year or two in her current post. “I think she’s going to get a Cabinet position. Maybe chief of staff,” he said.

WaPo: Democrats are feeling bullish about their plans to flood GOP districts during the recess. “If the Republicans are going to refuse to do their own jobs, then we’ll do their job for them,” DNC chair Ken Martin said.

Axios: Elon Musk’s net worth has fallen by $122 billion this year, not that far short of the $160 billion in government savings claimed — without firm evidence — by DOGE.

White House

• The Trump Organization is selling hats teasing a third Trump term, which would be barred under the 22nd Amendment.

Executive Orders

• President Trump is targeting ActBlue, Democrats’ primary online donation platform, directing the Justice Department to investigate it. — Politico

Outside the Beltway

• California Gov. Gavin Newsom said the state has the world’s fourth largest economy.
• The Guardian profiled five families of “American refugees” who fled their home states to escape Republican policies, like restrictions on abortion and gender health care access.

Economy

• Germany downgraded its growth forecast to zero.
• Home sales fell last month to their slowest since 2009.

Health

• FDA Commissioner Marty Makary also asserted that the American public would “warmly” welcome a move by the Trump administration to withdraw the government’s recommendation for the COVID-19 vaccine for children.

Courts

• A federal judge restricted the Trump administration’s ability to withhold funds from public schools over their DEI programs.
• A district judge paused an administration plan to require proof-of-citizenship at voting booths.
• Trump administration lawyers asked the Supreme Court to allow it to enforce an order banning transgender people from the US military immediately, even as court challenges continue.

National Security

• Defense Secretary Pete Hegseth’s chief of staff, Joe Kasper, left his post voluntarily, in the latest sign of tumult at the Pentagon.
• Authorities arrested Mahmoud Khalil, the Columbia student activist and green card holder the Trump administration has sought to deport, without a warrant.

Foreign Policy

• Russian Foreign Minister Sergei Lavrov told CBS that talks to end the war in Ukraine are “moving in the right direction.”
• Michael Anton will lead technical talks with Iran over its nuclear program. — Politico

Technology

• Amazon and Nvidia pushed back on concerns about the construction of AI data centers potentially slowing down.

Media

• President Trump sat down for an interview with The Atlantic.

Principals Team

Edited by Morgan Chalfant, deputy Washington editor

With help from Elana Schor, senior Washington editor

And Graph Massara, copy editor

Contact our reporters:

Burgess Everett, Kadia Goba, Eleanor Mueller, Shelby Talcott, David Weigel

Michael Bennet is a Democratic senator from Colorado. Tune in to the final day of Semafor’s World Economy Summit to catch his interview with Burgess this afternoon.