ACTUAL NEWS: Monday, May 5th 2025 News Briefing
- Olga Nesterova
- 44 minutes ago
- 12 min read
QUICK HITS
On Sunday, President Trump and his administration gave a round of media interviews. Here are the main takeaways:
Our economy, allegedly, comes in parts attributed to a variety of Presidents, current and former. In reality, any current administration is responsible for the results of its own doing.
TRUMP BUDGET PROPOSAL IN ONE CHART
Trump on trade: “We’re making a lot of money. We’re doing great. Again, we were losing more than $5 billion a day … We’re going to be at a point soon where we’re making money every day.”
On the border emergency: “The big emergency right now is that we have thousands of people that we want to take out — and we have some judges that want everybody to go to court ... We have millions of people. We’re going to have millions of court cases?”
Trump: "We were losing hundreds of billions of dollars with China. Now we're essentially not doing business with China. Therefore, we're saving hundreds of billions of dollars. It's very simple."
On China tariffs: “At some point I’m going to lower them because otherwise you could never do business with them — and they want to do business very much. Their economy is really doing badly. Their economy is collapsing.”
Secretary of the Treasury Bessent, speaking today about the tariffs imposed on China, sounded noticeably uneasy:
Trump on prices: “Prices are down on groceries. Prices are down for oil. Prices are down for all energy. Prices are down at tremendous numbers for gasoline.”
Q: “Are you considering tariff relief for small businesses?”
Trump: “Why do you always mention a couple of little businesses.”
Trump: "I’ll be an eight-year president, I’ll be a two-term president. I always thought that was very important."
Trump says he will talk about annexing Canada with Canada’s Carney: "I’ll always talk about that."
Trump on his successor: "It’s far too early to say that, but I do have a Vice President... and JD’s doing a fantastic job... I don’t want to get involved in that."
Q: You are not ruling out military force to take Greenland?
Trump: "I don't rule out anything. No. Not there. We need Greenland very badly. Greenland is a very small amount of people which we'll take care of and we'll cherish them and all of that. But we need that for international security."
Trump not to uphold the Constitution? He says he will listen to his lawyers.
The President commented on the notion that he’s taking the country into authoritarian territory:
And finally, he justified the use of pencils for the “little baby girls,” stating that “five are enough,” according to the President.
I provided a factcheck and a commentary to these statements in my recent livestream.
President Trump said on Sunday that he is directing the Federal Bureau of Prisons to rebuild and reopen the infamous Alcatraz prison in San Francisco Bay—which has operated as a museum since the 1972—to “house America’s most ruthless and violent offenders.”
Attorney General Bondi, in a Monday interview, appeared to endorse the idea.
President Trump to authorize the Department of Commerce and U.S. Trade Representative to “immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.” He connects this to “national security.”
On Monday, the President announced a 100% tariff on movies produced outside the country.
The entertainment industry reacted with a mixture of alarm and bafflement, but gave few details on how such a levy would be implemented.
Australia and New Zealand vowed to advocate for their film industries on Monday after President Trump’s announcement. Both countries have become major filming locations due to lower costs and generous tax incentives.
NEW: President Trump said on Sunday that Stephen Miller, his deputy chief of staff, was a frontrunner to be potentially named national security adviser following the departure of Mike Waltz.
Executive Orders
President Trump signed an executive order on Monday aimed at reducing approval times for pharmaceutical plants, part of a broader push to encourage domestic manufacturing.
He signed another executive order banning federal funding for gain-of-function research that typically enhances pathogens. The order also pauses any research involving “infectious pathogens and toxins in the United States” that could pose a risk to citizens “until a safer, more enforceable, and transparent policy governing such research can be developed and implemented,” according to a White House fact sheet.
Today, I went live with the latest Weekly Recap. If you missed it, you can watch the replay!
TODAY IN HISTORY
1640: King Charles I of England dissolved the Short Parliament, the first to be convened in 11 years.
1789: At the start of the French Revolution, the Estates-General met at Versailles for the first time since 1614 to debate the role of the Third Estate.
1809: Mary Kies became the first woman to receive a U.S. patent—for her method of weaving straw with silk, used primarily in hatmaking.
1862: Mexican forces defeated French troops at the Battle of Puebla, a victory later commemorated annually as Cinco de Mayo.
1864: Union General Ulysses S. Grant and Confederate General Robert E. Lee clashed at the Battle of the Wilderness near Fredericksburg, Virginia, during the American Civil War.
1945: In the Battle for Castle Itter in Tirol, Austria, U.S. soldiers and renegade German troops jointly repelled a Waffen-SS assault—believed to be the only instance of Americans and Germans fighting side by side in World War II.
1945: A Japanese balloon bomb exploded on Gearhart Mountain in Oregon, killing six people on a picnic—the only enemy-inflicted fatalities in the continental United States during World War II.
1961: Alan Shepard Jr. became the first American in space, making a 15-minute suborbital flight aboard the Freedom 7 spacecraft.
1973: Secretariat won the Kentucky Derby, the first leg of the U.S. Triple Crown, which he would go on to sweep.
1981: Bobby Sands, a member of the Irish Republican Army (IRA), died in prison during a hunger strike.
QUICK ACTUAL NEWS
NATIONAL
The communications app used by former National Security Adviser Mike Waltz has temporarily suspended its services following a reported hack that exposed some messages. In an email, Portland-based Smarsh, the company behind the TeleMessage app, said it is “investigating a potential security incident” and is suspending operations “out of an abundance of caution.”
Georgia Governor Brian Kemp, who gained national attention for rejecting President Donald Trump's efforts to overturn the 2020 election, announced Monday that he will not run for a U.S. Senate seat next year.
Defense Secretary Pete Hegseth on Monday ordered a 20% reduction in the number of four-star generals and admirals, further deepening cuts at the Pentagon under President Trump’s second-term leadership.
The Trump administration on Monday continued defending U.S. rules that expand access to the abortion drug mifepristone, in a legal battle that began during the Biden administration.
The Federal Trade Commission and the Department of Justice announced Monday they are working to identify and eliminate anticompetitive regulations. They’ve directed federal agencies to review rules that “reduce competition, entrepreneurship, and innovation” as part of a broader regulatory overhaul.
President Trump told reporters on Monday he would make a formal announcement next week on efforts to lower drug prices, stating, “The U.S. is being ripped off on medicine costs compared to the rest of the world.”
President Trump also posted an AI-generated image of himself as the pope, just days ahead of a Vatican gathering to select a new pontiff. He recently joked he’d “like to be pope.”
Trump says Melania found it “cute”.
...or as Dr. Phil would say: “Trump, man of religion”
According to the Wall Street Journal, Trump administration officials are exploring ways to challenge the tax-exempt status of certain nonprofit organizations. IRS lawyers are reportedly reviewing whether existing rules can be changed to allow for such revocations.
A Guatemalan migrant who crossed the U.S. border while eight months pregnant and gave birth in Arizona has avoided expedited deportation, thanks to intervention from the state’s governor, her attorney, and a federal official.
Interior Secretary Doug Burgum warned Monday that the U.S. could face widespread power outages this summer. “We saw what happened this week in Spain. The same could happen here,” he said, blaming ongoing energy issues on Biden-era policies.
The White House launched its own media platform, “WH Wire,” which features what critics call “alternative facts.”
A look inside the White House’s new “new media” briefings.
On Monday, a lawyer who represented a whistleblower involved in Trump’s first impeachment sued the administration for revoking his security clearance, calling the move “unconstitutional retaliation.”
Hackers defaced the website of the airline involved in Trump’s offshore deportation program to El Salvador, according to a Reuters review on Monday.
Ford Motor Co. suspended its annual financial guidance on Monday, citing the uncertainty caused by Trump’s tariffs. The company estimates the tariffs will reduce earnings by roughly $1.5 billion.
A federal appeals court on Saturday stayed a ruling requiring the Trump administration to reinstate over 1,000 Voice of America employees. The earlier ruling by Judge Royce Lamberth had ordered full restoration of staffing and news operations.
The Department of Homeland Security announced on Monday it would offer a $1,000 stipend and travel assistance to migrants who choose to voluntarily self-deport. DHS stated this option is significantly cheaper than traditional deportations, which average $17,000 per case.
Finally, late Friday, the administration issued termination notices to staff at a federal worker safety agency serving coal miners, firefighters, and other hazardous occupations—despite appeals from a Republican lawmaker to preserve the agency’s mission.
Warren Buffett Announces He Will Step Down as CEO of Berkshire Hathaway
At the heart of Omaha’s CHI Health Center on Saturday, an eager crowd of tens of thousands of Warren Buffett’s loyal followers gathered for the annual Berkshire Hathaway shareholders meeting. But as the 94-year-old business magnate delivered his address, he stunned the room by announcing what many feared: he would be stepping down as CEO by the end of the year.
The revelation not only shocked the audience but also caught his chosen successor, Greg Abel, off guard—he was unaware of the news before it was made public. Following the announcement, the crowd erupted in a thunderous, prolonged standing ovation, honoring the legendary investor’s unprecedented run at the helm of one of America’s most powerful companies.
A Legacy Like No Other
Warren Buffett’s journey with Berkshire Hathaway began in 1965, when he took over a struggling textile company and transformed it into a $1.1 trillion conglomerate. Over six decades, he grew the company into an investment empire, with a portfolio that includes 189 operating businesses such as Geico, Duracell, and Fruit of the Loom, along with valuable stock holdings in companies like Coca-Cola and Apple.
Buffett's approach to investing—focused on patience, value, and long-term growth—has made him one of the most successful investors in history. Berkshire’s stock has increased at a staggering rate of 19.9% annually since Buffett took control, significantly outperforming the S&P 500, which posted a 10.4% return during the same period. Even if Berkshire's stock were to drop by 99%, it would still have outperformed the broader market.
What’s Next for Berkshire Hathaway?
While Buffett is stepping down from his CEO role, he made it clear he will remain involved, suggesting that he might still be "useful in a few cases." The reins will be handed over to Greg Abel, a Canadian native who has played a key role in expanding Berkshire's energy division into one of the leading power producers in the U.S.
One of the major challenges facing the new leadership is how to manage Berkshire’s massive cash pile, which now totals nearly $350 billion. Buffett has struggled to find attractive acquisition opportunities in recent years, and has even been a net seller of stocks for 10 consecutive quarters. How Abel decides to deploy this vast reserve of capital will be a critical test for the company’s future.
Buffett’s Timeless Wisdom
Despite stepping down, Buffett’s influence on the meeting remained strong. He continued to share his signature wisdom, providing insight on everything from global trade to the stock market. He expressed his opposition to tariffs, saying, "Trade should not be a weapon." He also downplayed fears about market volatility, stating, “This has not been a dramatic bear market or anything of the sort."
In a rare moment of humility, Buffett also paid tribute to Apple CEO Tim Cook, admitting, “I’m somewhat embarrassed to say Tim Cook has made Berkshire a lot more money than I’ve ever made.”
Buffett’s departure marks the end of an era, but his legacy will undoubtedly live on through the company he built and the principles he championed.
GLOBAL
George Simion, leader of Romania's Alliance for the Union of Romanians (AUR), secured 40.5% of the vote in the first round of the presidential election. Known for his nationalist, pro-Russian, and Eurosceptic views, Simion supports the unification of Romania and Moldova and opposes aid to Ukraine. He has a controversial past, having been banned from both Ukraine and Moldova, and maintains ties to pro-Kremlin figure Călin Georgescu.
Simion will face Bucharest Mayor Nicușor Dan— a Sorbonne-educated mathematician with a doctorate in mathematical sciences— in the May 18 runoff.
Simion, the frontrunner with 40.94% of the vote, is closely trailed by independent candidate Nicușor-Daniel Dan, who earned 20.99%. Experts warn that a Simion presidency could isolate Romania, deter foreign investment, and undermine NATO's eastern flank as Ukraine continues to battle Russian aggression. The AUR party opposes weapons deliveries to Kyiv and rejects the transfer of Patriot air defense systems. Simion has vowed to halt support for Ukrainian refugees and plans to appoint Georgescu—despite his criminal background and fascist ties—as prime minister, though Georgescu is barred from running himself. Simion embraces a “Trumpist” platform and was banned from entering Ukraine in 2024 for anti-Ukrainian activities.
Russian hackers reportedly interfered in the election process.
In other election news, Australia’s Labor Party, led by Anthony Albanese, secured re-election, while in Canada, the Liberal Party won 169 seats—just shy of a majority—against the Conservatives’ 144. Conservative leader Pierre Poilievre lost his seat and convinced MP Damien Kurek to step down in Alberta to give him another chance, despite Kurek being six months away from pension eligibility.
Six U.S. governors—including those from Massachusetts, Maine, New York, Connecticut, Rhode Island, and Vermont—have invited Canadian provincial premiers to a meeting on the impact of President Trump’s tariffs. Prime Minister Carney is set to meet Trump in Washington on May 6 to discuss trade and Canadian sovereignty.
Elsewhere, Indian billionaire Gautam Adani’s representatives met with Trump administration officials seeking a resolution to overseas bribery charges. A decision may come within a month.
Mexican President Claudia Sheinbaum rejected Trump’s proposal to send U.S. troops into Mexico to fight drug cartels, declaring that "sovereignty is not for sale." Trump confirmed his intent on Monday.
Ukraine’s military used a MAGURA unmanned surface vessel to shoot down a Russian Su-30 fighter jet near Novorossiysk—a historic first in naval drone warfare. This could significantly alter air operations over the Black Sea and challenge Russia’s air dominance.
Two of Ukraine’s eight Patriot systems are currently under repair. Kyiv is set to receive one system from Israel this summer and is in talks to acquire another from Germany or Greece.
Ukrainian troops joined a London parade to commemorate the 80th anniversary of VE Day.
Meanwhile, Forbes estimates that Russia would need until 2256 to occupy Ukraine fully—at a projected cost of 101 million casualties, or 70% of Russia’s population.
Russian Security Council Deputy Chair Dmitry Medvedev dismissed Trump’s recent claim that the U.S. was the decisive force in World War II as “pretentious nonsense.” Trump had proposed a new holiday on May 8 to celebrate U.S. contributions.
Ukrainian President Zelenskyy rejected Putin’s call for a three-day truce on May 9 and instead proposed a 30-day ceasefire. Moscow announced that Putin will attend the May 9 Victory Day parade virtually. Several foreign leaders who had planned to attend—including those from Hungary, Serbia, Slovakia, and India—have now canceled. China's Xi Jinping and the president of Kazakhstan will participate via Skype.
Meanwhile, pro-Russian Immortal Regiment marches, which were previously halted in 2022, returned to the U.S., including one held in Washington, DC over the weekend.
Chinese Embassy "fact-checked" Trump’s trade claims..
...while overcrowding in China during May Day holidays left no space on beaches or in parks.
U.S. Defense Secretary Pete Hegseth met with Peruvian leaders, warning of China’s growing presence in Latin America and stressing the need for robust deterrence.
In Russia, President Putin spoke publicly for the first time about naming a successor, a move that may signal internal power shifts and growing factional rivalries among Kremlin elites.
The Kremlin acknowledged that a Trump-Putin meeting in Saudi Arabia “was necessary” but said Putin had no planned trips to the Middle East in mid-May.
In Spain, coordinated sabotage cut copper cables along a high-speed rail line between Madrid and Andalusia, causing major disruptions.
UK Prime Minister Keir Starmer and French President Emmanuel Macron discussed strengthening bilateral ties, supporting Ukraine, and peace in Gaza.
The EU may double its military aid to Ukraine by $40 billion if Trump fails to broker peace with Putin. The bloc is also considering a ban on Russian gas by 2027.
The U.S., Israel, and an international foundation are finalizing a deal to resume humanitarian aid to Gaza without Hamas involvement. Israel also launched strikes on Hodeidah in response to Houthi missile attacks.
President Trump spoke with Turkish President Erdogan about resolving conflicts in Ukraine, Syria, and Gaza.
Congo and Rwanda have submitted a draft peace proposal, which could end fighting in eastern Congo and attract significant Western investment.
India cut off water from the Baglihar Dam to Pakistan for the first time in 65 years, a move Pakistan views as an act of aggression.
Meanwhile, a Turkish naval ship’s visit to Karachi raised eyebrows amid escalating tensions.
Finally, the U.S. sanctioned a Myanmar warlord and his militia for cyber scams, human trafficking, and smuggling operations.
TOMORROW AT THE WHITE HOUSE
Tuesday, 5/6/25
11:45 AM President Trump and Prime Minister Carney hold a bilateral meeting at the Oval Office (press pool) 12:15 PM President Trump hosts a bilateral lunch meeting with Prime Minister Carney (no press)
3:30 PM FIFA Task Force Meeting at the White House
5:00 PM Swearing-in ceremony for Trump's advisor and envoy (no name provided)
MEME OF THE DAY
That's all from me for now. Thank you for reading.
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