The Bulletin

• Trump opposes calling Russia's invasion 'illegal': The Trump Administration is resisting a G7 statement under discussion among finance ministers in Canada because it does not want to include "further support" for Ukraine in the text, or describe Russia's full-scale invasion as "illegal." Know more.

• DOJ accused of 'election interference': New York City mayoral candidate and former New York Governor Andrew Cuomo hit back at the Trump administration after The New York Times reported that the Department of Justice has launched a criminal investigation into whether Cuomo lied to Congress about his handling of the COVID-19 pandemic.

• Putin-Trump phone call: Russian presidential aide Yuri Ushakov has revealed new details about President Vladimir Putin's two-hour Monday phone call with Trump. Read here.

• Suicide bomber hits school bus in Pakistan: A suicide car bomber has struck a school bus in southwestern Pakistan, killing at least four children and injuring dozens more. More on the incident.

• Diddy trial: Despite graphic and gripping testimony in Sean Combs' star-studded sex trafficking trial, federal prosecutors have yet to prove their sex trafficking case against the embattled hip-hop mogul—paving the way for a possible acquittal, legal analysts told Newsweek.

• China declares no-go zone: The Chinese government declared a "no-sail zone" in the disputed waters of the Yellow Sea, which lies between the East Asian power and South Korea, a treaty ally of the United States. Find out more.

The rundown: President Donald Trump's push to restore U.S. manufacturing via tariffs aims to revive industrial jobs, but it has sparked global instability and skepticism. Read more.

Why it matters: Supporters see disruption as necessary to reindustrialize America, yet critics argue the issue isn't declining output—but declining employment due to automation and globalization. U.S. manufacturing output has rebounded since COVID-19, but job numbers remain well below their 1979 peak. Investments by companies like TSMC and Samsung, particularly in the South, have fueled a factory construction boom. Still, experts warn reshoring takes years, labor is scarce and many new jobs may favor skilled, tech-savvy workers over traditional roles. Meanwhile, China's rise as a manufacturing power stems from strategic reforms and global integration, making it a tough rival. The U.S. may need allies and innovation—not nostalgia—to build a sustainable manufacturing future.

Read more in-depth coverage:
US Homebuyers Fear a Recession: Poll

TL/DR: To some, like former Trump White House adviser Steve Bannon, the initial disruption is the path to a "robust," "hegemon-like," "reindustrialized" America—one that promises to put tens of thousands back to work in well-paying manufacturing jobs.

What happens now? For every $1 spent in manufacturing, there's a $2.64 impact to the overall U.S. economy. And for every one worker in manufacturing, another 4.8 workers are added to other sectors. You need construction workers to build factories, people to supply the materials and truckers to move the product.

Deeper reading Can Trump's Tariffs Help Create a 'Golden Age' of US Manufacturing?

The rundown: President Donald Trump has accused members of former President Joe Biden's team of treason, saying that they "took over the autopen" and exposed the United States to "great danger." Full details here.

Why it matters: Trump initially released a statement wishing his predecessor a "fast and successful recovery," but he now joins the chorus of Republican voices accusing Democratic officials of covering up for an elderly president who was unable to properly govern. In his Truth Social post, Trump said Biden "was not for Open Borders...where criminals of all kinds, shapes, and sizes, can flow into our Country at will." Instead, he said such a policy had been pursued by "the people that knew he [Biden] was cognitively impaired, and that took over the Autopen." Between January 2021, when Biden entered office, and January 2024, U.S. Customs and Border Protection said it recorded 7.2 million encounters with suspected illegal immigrants, up from 2.4 million it reported during Trump's first term in office.

Read more in-depth coverage:
Trump Jr. Responds to Biden Cancer Backlash: 'Confused Libs'

TL/DR: Biden's age and health were dominant concerns among voters during his time as president.

What happens now? There is a push for more information about Biden's health during his presidency, and so further details may come to light. There is already a congressional probe underway led by the House Committee on Oversight.

Deeper reading Donald Trump Accuses People Around Joe Biden of Treason

The rundown: China said it is "gravely concerned" by U.S. President Donald Trump's proposed "Golden Dome" anti-missile defense system and urged him to abandon the project. Find out why China has red-flagged this project.

Why it matters: Trump has unveiled hi s administration's preferred concept for the Golden Dome program—a sprawling $175 billion initiative that would mark the first time the U.S. deploys weapons in space. American military leaders have consistently warned that nations like China and Russia are developing advanced missile technologies that outpace existing U.S. defenses. Golden Dome is intended to close that gap. "This highly offensive system violates the principle of peaceful use of outer space," said Mao Ning, a spokeswoman for the Chinese foreign ministry, at a press briefing on Wednesday morning. Meanwhile, China and Russia have put offensive weapons in space, such as satellites with abilities to disable critical U.S. satellites, which can make the U.S. vulnerable to attack.

Read more in-depth coverage:
Trump's 'Golden Dome' Defense Project Takes Major Step

TL/DR: Golden Dome is envisioned to include ground- and space-based capabilities that are able to detect and stop missiles at all four major stages of a potential attack.

What happens now? Speaking from the Oval Office, Trump said he expects the system to be "fully operational before the end of my term," which ends in 2029, and claimed it would be capable of intercepting missiles "even if they are launched from space."

Deeper reading China Reacts to Trump's 'Golden Dome' Missile Shield

The rundown: U.S. intelligence has gathered new indications that Israel may be preparing to strike Iranian nuclear facilities, escalating tensions between Washington and Tehran as President Trump warns that time is running out to secure a nuclear agreement. Learn more.

Why it matters: According to CNN, the intelligence includes intercepted Israeli communications, observations of Israeli military movements, and statements from senior Israeli officials suggesting that preparations for a strike could be underway. Some U.S. officials see these actions as part of a pressure campaign on nuclear talks, while others view them as signs of a real operational plan. A source familiar with the intelligence said the likelihood of a strike has risen "significantly in recent months," especially if a deal fails to remove Iran's uranium stockpile. Despite this, Israeli leadership has not made a final decision, and there is disagreement within the U.S. government about whether an attack will occur.

Read more in-depth coverage:
Iran's Collapsing Economy Caught in Trump's Crosshairs

TL/DR: An Israeli strike on Iran would mark a significant rupture with the Trump administration, which is currently engaged in nuclear talks with Tehran.

What happens now? A new round of U.S.-Iran talks in the works, but officials acknowledge that the timeline for diplomacy is short—and the consequences of failure could be immediate and severe.

Deeper reading Israel Preparing Strike on Iran Amid US Tensions: Report

The rundown: Walmart has responded to President Trump's suggestion that the company should fully absorb any cost rises that arise because of his tariffs. Here's how it responded.

Why it matters: The recent exchange between the president and America's largest private employer began when Walmart said it would need to raise prices to cope with the administration's trade policies. Upon releasing its first-quarter earnings—which revealed a 2.5-percent year-on-year increase in revenue to $165.6 billion—Walmart warned that its future results could be affected by a number of factors, including foreign currency fluctuations, changes in global economic and geopolitical circumstances, as well as "tariffs and trade policies." In a statement to USA Today, Walmart spokesperson Joe Pennington said: "We have always worked to keep our prices as low as possible and we won't stop. We'll keep prices as low as we can for as long as we can given the reality of small retail margins."

Read more in-depth coverage:
JPMorgan CEO Issues Inflation Warning

TL/DR: Trump criticized the company for "blaming" his trade policies, and said Walmart should be able to "EAT THE TARIFFS," rather than increase prices for customers.

What happens now? Despite its concern over the cost impacts of tariffs, Walmart has maintained its full-year outlook, which forecasts net sales of $674.5 billion, up from $643 billion, alongside $29.5 billion in operating income.

Deeper reading