Washington Edition: Reading Trump’s aura

I’m Jonathan Tamari, senior Washington reporter for Bloomberg Government, and each weekday I’ll be coming to you with inside-the-room reporting and insights that reveal what’s really happening in Washington—and how it impacts you. Email me with feedback and comments here. If this newsletter was forwarded to you sign up here.

Today: Trump’s resilience, more betting market graft, and pandas(!).

Reading Trump’s Aura

When Donald Trump lands in Beijing next month, China will receive a president whose intimidating aura has faded. 

As Jenni Marsh writes from Asia:

That’s because, for the second time since returning to power, the US president has tested his leverage against a major adversary and misjudged the response, with global economic consequences.

First it was his trade war, which he was forced to scale back after China retaliated by restricting rare earth exports.

Now, Trump’s attack on Iran has shown again that the president can’t always bully his way to victory, even with the firepower of the U.S. military. 

Photographer: Andrew Harnik/Getty Images via Getty Images AsiaPac

Jenni’s must-read piece previewing next month’s planned summit explains how China has used Trump’s global disruption as an opening to strengthen itself and shift the balance of power.

It’s another example of how the all-conquering force Trump exerted in his first months back in office has ebbed as he’s overreached, or rivals have found their footing.

The Supreme Court has undone many of his tariffs, forcing him to try to piece the trade wall back together. His cabinet has started to splinter. Gas prices have risen and the war with Iran has dragged his popularity to new lows in poll after poll after poll.

Even Republicans in the House aren’t always following his direction, with some on the right defying him over a spy powers law.

Against that backdrop, Trump may still enjoy a moment of personal triumph this weekend at the expense of the press corps he loves to taunt. 

The president will attend the White House Correspondents’ Association dinner on Saturday for the first time as chief executive, returning to the place where 15 years ago Barack Obama mocked him.

Photographer: Samuel Corum/Sipa/Bloomberg via SIPA USA

His appearance, and speech to a room full of journalists and celebs, adds a charge to the “nerd prom” that consumes some D.C. insiders. In lieu of a comedian, this year’s entertainment is a “mentalist.”

Will Trump surprise with humor and charm (like his Oval Office bromance with Zohran Mamdami)? Or torch his media hosts after years of refusing to attend?

Even as he faces political trouble, Trump’s presence is a reminder of the risks of underestimating him. If nothing else, the dinner gives him a chance to remind everyone of his enduring prominence.

Top News

A U.S. soldier has been charged with using classified information about the raid to capture Nicolás Maduro to make more than $400,000 on Polymarket.

New U.S.-Iran talks in person are being hindered by Trump’s public threats and brash social media posts, our colleagues report.

Meanwhile, the White House says it’s not worried about Iran’s feelings and Trump ordered the navy to shoot any boat putting mines in the Strait of Hormuz.

Israel and Lebanon will extend their ceasefire by three weeks, creating space for a long-term deal and potentially removing one stumbling block on U.S.-Iran talks.

Bloomberg’s April survey of economists found rising estimates for US inflation and predictions of only one Fed rate cut this year.

China plans to restrict tech firms from accepting U.S. capital without government approval, part of its response to Meta’s acquisition of startup Manus.

On the other hand, China is sending the U.S. two pandas.

The Onion has taken a complex legal path in its latest effort to get Alex Jones’ Infowars.

One ritzy Manhattan building — 220 Central Park South — has become a flashpoint in New York state’s proposed pied-á-terre tax. The fight has gotten so edgy that Citadel is threatening to yank it’s NYC expansion plans.

Photographer: Timothy A. Clary/AFP/Getty Images

To solve some of the universe’s biggest mysteries, scientists want to build a collider that would run in a 57-mile loop under Lake Geneva. The problem? They need $19 billion.

MAHA activists and environmental advocates are teaming up to protest Trump administration moves that have potentially aided pesticide makers.

The indictment of the Southern Poverty Law Center left out an element needed to prove the crime: intent to influence a financial institution.

Watch This

Go Deeper With BGOV

Facing soaring volumes in prediction markets and crypto, the Commodity Futures Trading Commission is asking Congress for $410 million for fiscal 2027, a 12.3% boost.

BGOV’s Andrew Ramonas tracks the climbing budget and plunging staff numbers.

On Today’s Agenda

University of Michigan consumer sentiment figures are released

Secretary of State Marco Rubio meets with the EU Trade Commissioner

Trump addresses the Republican National Committee’s spring retreat tonight

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