May 3, 2025: Donald Trump presidency news

Our live coverage of Donald Trump’s presidency has moved here.

A trader works on the floor of the New York Stock Exchange on Friday.

US stocks rose yesterday and the S&P 500 notched its longest winning streak since 2004 to end the week.

The Dow closed higher by 564 points, or 1.39%. The broader S&P 500 rose 1.47% and the tech-heavy Nasdaq Composite gained 1.51%. The Dow and S&P 500 posted their ninth consecutive daily gain.

Here are two key factors that can help explain the market’s optimism:

China signals openness to trade talks: Stocks have steadily rallied in recent days as President Donald Trump has softened his tone on the US-China trade war and White House officials have teased potential trade deals with other countries, including India.

For its part, China said yesterday that it is “currently assessing” proposals by the United States to begin trade talks, in a subtle tone shift that could open the door for negotiations. And stocks extended their gains after a Wall Street Journal report that Beijing is considering how to address US concerns about its role in the international fentanyl trade.

Uncertainty still surrounds Trump’s whiplash trade policy, and investors will be attuned to any potential developments or delays in trade progress during Trump’s 90-day pause on his “reciprocal” tariffs on countries other than China.

Better-than-expected jobs report: The stock market rally also received a boost from Labor Department data that showed the economy added 177,000 jobs in April, outpacing expectations of around 135,000 jobs.

“Markets breathed a sigh of relief this morning as the jobs data came in better than expected,” Chris Zaccarelli, chief investment officer at Northlight Asset Management, said yesterday. “While recession fears are still simmering on the back burner, the buy-the-dip dynamic can continue — at least until the tariff pause runs out.”

Mexican President Claudia Sheinbaum says she has declined an offer by her US counterpart Donald Trump to send US troops to fight drug cartels on Mexican territory.

During a public university inauguration in Texcoco today, Sheinbaum confirmed a Wall Street Journal report that Trump had made the offer, saying it was mentioned during “some of the calls” the two have shared since the president returned to the White House in January.

“It’s not necessary; we can collaborate, we can work together, but you on your territory, and we on ours. We can share information, but we will never accept the presence of the US Army on our territory,” she added.

CNN has reached out to the White House for comment.

Sheinbaum has previously taken a tough stance on what she sees as foreign interference in Mexican issues. She has also advocated keeping a “cool head” in negotiations with Washington, amid tensions over immigration, drug trafficking and US tariffs on Mexican goods.

Many businesses are looking at bonded warehouses — where tariffs and other taxes are applied to imported goods only once they’re removed — as a way to legally avoid paying extra dues for now.

Companies are bringing everything from home goods to electronics from overseas and stashing them in the warehouses, betting on a change in President Donald Trump’s trade war by the time they make a deal with buyers.

CNN’s Julia Vargas Jones spoke with a warehouse owner in Los Angeles about the phenomenon:

A new round of auto tariffs went into effect overnight. Now, most foreign auto parts will come with a 25% import tax — and the added cost could average about $4,000 per vehicle, according to estimates derived from a CNN analysis of government trade data.

The previous auto tariffs left US-made cars untouched. Not anymore.

None of the 10 million cars turned out by US plants last year were built without at least some imported parts.

For car buyers, it might take a while to see price hikes. But everyday Americans will still see higher prices elsewhere, like the repair shop.

Here’s the status of Trump’s tariffs on different countries and industries:

CNN chief White House correspondent Kaitlan Collins was on the grounds of the White House this week as President Donald Trump marked the first 100 days of his second term.

Collins, who also covered Trump’s first term, said a key difference this time around is the breakneck speed at which the president has sought to remake the federal government and execute on top policy priorities.

Take an inside look with the video below:

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Kaitlan Collins gives behind-the-scenes look into Trump's 100 days

02:51 • Source: CNN

Warren Buffett has finally shared what he thinks about tariffs.

The famed investor and CEO of multinational conglomerate holding company Berkshire Hathaway today talked about America’s trade wars, calling them a “big mistake” at the firm’s annual shareholding meeting in Omaha, Nebraska.

Throughout the earnings release, the company warned that tariffs made its outlook uncertain. Berkshire released its quarterly report, where it said tariffs could have a negative impact on its growth.

Speaking from the weekend event dubbed “Woodstock for Capitalists,” Buffett’s long-awaited comments come as concerns grow about markets and the economy. Major indexes in recent weeks have plunged, surged and bounced around in every direction over uncertainty about President Donald Trump’s sweeping tariffs and the effects they may have on the global economy.

Read more from the meeting.

President Donald Trump takes a question from a reporter before boarding Marine One on the South Lawn of the White House on April 29 in Washington, DC.

Welcome to the weekend. Catch up on the latest reporting about President Donald Trump’s actions, advisers and global impact below:

Rubio’s multiple jobs: In addition to his role as secretary of state, Marco Rubio will now be Trump’s interim national security adviser (and also holds the positions of acting administrator of USAID and national archivist). Staffers are sorting out how Rubio will juggle it all.

On the world stage: It comes as Australia voted to chose stability over change — securing a second term for Prime Minister Anthony Albanese — against a backdrop of global turmoil whipped up by a returning Trump. Over in Ukraine, President Volodymyr Zelensky said his roughly 15-minute meeting with Trump on the sidelines of Pope Francis’ funeral was their “best conversation” yet, with the two leaders discussing US sanctions and Kyiv’s air defenses.

Deportation rights and fears: Legal experts are decrying violations of internal policies and due process rights for US citizen children who are caught up in Trump’s deportation push. Meanwhile, communities across the country have canceled or scaled back cultural events due to Trump’s crackdown on undocumented immigrants. Event organizers said many Latinos, whether legal or undocumented, fear being arrested if they gather publicly in large crowds.

In Trump’s orbit: Laura Loomer, a far-right provocateur who has a direct line to the president, can’t get a seat in the briefing room. She has a theory why. CNN has also mapped out the ethical minefield of Elon Musk — who has bragged about taking a chainsaw to a bureaucracy that is intertwined with his businesses on many different levels.

Trade war: Hours after a key US tariff exemption expired yesterday, Chinese e-commerce site Temu announced it was overhauling its shipping model, sending out all American sales via US-based sellers. Temu’s new business lingo may sound like it’s right up Trump’s alley — but just because a product is shipping to customers from a “local warehouse” doesn’t mean it’s made in the USA. Separately, another round of auto tariffs went into effect today. The new tax on imported parts could potentially change the industry forever.

President Donald Trump takes part in an interview with NBC News on Friday.

President Donald Trump said yesterday that the economy would be “OK” in the long-term if there were a short-term recession.

The president, in an interview with NBC News, initially dismissed concerns about an economic downturn. He later said “this is a transition period” and that he thinks “we’re going to do fantastically” over time.

Here are some other key headlines entering the weekend: