| Ahead of trade talks with China this weekend, the Trump administration is weighing a dramatic tariff reduction to de-escalate tensions and temper the economic pain both nations are starting to feel. The expectation of many analysts is that unless levies come down, trade between the world’s two largest economies will crumble after reaching almost $690 billion last year, decimating industries and raising prices for companies and consumers. As Trump prepares to head to the Gulf next week, the US Treasury Department said it’s developing a fast-track process for screening foreign investments, an effort administration officials expect could smooth the way for billions from wealth funds in the United Arab Emirates, Saudi Arabia and Qatar. Commerce Secretary Howard Lutnick, meanwhile, warned that deals with South Korea and Japan could take significantly more time to complete than the framework agreement with the UK Trump announced yesterday. Vladimir Putin said Russia was united behind his strategic goals in the war in Ukraine and “that strength of spirit has always brought us only victory.” The president spoke at a military parade marking the 80th anniversary of the defeat of Nazi Germany in World War II, a day after Trump called for a 30-day ceasefire to allow for peace talks and Chinese leader Xi Jinping urged a “fair” settlement in Ukraine.  Russian S-400 missile systems on Red Square during the Victory Day military parade in Moscow today. Photographer: Natalia Kolesnikova/AFP/Getty Images India said it “neutralized” Pakistani drone and missile attacks targeting several military sites last night, marking an escalation in hostilities between the two nuclear-armed neighbors. Bases in the northern cities of Jammu, Pathankot and Udhampur near the border were targeted, India’s Ministry of Defence said, while Pakistan’s government denied it had launched the attacks, saying the claims were “politically motivated.” For decades, a sleepy town in the Brazilian hills has been the nation’s main exporter of people, building a whole industry around transporting people to the US. Andrew Rosati reports from Governador Valadares on how its wealth and residents are at risk thanks to the Trump administration’s deportations and changing US attitudes toward migration. Our journalists, your questions: Don’t miss your chance to engage directly with Bloomberg reporters and editors in two Live Q&A conversations happening today. At 9 a.m. EDT, we’ll be talking about the US-UK trade deal. And at 1 p.m., senior investigative reporter Jason Leopold will discuss how he uses public record requests to investigate the US government, including what he’s learned so far in the Trump administration. Philippine Vice President Sara Duterte won’t be on the ballot for Monday’s midterm elections, but the outcome could determine whether she keeps her job in a high-stakes contest centered around a feud between the country’s two most powerful families.  Sara Duterte in Manila yesterday. Photographer: Lisa Marie David/Bloomberg North Korea’s short-range missile tests overseen by Kim Jong Un this week aimed to simulate nuclear attacks on the US and South Korea, Pyongyang’s state media said, highlighting the threat the nation poses to its neighbors and beyond. Ukrainian authorities detained two people who allegedly spied for Hungary, a development that’s likely to exacerbate tensions between the neighbors. The Trump administration’s university funding cuts and threats to tax endowments have raised the prospect of a brain drain, with many US-based scientists considering jobs elsewhere, and countries like Canada and France actively recruiting them. Read our weekend essay here. In the latest installment of Trumponomics: Niall Ferguson and Fareed Zakaria join this week’s episode to place Trump’s plans for the US economy in historical perspective. Listen on Apple, Spotify, or wherever you get your podcasts. | 
