Good morning. The US weighs a dramatic tariff reduction at its weekend talks with China. Silicon Valley wants to disrupt the defense industry. And Bordeaux’s wine futures face a problematic future. Listen to the day’s top stories.

The US is hoping to achieve a significant cut to its China tariffs—to below 60% from the current level of at least 145%—during weekend talks to de-escalate tensions, people familiar said. American and Chinese negotiators, including Treasury Secretary Scott Bessent, will meet in Switzerland for their first negotiations since Donald Trump took office this year.

Speaking of China, exports grew more than expected in April despite a 21% drop in shipments to the US. Imports from the States also fell, but economists warn the impact of tariffs may be even more pronounced from this month. To soften the blow in its own economy, China quietly started to exempt some US goods from tariffs a few weeks ago.

Call for peace. Donald Trump called for a 30-day ceasefire between Russia and Ukraine, an apparent contradiction with his vice president, JD Vance, who said on Wednesday that the US has tried to “move beyond the obsession” with such a pause. Trump also threatened to impose further sanctions if a truce is violated, something his administration has been preparing for.

Jeanine Pirro outside Manhattan Criminal Courthouse on May 30, 2024. Photographer: James Devaney/GC Images/Getty Images

Trump tapped Fox News host Jeanine Pirro to serve as interim US Attorney for the District of Columbia, after pulling the nomination of Ed Martin amid congressional opposition. Her history of championing election conspiracy theories—she was mentioned in the Dominion voting machine lawsuit against Fox News—could make her a difficult sell on Capitol Hill.

In Florida, Ken Griffin’s Citadel is lobbying the Sunshine State to allow four-year non-compete clauses and garden leaves, tightening employers’ hold on well-paid staffers and executives considering defection. It’s the latest show of the billionaire’s influence in his new home state, where he’s made himself the de-facto leader of Wall Street South.

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Deep Dive: The Deportation Effect

Governador Valadares, Minas Gerais state, Brazil. Photographer: Valerie Plesch/Bloomberg

For decades, a sleepy town of 257,000 in the Brazilian hills was the epicenter of the country's migration, dispatching tens of thousands of people to the US—legally or not. 

• Now, Trump’s deportations and changing US attitudes toward migration are changing things. “Your return is the start of a new story,” read upbeat billboards, while Governador Valadares’s city hall is offering reintegration services.
• But for many, the reality of homecoming is less than welcoming and there are growing signs that far fewer Brazilian are now willing to chase the dream of life in the US.
• Across the border in Venezuela, the fate of dozens of Venezuelans remains unclear as a US federal judge considers ordering the Trump administration to facilitate their return from a notorious prison in El Salvador.
• Still confused by all of Trump's executive orders? We try to explain them here. 

The Big Take

The Trump administration wants startups to remake the US military, setting the stage for a battle over the world’s biggest defense budget. Read the story.

Opinion

Russian President Vladimir Putin and China's President Xi Jinping make a toast on March 21, 2023. Photographer: Pavel Byrkin/AFP

America will find it hard to break up the Xi Jinping-Vladimir Putin bromance, Hal Brands writes. They get along because they’re both at war with the US world order. The sooner we realize that, the better.

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Before You Go

Photographer: Nathan Laine/Bloomberg

Thousands of wine buyers and critics meet each spring in Bordeaux, France, for the annual ritual of en primeur, to taste the latest vintage while it’s still in the barrel. This year, clouds of economic and political uncertainty hung over the event, especially for US buyers. So what does it actually mean for the wine and its makers?

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