Good morning. Donald Trump may be pulling back on his efforts to end the conflict in Ukraine. The president’s trade war triggers a sharp fall in shipments to a key US hub. And Harvard wants three things from its alumni (clue: one involves wallets). Listen to the day’s top stories.

Donald Trump’s two-hour phone call with Vladimir Putin may have dashed European leaders’ hopes that the US is willing to get tough on Russia. After the call, the US president said Ukraine and Russia would “immediately start negotiations” toward a ceasefire—but possibly without the US. Following months of failing to move Putin closer to peace, the Europeans fear Trump is now pulling back from his efforts to end the war, leaving Ukraine and its allies on their own.

Inbound shipments to the Port of Los Angeles—America’s busiest container hub—dropped as much as 30% in early May as Trump’s tariffs discouraged trade. Meanwhile, China accused the US of undermining the recent trade talks in Geneva after it warned that using Huawei’s AI chips “anywhere in the world” would violate US export controls. And India expects to reach a preliminary US trade deal before July.

The Trump administration is set to lay out its approach to Covid vaccination at a town hall event today. It may herald major changes in what’s required to get regulatory approval for immunizations, with speakers including an outspoken critic of the drug industry. Remember, Big Food is also in the FDA’s sights, with the agency planning to expand its review of food additives beyond artificial dyes.

Trump plans to go to the Capitol today to urge fractious House Republicans to overcome divisions and unite behind his signature tax-cut legislation. Lawmakers have been mired in conflict over issues such as how deeply to cut Medicaid and other safety-net programs. They’re also divided on SALT, with a meeting late yesterday failing to produce a deal.

A truck after unloading coal at a processing area near US Steel’s Clairton Coke Works facility in Pennsylvania. Photographer: Justin Merriman/Bloomberg

Corporate catchup: Nippon Steel bolstered its pledge to invest in United States Steel should Trump approve their proposed $14.1 billion takeover, people familiar said. It’s game on for Samsung after Nintendo tapped it for help making the main chips for the Switch 2, a move that may help ramp up production of the gaming console. And CATL shares jumped in Hong Kong after the Chinese battery giant wrapped up the world’s biggest listing this year.

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Deep Dive: Regulating Stablecoins

Illustration: NurPhoto/NurPhoto

Stablecoin legislation overcame a procedural blockade in the Senate, marking a major victory for the crypto industry after a group of Democrats dropped its opposition. 

• Crypto-friendly Democrats negotiated modifications to the legislation and urged their colleagues to support it, even without a ban on Trump profiting from his family’s many crypto ventures while in office. 
• The industry-backed regulatory bill is now set for debate on the Senate floor with a bipartisan group hoping to pass it as soon as this week, although a final vote could slip until after the Memorial Day recess.
• Retailers also have lobbied for the bill, hoping to profit from cheaper and faster transactions than traditional payment methods such as credit and debit cards.
• Elsewhere on the regulatory front, the DOJ opened a probe into the recent breach at Coinbase, a person familiar said. According to Coinbase, employees and contractors in India were bribed to obtain client data. Here’s how it went down.

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The Big Take

A bottle of phenazopyridine pills, commonly used to treat urinary tract infections. Photographer: Jaida Grey Eagle/Bloomberg

A widely available drug for urinary tract infections has never been formally approved by the US government. It’s not the only one. The FDA 20 years ago raised questions about whether phenazopyridine truly works, as well as its potential to cause cancer, but never acted on its concerns.

Opinion

The biggest risk to Florida’s housing market may be falling immigration, Jonathan Levin writes. Since 2022, immigrants and other international buyers have helped keep Florida’s transaction volumes and housing values buoyant, taking the baton from retirees, hedge fund workers and tech bros.

Before You Go

Harvard merchandise displayed at a store in Cambridge, Massachusetts. Photographer: Mel Musto/Bloomberg

Harvard University’s president is asking alumni who want to support the school in its standoff with the Trump administration for three things: their attention, their voices... and their money. In a message to “alumni and friends,” Alan Garber asked for donations to a new “Presidential Priorities Fund” that gives his office the flexibility to plug spending gaps and protect the school’s core teaching and research functions.