Economic woes send Trump’s approval into danger zone
12:30 Report
Economic woes send Trump’s approval into danger zone
by Cate Martel - 05/12/26 12:35 PM ET
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by Cate Martel - 05/12/26 12:35 PM ET
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It’s Tuesday. Get your summer clothes out of storage. Twenty-two states will feel record heat over the next few days. ☀️
- Inflation jumps 3.8 percent
- Trump’s disapproval hits whopping 70 percent
- DOJ targets Iran war leaks with journalist subpoenas
- Hegseth testifies on $1.5 trillion budget request
- Kimmel, Fallon, Meyers and Oliver join Colbert’s ‘Late Show’
 ☁️ IN THE WHITE HOUSE
Inflation is that uninvited guest that won’t leave:
LM Otero, Associated Press
The annual inflation rate shot up to 3.8 percent over the past 12 months — 0.6 percent in April alone — as the war in Iran drove up energy and fuel prices.
What economists had expected: Economists expected the annual rate to be roughly 3.7 percent.
Inflation in March: Annual inflation hit 3.3 percent in March.
 ➤ NEW POLLING — AMERICANS ARE ANGRY:
A new CNN poll shows that 77 percent of Americans think President Trump’s policies have raised their costs of living. That includes a majority of Republicans.
Trump’s approval rating on the economy sank to 30 percent in the poll, the lowest it has ever been.
 ➤ HOW TRUMP MAY COMBAT THE RISE IN GASOLINE PRICES:
The president said he is considering pausing the federal gas tax. The national average for gas has climbed to $4.52 per gallon.
What is the federal gas tax, you ask?: 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel.
💬 Follow today’s live blog
 Trump’s next target: Media reports on the Iran war:
President Trump is furious about the media leaks about the war in Iran, so much so that he personally urged acting Attorney General Todd Blanche to aggressively investigate those leaks by issuing subpoenas to reporters covering the war, according to new reporting from The Wall Street Journal.
What we know: “Blanche vowed to secure subpoenas specifically targeting the records of reporters who have worked on sensitive national security stories, one official said. In one meeting, Trump passed a stack of news articles he and other senior officials thought threatened national security to Blanche with a sticky note on it that said ‘treason,’ another administration official said. Senior Justice Department officials have met with counterparts from the Pentagon to discuss the investigations, according to officials familiar with the meetings.”
The subpoenas include Wall Street Journal reporters.
Blanche just issued a warning to reporters: “Prosecuting leakers who share our nation’s secrets with reporters, in turn risking our national security and the lives of our soldiers, is a priority for this administration,” he wrote on social media. “Any witness, whether a reporter or otherwise, who has information about these criminals should not be surprised if they receive a subpoena about the illegal leaking of classified material.” 🔎 More on Blanche’s warning
Keep in mind: Issuing subpoenas aimed at journalists is *highly unusual.* There are concerns about First Amendment protections.
Read the full reporting: ‘Trump’s Complaints About Iran War Leaks Prompt Aggressive DOJ Investigations’
 
➤ WHAT HAS BEEN ON TRUMP’S MIND THIS MORNING:
The president has been particularly active on his Truth Social account this morning, posting snarky memes.
📸 AI-generated photo of Obama, Biden and Pelosi in a sewage-filled reflection pool
📸 Trump photoshopped onto a $100 bill
📸 Hakeen “Low IQ” Jeffries
📸 AI-generated image of JB Pritzker eating junk food
 ➤ HAPPENING TODAY:
President Trump is leaving for Beijing for his high-stakes summit with Chinese President Xi Jinping.
Reads ahead of the summit:
The Atlantic: China Believes America Will Flame Out: Beijing’s geopolitical restraint is all part of a long game.
The Washington Post: As he prepares to meet Xi, Trump no longer pushes for change in China’s system
The Wall Street Journal: Trump Faces an Emboldened China in Return to Beijing
 💰 ON CAPITOL HILL
Let’s talk about the budget:
Defense Secretary Pete Hegseth is on Capitol Hill today to defend the Pentagon’s $1.5 trillion budget request for 2027.
Hegseth says the reports that the U.S. military’s munition stockpile is depleted are “overstated.”
💻 Watch the hearing
🎥 Watch Hegseth’s arrival
 
➤ WHAT IS THE PRICE TAG OF THE IRAN WAR? $29 BILLION AND COUNTING:
The Pentagon’s acting chief financial officer says the cost of the conflict with Iran