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. 

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.  

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 

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’ 

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 

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 

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 

The Pentagon’s acting chief financial officer says the cost of the conflict with Iran is nearing $29 billion. (In House testimony at the end of April, he had quoted the war’s cost at $25 billion.) 

The Wall Street Journal put it well: “U.S. and Iran Are Locked in a Stalemate That’s Neither Peace Nor War.”  

Essentially: “The cease-fire is entering its second month and, despite sporadic violence, has now lasted almost as long as the fighting which preceded it. There is little to indicate that either the U.S. or Iran is ready to compromise, but neither wants to start fighting again.” 

Semafor’s Burgess Everett posted a 📸 photo of the Artemis II astronauts going through security on Capitol Hill this morning. “The Senate humbles everyone: astronauts have to wait in the security line too,” Everett captioned the photo.  

💻 Watch senators meet the crew 

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“Late Show” host Stephen Colbert hosted fellow late-night hosts Jimmy Kimmel, Jimmy Fallon, Seth Meyers and John Oliver — his “best television friends” — for one of the final episodes before his show’s cancellation. Their banter was unsurprisingly hilarious but was also pointed.

💻 Watch the full segment 

Meyers says he likes when Trump posts during his show: “The thing I like, he posts when the show airs,” Meyers said. “If I would make my case for late-night, it’s that leaders of the free world are watching it when it airs.” 

🎥 Watch them greet Colbert 

When is Colbert’s final show?: May 21 

Tidbit — how Kimmel is honoring Colbert’s last show: Kimmel will not air a new episode of “Jimmy Kimmel Live!” on the day of Colbert’s last show, per LateNighter. (Kimmel did the same for David Letterman’s last show in 2015.) 

— The Department of Justice (DOJ) filed criminal charges against the operators of the cargo ship that crashed into the Key Bridge in Maryland more than two years ago. Read more 

— Today marks 100 days since Nancy Guthrie’s disappearance. 

— Health experts have said not to worry about hantavirus becoming the next pandemic. However, some health experts are now suggesting it may be more contagious than initially thought. Read more 

— Singer Rod Stewart praised King Charles III’s visit to the U.S., telling him that he put “that little ratbag in his place.”  

Politico: Why MAHA isn't breaking through on Capitol Hill 

Axios: Student loan debt is delaying life milestones for young Americans 

The New York Times: How an ‘Impossible’ Idea Led to a Pancreatic Cancer Breakthrough 

The Wall Street Journal: Elon Musk’s Grok Is Losing Ground in AI Race 

NBC News: Oust me if you can: Britain’s Starmer challenges mutinous party