| | | |  | | By Eli Okun | Presented by The American Council of Life Insurers | |  | THE CATCH-UP | | | 
Treasury Secretary Scott Bessent urged investors to focus on the U.S. | Andrew Harnik/Getty Images | TRADING PLACES: Treasury Secretary Scott Bessent today made the pitch for investing in the U.S. under President Donald Trump’s economic agenda, trying to woo the ultra-wealthy at the Milken Institute conference in Beverly Hills, California. The optimistic case: Bessent argued that Trump’s combination of imposing tariffs, extending tax cuts and cutting regulations would juice the economy, trying “to make it even more appealing for investors like you,” he told Milken. The secretary emphasized that there’s much more to the Trump administration than protectionism, maintaining that Trump’s unorthodox approach would triumph in spite of the establishment consensus. “U.S. markets are antifragile,” Bessent declared. Asked by CNBC’s Sara Eisen about trade talks with China, Bessent said he thinks “we could see substantial progress in the coming weeks. We’ll see.” More from Reuters Room for worry: Many economists continue to expect that Trump’s trade war will drag the economy down. Bessent indicated that China has made no further offers on fentanyl or other negotiations beyond what’s been publicly stated. POLITICO’s Sam Sutton reports that the fallout from Trump’s massive tariffs has left the dollar on somewhat shakier ground. Bessent’s speech came less than a day after Trump suddenly opened up a new front, announcing tariffs on films made abroad — which has particular resonance for the LA crowd at Milken. Hollywoodland: The White House clarified that Trump’s Truth Social post is more proposal than reality, and “no final decisions” have been taken yet, The Hollywood Reporter’s Alex Weprin reports. That hasn’t stopped the film industry from reeling in the U.S. and overseas. “The impact, should anything close to this come to pass, would be seismic on the global film sector,” and independent filmmaking could especially suffer, Deadline’s Andreas Weisman reports. RECONCILABLE DIFFERENCES: The House GOP is working hard to smooth out major intraparty disputes across a number of policy arenas for their reconciliation megabill. Republicans on key committees have planned more meetings ahead of crucial and contentious markups: House Agriculture will gather tomorrow morning, per Punchbowl’s Samantha Handler, while House Ways & Means has added meetings tomorrow and Thursday, per Punchbowl’s Laura Weiss. But but but: Senate Republicans are already dismissive of some House proposals — and planning to make changes, Semafor’s Burgess Everett reports. “I call it a sandstorm of bad ideas,” says Sen. Bernie Moreno (R-Ohio), who wants the bill to focus mainly on extending tax cuts and adding tax breaks. “It’s time to fish or cut bait,” says Sen. Roger Marshall (R-Kan.). The real-world impact: The fight over repealing clean energy tax credits is tangible in Alaska, where renewable energy projects to connect remote villages are now in limbo, NYT’s Catie Edmondson reports. One to watch: A new bill from Sens. Josh Hawley (R-Mo.) and Peter Welch (D-Vt.) would tackle prescription drug costs by limiting U.S. prices to the international average, POLITICO’s Ben Leonard and Jordain Carney scooped. Though the bipartisan legislation isn’t the same as the “most favored nation” policy the White House wants to include in the reconciliation bill, it would be similarly (and strongly) opposed by the pharmaceutical industry. And Hawley will be an important vote on reconciliation. HAPPENING TODAY: Ksenia Karelina will be at the White House this afternoon to meet with Trump, after his administration helped get the Russian-American ballerina freed from detention in Russia, NBC’s Katherine Doyle scooped. Meanwhile, Trump said he spoke with Turkish President Recep Tayyip Erdoğan this morning about the war in Ukraine, the Middle East and visiting Turkey. Good Monday afternoon. Thanks for reading Playbook PM. Drop me a line at eokun@politico.com.
| | | | A message from The American Council of Life Insurers: Life insurers invest trillions of dollars in America.
To guarantee policy payouts, life insurers make investments in America's economy, including $3.6 trillion in U.S. corporate bonds. These bonds fund jobs, small business, economic growth, and so much more. See how life insurers put life into America. | | | | | | 6 THINGS YOU NEED TO KNOW | | 1. IMMIGRATION FILES: DHS said today that it’ll give undocumented immigrants $1,000 to self-deport via the CBP Home app, per AP’s Rebecca Santana. People who volunteer will be “deprioritized” for targeting by immigration enforcement and receive travel assistance, according to a DHS release. At the same time, the Trump administration’s aggressive efforts to find more third countries, which will take in deportees from other places, continue to ramp up: CBS’ Camilo Montoya-Galvez scooped that Angola and Equatorial Guinea are among the countries the U.S. has approached for talks. More immigration reading: “Some US cities are canceling cultural events over fears of ICE raids and deportations,” by CNN’s Nicquel Terry Ellis … “Few migrants remain in the Darien Gap, but an environmental crisis has been left behind,” by AP’s Megan Janetsky and Matías Delacroix in Villa Caleta, Panama 2. TOP TALKER: “‘He Didn’t Save My Life’: Veterans Question Rep. Cory Mills’ Bronze Star,” by NOTUS’ Reese Gorman and John Seward: “Under ‘intense enemy fire’ in Iraq in 2003, Rep. Cory Mills rushed to the aid of two soldiers who had been struck, applied emergency life-saving care at the ‘great risk to his own life,’ helped evacuate them and saved their lives, according to the document that recommended the Florida lawmaker for a Bronze Star. Mills was awarded the star after January 2021. Four years later, five people who served with him — including two of the men the document says Mills saved in different incidents — say they have no recollection of Mills being at the incidents listed on the form.” In response, Mills says in a statement that he indeed “was on the ground. It was a chaotic day and understandable that others may have different recollections of events.” A complaint regarding the incident has been sent to the Office of Congressional Ethics, the Justice Department, a U.S. attorney’s office in Florida and the FBI. 3. HEADS UP: The Justice Department is doing away with the Organized Crime Drug Enforcement Task Forces, stunning its dozens of employees and leaving the future of its network’s thousands of ongoing investigations uncertain, Bloomberg’s Jason Leopold scooped. The Reagan-era unit takes down transnational crime, drug and human trafficking networks, bringing in much more revenue than it costs in recent years thanks to seized criminal money. The rationale for its dissolution by Sept. 30 wasn’t immediately clear, and zeroing out its budget wasn’t a part of Trump’s budget request last week.
| | | | POLITICO IS BACK AT THE 2025 MILKEN GLOBAL CONFERENCE:
From May 4–7, California Playbook will deliver exclusive, on-the-ground coverage from the 28th Annual Milken Institute Global Conference. Get behind-the-scenes buzz, standout moments, and insights from leaders in AI, finance, health, philanthropy, geopolitics, and more. Subscribe now for your front-row seat to the conversations shaping our world. | | | | | 4. WHAT CHRIS MURPHY IS READING: “Trump Sons’ Deals on Three Continents Directly Benefit the President,” by NYT’s Eric Lipton and David Yaffe-Bellany: “A contest of sorts has played out across Europe, the United States and the Middle East in recent days as President Trump’s two older sons have pursued a blitz of family moneymaking ventures capitalizing on their father’s name and power, each seemingly trying to outdo the other. It is a rush to cash in that involves billions of dollars with few precedents in American history. … The White House has said there are no ethics issues because Mr. Trump’s sons run the businesses. … [But the president] still personally benefits financially from most of these ventures.” 5. THE RETREAT: The U.S. is privately opposing reforms of international development finance efforts to bolster developing countries, Reuters’ Kate Abnett and Simon Jessop scooped. In negotiating documents, the Trump administration’s “America First” approach seeks to eliminate references to “climate,” “gender equality” or “sustainability” and weaken language that commits to reform. But the U.S. “remains supportive of efforts that include developing countries working more closely with the private sector, and fostering innovation and financial literacy.” 6. FOR YOUR RADAR: “In battle against transgender rights, Trump targets HUD’s housing policies,” by AP’s Heather Hollingsworth and Sally Ho: “HUD Secretary Scott Turner and his team have moved swiftly and strategically to undo, uproot and remake the agency’s decades of work and priorities. In the crosshairs is an intense focus on transgender people, as HUD retreats from long-established fair-housing protections by closing their discrimination complaints and, more broadly, moving to undo the Obama-era Equal Access Rule that cemented transgender people’s rights to discrimination protection in housing.”
| | | | A message from The American Council of Life Insurers:  
| | | | | | TALK OF THE TOWN | | Lynne Patton is getting back on the job at HUD after finishing her Hatch Act suspension. Kristi Noem will face protests at her Dakota State commencement speech this weekend. OUT AND ABOUT — SPOTTED at a Tactic Global reception for Treasury Secretary Scott Bessent and special envoy Richard Grenell last night at the Peninsula hotel in Beverly Hills: Paraguayan President Santiago Peña, FCC Chair Brendan Carr, Reps. Abe Hamadeh (R-Ariz.) and Darrell Issa (R-Calif.), Steven Mnuchin, Ecuadorian Ambassador Pablo Zambrano Albuja, SEC Commissioner Mark Uyeda, Robert Zarnegin, Caroline Wren, Ryan Coyne, Bill Ackman, Jane Fraser, Norm Brownstein, Rebecca Karabus, Barry Sternlicht, Charlie Gasparino, Mark Holscher, Robin Vince, Jihan Wu, Ryan Breslow, Igor Tulchinsky, Pandu Sjahrir, John Koudounis, Kevin Lu and John Penotti. TRANSITIONS — Former FEC Commissioner Allen Dickerson is now a partner in BakerHostetler’s litigation practice group. … Chris Esparza is now senior adviser for Agriculture Secretary Brooke Rollins. He previously was a professional staff member on the House Appropriations Commerce-Justice-Science Subcommittee. … Mary Helen Wimberly is now a partner in Axinn, Veltrop & Harkrider’s antitrust practice. She most recently was associate deputy AG and an attorney in the Justice Department’s antitrust division. … … Kelly Ann Shaw is now a lobbying and public policy partner at Akin. She most recently co-led Hogan Lovells’ geopolitical risk and national security program, and is a Trump White House alum. … Antoine Givens is now comms director for Rep. Angie Craig’s Minnesota Senate campaign. He previously was deputy comms director on then-Rep. Elissa Slotkin’s Michigan Senate campaign. … Jeffrey Lewis is now a member in Cozen O’Connor’s transportation and trade group. He previously was chief counsel at the Transportation Department’s Maritime Administration. WELCOME TO THE WORLD — Sarah-Lloyd Stevenson, health care lobbyist for Amazon, and Pete Stevenson, senior regulatory consultant at TSG Consulting, welcomed Palmer Lloyd Stevenson on April 25. He joins big siblings Caldwell and Will. Pic … Another pic — Grant Haver, digital marketing director at the NobleReach Foundation and a Biden DHS alum, and Stephanie Haver, membership and annual fund manager at the International Spy Museum, recently welcomed Maebelle “Mae” Elizabeth Haver. Pic Did someone forward this email to you? Sign up here. Send Playbookers tips to playbook@politico.com or text us on Signal here. Playbook couldn’t happen without our editor Zack Stanton and Playbook Daily Briefing producer Callan Tansill-Suddath.
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