MxM News

Quick Hit:

FBI Deputy Director Dan Bongino announced that the bureau will begin releasing information on a number of controversial investigations long shielded from public view.

Key Details:

• Bongino said the FBI is clearing information on high-profile cases, including COVID, Crossfire Hurricane, and the Trump Mar-a-Lago raid.
• The bureau is actively working with the DOJ on releasing Epstein case details and cracking down on child sexual abuse content.
• Bongino dismissed media attacks on FBI Director Kash Patel as “verifiable lies” and accused the press of fabricating stories.

Diving Deeper:

FBI Deputy Director Dan Bongino disclosed on Saturday that the bureau will begin releasing information previously kept under tight wraps, including cases that many Americans believe were swept under the rug for political or institutional protection.

Bongino, a former NYPD officer, Secret Service agent, and outspoken conservative commentator, took to X to announce that his office has already started cooperating with Congress and the public by providing long-requested information. Among the cases he cited: the attempted assassination of Rep. Steve Scalise, the Nashville Christian school shooting, the Crossfire Hurricane probe, and the COVID-19 origins and cover-up.

“This isn’t business as usual anymore,” Bongino wrote. “We’re clearing information to Congress, and the public, as quickly as possible.”

One of the most politically explosive revelations relates to the FBI’s handling of the Mar-a-Lago raid, an unprecedented move to search the home of the sitting president’s top political opponent, President Donald Trump. Bongino’s announcement signals that internal communications and case files may soon be scrutinized by congressional investigators and the public alike.

Bongino also confirmed that the agency is working closely with the DOJ on the Epstein case, noting the overwhelming volume of child sexual abuse material that must be reviewed. He emphasized that protecting children remains a core mission of the FBI under his and Director Kash Patel’s leadership.

“Operation ‘Restoring Justice,’ where we locked up child predators and 764 subjects, in every part of the country, is just the beginning,” he wrote. “Think twice if you’ve targeted children, because you’re next.”

The deputy director didn’t hold back in pushing back against media reports that characterized Patel’s leadership as unserious or performative. “The media continue to entirely fabricate stories,” Bongino wrote, describing reports about Patel skipping briefings and attending sports events as “a verifiable lie.”

He defended Patel’s work ethic, noting that the FBI director routinely works 10–12 hour days and meets with top counter-terror officials and global law enforcement partners.

MxM News

Quick Hit:

The United States and China have agreed to reduce tariffs for 90 days following trade negotiations in Geneva, offering temporary relief to global markets. The deal marks a pause in the escalating economic conflict, with both countries pledging to resume talks during the truce.

Key Details:

• The U.S. will lower tariffs on Chinese imports from April levels by 24 percentage points, maintaining a 10% base rate.
• China will implement a matching reduction and suspend additional non-tariff measures targeting American goods.
• S&P 500 futures jumped 3%, while U.S. bond yields climbed as investors reacted to signs of de-escalation.

🚨 Treasury Secretary @SecScottBessent announces a major trade deal with China:

“We have reached an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115%.” pic.twitter.com/d89RFR3jA4

— Trump War Room (@TrumpWarRoom) May 12, 2025

Diving Deeper:

After weeks of mounting economic tension, the United States and China on Monday jointly announced a 90-day reduction in tariffs, signaling a temporary easing of the trade war that has unnerved businesses, investors, and policymakers across the globe.

The agreement, reached during weekend negotiations in Geneva, was confirmed by U.S. Treasury Secretary Scott Bessent. “We had very robust discussions. Both sides showed great respect to what was a very positive process,” Bessent said in remarks to reporters. According to Bessent, the U.S. will lower its tariffs to 30%, while China will cut its rates to 10% during this period—a proportional rollback from their respective April highs.

The White House clarified that the reduction affects tariffs announced by President Trump on April 2, cutting them by 24 percentage points while keeping the base ad valorem rate of 10%. In response, Beijing agreed not only to match the tariff rollback but also to lift administrative barriers and non-tariff measures it had imposed since April.

Both countries are expected to implement the agreed measures by Wednesday. The joint statement released following the talks indicated that discussions will continue over the coming months as the two sides explore a longer-term resolution.

Markets reacted quickly and positively. S&P 500 futures surged over 3% on the news, providing a shot of optimism after weeks of uncertainty. The U.S. Dollar Index, which had been under pressure due to investor anxiety about America’s trade posture, rose more than 1%. Meanwhile, bond markets adjusted sharply, with the yield on the 10-year Treasury climbing to 4.445%, its highest point since early April.

While the 90-day pause offers breathing room, the underlying issues remain unresolved. Businesses that had delayed orders due to tariff costs may now rush to restock, a move that could cause short-term volatility or even a demand shock in some sectors. Economists warn that without a longer-term agreement, the reprieve may prove fleeting.

For now, though, the breakthrough offers a glimmer of hope. It’s a notable win for President Trump’s strategy of tough negotiations, underscoring his administration’s commitment to putting American interests first while forcing adversaries to the table. The outcome stands in stark contrast to the previous administration’s conciliatory tone and may reinforce the argument for a more assertive U.S. economic posture on the world stage.