PDB Afternoon Bulletin | April 30th, 2025: China Caves On More Tariffs—Exempts List Of US Goods & Why Trump May Be Turning On Putin
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It's Wednesday, the 30th of April. Welcome to the PDB Afternoon Bulletin. I'm Mike Baker, your eyes and ears on the world stage. All right, let's get briefed.

First, we may have an answer as to who's going to blink first in the ongoing tariffs battle, China or the US. China is reportedly, quietly, issuing a list of US-made products that are exempt from the duties, as the financial impact of the tariffs wreaks havoc on their export-dependent economy. But it's not all sunshine and roses for the US economy, which shrank over the first quarter of this year.

Later in the show, we're learning more details about the pivotal meeting between President Trump and Ukrainian President Zelensky at the Vatican on Saturday and why it may cause President Trump to take a tougher stance against Russian President Putin. But first, today's afternoon spotlight. We'll begin today with an update on the U.S.-China trade war as reports emerge that leaders in Beijing may be caving to the pressure from the Trump administration's tariffs.

According to an exclusive report from Reuters, the communist regime has created a list of U.S.-made products that are exempt from its 125% retaliatory tariffs and are quietly notifying companies of the shift in policy. The development is the clearest signal yet that, despite their public statements, Beijing is eager to de-escalate the trade war and limit the impact on their export-driven economy. As orders dry up,

manufacturers paused production, and factories shut down. As we've been tracking here on the PDB, China already began granting tariff waivers last week for certain product categories, including aspects of the aviation, pharmaceutical, and semiconductor sectors. But the official existence of a so-called, quote, whitelist for broader exemptions, described by Chinese sources with knowledge of the matter to Reuters, had not previously been disclosed.

Authorities in China have not shared the list publicly or even acknowledged its existence, and it's unclear how many products are being granted exemptions from the tariffs. Sources said that one major exemption, however, pertains to the industrial chemical ethane. The US is the only major supplier of ethane globally, and China buys nearly half of those exports at a rate of more than 200,000 barrels per day in 2024.

Athene is critical for Chinese petrochemical production, particularly for Beijing's large plastics industry. The sources that spoke with Reuters said companies eligible for exemptions are being privately contacted by government officials who are also surveying businesses about other potential sectors where tariff waivers might be appropriate.

Analysts noted that this quiet approach by the Chinese Communist Party, the CCP, allows China to maintain its hardline messaging, demanding the U.S. back down while easing the economic damage of the trade war domestically.

As we recently discussed, the devastating financial impact of Trump's 145% tariffs and Beijing's 125% retaliatory tariffs have been felt swiftly in China. Chinese manufacturers are beginning to pause production entirely and shut down factories as they scramble to find new buyers, with warehouses filling with unsent goods. An official report on manufacturing in April found that China's factory activity has contracted

at its fastest pace in 16 months. But those economic shocks will soon likely be felt here in the U.S. as well. Cargo volumes into the U.S. have already fallen dramatically, and shipments through the Port of Los Angeles are expected to drop by an eye-watering 35% next week. Most American businesses will need to restock by mid-May, and major retailers like Target and Walmart have warned consumers to expect higher prices

and empty shelves. The decline in imports could trigger large-scale layoffs in the retail, trucking, and logistics sectors. And to make matters worse, a Commerce Department report released Wednesday found that the U.S. economy shrunk by 0.3% between January and March – that's the first quarter of negative growth since the beginning of 2022.

Still, President Trump remains optimistic that economic relief is in sight, saying at a rally on Tuesday that he thinks a "fair" trade deal with China is within reach. Treasury Secretary Scott Besant echoed those sentiments, telling reporters that the tariffs are "unsustainable" for China and could soon cost their economy 5 to 10 million jobs if Beijing does not start making concessions.

Besson added, quote, Remember that we are the deficit country. They sell almost five times more goods to us than we sell to them. So the onus will be on them to take off these tariffs. Coming up next, Vladimir Putin may face more intense pressure from the U.S. to end the war following President Trump and Ukrainian President Zelensky's private meeting at the Vatican on Saturday. I'll be right back.

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Welcome back to the Afternoon Bulletin. We're learning new details about what Zelensky told Trump during their 15-minute meeting at the Vatican on Saturday, where he pushed for a harder line on Russian leader Vladimir Putin and a revived call for a ceasefire.

As we discussed on Monday's PDB, the sit-down took place inside St. Peter's Basilica on the sidelines of the funeral for Pope Francis, despite the lingering chill from February's Oval Office showdown that briefly froze military aid and intel sharing and the repeated public sparring between the two leaders on social media.

Zelensky's team was reportedly split on whether another face-to-face with Trump was worth the risk. But two sources briefed on the exchange told Axios the Ukrainian president walked away believing he'd made a dent, perhaps his first, in Trump's long-held view of Putin.

Then, just hours later, aboard Air Force One, Trump took to Truth Social with a striking departure from his usual tone. Reacting to a brutal aerial assault on Kiev, he posted, quote, It makes me think that maybe Putin doesn't want to stop the war. He's just tapping me along and has to be dealt with differently. End quote. Trump floated sanctions as a possible next step.

During their private conversation, Zelensky warned that Putin would only respond to pressure and urged Trump to revisit his earlier demand for an unconditional ceasefire, which Ukraine accepted but Russia spurned. One source said Trump appeared open to reconsidering his posture, even acknowledging that his approach to Putin might need to evolve. The White House declined to confirm or deny the account.

Zelenskyy also reiterated the Ukrainian position that they would never recognize Russia's annexation of Crimea. According to one of the sources, Trump said he respected that position. While the administration's peace framework includes U.S. recognition of Russian control over the peninsula, one advisor emphasized that Trump made clear he was not asking Ukraine to do the same.

Zelensky added that any serious concessions to end the war would require binding security guarantees, and that's a point that he's raised repeatedly. One potential reason for the more productive tone, according to the sources, was the absence of Vice President J.D. Vance and White House envoy Steve Witkoff, both viewed by Kiev as sympathetic to Moscow.

Trump, for his part, used the time to press Zelensky on the long-stalled U.S.-Ukraine minerals deal that's been tied up in red tape for weeks. A source familiar with the matter told CNN the agreement could be signed as early as today. The deal, in the works since Trump's return to the White House in January, would give the U.S. access to Ukraine's vast untapped mineral reserves in exchange for Washington's investment into Kyiv's war effort.

Ukraine's prime minister confirmed Tuesday that their economy minister was headed to Washington, potentially to finalize the agreement. Still, it remains to be seen whether Trump's harder tone on Putin will stick. In a follow-up ABC News interview on Tuesday, the president reiterated his belief that Putin, quote, could be tapping me along a little bit, but said he still thinks the Russian leader wants to end the war. At the State Department, spokeswoman Tammy Bruce said the U.S.,

remains willing to "step back" as mediators if ceasefire talks continue to stall.

And that, my friends, is the PDB Afternoon Bulletin for Wednesday, the 30th of April. That is the last day of April. You know what? We're heading into May, as if you didn't know. If you have any questions or comments, please reach out to me at pdbatthefirsttv.com. And of course, as you've probably read in the gossip pages, to listen to the show ad-free, well, simply become a premium member of the President's Daily Brief by visiting pdbpremium.com. I'm Mike Baker, and I'll be back tomorrow.

Until then, stay informed, stay safe, stay cool.