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Hello from CNN. I'm Joe Beck, with the five things you need to know for Thursday, May 1st.

President Donald Trump says potential trade deals with three Asian nations are in the works.

He made the comments while speaking on the phone to Bill O'Reilly during a News Nation town hall.

I understand you have a deal with South Korea, Japan, and India.

You already got it. What are you announcing it? Well, we have a deal with South Korea, Japan, and India. You already got it.

What are you announcing it?

Well, we have potential deals with them, yeah.

But I'm in – okay, I'll tell you this.

I'm in less of a hurry than you are.

When pressed again, Trump said the announcement can wait two weeks.

But Trump's whiplash trade policy of on-again-off-again tariffs has confused investors and

stoked anxiety among Americans, with the economy suffering as a result.

According to data released yesterday, the US GDP shrunk at an annualized pace of 0.3%, making it the

worst quarter since 2022. And even Trump, who has hailed America's new,

quote, golden age, had a note of rare pessimism during a cabinet meeting yesterday,

warning parents their kids may have fewer toys. Maybe the children will have two dolls

instead of 30 dollars, you know. Meanwhile, the Senate's bipartisan attempt to push back on Trump's global tariffs has failed.

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