In this episode of The PDB Situation Report:

• President Trump pulls back on tariffs—except when it comes to China. Gordon Chang joins us to explain what this economic clash means for the global economy—and why it could hurt China more than the United States.

• On the battlefield, both Russia and Ukraine have launched fresh offensives, with fighting intensifying on multiple fronts. George Barros from the Institute for the Study of War breaks down what’s driving the new surge in combat—and what could come next.

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