2PM ET 05/12/2026 Newscast

Summary

Fox News Hourly Update – 2PM ET, May 12, 2026

Main Theme:

This newscast covers President Trump's summit trip to China amid escalating tensions with Iran, developments in U.S.–China trade talks, a resignation at the FDA, controversy involving a Virginia congresswoman, and a significant legal settlement involving PayPal.

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Key Discussion Points and Insights

President Trump's Visit to China & Iran Focus

• (00:03–00:44) President Trump departs for Beijing for a two-day summit with President Xi Jinping. The visit is overshadowed by the Iran conflict, which has shifted the summit’s original economic focus to geopolitical strategy.

  • Trump is accompanied by prominent business leaders, including Elon Musk and Tim Cook.
  • Quote (Foreign Policy Analyst, 00:18):
    “Foreign policy does have the potential to overshadow the economic parts of this summit. The president has already said the agenda with him and Xi has changed by a lot because of the Iran conflict.”

• U.S. Hopes China Will Pressure Iran:

  • The U.S. aims to have President Xi mediate or pressure Iran diplomatically, citing China’s status as the top buyer of Iranian oil.

Trade and Economic Impacts

• (00:47–01:03) Discussion of anticipated negotiations on trade tariffs and rare earth mineral access for chip production.
  • The escalation over Iran has raised diesel prices, severely impacting American farmers. The U.S. wants China to purchase an additional 25 million metric tons of soybeans.

Washington Reactions & Concerns Over U.S.–China Policy

• (01:03–01:20) Senate Minority Leader Chuck Schumer warns against compromising core American interests to secure a deal with China.

  • Quote (Chuck Schumer, 01:06):
    “Donald Trump wants a deal with China so badly he could sell out on American manufacturing. He could sell out on chips. He could sell out on Taiwan, which produces many of these chips. He could sell out on AI.”

• President Trump, speaking to reporters, projects optimism:

  • Quote (Donald Trump, 01:36):
    “He’s been a friend of mine. He’s been somebody that we get along with. And I think you’re going to see that good things are going to happen. This is going to be a very exciting trip. A lot of good things are going to happen.”

• On Iran, Trump insists on a firm stance:

  • Lisa Brady (01:47): Trump reiterates that Iran will not acquire nuclear weapons, promising the outcome will be “achieved peacefully or otherwise” after rejecting Iran’s latest peace proposal.

FDA Commissioner Resignation

• (02:31–02:57) Breaking news: FDA Commissioner Dr. Marty Makary is reportedly resigning following pressure from Trump allies, health industry executives, and advocacy groups.
  • No official confirmation from the White House yet.

Congressional Controversy Over Racist Remark

• (02:57–03:38)
  • During an interview, Virginia Congresswoman Jen Kiggins appears to agree with a radio host’s comment that House Minority Leader Hakeem Jeffries should “keep his cotton picking hands off Virginia.”
  • House and state leaders call for her resignation, labeling the expression as blatantly racist. Kiggins states she was agreeing with the idea, not the language.
  • Quote (Hakeem Jeffries, 03:33):
    “Kiggins had her chance to disavow the vile, racist, dehumanizing comments, but doubled down, calling it a stunning failure of judgment and leadership.”

PayPal DOJ Settlement & Economy Updates

• (03:40–04:09) PayPal settles with the Justice Department for $30 million as part of a probe into its diversity, equity, and inclusion (DEI) initiatives.

  • As part of the agreement, PayPal will waive fees for $1 billion in transactions for small veteran-owned, farming, manufacturing, or tech businesses.
  • Lillian Woo: Notes that the settlement comes amid the Trump administration’s pushback on corporate DEI policies and that PayPal does not admit wrongdoing.

• Stock Market Update (04:09–end):

  • Stocks are down: Dow down 2 points, NASDAQ down 365.
  • The drop is attributed to consumer inflation hitting a three-year high, especially in energy prices.

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Notable Quotes & Memorable Moments

• Foreign Policy Analyst (00:18):
  “The agenda with him and Xi has changed by a lot because of the Iran conflict.”
• Chuck Schumer (01:06):
  “He could sell out on American manufacturing. He could sell out on chips. He could sell out on Taiwan...”
• President Trump (01:36):
  “This is going to be a very exciting trip. A lot of good things are going to happen.”
• Lisa Brady (01:47):
  “Iran will not have a nuclear weapon, insisting that will be achieved peacefully or otherwise.”
• Hakeem Jeffries (03:33):
  “A stunning failure of judgment and leadership.”

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Timestamps for Important Segments

• 00:03 – Trump’s China visit, context, Iran focus
• 00:47 – Trade talks: tariffs, rare earths, soybeans
• 01:03–01:20 – Schumer’s warnings on U.S.–China deal
• 01:36 – Trump on relationship with Xi, trip optimism
• 01:47 – U.S. stance on Iran and nuclear ambitions
• 02:31 – FDA Commissioner resignation news
• 02:57 – Congresswoman Kiggins controversy, reactions
• 03:40 – PayPal settlement with DOJ
• 04:09 – U.S. markets and inflation data

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Summary

This Fox News Hourly Update encapsulates key national and global stories, including President Trump’s high-stakes trip to China, the complex interplay of U.S.–China–Iran relations, congressional controversies over language and leadership, significant government and corporate shake-ups, and the economic challenges facing U.S. consumers and businesses. The episode is marked by direct and sometimes confrontational language from political leaders, reflecting high tension in both foreign and domestic spheres.

Transcript

[Lisa Brady]

Off to China for President Trump and Lisa Brady, FOX News. He's leaving for Beijing and a two day summit with President Xi with Iran, one of many expected topics. But he's also taking more than a dozen business leaders with him, including Elon Musk and Apple's Tim Cook.

[Foreign Policy Analyst]

Foreign policy does have the potential to overshadow the economic parts of this summit. The president has already said the agenda with him and Xi has changed by a lot because of the Iran conflict. In fact, the administration and the US Ambassador to China, David Perdue telling us that they do want Xi to almost mediate and put pressure on Iran because China is the number one buyer of Iranian oil.

[Lisa Brady]

Fox is Aisha Hosny in Beijing on

[Foreign Policy Analyst]

trade tariffs in rare earth minerals used in chips are expected to come up in these talks. Also American farmers who are getting hit bad by those higher diesel fuel prices because of the Iranian conflict. They want China to buy 25 million more metric tons of soybeans.

[Lisa Brady]

A warning from Senate Minority Leader Chuck Schumer.

[Chuck Schumer]

Donald Trump wants a deal with China so badly he could sell out on American manufacturing. He could sell out on chips. He could sell out on Taiwan, which produces many of these chips. He could sell out on AI.

[Lisa Brady]

On the Senate floor earlier also urging support for the seventh Democrat effort to pass a war powers resolution on Iran. But President Trump says the US Is now doing smart business with China and that great things will happen for both countries. Telling reporters this about President Xi just moment moments ago.

[Chuck Schumer]

He's been a friend of mine. He's been somebody that we get along with. And I think you're going to see that good things are going to happen. This is going to be a very exciting trip. A lot of good things are going to happen.

[Lisa Brady]

Also, just reiterating that Iran will not have a nuclear weapon, insisting that will be achieved peacefully or otherwise. The day after rejecting Iran's latest peace proposal. America is listening to FOX News.

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[Chuck Schumer]

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[Foreign Policy Analyst]

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[Lisa Brady]

Just getting an Associated Press report that the FDA Commissioner, Dr. Marty Makary is resigning after complaints from some Trump allies, including anti abortion activists, health industry executives and vaping lobbyists. There's been no immediate confirmation from the White House. Some House Democrats say a Republican congresswoman should be censured for agreeing with a radio host's description of House Minority Leader Hakeem Jeffries.

[Jessica Rosenthal]

During an interview with Virginia Republican Congresswoman Jen Kiggins, a radio host said House Minority Leader Hakeem Jeffries should keep his cotton picking hands off Virginia, Kiggins said. Ditto. House Minority Whip Catherine Clark and California Governor Gavin Newsom said Kiggins should resign, that the language was blatantly racist. Kiggins said she does not condone the language, but that it was obvious she was merely agreeing with the idea that Jeffries should stay out of Virginia. Jeffries has been at the center of navigating redistricting wars on behalf of House Democrats. He said in response that Kins had her chance to disavow the vile, racist, dehumanizing comments, but doubled down, calling it a stunning failure of judgment and leadership. Jessica Rosenthal, Fox News PayPal reaches a

[Lisa Brady]

deal with the Justice Department financial tech

[Lillian Woo]

company PayPal has agreed to a $30 million pact with the Justice Department, which was probing its plan to support black and minority owned businesses. This settlement part of the Trump administration's campaign against corporate DEI initiatives, the online payment system company agreeing to waive processing fees for a billion dollars in transactions for small businesses owned by veterans as well as businesses in farming, manufacturing or technology.

[Lisa Brady]

Fox's Lillian Woo, PayPal does not admit any wrongdoing as part of that settlement. Stocks remain lower after a report showing inflation at the consumer level hitting a three year high. With energy prices surging right now, the dow's down just two points, the NASDAQ down 365. Elisa Brady, Fox News.