Summary4 min read

Fox News Hourly Update – President Trump Heads to China

Date: May 12, 2026
Host: Dave Anthony, FOX News Podcasts

Episode Overview

This episode delivers a rapid-fire update on critical global and national stories, focusing on President Trump’s upcoming trip to China, escalating tensions in the Middle East, surging inflation and oil prices, and notable developments in domestic news and sports. The tone is urgent and informative, reflecting the swift nature of current global events.

Key Discussion Points & Insights

1. President Trump’s Trip to China

[00:02] Dave Anthony reports that President Trump will travel to Beijing to meet with China’s president. The purpose is to hold significant diplomatic talks amidst ongoing global tensions.
[00:10] A FOX contributor comments, “We think this is going to be a monumentally important meeting between these two great leaders.”
[00:14] U.S. Ambassador to China David Perdue highlights cooperation: “We’ve opened the door for China to help us with Iran. They get 45, 48% of their oil through the straits or Hormuz.”

2. Middle East Conflict and Oil Crisis

[00:19-00:25] The show details Iran’s role in blocking shipping in the Strait of Hormuz. The U.S. maintains a maritime blockade around Iranian ports.
[00:25] “Iran has halted most shipping through there while the U.S. military keeps up a blockade... The president calls Iran's counter proposal garbage and the ceasefire’s on life support.”
[00:39] Reporter Trey Yingst from Tel Aviv:
- Quotes Iran’s parliament speaker:
  [00:45] “Our armed forces are ready to deliver a well-deserved response to any aggression. Mistaken strategy and mistaken decisions will always lead to mistaken results. The whole world has already figured this out.”
- Analysts warn the entire Middle East could return to war in the coming days.

3. Impact on Energy and Inflation

[01:01] Oil prices have spiked over 3% amid the conflict, driving up the cost of gas and contributing to inflation.
[01:08-01:25] Jenny Casola reports:
- “The annual [inflation] pace was even hotter than anticipated… The consumer price index rose 0.6% from March to April... The CPI for the year ending in April rose 3.8%. April’s annual inflation rate [is] a half point higher than March.”

4. Public Health Alert: Hantavirus Outbreak

[01:25] Another confirmed hantavirus case from a cruise ship outbreak in Spain; total reaches 11 cases.
[01:43] WHO Director Dr. Tedros Gaberiesa assures, “Hantavirus is not like COVID. Spread and risk of a big outbreak is low.”
- 18 Americans taken off the ship remain quarantined in the U.S.

5. Economy: Markets and Gas Taxes

[02:25] Stock market is in decline:
- Dow down 337 points, Nasdaq down 220, S&P 500 down 41.
- Oil (WTI) back over $101/barrel.
- National average gas price at $4.50/gallon; diesel at $5.64.
[02:25-02:54] President Trump is considering suspending the federal gas tax to provide relief at the pump:
- “Suspending that federal tax would save us 18 cents per gallon on gas, 24 cents on diesel…”
- Secretary Doug Burgum adds, “The US right now is the most energy secure, most energy affordable nation in the world.”

6. Federal Reserve Leadership Update

[03:28] Chris Foster reports:
- Senate votes 49–44 to end debate on Kevin Warsh’s nomination as a Fed governor.
- Only two Democrats support him; no Republican votes against.
- Warsh says, “I’ve made no promises to the president about how I’ll manage monetary policy.”
- Jerome Powell’s term as chair ends Friday, but he remains on the board.

7. Sports Highlights

[03:59-04:10]
- NBA: Oklahoma City Thunder sweep the LA Lakers and advance to the Western Conference Finals.
  - “The Thunder have won and swept and are headed to the Western Conference finals.”
- In the East: Cleveland defeats Detroit, evening the series 2-2.
- NHL: Colorado Avalanche take a 3-1 series lead over Minnesota.

Memorable Quotes & Notable Moments

“We think this is going to be a monumentally important meeting between these two great leaders.” – FOX News Contributor, [00:10]
“We’ve opened the door for China to help us with Iran. They get 45, 48% of their oil through the straits or Hormuz.” – U.S. Ambassador David Perdue, [00:14]
“The president calls Iran’s counter proposal garbage and the ceasefire’s on life support.” – Dave Anthony, [00:25]
“Our armed forces are ready to deliver a well-deserved response to any aggression…” – Mohammad Kalibov, [00:45]
“The oil price surge... is driving up inflation.” – Dave Anthony, [01:01]
“I’ve made no promises to the president about how I’ll manage monetary policy.” – Kevin Warsh, [03:45]
“The US right now is the most energy secure, most energy affordable nation in the world.” – Doug Burgum, [02:45]
“The Thunder have won and swept and are headed to the Western Conference finals.” – FOX News, [04:07]

Timestamps for Major Segments

[00:02] – President Trump goes to China
[00:25] – Iran shipping standoff & regional tensions
[01:01] – Oil price and inflation update
[01:25] – Hantavirus cruise ship outbreak
[02:25] – Market update & gas tax discussion
[03:28] – Federal Reserve leadership changes
[03:59] – NBA and NHL playoff updates

This episode offers a concise but thorough roundup of major current events impacting the U.S. and the world, emphasizing political diplomacy, economic pressures, and evolving crises in public health and sports.

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Transcript20 lines

[00:03]
A
President Trump will head to Beijing today. I'm Dave Anthony, Fox News, where he will hold talks this week with China's president.
[00:10]
B
We think this is going to be a monumentally important meeting between these two great leaders.
[00:15]
A
And U.S. ambassador to China David Perdue also tells Fox we've opened the door
[00:19]
B
for China to help us with Iran. They get 45, 48% of their oil through the straits or Hormuz.
[00:25]
A
Iran has halted most shipping through there while the US Military keeps up a blockade around Iran's ports. With no end of the conflict in sight, the president calls Iran's counter proposal garbage and the ceasefires on life support. Fox's Trey Yingst reports from Tel Aviv.
[00:40]
B
The Middle east is bracing for the possibility that the region returns to war in the days ahead. Overnight, Iran's parliament speaker Mohammad Kalibov posted to X saying quote, our armed forces are ready to deliver a well deserved response to any aggression. Mistaken strategy and mistaken decisions will always lead to mistaken results. The whole world has already figured this out.
[01:01]
A
Oil prices are rising again, up more than 3%. And that surge in this conflict, along with the spike at the gas pump, is driving up inflation. Overall.
[01:08]
B
It was expected to increase, but the annual pace was even hotter than anticipated. The consumer price index rose 0.6% from March to April, up 4, 10 for core CPI excluding food and energy. The CPI for the year ending in April rose 3.8%.
[01:26]
A
That's Fox's Jenny Casola. April's annual inflation rate a half point higher than March. Another passenger on that cruise ship that had a hantavirus outbreak has tested positive. That's in Spain. So it's 11 confirmed cases so far.
[01:37]
C
Given the long incubation period of the
[01:39]
B
virus, it's possible we might see more cases in the coming weeks.
[01:44]
A
But World health organization director Dr. Tedros Gaberiesa still maintains Hana virus is not like the COVID Spread and risk of a big outbreak is low. 18Americans taken off the ship remain quarantined. None of those in Nebraska have symptoms. One in Atlanta did. America's listening to Fox News.
[02:01]
C
Ah, I'm sensing plumbing problems. Worry not. With American home shield, you can now video chat with live repair experts for help with home fixes over the phone. Talk to a real human expert over video chat who can help get that home system or appliance back on track. Ah, sounds like peace of mind. American home shield. Don't worry, be warranty. Visit ahs.com listen for 20% off any
[02:25]
A
plan video chat feature available as a benefit to AHS members with select plans. See ahs.com for hours and details. Three stocks are falling this morning. The Dow is dropping 337 points. The Nasdaq is down from yesterday's record high close losing about 220 points. The S&P 500 down 41. We mentioned oil prices rising. WTI back over 101 bucks a barrel. But at the gas pump, a bit of relief from the price surge, a 2 cent drop this morning. AAA's national average for regular $4.50 per gallon. The president is considering suspending the federal gasoline tax, something Congress would need to approve. Your secretary Doug Burgum tells fox, one of many ideas that President Trump or the Trump administration is pursuing. But again, we should just start with the fact that the US Right now is the most energy secure, most energy affordable nation in the world. Suspending that federal tax would save us 18 cents per gallon on gas, 24 cents on diesel, which costs a lot more. Right now its aaa average is $5.64 a gallon. There's an update on Jerome Powell's potential replacement.
[03:28]
D
Leading the Fed Senate votes 49 to 44 to end debate on Kevin Warsh's nomination to the Federal Reserve Board of Governors. Chris Coons and John Fetterman were the only two Democrats voting to advance the nomination. No Republican voted against it. The Senate votes next on whether to approve Warsh for a four year term as a Fed governor, then confirm his role as Fed chair. Jerome Powell's term as chair ends Friday, although he'll remain on the board. Longtime target of President Trump's attacks for not pushing interest rates lower. Warsh says he's made no promises to the president about how he'll manage monetary policy. Chris Foster, FOX News.
[04:00]
A
In the NBA, the Thunder roll.
[04:03]
B
There's the buzzer.
[04:04]
A
And the Thunder have won and swept
[04:07]
B
and are headed to the Western Conference finals.
[04:11]
A
Oklahoma City beat and eliminated the LA Lakers 115110 on Amazon Prime Video, keeping the defending champions undefeated in the playoffs this year. In the East, Cleveland beat Detroit 112103 to tie that series 22 in the NHL playoffs. Colorado beat Minnesota 5 2, giving the Avalanche a 31 series lead. I'm Dave Anthony. This is FOX News.