From our second day in Beijing where we hosted Hank Paulson for remarks on the U.S. – China economic relationship: There may be no more experienced or connected individual who can help the two largest economies behind the scenes avoid a trade war.

In a positive sign, China’s top economic advisor has announced plans to visit Washington, D.C. next week. Expect a win-win trade agreement that allows President Trump to declare victory, even if it’s not a lasting peace or significant reform.

At home from Bloomberg Politics: The prevailing view is that Trump will announce he’s walking away from the Iran nuclear accord at 2 p.m. today in Washington. What comes next isn’t so clear. Here are four possible outcomes: The deal holds, the fudge, the head scratcher, or R.I.P.

And from Howard Wolfson’s Daily Biscuit newsletter: A bombshell piece from The New Yorker posted online early last evening alleging very serious charges of sexual violence against New York Attorney General Eric Schneiderman. Just hours later, Schneiderman resigned.

Most Read on the Bloomberg Terminal (Last 8 Hours):
Jamie Dimon Tells Bloomberg TV: Prepare for 4% Yields, Potential Volatility Rise (Bloomberg)

Also from Beijing: Jamie Dimon laid out his long-term vision for his company’s expansion in China, while expressing hopes that mounting trade tensions won’t derail the plans. Dimon Lays Out 100-Year China Vision with Trade Spat on Horizon (Bloomberg)

China’s New Billionaire Factory: In what may be the largest IPO since the 2014 listing of Alibaba, Chinese smartphone maker Xiaomi’s IPO may create 5 new billionaires. Xiaomi Poised To Become Billionaire Factory with IPO (Bloomberg)

Today in New York.

New York Post cover, May 8, 2018.

Eric Schneiderman Fallout: Shocked Albany Rushes to Find Schneiderman Replacement (New York Post)

Boris Goes to War: In an interview with the Daily Mail, Boris Johnson criticizes UK Prime Minister Theresa May’s post-Brexit trade plans, warning that a customs partnership would leave Britain tied to EU with ‘new web of bureaucracy.’ Boris Savages Downing Street’s Post-Brexit Trade Plans (Daily Mail)

Sweet Deal of the Day: The Maker of Oreos is Buying a Classy Hamptons Cookie Company for a Half Billion Dollars (Bloomberg)

Boy Scouts Change Name and Welcome Girls to Program (WBUR – Boston)
From the NPR show ‘On Point’: Alvin Townley, former Eagle Scout and author of two books on the scouts, talks about the Boy Scouts now welcoming girls to the program and its focus on entrepreneurship. He said, “When you talk about entrepreneurs, you look at people like Bill Gates, Michael Bloomberg and Ross Perot — who all came through the Scouting program. Scouting teaches you that you can do whatever you want and no one is going to do it for you. Scouting teaches you to take that first step, to be proactive, to call a merit badge badge counselor — which might lead, you know, calling a sales prospect later in your life.”

“One of my favorite stories that shows this, I think, is Michael Bloomberg, who was the son of Russian immigrants in Medford, Massachusetts. And he was a Jewish Scout and in otherwise all-Baptist Scout troop. (That’s one of the wonderful things that scouting does, bring together people from different backgrounds.) And Michael Bloomberg could not afford to go to summer camp. So the way he afforded it was to win this prize that the troop gave out every year to the scout who sold the most Christmas wreaths. So this Jewish Scout Michael Bloomberg was going to door to door in Medford selling Christmas wreaths. And, you know, we see where those salesmanship skills got him.” Listen to the interview here.

Bloomberg’s Business of Equality Summit is today at our headquarters at 731 Lexington Ave in New York. Speakers include Diane von Furstenberg, Joanna Coles, Chelsea Handler, Chelsea Clinton, Ashley Judd, Nina Shaw, Alicia Garza, Danica Roem, Asia Kate Dillon and more. See the agenda here and watch the livestream here or on the terminal at LIVE <GO>.

The James Beard Awards for best restaurants are out: Birmingham, Alabama Restaurant Voted Best in America; Seattle’s JuneBaby Named Best New Restaurant (Bloomberg)

Irony Section.

First Lady Melania Trump launched a new campaign, “Be Best,” on Monday, which focuses on curbing cyberbullying as part of a broader agenda to help the overall well-being of children.

Not Again! Melania Trump Roasted for Seemingly Getting Inspiration for ‘Be Best’ Slogan from Michelle Obama (People Magazine)

Headlines from around the world.

The Independent (UK): Support for Ireland staying in the EU hits record high of 92%, latest poll shows

The National (UAE): Arab Youth Survey 2018: Saudi Crown Prince and his reforms win huge support from young Arabs across the Middle East

Gulf Today: US adversary, Russia top non-Arab ally for Arabs: Arab Youth Survey

Japan Times: China’s presence at trilateral summit likely to limit Japan’s say in Korean affairs

Buzzfeed: 2018 Met Gala Outfits: See What The Celebrities Wore

Best of late night.

“It was a big day for Melania Trump. She unveiled her new ‘First Lady’ platform. We all remember Michelle Obama’s was “children’s fitness”, Laura Bush’s was “child literacy” and Melania’s is “the overall well-being of children”. That’s kind of vague. You had a year and a half! It’s like spending all year planning your halloween party, and you decide the theme is “candy”.
— Stephen Colbert

“Over the weekend, Education Secretary Betsy DeVos told a group of college graduates to ‘embrace the mess’ in their lives. By the way, ‘Embrace the mess’ is also Trump’s 2020 campaign slogan.”
— Jimmy Fallon

On Rudy Giuliani’s continued media tour as the newest member of Trump’s legal team:

“Trump’s going to be the first client who pleads insanity on behalf of his lawyer.”
— Seth Meyers

“I think we know what’s going on here. I think their strategy right now is to put someone out there who’s even nuttier than Trump, to make him look normal by comparison. And it’s working!”
— Jimmy Kimmel

For more Best of Late Night from the New York Times, click here.