President Trump’s wide-ranging campaign to punish his perceived media critics has come for newspapers like The Wall Street Journal, The Des Moines Register and The New York Times; broadcast outlets like the BBC, NBC News and CBS News; and the late-night hosts Jimmy Kimmel and Stephen Colbert.

But now it is bearing down on a new opponent, one that remains politically potent and has a storied place in Mr. Trump’s oeuvre of media grudge matches — the long-running ABC daytime talk show, “The View.”

The Federal Communications Commission has been quietly investigating the program for months, looking into whether “The View” violated old federal rules requiring equal airtime to rival political candidates. The inquiry could also feed into the agency’s wider review of whether ABC should be allowed to continue to own some of the country’s most important local television stations.

The clash between ABC and the Trump administration could lead to a protracted, high-stakes legal battle over free expression. The network asserts that the F.C.C. action could have “a chilling effect on First Amendment-protected free speech on the eve of the 2026 elections” and affect which political guests — if any — talk shows will book.

The central role of “The View” is testament to the enduring influence of an old-fashioned broadcast television program that the ABC anchor Barbara Walters started 29 years ago, describing it “as a kaffeeklatsch with more caffeine.” People in both parties say the show continues to hold significant political power — even as streaming, podcasts and social media take up more attention.

“The View” draws 2.7 million viewers a day, more or less the audience it has had for a decade, according to Nielsen.

“It would be easy for our side to say, ‘Who watches that junk?’” said Tim Graham, a senior leader of the Media Research Center, a conservative group that has long been critical of the show. “But the answer is: Many people.”

Representatives for “The View” declined to comment, or to set up interviews with the hosts or anyone involved in the production.

Ms. Walters’s intention, as she said on the premiere episode in 1997, was to make the show destination viewing for a broad swath of women “of different generations, backgrounds and views.” The show’s panel has long included a conservative presence to balance the progressivism of its longstanding hosts Joy Behar and Whoopi Goldberg.

Mr. Trump, who was good friends with Ms. Walters, used to be a regular guest, once seeing the show as a great platform to promote himself, his business and his family. During a March 2006 appearance, Mr. Trump, sitting next to Ivanka Trump, notoriously mused, “If Ivanka weren’t my daughter, perhaps I’d be dating her.” (“Who are you, Woody Allen?” Ms. Behar blurted, sending Mr. Trump into a fit of laughter.)

Weeks later, Melania Trump gave the show her first interview after the birth of her son, Barron, revealing details about the delivery (“very, very easy”) and informing viewers that Mr. Trump had elected to stay out of the delivery room. Sometimes Mr. and Mrs. Trump even appeared together: In 2010, they made a joint appearance when Mrs. Trump promoted her QVC jewelry line.

But “The View” also set the scene for a foundational Trump feud — with the former host Rosie O’Donnell, starting in 2006. She called him a “snake-oil salesman”; he called her “a slob” and worse.

The final break in the relationship between the show and Mr. Trump came shortly after he entered politics. He clashed with Ms. Goldberg over his description of Mexicans as “rapists” in 2015, and he declined invitations from “The View” thereafter. He made 18 appearances in all.

The hosts became more critical of Mr. Trump over the past decade, and he attacked them back. The two Republicans on the panel — a first-term Trump spokeswoman, Alyssa Farah Griffin, and the longtime strategist Ana Navarro — are frequent Trump critics. And the anti-Trump critics are even tougher.

“It is unbelievable to me,” Sunny Hostin, a host, said this week, “that there are still people — despite the fact that they don’t have health care, despite the fact that the Department of Education has been gutted, despite the fact that they can’t afford to buy eggs — they are still with their guy.”

Conservatives accuse the show of interviewing mostly Democrats. This spring, the Media Research Center released a report titled, “The View Kicks Off Midterm Year With 27 Liberal Guests to 1 Republican.” (The study included celebrities in its tally.)

In its filing with the F.C.C., ABC noted that guest appearances did not reflect the full range of invitations. The network said the show had invited numerous Trump allies over the past two seasons, including Vice President JD Vance, Health Secretary Robert F. Kennedy Jr., Senator Lindsey Graham, Elon Musk and Secretary of State Marco Rubio — all of whom declined.

ABC’s lawyers said bookings were “based on newsworthiness, anticipated audience interest and their potential to ‘make news’ on the show.”

The administration has escalated its attacks over the past year. In July, it released a statement rooting for the show’s cancellation, after Ms. Behar compared Mr. Trump unfavorably with former President Barack Obama.

The seriousness of the F.C.C.’s inquiry into “The View” came to light when ABC responded forcefully to it this week. The agency is looking into whether the show was improperly operating outside longstanding broadcast rules requiring entertainment programs to provide equal airtime to candidates for the same office.

ABC’s lawyers noted that “The View” had received a news exemption from the agency in 2002 and that the exemption had not been challenged in the 24 years since.

Their response, which became public on Friday, accused the F.C.C. of violating the network’s First Amendment rights and indicated that they were prepared to take the case as far as the Supreme Court.

The network maintains that the mix of its guests should not be the government’s concern. “Of course, government officials are free to express their own views about ‘The View,’” ABC’s lawyers said in the filing. “But they cannot utilize the coercive powers of the state to punish viewpoints with which they disagree.”

The show has long been under a political microscope, not only because of what its hosts say but also because of the makeup of its audience.

The two highest-rated media markets for “The View,” according to Nielsen, are Philadelphia and the Flint-Saginaw-Bay City market in Michigan’s industrial corridor — both in swing states. The show also draws strong audiences in Pittsburgh, Atlanta, Milwaukee, Chicago and New York, Nielsen said, as well as in West Palm Beach, Fla.; Kansas City, Mo.; and Hartford, Conn.

That audience is made up of a prime voting demographic; two-thirds of its viewers are 65 or older, and nearly 90 percent are over the age of 50. Seventy percent are women. And 60 percent of its viewers are white and a quarter are Black, according to Nielsen.

“Women are one of the most important swing segments of the electorate,” said Daniel Suhr of the Center for American Rights, the conservative legal group that in March urged the F.C.C. to deny “The View” an exemption from the equal-airtime rules as a “bona fide” news program.

Having hosts who “constantly bash the president and the party” on a show that draws such swing voters, Mr. Suhr said, “has a real effect on our politics.”

Lis Smith, a Democratic strategist who has long seen “The View” as an important stop on any major candidate’s campaign schedule, said she thought conservatives were mainly picking on the show to whip up the faithful against a favorite media target. But, she added, “The View” does have its uses for Democrats.

“They reach a large audience of women, and Democrats need women to turn out to vote to win,” she said.

China’s exports and imports each set monthly records in April, further cementing the country as the world’s leading trading nation as Beijing prepares to welcome President Trump for a summit next week with Xi Jinping, China’s leader.

China also ran a trade surplus — the excess of exports over imports — of $84.8 billion last month, according to data released on Saturday by the General Administration of Customs. However, that surplus did not set a record. The war in Iran and closure of the Strait of Hormuz pushed up the cost of imported oil and natural gas, causing China’s overall imports to increase slightly faster than exports.

The surplus in April keeps China on track for a third year of roughly trillion-dollar trade surpluses. China posted a $1.19 trillion trade surplus last year, easily breaking the world record of $992 billion that it had set the year before.

Mr. Trump is expected to press Mr. Xi to buy more American goods during their scheduled summit, part of his long-running effort to narrow China’s longtime trade surplus with the United States. But two recent court decisions overturning Mr. Trump’s tariffs on imports have eroded some of his leverage.

China’s exports to the United States jumped 11.3 percent last month compared to its shipments in April of last year, when President Trump’s “Liberation Day” tariffs produced a slump in imports from China.

The country’s imports from the United States rose only 9 percent in April this year. As a result, its trade surplus with the United States widened by 13 percent.

China has long used state-run purchasing collectives in big categories like farm goods and commercial aircraft to manage its trade with the United States, ensuring it sells three to five times as much as it buys. Mr. Trump and his advisers have criticized that imbalance.

Semiconductor exports doubled last month compared with April of last year. Chinese manufacturers cashed in on the artificial intelligence data center boom even though they cannot yet produce some of the fastest kinds of chips.

Overall exports of electronics and machinery were up 20 percent in April from a year earlier.

China acts in many ways as a shock absorber in global oil markets. Beijing buys more oil for its vast reserves when the price is low, then cuts back purchases when prices are high, as they were last month.

With oil prices spiking upward this spring, the tonnage of China’s oil imports dropped last month to its lowest level since July 2022, when Shanghai’s two-month Covid lockdown reduced demand. The lockdown hurt many of China’s oil-dependent industries.

Because prices rose faster last month than the tonnage declined, China’s overall bill for crude oil imports rose 13 percent from a year earlier. Rising oil prices helped drive China’s overall imports up 25.3 percent in April from a year ago, to a record $274.6 billion. Its exports surged 14.1 percent last month from a year earlier, to a record $359.4 billion.

China has been particularly successful this year in exporting electric cars as well as renewable energy products like wind turbines and solar panels. Exports of electric vehicles were up 52.8 percent last month from a year earlier.

China has been running large, and widening, trade surpluses over the past several years with most of the rest of the world. It has trade deficits with only a handful of countries, including those like Brazil and Australia which have very large commodity exports.

The European Union and many developing countries now find themselves with rapidly growing trade deficits with China. Practically all of them have run their own trade surpluses with the United States to fund their deficits with China, sometimes repackaging goods from China and shipping them on to the United States to do so.

China’s huge trade surpluses are not necessarily a sign of economic strength. They partly reflect very weak spending by Chinese households on imports and domestic goods alike after five years of sliding housing prices wiped out much of the savings of the middle class. This has prompted many families to scrimp on purchases like new cars, leaving Chinese automakers with more cars to export.

“The Chinese economy still demonstrates resilience in trade and industrial supply chains,” said Zhu Tian, an economics professor at the China Europe International Business School in Shanghai, after the release of the trade data.

But weak domestic spending and a leveling off in the trade surplus, he said, “suggest that economic growth will continue to face significant challenges for the rest of the year.”