US and China agree to roll back tariff!
What we're covering
• Trade war breakthrough: The US and China agreed to drastically roll back tariffs on each other’s goods for an initial 90 days, de-escalating a punishing trade war and buoying global markets. By May 14, the US will temporarily lower its overall tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%.
Middle East trip: President Donald Trump will visit three wealthy Gulf Arab nations this week, seeking to deepen economic ties. In Qatar, the Trump administration is expected to accept a luxury jet from the royal family to use as Air Force One, raising legal and ethical questions.
• Ukraine war talks: President Volodymyr Zelensky said he was ready to meet his Russian counterpart Vladimir Putin this week after Trump urged him to accept Moscow’s invitation for direct talks in Turkey. Ukraine’s major European allies have given Russia an ultimatum: agree to a 30-day ceasefire by Monday or face new sanctions.
The two sides also agreed to establish “a mechanism to continue discussions about economic and trade relations,” led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, according to the statement.
conclution: “These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues,”
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