Stocks surge as the U.S. and China agree to slash tariffs.
Our reciprocal tariff rate will go down to 10% on the United States side, so it goes down 115%.
We enter into a 90-day pause period for negotiations,
which both the Chinese and the United States are very committed to.
Plus, President Trump says he'll sign an executive order today aimed at lowering drug prices.
And Ukrainian President Volodymyr Zelensky challenges Russia's Vladimir Putin to meet for peace talks this week.
It's Monday, May 12th.
I'm Luke Vargas for The Wall Street Journal.
And here is the AM edition of What's News,
the top headlines and business stories moving your world today.
The U.S. and China have sent stocks and the dollar surging this morning after both sides cut tariffs by 115 percent,
ending an effective embargo on trade.
Treasury Secretary Scott Besant and U.S.
Trade Representative Jameson Greer also announced a 90-day tariff pause in which substantial talks on trade with Beijing would take place.
Journal reporter Jason Douglas has been dissecting the news coming in this morning.
Jason, some of the details for us here.
We've got a lot of tariffs, it seems, getting cut, but some remaining.
Walk us through what fits into both categories there.
Sure.
So the big cuts happen to the reciprocal tariffs and the retaliation that followed that.