The U.S. and China announced today that they were temporarily reducing the triple-digit tariffs that had shaken the global economy. For the next 90 days, imports from China are set to face a minimum fee of 30 percent, down from 145 percent. American goods will be subject to a 10 percent tariff in China, down from 125 percent.
U.S. officials described the agreement as an attempt to defuse an escalating confrontation that had essentially halted trade between the world’s two largest economies. “We concluded that we have a shared interest,” Treasury Secretary Scott Bessent said. Both sides agreed to more talks in search of a more permanent arrangement. Stock markets surged.
The deal also illustrated the limitations of President Trump’s aggressive tariffs. He had defended them to Americans as a short period of financial pain in return for a stronger economy in the long run. But it is so far unclear if Trump’s decision to impose, and then walk back, sky-high tariffs on Chinese products — which forced companies in both countries to alter their strategies and contemplate bankruptcy — will end up resulting in any major concessions from China.
Hamas released an American hostage ahead of Trump’s trip
Edan Alexander, the last living American hostage held by Hamas in Gaza, was released today in a deal that largely circumvented Israeli officials. Hamas portrayed it as an attempt to secure U.S. support for an end to the war in Gaza.
Trump, whose administration pressured the Palestinian militant group to release Alexander, left this morning for a visit to the Middle East. The four-day swing through Saudi Arabia, Qatar and the United Arab Emirates is the first major overseas trip of his second term. And the president is in search of one thing above all else: business deals.
Trump is expected to use America’s dominance over A.I. chips as leverage to extract U.S. investment commitments from governments in the Gulf region. He is pushing Saudi leaders to invest $1 trillion — a sum that economists say is unrealistic because it is equivalent to Saudi Arabia’s annual gross domestic product.
The Qataris went to great lengths to court Trump. The president is poised to accept a luxury plane from the Qatari royal family to be used as a new Air Force One, possibly the biggest foreign gift ever received by the U.S. government. The plan raises substantial ethical issues, but Trump said today that only a “stupid person” would turn down such an offer.
In other news from Washington:
Newsom asked cities to ban homeless encampments
Gov. Gavin Newsom called today for hundreds of cities, towns and counties across California to effectively put an end to tent camps on sidewalks, bike paths, parklands and other types of public property. He cannot enforce such a ban himself, but his announcement coincided with the release of more than $3 billion in state funds that local officials can use to put his template in place.
Witnesses took the stand at Sean Combs’s trial
In a Manhattan courtroom today, prosecutors depicted Sean Combs, one of the most successful producers in the history of hip-hop, as a violent sexual predator. They accused him of orchestrating drug-fueled sex marathons called “freak-offs” and of using his vast wealth to try to cover them up.
The jury heard explicit testimony from a man who said he was paid to have sex with Combs’s former girlfriend, Casandra Ventura, in front of the music mogul.
If convicted, Combs could spend the rest of his life in prison. He has pleaded not guilty, and his lawyers argued in court today that he was “flawed” and violent, but that his behavior did not amount to racketeering and sex trafficking.
More top news
A big week for the art world
The market for the world’s most expensive artworks has been in a slump for the last few years. Sales have declined and ultrawealthy collectors have remained on the sidelines.
This week’s auctions will be a test of whether the art world can turn around its fortunes. The sales begin tonight at Christie’s, where a painting by Piet Mondrian is expected to sell for around $50 million. Here are the other major pieces to watch.
Dance music is booming again
Dance music is experiencing another renaissance. This time, the music is traveling faster and farther than ever, thanks to new streaming platforms and lower barriers to entry allowing for a broader slate of sounds.
For those who want to get involved, we have recommendations for where to club, which artists to follow, the songs you’ve got to hear and more.
Cook: These rich, buttery scallops contrast beautifully with a vibrant bread-crumb salsa.
Watch: “Reformed” is a charming show about a young rabbi.
Take in the view from Earth’s orbit
The vast majority of us will never get a chance to go to space. Don Pettit, NASA’s oldest active astronaut and an accomplished photographer, can help you see what it’s like.
On his most recent stay at the International Space Station, which ended last month after 220 days in orbit, Pettit sought to capture the artistry of the cosmos for the rest of us. He snapped pictures of dwarf galaxies, rhythmic auroras and the lights of Earth. Check out the photos.
Have an out-of-this-world evening.
Thanks for reading. I’ll be back tomorrow. — Matthew
Laurence Tan was our photo editor.
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