Energies
The White House announced a trade deal with China following weekend negotiations with Trump officials.
While specifics remain pending, this potential de-escalation could ease global economic tensions that emerged after Trump’s April 2 tariff announcement.
China’s exports rose in April, driven by increased Southeast Asian trade that offset decreased U.S. shipments due to tariffs.
Overall exports grew 8.1% year-over-year, while imports dipped just 0.2%. U.S.-bound exports fell 21% as imports dropped 14%, though Southeast Asian exports surged 20.8%, particularly to Indonesia and Thailand.
President Donald Trump proposed lowering China tariffs to 80% ahead of trade talks, though this remains higher than market expectations.
While a complete trade deal isn’t expected from the Switzerland talks, officials hope to establish groundwork for future negotiations. Recent shipping data shows decreased China-U.S. trade, raising concerns about potential price increases and shortages.
U.S. President Donald Trump will visit Saudi Arabia, Qatar and the UAE on May 13.
The high-stakes visits come amid regional tensions, with discussions focusing on oil, trade, and semiconductors.
Trump’s close ties with Gulf states, particularly the UAE and Saudi Arabia, could facilitate trade deals while raising conflict of interest concerns. Saudi Arabia is currently mediating Russia-Ukraine talks.
Trump will sign an executive order Monday to reduce U.S. drug costs. The order, announced via Truth Social, aims to cut pharmaceutical prices by 30-80% by matching the lowest prices paid internationally.
U.S. stock futures jumped early Monday after the trade deal announcement. Dow futures rose 1%, while S&P 500 and Nasdaq-100 futures gained 1.38% and 1.94%.
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