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and China agree to slash tariffs.

and China agree to slash tariffs.

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.

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.

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, sum up 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.

Journal reporter Jason Douglas has been dissecting the news coming in this morning. Jason, sum up 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.

Fentanyl, you mentioned there, seems to have been an important starting point for Washington. This was talked about a lot at a press conference in Switzerland this morning held by these U.S. delegates. Tell us a little bit about how that factored into negotiations as far as we understand.

Fentanyl, you mentioned there, seems to have been an important starting point for Washington. This was talked about a lot at a press conference in Switzerland this morning held by these U.S. delegates. Tell us a little bit about how that factored into negotiations as far as we understand.

crucially, and this seems to be a part that has investors very excited today, is that there's this 90-day pause in tariffs in order to kind of propel further talks forward. What do we know about those plans from here on out?

crucially, and this seems to be a part that has investors very excited today, is that there's this 90-day pause in tariffs in order to kind of propel further talks forward. What do we know about those plans from here on out?

Were you surprised the extent to which these American representatives today were describing what happened after Liberation Day as sort of being unintended, right? They really seem to want to emphasize they're dialing back the clock a few months, not to before the inauguration, but they kind of want to get back onto a different footing than where things had gone in recent weeks.

Were you surprised the extent to which these American representatives today were describing what happened after Liberation Day as sort of being unintended, right? They really seem to want to emphasize they're dialing back the clock a few months, not to before the inauguration, but they kind of want to get back onto a different footing than where things had gone in recent weeks.

Yeah, I was going to say the consensus from both sides, as the Treasury Secretary put it, is that neither wants an economic decoupling. What can we read into their statements over the weekend and this morning about kind of where US-China relations now sit?

Yeah, I was going to say the consensus from both sides, as the Treasury Secretary put it, is that neither wants an economic decoupling. What can we read into their statements over the weekend and this morning about kind of where US-China relations now sit?

That was Journal reporter Jason Douglas. Jason, thanks as always for the update. OK, my pleasure. Futures contracts tied to the tech-heavy Nasdaq are driving gains this morning, with Amazon, Apple and Tesla surging in pre-market trade.

That was Journal reporter Jason Douglas. Jason, thanks as always for the update. OK, my pleasure. Futures contracts tied to the tech-heavy Nasdaq are driving gains this morning, with Amazon, Apple and Tesla surging in pre-market trade.