Cabot Phillips

So behind the scenes dealmaking by the Trump team, what led up to this deal? Well, first, there was overwhelming global pressure on these two countries. The U.S., China, and Russia, who never really agree on anything, all sent out similar messages calling for peace. That obviously played a role, but ultimately it was the U.S. who played the biggest part.

So behind the scenes dealmaking by the Trump team, what led up to this deal? Well, first, there was overwhelming global pressure on these two countries. The U.S., China, and Russia, who never really agree on anything, all sent out similar messages calling for peace. That obviously played a role, but ultimately it was the U.S. who played the biggest part.

We don't yet know what the Trump administration may have offered the two sides, but there is a good chance it involved economic incentives. In fact, Trump signaled as much on Truth Social afterward. India has been pushing the White House to lower tariffs for weeks now.

We don't yet know what the Trump administration may have offered the two sides, but there is a good chance it involved economic incentives. In fact, Trump signaled as much on Truth Social afterward. India has been pushing the White House to lower tariffs for weeks now.

So don't be surprised if it comes out later that their willingness to sign onto a ceasefire had something to do with potential promises on tariffs.

So don't be surprised if it comes out later that their willingness to sign onto a ceasefire had something to do with potential promises on tariffs.

Yeah, this could be the granddaddy of them all for trade deals. On Saturday and Sunday, the Treasury Secretary and U.S. Trade Representative Jameson Greer met with a Chinese delegation in Switzerland for formal trade talks. Two sides were tight-lipped on the specifics, but according to Besant, they made, quote, substantial progress. And according to President Trump, a deal was agreed on.

Yeah, this could be the granddaddy of them all for trade deals. On Saturday and Sunday, the Treasury Secretary and U.S. Trade Representative Jameson Greer met with a Chinese delegation in Switzerland for formal trade talks. Two sides were tight-lipped on the specifics, but according to Besant, they made, quote, substantial progress. And according to President Trump, a deal was agreed on.

Here's Greer from Geneva.

Here's Greer from Geneva.

Keep an eye out. The White House says we will get the details of that deal this morning, which will likely be music to the ears of Wall Street.

Keep an eye out. The White House says we will get the details of that deal this morning, which will likely be music to the ears of Wall Street.

Yeah, ever since President Trump announced the sweeping tariffs at Liberation Day, he said other countries would come to the negotiating table to work out a trade deal. And on Thursday, we saw just that. Now, yesterday marked the 80th anniversary of Victory in Europe Day. President Trump leaned into that shared history and special relationship during his announcement yesterday at the White House.

Yeah, ever since President Trump announced the sweeping tariffs at Liberation Day, he said other countries would come to the negotiating table to work out a trade deal. And on Thursday, we saw just that. Now, yesterday marked the 80th anniversary of Victory in Europe Day. President Trump leaned into that shared history and special relationship during his announcement yesterday at the White House.

Well, on our side, the president did hold firm on that universal 10% tariff he put in place last month. But he did offer concessions elsewhere. For example, he cut the British auto tariff from 27% to 10%. He also completely eliminated the tariff on British steel and aluminum. That'll go down to zero. For their part, the British did open up their markets to American ethanol, beef, and poultry.

Well, on our side, the president did hold firm on that universal 10% tariff he put in place last month. But he did offer concessions elsewhere. For example, he cut the British auto tariff from 27% to 10%. He also completely eliminated the tariff on British steel and aluminum. That'll go down to zero. For their part, the British did open up their markets to American ethanol, beef, and poultry.

The White House says that will result in billions of dollars in the pockets of American farmers and ranchers. The Brits also agreed to purchase $10 billion of American Boeing planes in exchange for the US eliminating all tariffs on Rolls-Royce engines and other parts.

The White House says that will result in billions of dollars in the pockets of American farmers and ranchers. The Brits also agreed to purchase $10 billion of American Boeing planes in exchange for the US eliminating all tariffs on Rolls-Royce engines and other parts.

And of course, tech stocks skyrocketed Thursday on the news that the British had agreed to eliminate a digital tax that had been impacting American tech companies operating in the country.

And of course, tech stocks skyrocketed Thursday on the news that the British had agreed to eliminate a digital tax that had been impacting American tech companies operating in the country.