The U.S. and China agree to cut tariffs for 90 days. What to know.
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Who is hosting today's episode?
Hey there, it's Shamita. I've got a quick request for you. If Apple News Today is an essential part of your morning routine, follow the show in Apple Podcasts. And if you have another 30 seconds, leave us a rating and a review too. It helps other people find our show and it helps us know what you like about it. Thanks. Good morning. It's Monday, May 12th. I'm Shamita Basu. This is Apple News Today. On today's show, the administration's threat to suspend a core constitutional right. Why the chaos at Newark could soon spread to other airports. Plus, why Trump accepting a Qatari jet is raising ethics concerns. But first, to major breaking news on tariffs. The U.S. and China reached an agreement to temporarily lower tariffs on each other's products.
By Wednesday, the U.S. says it will reduce its 145 percent tariff rate on most Chinese imports to 30 percent. And China says it will reduce its 125 percent tariff rate on U.S. goods to 10 percent. Here's U.S. Treasury Secretary Scott Besant speaking from Geneva.
We concluded that we have shared interest and we both have an interest in balanced trade. The U.S. will continue moving towards that.
The reduced tariff rates between the world's two largest economies will last for 90 days while the two sides continue negotiations, offering a major sigh of relief to the global economy. Global trade was effectively halted because of the previous tariff rates. Here's CNN's international correspondent Mark Stewart reporting from Beijing for The Network this morning.
There's also a very symbolic accomplishment that's important. Number one, we are having this joint statement. The fact that both of these nations put out a statement together to say that they are committed to some kind of economic fairness between them, that's a very big deal. It's just not something we see that often.
Also important, Stewart points out, there's now an established open line of communication between Washington and Beijing.
China really prefers diplomacy 101, back-channel conversations, whereas President Trump, if he had his way, he would call President Xi directly. That's just not in the Chinese style. But while there are certainly high hopes, a lot of optimism, there's also some caution. We're hearing very guarded statements from Chinese government officials.
Like this statement from China's vice premier.
We're going to promote new development in the China-U.S. trade and economic relations and inject more certainty and stability into the world economy. China's position towards this trade war has been clear and consistent, and that is China doesn't want to fight a trade war because trade wars produce no winners. But if the U.S. insists on forcing this war upon us, China will not be afraid of it and will fight to the end.
This 90-day pause is sure to be well-received by many businesses in both the U.S. and China, but there's still a lot of uncertainty ahead. As the president of the European Union Chamber of Commerce in China said of this development, businesses need predictability to maintain normal operations and make investment decisions. And the New York Times reports that it's likely that the cost of transporting goods will soar as companies race to schedule shipments during the 90-day window, just in case of whatever comes next. Let's turn now to immigration. A group of white South Africans is arriving in the United States. They were invited here on a U.S.-funded charter plane by President Donald Trump, who says he's offering refugee status to white people in South Africa who say they have been victims of discrimination.
Their welcome from the Trump administration, which has expedited the refugee process for this group, is in stark contrast to the immigration policy being imposed on most other groups that once had refugee status, whether that's people fleeing famine in Sudan or economic hardship and political violence in South America. It also comes as Trump's deputy chief of staff, Stephen Miller, says the administration is actively looking at suspending habeas corpus, the constitutional right for people to legally challenge their detention by the government. The Constitution dictates that this right cannot be suspended unless there is a rebellion or invasion.
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