UPDATE: Major US-China Tariff Cuts Propel Stocks And Dollar Higher

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The US and China will temporarily lower tariffs on each other’s products, according to a joint statement, in a move to cool trade tensions and give the world’s two largest economies three more months to resolve their differences. (2) Investors rushed back into stocks and risk assets, powering a 3% surge in S&P 500 futures, after China and the US agreed to cut tariffs and de-escalate a trade war that had sown turmoil in global markets. Treasuries and gold tumbled. (3) Treasury Secretary Scott Bessent also told press the positive mood music set by the UK and Swiss teams was in stark contrast to the EU. (4) Shares of pharmaceutical companies fell across the world after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in line with other countries, prompting concern that profits will take a hit. (5) UniCredit has posted first-quarter profit that topped analyst expectations, as net income in the first three months of the year rose to €2.77 billion (6) Donald Trump’s effort to secure peace in Ukraine is reaching a decisive moment with Ukraine’s Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week. See omnystudio.com/listener for privacy information.