President Trump hailed progress in US trade talks with China, as meetings continued into Sunday. "A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner," Trump posted late Saturday, adding: "GREAT PROGRESS MADE!" Treasury Secretary Scott Bessent is heading up the US delegation meeting with Chinese Vice Premier He Lifeng. The talks so far have been shrouded in secrecy, but both sides have sought to deescalate a trade conflict that has roiled markets. Trump came into the weekend suggesting the US could consider slashing its tariffs on China's goods. "80% Tariff on China seems right! Up to Scott B," he posted, referring to Bessent. Optimism for a shift in US policy grew on Thursday as Trump announced a trade deal with the UK, the first for his administration since imposing — then pausing — sweeping "reciprocal" tariffs against all trading partners in early April. He said Friday that the US had "many trade deals in the hopper." Trump said the "breakthrough" US-UK trade agreement would boost US export markets for agricultural products, including beef and ethanol. As top US officials, including Bessent , get set to meet with Chinese counterparts this weekend, Trump has suggested he might meet with Chinese President Xi after the initial talks. China has reportedly compiled a list of US goods exempt from its 125% tariffs, aiming to ease trade tensions without making public concessions. But Trump has previously defended the China tariffs , claiming China "deserves it" and would likely absorb the costs. Meanwhile, US negotiations with the UK's neighbors in the EU have taken a different tone, with the EU on Thursday unveiling a list of US products it will target with tariffs in the event trade negotiations fail. On the economic front, Federal Reserve Chair Jerome Powell emphasized on Wednesday that while sentiment has deteriorated, the tariff "shock hasn't hit yet" as the central bank held interest rates steady. The scale of tariff disruption on the economy will largely depend on how quickly trade deals are reached. After meeting with Canadian Prime Minister Mark Carney on Tuesday, Trump reiterated that the onus to make offers falls on other countries. "We don't have to sign deals," he said at the White House. "They have to sign deals with us." Here are the latest updates as the policy reverberates around the world. Sunday's programming saw updated comments from Commerce Secretary Howard Lutnick and National Economic Council Director Kevin Hassett on where the trade talks between the US and China currently stand. “Let’s just leave what’s possible with China to what happens on Monday, Tuesday, and next week, but the rest of the world is open for business,” said Commerce Secretary Howard Lutnick in a CNN appearance Sunday morning where he added that that the negotiating team “felt good” about the talks and that “we are optimistic” about a lowering of tariffs. President Trump meanwhile also has sounded open to de-escalation in recent days and previously floating a possible 80% rate on the US side while hailing the progress in Switzerland with a post Saturday that it had been "a very good meeting today with China...a total reset negotiated in a friendly, but constructive, manner." In another appearance Sunday morning on “Fox News Sunday,” Lutnick agreed that a full deal with China could take "dozens" of rounds of talks and that the immediate-term priority is on de-escalation. He described Treasury Secretary Scott Bessent as being in Switzerland "to see if we can reset the conversation" adding that existing tariffs on China “are too high to do business.” In another appearance Sunday morning on Fox News with Maria Bartiromo, National Economic Council Director Kevin Hassett predicted that “relationships are going to be rebooted, it looks like the Chinese are very very eager to play ball and to re-normalize things” with the array of issues on the table. Hassett also said that he expected “a lot more deals [with other countries outside of China] in the next few weeks,” including potentially in the coming days describing many of those negotiations as “very very close to the finish line.” Bonuses across almost all of Wall Street are on pace to be lower this year, a wild reversal compared to six months ago, when firms were more optimistic about bigger payouts in 2025. Most Wall Street workers are expected to see some decline in compensation, but IPO bankers are estimated to see their bonuses fall the most — as much as 20% from last year — according to compensation consulting firm Johnson Associates. That compares to a jump of as much as 25% in bonuses for these same IPO specialists that Johnson Associates initially forecast at the end of last year. "That's what we always hope, but I wouldn't bet on it," he added. As Americans prepare to celebrate Mother's Day this weekend, President Donald Trump's tariffs may be making that bouquet for mom a bit more costly. One florist told CNN roses are costing between 10% and 50% more than last year, and demand for all varieties seems to be lower. Read more here. White House press secretary Karoline Leavitt told reporters on Friday that President Trump won't cut the US's 145% tariff rate on Chinese goods without concessions from Beijing. "The president still remains with his position that he is not going to unilaterally bring down tariffs on China," Leavitt said. "We need to see concessions from them as well." The question came after Trump posted this morning on social media that an 80% tariff rate "seems right" but that it was "up to" Treasury Secretary Scott Bessent, who will be meeting with Chinese officials this weekend along with US Trade Representative Jamieson Greer. "As for the 80% number, that was a number the president threw out there, and we'll see what happens this weekend," Leavitt said. Taiwan Semiconductor Manufacturing Company ( TSM ), a chip foundry that serves tech giants like Apple ( AAPL ) and Nvidia ( NVDA ), got a sales boost last month from companies rushing to order electronic devices ahead of the global tariffs announced, then paused, in early April. Bloomberg reports that TSMC's revenue jumped 48% in April. For the full second quarter, analysts expect the chipmaker's revenue to rise 38%. TSMC has said that demand remains resilient amid the tariff uncertainty. Trump paused tariffs on some electronics like laptops and smartphones, which should help, as will the administration's decision to roll back some Biden-era AI chip export restrictions . Read more here. US stocks opened higher on Friday after President Trump posted on social media, "Many Trade Deals in the hopper, all good (GREAT!) ones!" The Trump administration has telegraphed in the past week that the first deal it made with the UK represents a breakthrough agreement, with more trade deals to come. Investors will be particularly focused on the outcome of "exploratory" talks with Chinese officials this weekend. "I've been briefed on about 24 other deals that are this close to being resolved," White House economic adviser Kevin Hassett told CNBC on Friday. "That's going to be very settling for markets." Reuters reports that four Chinese exporters, including some serving large US retailers like Walmart, are preparing to restart shipments to the US, in a positive sign for potential trade conciliation between the US and China. Read more here. President Trump recommended lowering tariffs on China to 80% on Friday morning ahead of a meeting with top US officials and their Chinese counterparts in Switzerland this weekend. "80% Tariff on China seems right! Up to Scott B," Trump posted to Truth Social , referring to Treasury Secretary Scott Bessent, who will be at the meeting with China's vice premier He Lifeng, as the decision maker. On Thursday, reports circulated that Trump was considering slashing tariffs on China in advance of the early talks, though a White House spokesperson called that "baseless speculation." Trump himself has offered mixed messaging on whether tariffs would be brought down to deescalate the trade talks. On Wednesday, Trump said that he wouldn't lower tariffs on China to kick off the dialogue, but then on Thursday, he said of the 145% tariff rate, "We know it's coming down." But Trump's post this morning seems a direct indication that the president is willing to take the first step to make sure the trade talks go well this weekend. "CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!!" Trump also posted Friday. "CLOSED MARKETS DON’T WORK ANYMORE!!!" "We know it's coming down," President Trump said on Thursday . Now reports are emerging to back up his hint that the US will offer to slash its 145% tariff on Chinese goods at trade talks this weekend. The US team is looking at a target rate of less than 60%, sources told Bloomberg, in hopes of getting a similar offer from China for its hefty tariffs on US goods. The Trump team is also looking to get China to ease curbs on exports of rare earths — minerals key to production of leading tech. Read more here . China's exports for April rose 8.1% in comparison to the previous year as consumers and companies tried to lock in purchases before tariffs take effect. Read more here. On Thursday, the European Commission revealed a list of over $100 billion in US products that could be hit by retaliatory measures if trade talks with the US fail. Specific tariff levels are still unknown, but the Commission did open up a public consultation that ends on June 10. After assessing responses, the Commission will formalize a product list by early July, around the time President Trump's pause on reciprocal tariffs is expected to be lifted (July 8). What is not included: The EU has not included lumber, copper, pharmaceuticals, and critical raw materials, as Trump is still expected to make more targeted tariff announcements in these areas. Read more here. There are still several unanswered questions about the new trade agreement between the US and Britain, such as whether the new market access to agricultural products will collide with the UK's higher food standards. Read more about what's in the deal here. US stocks jumped to session highs after President Trump and UK Prime Minister Keir Starmer announced a trade deal, with the outcome of those negotiations lifting hopes for further progress on other agreements, particularly with China. The tech-heavy Nasdaq Composite ( ^IXIC ) rose roughly 1.8%. The S&P 500 ( ^GSPC ) climbed around 1.4%, while the Dow Jones Industrial Average ( ^DJI ) rose 1.4%, or over 500 points. In individual movers, Boeing ( BA ) stock added 4% on news of a $10 billion procurement deal for British airport engines. More details on that agreement are to come. In London, the benchmark index, the FTSE 100 ( ^FTSE ), closed 0.3% lower ahead of the trade announcement. Earlier in the day, the Bank of England cut interest rates by a quarter-point to 4.25%. Check out our markets live blog for moreon what's moving stocks. President Trump said trade negotiations with China will be "substantive" and contrasted the UK trade negotiations with the more strained relationship with Beijing and the European Union. "We can all play games," Trump told reporters at the Oval Office. "Who made the first call? ... Doesn't matter. It only matters what happens in that group. But I will tell you that China very much wants to make a deal." Top US officials, including Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, are set to meet with Chinese counterparts this weekend in Geneva, Switzerland, for preliminary talks. The goal is deescalation, rather than progress on a specific trade deal, Bessent said. On Wednesday, Trump said that he would not make concessions to get China to the negotiating table. But when asked on Thursday if China tariffs could be lowered, Trump said they might be, depending on how trade talks go. "We're going to see," Trump said. "Right now it's at 145%. You can't get any higher than that, so we know it's coming down." More broadly, Trump suggested that more trade deals will be in the offing soon. "This is just the beginning," Trump said. "We're going to be having conferences, or, at some point, we won't have conferences, we just put out a statement that we just signed this country, that country. And after a number of these are done — nobody has enough people to do it — we're just going to put out, 'X country is going to pay this. And if they open up, they're going to do this and that.'" An infographic laying out some of the details was posted from President Trump's Truth Social account during the press conference. UK Prime Minister Keir Starmer, in his own press conference, explained that US tariffs on British steel and aluminium will be reduced to 0%. "That is a deal that will protect British businesses and save thousands of jobs in Britain," Starmer said. In addition, Starmer noted the 100,000 car quota for reduced auto tariffs could be increased in the future. That offers a reprieve to UK automakers like Rolls-Royce, Jaguar, and Land Rover. Commerce Secretary Howard Lutnick says 10% across-the-board tariffs still apply to the United Kingdom. "We open up new market access, ethanol, beef, machinery, all the agricultural products," Lutnick said. "They've agreed to open their markets, and that will add $5 billion of opportunity to American exports. In return, Lutnick said the US will scale back the 25% sectoral tariffs on foreign autos for the UK to 10%. "We did a deal with them and automobiles," Lutnick said. "He agreed they could send 100,000 cars into America and only pay a 10% tax, and that protects their car industry." Lutnick also highlighted a carve-out for Rolls-Royce engines: "They sell Rolls-Royce engines to Boeing. We've agreed to let Rolls-Royce engines and those kind of plane parts to come over tariff-free." Boeing ( BA ) and Rolls-Royce ( RYCEY ) stocks were up over 2% on the announcement. United Kingdom's Prime Minister Keir Starmer weighed in on the trade deal announcement over the phone, calling it a "fantastic, historic day." On Tuesday, the UK and India also signed a “landmark” free trade agreement after three years of negotiations. Now, Commerce Secretary Howard Lutnick is speaking, noting the existing "balanced trade" dynamic between the US and UK. The UK is one of the few countries with which the US has a trade surplus with, meaning the US exports more goods to Britain than it imports. In 2024, the US exported $79.9 billion worth of goods to the UK, while it imported $68.1 billion worth of products, according to the US trade representative. That’s important to Trump, who has used countries’ trade balances with the US as markers of whether or not existing trade policies are fair.
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