Tariff rates on small packages from China will be cut in half, though a flat-fee option will not change, the White House said Monday.
Why it matters: Trump previously ended a loophole that allowed low-value goods into the country tariff-free — the rate reversal will ease price pressures on customers of Chinese retailers like Shein and Temu.
The U.S. State Department on Monday reissued an "extreme danger" travel advisory for Venezuela, warning Americans to leave the country immediately or to prepare a will if heading there.
The big picture: The Trump administration has meanwhile been caught in a legal battle for deporting planeloads of Venezuelans to the country, and recently ended temporary deportation protections for some 300,000 Venezuelans living in the U.S.
Investors cheered the U.S.-China trade deal today, sending stocks soaring after the world's two largest economies agreed to slash tariffs for 90 days as they continue talks.
State of play: The S&P 500 — which jumped 3.3% today — has now gained nearly 21% from its low point in April, when it dipped into correction territory at the nadir of the market's fear of the impacts of a trade war.
The Dow today soared 1,160 points, or 2.8%, while the tech-heavy Nasdaq surged 4.35%.
The VIX index — a gauge of market volatility — dropped below 20 for the first time since March 27.
His Airness will soon beon the air in a new capacity.
Michael Jordan is joining NBC Sports as a "special contributor" for the return of NBA coverage.
State of play: The NBA returns to NBC this fall after Comcast's NBCUniversal signed an 11-year agreement for the broadcast rights to NBA and WNBA games.
"The NBA on NBC was a meaningful part of my career, and I'm excited about being a special contributor to the project," Jordan said in a statement.
💭 Nathan's thought bubble: I consider Jordan the best player of all time, but it's hard to envision him scratching his competitive itch as an analyst.
Mercedes-Benz is expanding its U.S. manufacturing footprint, with plans to add one of its most popular models, the GLC compact crossover utility vehicle, to its Alabama plant by 2027.
Why it matters: The news comes after the Trump administration boosted tariffs on imported vehicles to pressure global automakers to build more cars in the U.S.
President Trump on Monday dismissed criticism of his plan to accept a $400 million jet from Qatar to serve as Air Force One, calling it "stupid" to turn down the gift.
Why it matters: Democrats decried the reported gift from the Qatari royal family of a luxury Boeing 747-8 — dubbed a "palace in the sky," but Trump shrugged off the blowback.
On April 2, President Trump appeared ready to blow up the global trade system and effectively divorce the U.S. economy from many major partners. Now it's clear that's not happening.
Why it matters: The shock-and-awe of Liberation Day, and the extreme escalation of tariffs on China that followed, amounted to a de facto blockade between the world's two largest economies.
That was set to cause a major surge in consumer prices, goods shortages, and lost jobs.
The de-escalation over the weekend reduces, though doesn't eliminate, those economic pain points.
President Trump said the "European Union is, in many ways, nastier than China," during a news conference on Monday.
Why it matters: The stakes of a prolonged U.S.-EU standoff over Trump's tariffs are high. With nearly a trillion dollars worth of trade last year, U.S. companies exported more than twice to the EU what they sent to China.
General Motors hired Sterling Anderson, co-founder of autonomous trucking company Aurora, to be its chief product officer, a new role with broad responsibilities to overhaul the way GM designs, engineers and builds high-tech cars of the future.
Why it matters: GM, like other automakers, is under intense pressure to reinvent itself by integrating hardware and software for the next era of electric, connected and automated vehicles.
The Trump administration is looking to negotiate lower U.S. drug prices while allowing pharmaceutical companies to charge more for their products abroad, under a sweeping executive order President Trump signed on Monday.
Why it matters: The order hangs a big sword over the drug industry, which thought it was making inroads with the administration.
So much for taxing the rich: House Republicans late Sunday unveiled $880 billion in Medicaid cuts, the cost-saving center of their hotly anticipated tax legislation.
That follows a preliminary partial draft released earlier in the weekend from the House committee that oversees taxes, with cuts for the upper-middle class and wealthy.
Why it matters: There is still much to be decided and negotiated, but these drafts provide clues about who's to benefit from the coming "big beautiful" bill.
The U.S. and China will slash their tariffs on each other for 90 days, Treasury Secretary Scott Bessent said Monday.
Why it matters: It's the relief global businesses and investors hoped for, after the trade war brought commerce to a near-halt and sent economies hurtling toward recession.
Starbucks' employee dress code changes that go into effect Monday "focus on simplified color options that allow our iconic green apron to shine," the coffee giant said.
Why it matters: It's the latest move the Seattle-based company is making to revitalize the brand by returning to its roots.
The U.S. and Qatar were bargaining over the price for a "palace in the sky" Boeing 747-8 to be used as the new Air Force One — and Qatar "came back and said: 'We'll just gift it. It's OK,'" a top administration source tells Axios.
"And it's gifted to the people of the United States, gifted to the Department of Defense," the source added. "And it's supposed to be ready by the end of the year."
Memorial Day travel is projected to beat a 20-year-old record high this year, according to AAA data released Monday.
Why it matters: Americans' deep pessimism about the economy isn't deterring them from traveling to celebrate the unofficial start of the summer season.
