Axios

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 Trump administration welcomed white South African refugees into the U.S. on Monday, the same day it announced it is ending deportation protections for refugees from Afghanistan.

The big picture: The coinciding moves show a split screen of President Trump's immigration crackdown, accepting one group while revoking protections from the other.

British Prime Minister Keir Starmer said Monday that the U.K. will implement new English language requirements for immigrants, alongside a slew of other immigration reforms.

Why it matters: The move represents a crackdown on immigration across Great Britain as the nation's Reform Party, with its staunchly anti-immigration policies, has seen a spike in support.

Hamas released Israeli-American hostage Edan Alexander on Monday after holding him for 584 days.

Why it matters: Hamas released Alexander as a "good faith" gesture towards President Trump ahead of his trip to the Middle East this week, U.S., Palestinian and Israeli officials say.

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.

The Qatari royal family's willingness to transfer a jet worth roughly $400 million to the U.S. to temporarily serve as Air Force One is just one aspect of President Trump's financial entanglement with the Middle Eastern nation.

Why it matters: Trump's namesake business recently signed a deal to develop a golf course and luxury villas on Qatar's Eastern coastline, blurring the lines between America's diplomatic ties and Trump's personal financial interests.

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.

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.

President Trump leaves for the Gulf on Monday and is aiming to return home with $1 trillion worth of deals and investment pledges, according to two current and former U.S. officials and two Arab officials.

Why it matters: Trump's trip to Saudi Arabia, Qatar and the UAE is almost all about money. "His regional agenda is business, business and business," one Arab official said.

Hamas said Sunday it will release Israeli-American hostage Edan Alexander, who has been held for over 550 days, as part of an effort to reach a ceasefire deal and resume humanitarian aid deliveries to Gaza.

The big picture: Alexander's release is also thought to be a gesture by Hamas to President Trump as he visits the Middle East later this week, sources said.

The U.S. and China appear to have struck some sort of trade deal, with both sides promising details on Monday.

Why it matters: The trade war between the two largest economies brought the world to the brink of recession, and threatened to scramble the global economic order.

One of Canada's largest asset managers is being accused of misleading limited partners in some of its private funds, as part of a wrongful termination suit brought by a Silicon Valley investor who led its growth equity business until last November.

Why it matters: The complaint alleges that maintaining AUM was valued over the best interests of those supplying the A, which has long been a tacit worry of LPs investing with publicly traded firms.

Nestlé has hired investment bank Rothschild to find a buyer for its bottled water business, which could fetch more than €5 billion and includes the Perrier and S.Pellegrino brands, according to Reuters.

Why it matters: The Swiss food giant announced plans to separate the water business last fall, but now is at the center of a brewing political scandal in France over filtering techniques some of its its Perrier facilities.

Ukrainian President Volodymyr Zelensky said Sunday he will travel to Turkey later this week to meet Russian President Vladimir Putin to discuss a "necessary basis for diplomacy" to end the war.

Why it matters: If the meeting takes place, it will be the first time the two leaders have met since the Russia-Ukraine war began more than three years ago.

Treasury Secretary Scott Bessent on Sunday said U.S.-China trade talks had made "substantial progress," after President Trump said the negotiations led to a "total reset" in the two sides' trade relationship.

Why it matters: An actual reset — with sharply lower tariffs or none at all — would be the relief businesses and investors have been praying for from a trade war that has already significantly damaged the economy.

The Trump administration is encouraged by the results of the fourth round of nuclear talks between the U.S. and Iran in Oman, a senior U.S. official told reporters on Sunday.

Why it matters: The fourth round of talks took place ahead of President Trump's trip to the Middle East later this week.

Pope Leo XIV called for a ceasefire in Gaza, the return of all hostages and peace in Ukraine during his first Sunday noon blessing as the bishop of Rome.

The big picture: Leo's calls echo those of his predecessor, the late Pope Francis, who was an outspoken advocate for the besieged Palestinian population and denounced Russia's war in Ukraine.