U.S. & China Cut Tariffs By 115% In Temporary Trade Deal
Plus: last living American hostage released from Hamas captivity as Trump heads to Middle East
Good afternoon,
Philly will officially host the first game of the 2025 NFL season with a match-up between the Philadelphia Eagles and the Dallas Cowboys.
Since 2004, the NFL’s first game each year traditionally includes the defending Super Bowl champions — in this case, the Eagles — playing a equally-talented team or longtime rival.
The Eagles-Cowboys rivalry dates back to the ‘60s when the Cowboys transitioned to the NFL’s Eastern Conference. But it’s endured because of the…err… intensity of both teams’ fanbases.
As the Bleacher Report put it, “There is no team in all of the NFL that has more hatred towards one opponent as the Philadelphia Eagles have towards the Dallas Cowboys. The reason for that is simply because Eagles' fans care so much about their home team.”
As long as this Eagles fan can remember, I have always been taught to root against the Cowboys, in any situation. Except maybe if they’re playing the Giants. We’ve hate the Giants even longer.
The Eagles and Cowboys will kick off the 2025 season at 8:20 p.m. ET on Thursday, September 4, airing on NBC and Peacock.
Sari
Senior Producer
🚨 ONE IMPORTANT THING
Markets Surge As U.S. & China Announce 90-Day Tariff Rollback
The U.S. and China agreed Monday to reduce tariffs on each other’s goods by 115% for an initial 90-day period, while trade talks continue.
Treasury Secretary Scott Bessent said the U.S. will lower tariffs on Chinese imports from 145% to 30%, while China will slash its tariffs on American goods from 125% to 10%. The changes are set to take place by May 14.
Markets boomed Monday after the news. The Dow rose more than 1,000 points, close to 3%. The S&P 500 climbed more than 3%, and the tech-heavy Nasdaq Composite gained more than 4% by the end of the day.
THE ROOM WHERE IT HAPPENS
It follows a weekend of negotiations in Switzerland. The world’s two largest economies made the announcement in a joint statement that recognized “the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship.”
Bessent confirmed that the 20% tariffs President Trump imposed on China in February – aimed at pressuring Beijing to crack down on exports of the chemical ingredients used to make fentanyl – will remain in place. So, too, will a 10% baseline tariff placed on nearly all of the U.S.’s trading partners.
Bessent said China “understood the magnitude” of the U.S. fentanyl crisis and showed positive signs of working toward a deal that addresses its role.
The worst of it behind us? Bessent noted that negotiations are just beginning, but that both sides agreed to a framework to continue talks, which he said should largely prevent the tit-for-tat escalation we saw the past couple months.
Later Monday, President Trump added that China also agreed to suspend non-monetary trade barriers and “fully open” its markets to American companies as part the temporary agreement. However, he acknowledged that the agreement still needs to be finalized on paper.
TOO SOON TO CELEBRATE?
CNN pointed out that while the market’s gains Monday are a direct reaction to the president’s moves, they are relative — as tariffs remain elevated and trade negotiations will continue.
🚨 ONE THING WE’RE TRACKING
Last Living American Hostage Released From Gaza As Trump Heads To Middle East
American-Israeli hostage Edan Alexander, 21, was released from Hamas captivity on Monday after being held in Gaza for more than 19 months. He was believed to be the last living U.S. hostage remaining in Gaza since Hamas’s Oct. 7, 2023 attack on Israel.
58 hostages are still believed to be in Gaza — more than half presumed dead, including four American citizens.
Alexander’s release came as part of a deal negotiated between the U.S. and Hamas — through mediators, but with minimal Israeli involvement. The exact terms were not disclosed, but President Trump described it as a “good faith” gesture ahead of his trip to the Middle East.
INSIDE THE DEAL
Alexander grew up in Tenafly, New Jersey, but moved to Israel when he was 18 to serve in the Israel Defense Forces. He was kidnapped while serving on Oct. 7 at the age of 19.
In captivity, he was reportedly severely tortured by Hamas, kept for an extended period in a cage with chains on his hands and legs, and given very little food until recent months.
Why now? Hamas described the release as a step toward a broader ceasefire agreement with Israel, saying it would release all of the hostages in exchange for thousands of Palestinian prisoners — including Hamas terrorists — and an end to the war.
Israeli Prime Minister Benjamin Netanyahu welcomed Alexander’s release, but has refused to agree to a total ceasefire, arguing it would leave the terrorist group in charge of Gaza.
Negotiations for a potential ceasefire agreement are set to resume this week in Doha. Netanyahu warned that if upcoming talks fail, Israel will proceed with its planned military operation.
Alexander’s parents said that he will travel to Doha on Wednesday to meet President Trump, if his medical condition allows.
Alexander’s parents said that he will travel to Doha on Wednesday to meet President Trump, if his medical condition allows.
TRUMP’S TRIP
Trump, notably, will not be traveling to Israel during his tour of the Middle East this week. His four-day visit includes Saudi Arabia, Qatar, and the UAE — the first state trip of his second term — with the hopes of securing up to $1 trillion in deals and investment pledges. Geopolitics, like the hostage deal, are reportedly taking a back seat.
What his hosts want: The UAE and Saudi Arabia are lobbying for Silicon Valley AI chips. Saudi officials are also pushing for a U.S. security pact and nuclear cooperation. Qatar is expected to urge Trump to lift sanctions on its ally Syria.
SWEETENING THE DEAL
The royal family of Qatar has offered Trump a $400 million jet — dubbed the “flying palace” — that the president can use as the new Air Force One.
The 13-year-old super luxury Boeing 747-8 jumbo jet will be transferred to the Trump presidential library foundation shortly before Trump leaves office — meaning he will not be inheriting it once he returns to civilian life.
The president’s current military planes are decades old. Trump said he’d have to be stupid to reject Qatar’s offer.
Critics of the gift, including some Trump supporters, have voiced ethical concerns about accepting an offering from Qatar. The Constitution’s emoluments clause prohibits U.S. government officials from accepting gifts from “any King, Prince or foreign State.”
But both the White House and DOJ concluded that it does not constitute bribery because the gift is not contingent upon any official act by Trump.
Trump’s response:
⏳ SPEED READ
🚨NATION
📌 Trump moves to cut drug prices, points to how much cheaper “fat shot drug” is abroad (MO NEWS)
📌 Transportation Secretary calls for investigation after latest Newark airport ground delay, blames Biden admin for failures (FOX)
📌 House Republicans unveil Medicaid cuts that Democrats warn will leave millions without care (AP)
📌 First group of white South Africans lands in U.S. under Trump refugee plan (BBC)
📌 DHS terminates temporary protected status program for Afghans (POLITICO)
🌎 AROUND THE WORLD
📌 Ukraine’s Zelensky agrees to meet with Russia’s Putin on Thursday in Istanbul (MO NEWS)
📌 India and Pakistan ceasefire seems to hold after U.S.-mediated truce (MO NEWS)
📌 With immigration limits, the U.K. vows to end a 'failed experiment in open borders' (NPR)
📌 Crates full of Nazi documents found in Argentine court's basement (BBC)
📱BUSINESS, SCIENCE & TECH
📌 McDonald’s announces plans to hire 375,000 workers with Trump Labor secretary (CNBC)
📌 Elizabeth Holmes' partner raises millions for new biotech testing startup (NPR)
📌 Memorial Day travel forecast to break 20-year-old record despite economic gloom (AXIOS)
🎬 SPORTS & ENTERTAINMENT
📌 Diddy lawyers admit he may be a ‘jerk’ as vile acts are laid out by prosecution during opening arguments (FOX)
📌 Morgan Wallen addresses why he abruptly walked off 'SNL' (USA TODAY)
📌 Kim Kardashian ‘in serious terror’ when robbers entered suite, court told ahead of her Tuesday testimony (GUARDIAN)
📌 Justin Baldoni returns to Instagram for first time amid Blake Lively lawsuits with an emotional post (TODAY)
ICYMI FROM THE 📲
Tickets to a Beyonce concert with breakdown of costs. Screenshot: Mo News.