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Daily Briefing: US and China agree to slash tariffs

Jane Onyanga-Omara   Paste BN

Good morning!👋🏾 I'm Jane, Daily Briefing author. You still have until tomorrow to see May's flower moon.

Quick look at Monday's news:

US and China reach deal to lower tariffs

The United States and China said Monday they have agreed a deal to slash reciprocal tariffs as the world's two biggest economies seek to end a trade war that has put financial markets on edge.

Speaking after talks with Chinese officials in Geneva, Switzerland, Treasury Secretary Scott Bessent told reporters Monday the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

Hamas to release Israeli-American hostage Edan Alexander

Hamas will release Israeli-American hostage Edan Alexander from Gaza on Monday, the Palestinian militant group said, although Israel's prime minister said there would be no ceasefire and plans for an intensified military campaign would continue. Fighting will pause to allow for Alexander's safe passage, Prime Minister Benjamin Netanyahu said, a day after Israel was told of Hamas' decision to free the last surviving U.S. hostage in Gaza as a goodwill gesture to President Trump. The release, after talks between Hamas, the U.S., Egypt and Qatar, could open the way to freeing the remaining 59 hostages held in Gaza. Read more

More news to know now

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Trump says he will sign order aimed at cutting drug prices

President Trump said he will sign an executive order that institutes a "most favored nation" policy for drug pricing, reviving a plan from his first term that he said will reduce prescription drug and pharmaceutical prices "almost immediately, by 30% to 80%." The order, which Trump plans to sign at 9 a.m. ET Monday, is expected to direct the U.S. Department of Health and Human Services to adopt the policy, which would set prescription drug prices to match those of comparable countries. Full details of the order, which drew immediate resistance from the pharmaceutical industry, were unclear. Read more

Pope Leo urges media to end divisiveness

Pope Leo, in his first address to the media Monday, called for an end to a polarizing “war of words” made of partisan and ideological attacks and not give space to fanaticism and hatred. Speaking to thousands of members of the media from around the world who covered his election and the death of his predecessor, Pope Francis, Leo also called for the release of reporters jailed for doing their jobs. He added artificial intelligence had to be used with “responsibility and discernment.” Read more

Today's talkers

The NBA draft lottery is here

Where will Duke freshman star Cooper Flagg be playing next season? The Washington Wizards, who last had the No. 1 pick in 2010, can picture Flagg in their lineup alongside Alex Sarr, Bilal Coulibaly and Bub Carrington. The Utah Jazz have never had the No.1 overall pick, and Utah’s front office, led by Danny Ainge and Justin Zanik, would love to win the draft lottery. They are sending co-owner Ashley Smith to Monday’s NBA draft lottery for good luck. The draft lottery has been the system used by the NBA to determine its draft order over four decades now. Here's what you need to know.

Photo of the day: Chicagoans pack pews to celebrate South Side pope

Rome, the ancient city and historic home of the Catholic Church, felt close to the South Side on Sunday as Chicagoans were still grasping the reality that a son of the neighborhood had become pope, the first American ever. Pope Leo XIV was born about three miles south of Chicago’s iconic downtown Loop area and first learned his faith at a parish abutting suburbs south of the city. Stunned residents have been celebrating the news since his election last week at the conclave.

Sign up for the Daily Briefing email here. Reuters contributed reporting.

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