For investors cheering the U.S.-China tariff truce, Goldman Sachs cautioned that the damage from President Donald Trump’s trade war is still poised to be significant. Stocks rallied Monday after the U.S. and China agreed to suspend most tariffs on each other’s goods for 90 days, cutting “reciprocal” tariffs from 125% to 10%. The U.S.′ 20% duties on Chinese imports relating to fentanyl will remain in place, meaning total tariffs on China stand at 30%. The Wall Street firm pointed out that the reduction in China tariffs would imply only a less than two percentage-point decrease to the U.S. current overall…
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A person holds a poster of hostage Edan Alexander during a rally to mark the first anniversary of the October 7th terror attacks on Israel on October 6, 2024 in New York City. Noam Galai | Getty ImagesAn American-Israeli soldier held hostage for more than 19 months in the Gaza Strip was released by Hamas on Monday.Edan Alexander, who is believed to be the last living U.S. citizen held captive in Gaza, was handed over to Red Cross representatives in the enclave’s southern city of Khan Younis.The 21-year-old was then transferred to to Israeli special forces inside the Gaza Strip, the country’s military…
Former U.S. President Donald Trump, with attorney Todd Blanche, speaks to reporters as jurors are released to begin deliberations for his criminal trial at the Manhattan Criminal Court in New York, NY on Wednesday, May 29, 2024.Jabin Botsford | ReutersDeputy Attorney General Todd Blanche, who represented President Donald Trump during his 2024 criminal trial, has been appointed acting librarian of Congress, the Justice Department said Monday. Blanche replaces Carla Hayden, the longtime librarian whom the White House fired last week amid criticism from some conservatives that she was advancing a “woke” agenda.Brian Nieves, a deputy chief of staff and senior…
Perplexity AI is in late-stage talks to raise $500 million at a $14 billion valuation, a source familiar with the situation confirmed to CNBC Monday.Accel, the Palo Alto-based venture capital firm, will lead the round, according to the source, who spoke anonymously because the round is not yet finalized. The Wall Street Journal first reported on the late-stage numbers.The funding is on the lower end of Perplexity’s planned raise, which CNBC reported in March. During those early-stage talks, Perplexity was looking to raise between $500 million and $1 billion in funding at an $18 billion post-money valuation, per a source…
President Donald Trump on Monday revived a controversial policy that aims to slash drug costs by tying the prices of some medicine in the U.S. to the significantly lower ones abroad.Trump signed an executive order including several different actions to renew that effort, known as the “most favored nation” policy. He did not refer to specific nations, but signaled that he would target other developed countries because “there are some countries that need some additional help, and that’s fine.””Basically, what we’re doing is equalizing,” Trump said during a press event on Monday. “We are going to pay the lowest price…
Check out the companies making headlines in midday trading: Drugmakers — Pharmaceutical stocks bounced back from earlier losses after an executive order aimed at bringing down drug prices was deemed not as bad as feared for the industry. Merck jumped 5%, while Pfizer , Bristol-Myers Squibb and Eli Lilly all rose more than 2%. However, pharmacy chain CVS Health tumbled 5% as part of the order called for a platform that allowed Americans to buy products directly from manufacturers. Tech stocks — Shares of megacap technology companies saw a broad rally on Monday after the U.S. and China agreed to…
Some stocks could see massive gains as a result of a trade agreement between the U.S. and China. On Monday, both countries agreed to temporarily slash tariffs on each other’s goods for 90 days. The deal brings China’s tariffs on U.S. imports down to 10% from 125%. Meanwhile, the U.S. tariff rate, which includes additional 20% levies on imports related to the U.S. fentanyl crisis , will now sit at 30%. Treasury Secretary Scott Bessent said on CNBC’s ” Squawk Box ” on Monday that the U.S. and China are likely to meet again ” in the next few weeks…
The 2026 Cadillac Vistiq EV.CadillacDETROIT – General Motors has hired Sterling Anderson, a former Tesla executive and cofounder of autonomous vehicle company Aurora Innovation, as its chief product officer.In the newly created position, Anderson will oversee the “end-to-end product lifecycle for both gas- and electric-powered vehicles, including hardware, software, services, and user experience,” GM said on Monday.Anderson, who worked at Tesla for two years before forming Aurora in 2017, will start with the Detroit automaker on June 2. He will report to GM President Mark Reuss, who’s been the automaker’s longtime product head, or resident “car guy.”Anderson is the latest…
U.S. Air Force One upon arrival at the at Fiumicino Airport on April 25, 2025 in Rome, Italy. Marco Mantovani | Getty Images News | Getty ImagesPresident Donald Trump on Monday said Qatar had made a “very nice gesture” in offering the U.S. a 747 jet to act as Air Force One, blaming the need for any such donation on delays at U.S. manufacturer Boeing.”I think what happened with the plane is that we’re very disappointed that it’s taken Boeing so long to build a new Air Force One, we have an Air Force One that’s 40 years old,” Trump…
Apple CEO Tim Cook, center, watches during the inauguration ceremonies for President Donald Trump, right, and Vice President JD Vance, left, in the rotunda of the U.S. Capitol in Washington, Jan. 20, 2025.Shawn Thew | Afp | Getty ImagesPresident Donald Trump said Monday that he talked to Apple CEO Tim Cook after the U.S. and China agreed to suspend most tariffs for 90 days.Wall Street and Apple investors cheered the pause on Chinese tariffs. Apple stock was up 6% in trading on Monday, versus 3% for the Nasdaq.”I spoke to Tim Cook this morning, and he’s going to, I think,…
