US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between seniors US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025.
Valentin Flauraud | Afp | Getty Images
My top 10 things to watch Monday, May 12
1. The United States and China agreed to temporarily slash their “reciprocal” tariff rates while a larger trade deal is worked out. The U.S.’s new tariff rate on Chinese imports will be 30%, down from 145%. China’s duty rate on American goods will be 10%, down from 125%.
2. Thawing trade tensions should be best for companies that make things in China and sell them here in the U.S, such as lower-level semiconductors, sneakers and Club name Apple’s iPhones. Also should help out Boeing, which last month had planes returned by China in retaliation.
3. Stock futures are soaring this morning on the trade news. The S&P 500 is on track to open up 3%, while the Dow is looking at a roughly 1,100-point pop. The tech-heavy Nasdaq 100 is up the most, at 4%.
