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Dow soars 1,000 points after Trump team and China dramatically lower tariffs
Ford Bronco vehicles at a Ford dealership in Richmond, California, US, on Monday, March 3, 2025. Tariffs on Canada and Mexico risk driving up US car prices by as much as $12,000, further squeezing consumers and wreaking havoc across the intricate web of automotive supply lines spanning the continent. Photographer: David Paul Morris/Bloomberg via Getty Images
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Despite tariffs, car prices aren’t shooting up. That’s not necessarily a good thing
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US Treasury Secretary Scott Bessent (R) and US Trade Representative Jamieson Greer hold a news conference in Geneva on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
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US and China agree to drastically roll back tariffs in major trade breakthrough
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.
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Stock futures rise after ‘substantial progress’ is made in US-China trade negotiations
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NIAGARA-ON-THE-LAKE, CANADA - MAY 7 : People visit tulip pick farm as they enjoy the sun in Niagara-on-the-Lake, Ontario, Canada on May 7, 2025. (Photo by Mert Alper Dervis/Anadolu via Getty Images)
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Tariffs could take the bloom off Mother’s Day flowers
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Google Search, Facebook and the iPhone may not last forever. And Silicon Valley is finally admitting it
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CNN
Oldest toy store in Los Angeles fights to survive in face of tariffs
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Trump, in a major concession, says the tariff on China should be 80% — but will leave it up to Bessent
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What to watch

US Treasury Secretary Scott Bessent (R) and US Trade Representative Jamieson Greer hold a news conference in Geneve on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
• Video 0:53
FABRICE COFFRINI/AFP/AFP via Getty Images
Video Here’s what we know about the US-China tariff agreement 0:53
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• Video 2:28
CNN
Video Trump’s Gulf trip, Disney’s Abu Dhabi magic, Maldives’ $9B financial bet: This week’s business headlines from the Middle East 2:28
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• Video 1:01
NBC
Video ‘SNL’ takes aim at new American pope 1:01
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• Video 1:43
CNN
Video Fareed Zakaria asks Bill Gates how damaging he thinks Trump’s tariffs are. Hear his response 1:43

In case you missed it

Hours after floating movie tariffs on Truth Social, Trump told reporters “we’re going to meet with the industry; I want to make sure they’re happy about it.”
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Trump’s Hollywood tariff threat is already unraveling
Is this the future of flying? An FAA-certified airplane that can land on its own
Businesses have found strange but legal ways to avoid Trump’s tariffs
DoorDash to buy Britain’s Deliveroo for nearly $4 billion to expand its reach in Europe
New Ford F-150 trucks go through the assembly line at the Ford Dearborn Plant.
Bill Pugliano/Getty Images/File
Ford doesn’t expect tariffs to cause significant price hikes for its cars
Warren Buffett delivered more than a 5,000,000% return to investors. This guy is going to replace him
S&P 500 snaps its longest winning streak in 20 years as tariff uncertainty weighs on markets
OpenAI to remain under non-profit control in change of restructuring plans

More video

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• Video 1:38
CNN
Video Economist pours cold water on Trump’s trade deal with the UK 1:38
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• Video 5:29
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Video Baby store owners say tariffs worry expecting parents 5:29
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• Video 1:22
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Video See CEO’s blunt reaction after Trump’s remark about the steep drop in US trade 1:22
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• Video 2:09
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Video AI avatar of shooting victim addresses his killer in court 2:09
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• Video 1:20
POOL
Video Here’s what’s in the US-UK trade ‘deal’ 1:20

Success

The IRS tax-filing deadline is tonight at 11:59 pm local time. If you're still trying to get your return in under the wire, having all your tax documents in order can make that easier. But if that's not possible, at least file for an automatic extension and pay whatever else you owe the IRS for 2024 by Tuesday night.
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When the Federal Reserve starts cutting its overnight lending rate, it will affect the interest rates on your debts and your savings. But in some cases, those effects — positive or negative — may not be as large as you think.
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Early signs of dementia can show in your finances

Tech

Microsoft co-founder Bill Gates during a meeting with Indonesian President Prabowo Subianto at Merdeka Palace in Jakarta, Indonesia, Wednesday, May 7, 2025.
Achmad Ibrahim/AP
Bill Gates announces plan to give ‘virtually all’ his money away and end the Gates Foundation in 20 years
In this photo illustration, Gemini Ai is seen on a phone on March 18, 2024 in New York City.
Michael M. Santiago/Getty Images/File
Google is using AI to identify scammy websites on Chrome when you click on them
Semiconductor chips are seen on a circuit board of a computer on February 25, 2022.
Florence Lo/Reuters
Trump to change controversial Biden-era restrictions on AI chip exports
A person walks by the Apple store on Fifth Avenue in New York City on May 1.
Kylie Cooper/Reuters
Apple looks to add AI search to Safari in potential blow for Google

Media

A woman lights a candle in front of a poster depicting veteran Al-Jazeera journalist Shireen Abu Akleh, who was shot dead while covering an Israeli army raid in Jenin, at the the Church of the Nativity in the West Bank biblical city of Bethlehem on May 11, 2022.
Hazem Bader/AFP/Getty Images
New documentary claims to identify Israeli soldier who shot Al Jazeera journalist Shireen Abu Akleh in 2022
President Donald Trump speaks to reporters before walking to Marine One and departing from the South Lawn at the White House on April 3 in Washington, DC.
Jabin Botsford/The Washington Post/Getty Images
Trump rails against the Emmys over ‘60 Minutes’ nomination
The One America News Network headquarters on February 1 in San Diego, California.
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MAGA outlet OAN to provide content for hollowed-out Voice of America, says Kari Lake
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Netflix
Big changes are coming to Netflix
Artist rendering of the Lunar Outpost Mobile Autonomous Prospecting Platform (MAPP) rover with Nokia antennas extended. The images, data and telemetry collected by MAPP will be sent back to the Nova-C lander over the Nokia 4G/LTE network and then relayed to Earth. Mission controllers in Colorado will issue commands to the rover over the same connection.
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Streaming and texting on the Moon: Nokia and NASA are taking 4G into space
The electric car revolution is on track, says IEA
Digital humans: the relatable face of artificial intelligence?
Top soccer clubs are using an AI-powered app to scout future stars
Single family homes in a housing development in Aurora, Colorado, US, on Monday, Oct. 10, 2022.
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America’s largest real estate brokerages are fighting over private listings
Millennials are giving Gen Z advice for their first potential recession
Has the stock market hit bottom? History is a guide
Trump’s trade war will hit US prosperity hard, IMF warns