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Good morning from the Financial Times. Today is Tuesday, May 13th, and this is your FT News briefing. Investors are

psyched over the U.S. and China tariff reprieve, and Hungary might block the EU's plans to continue

sanctioning Russia, but Brussels has a plan B. Plus, Microsoft is complicating open AIs already messy restructuring.

I'm Mark Filipino, and here's the news you need to start your day.

The U.S.-China trade war seems to have cooled off for now.

Global markets surged on Monday after the two countries agreed to slash tariffs for 90 days. The S&P 500 closed up more than

3% yesterday. This pause is a big first step for the world's two biggest economies. So,

what's next? The FTs U.S. trade correspondent,

Amy Williams, has been reporting on this and joins me now. Hey, Amy. Hi. So tell me what the situation

looks like now. What are the new tariffs, I guess temporary tariffs for the U.S. and China?

Well, the U.S. has said it will lower its additional Trump tariffs on

Chinese goods to 30%, down from 145%, where it was on Friday. So this is a 20% tariff to punish China

for its role in fentanyl trade manufacturing, and then a 10% baseline tariff, which Trump officials

have said will remain on all countries. And China, for its part, has reduced its duties on

U.S. imports to 10% as well, down from 125% where it was on Friday. And China's also promised to suspend or cancel non-tariff measures taken against the US.

So this all holds for 90 days while more talks continue.

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