Hello from CNN, I'm Joe Beck, with the five things you need to know for Monday, May 12th.

In a major trade breakthrough, the U.S. and China have agreed to drastically roll back tariffs on

each other's goods. According to a joint statement, the U.S. will temporarily lower its tariffs on

Chinese goods from 145 percent to 30, and China will

cut its levies on American imports from 125% to 10. That's set to start on Wednesday and last

for an initial 90-day period. It comes after a weekend of marathon trade negotiations in Switzerland that left both U.S.

Treasury Secretary Scott Besant and China's Vice Premier Hurley Fong sounding positive.

I'm happy to report that we made substantial progress between the United States and China

in the very important trade talk.

We're going to promote new development in the China-U.S. Trade and economic relations and inject more certainty and stability into the world economy.

The two sides also agreed to establish a, quote, mechanism to continue discussions about economic and trade relations.

Hamas says it will release the last known, living American hostage held in Gaza.

The militant group said his return comes after talks with U.S. officials

and will be part of steps toward a ceasefire to see crossings into Gaza opened and humanitarian aid allowed in.

CNN's Jeremy Diamond has more.

I'm told by source familiar with the matter that Alexander will be released either on Monday

or Tuesday of this week in what is being described as a, quote, goodwill gesture on Hamas's

part, one that is intended to try

and jumpstart additional negotiations to ultimately end the war in Gaza and secure the release

of all of the remaining hostages held in the Gaza Strip.

At least that is the intention.

But Israeli Prime Minister Benjamin Netanyahu said Israel, quote, has not committed to a ceasefire of any kind in exchange for the release of Alexander.

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