Markets react as U.S., China call tariff timeout
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 12 May 2025
⏱️ 5 minutes
🧾️ Download transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Monday, May 12th. I'm Julie Morgan. U.S.-China trade relief. AI lands in Riyadh, and Trump targets Big Pharma. |
| 0:18.9 | The U.S. and China have agreed to suspend most tariffs temporarily on each |
| 0:23.3 | other's goods. Treasury Secretary Scott Bessent said in a news conference that they've reached |
| 0:28.9 | an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the |
| 0:35.2 | reciprocal tariffs will move their tariffs down 115%. So by May 14th, |
| 0:41.4 | the U.S. will temporarily lower its tariffs on Chinese goods from 145% to 30%, while China will cut its |
| 0:50.3 | levies on American imports from 125% to 10%. The announcement came after both China and the |
| 0:57.8 | U.S. held trade talks in Switzerland over the weekend, which Bessent had previously described |
| 1:03.5 | as productive and constructive. Both countries will continue discussions on economic and trade policy. |
| 1:10.8 | Following the announcement, Dow, |
| 1:12.2 | SNP, and NASDAQ futures are in the green. The Dow is up 2.1 percent. The SMP 500 is up 2.7 |
| 1:20.2 | percent, and the NASDAQ is up 3.8 percent. Scale AI, a San Francisco-based startup backed by Amazon and specializing in AI product development, |
| 1:32.6 | is set to open an office in Saudi Arabia by the end of the year as part of its broader expansion in the region. |
| 1:39.3 | Bloomberg reported that a company spokesperson confirmed the plans for a new location in Riyadh, and added that |
| 1:45.5 | Scale AI also intends to establish an office in the United Arab Emirates. Founded in 2016, |
| 1:52.5 | Scale AI provides data labeling and preparation services to support AI training for companies, such as OpenAI and Microsoft. |
| 2:02.6 | President Trump said that he will sign an executive order aimed at slashing prescription |
| 2:07.3 | drug prices in the U.S., reviving a plan from his first-term agenda and instituting a most |
| 2:13.3 | favorite nation policy. He wrote on Truth Social on Sunday evening that prescription drug and |
| 2:19.4 | pharmaceutical prices will be reduced almost immediately by 30 to 80%. The president plans to sign the |
| 2:26.7 | order on May 12th today at 9 a.m., directing the U.S. Department of Health and Human Services to adopt |
... |
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