You're listening to Squawk on the Street, the opening bell, in progress.

That is the president at the White House.

We're going to step away as some of the other speakers take the lectern, get back to it on Q&A.

But talking about tariffs and drug prices, we'll monitor that.

Let's bring an A.man Jabbers, Amen, the tone and language he's using to talk about china unification peace

reopening total reset that's a change yeah the president there said they've agreed to totally

open up china uh we'll wait for details on you know sort of what that where that comes from but

this is a president who is in deal-making mode carl this is a president who is uh... ecstatic about what happened over the weekend uh... it says it he met with tim cook or he spoke to tim cook i should say this morning in that uh... cook advised the president that apple's going to be investing more in u s factories so we'll wait on details on that from apple uh... and he also said he's going to be speaking to Xi Jinping later this week.

So that's some indication of more progress in terms of negotiations.

Treasury Secretary Besson had said that he would have the next meeting in a couple of weeks.

Now we know from the President that the two top leaders will be speaking directly.

And that, of course, is important to getting

anything fundamental agreed to in this overall deal as they go through this 90-day pause period

in tariffs and begin to negotiate on some of the hard stuff, Carl.

All right, Amon, thank you so much for staying on top of it. Let's bring it Mike Santoli

with his take on what this all

means for the market. Mike, obviously it's a total risk on reaction here. Market surprised by what

they saw. Yes, surprised. I think Leslie also, they were right in a position to react to whatever

happened over the weekend because he sort of built back toward the April

second levels in the S&P 500 in credit markets in the volatility index. It was almost as if we

were right on that fulcrum of do we relax more or do we have to take back some of that rebound.

Now, I wouldn't call it an all clear. I'd call it a more clear. You still can't kind of do the math on what it's going to net out as in terms of overall blended tariff rates and what that's going to mean for inflation and demand and all the rest. But the direction of travel in de-escalation is very clear to the markets. And essentially, they'll keep pushing in that direction until they're proven otherwise. We are a little bit off the

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