Hey there, from CNN. I'm Krista Bow with the five things you need to know for Monday, May 12th.

U.S. stocks surged this morning after trade tensions between the U.S. and China thawed.

With the details of the agreement, here's CNN's Kristi Liu Stout.

The U.S. and China have agreed to slash tariffs for an initial period of 90 days.

This, according to a joint statement.

By May the 14th, the U.S. will lower tariffs on some Chinese goods from 145% to 30%.

China will lower tariffs on U.S. goods from 125% to 10%.

This comes after a weekend of trade talks in Geneva, the first face-to-face meeting between

the U.S. and China since the latest trade war escalated in March.

The tit-for-tat moves had effectively stopped trade between the two countries, risking substantial

price hikes and shortages.

Treasury Secretary Scott Besant noted that America was negotiating from a position of strength

because China needs the U.S. to buy its products more than the other way around.

He said on CNBC this morning, the next phase of negotiations will be on reducing U.S. dependence

on China for strategic goods like medicine, chips, and steel.

What we do want is a decoupling for strategic necessities, which we were unable to obtain

during COVID, and we realized that efficient supply chains were not resilient supply chains.

So we are going to create our own.

The Supreme Court will hear arguments this Thursday about whether the lower courts overstepped

their authority by blocking President Trump's birthright citizenship order.

The policy would deny automatic citizenship to children born in the U.S.

A major departure from the longstanding interpretations of the 14th Amendment, ratified in 1868.

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