We have reached an agreement on a 90-day pause and substantially moved down the tariff levels.

Both sides on the reciprocal tariffs will move their tariffs down 115%.

That was U.S. Treasury Secretary Scott Bessent just this morning in Switzerland,

announcing a major breakthrough in trade negotiations with China. The question is, will this deal be a

catalyst for other

trade agreements? Plus, Ukrainian President Volodemir Zelensky is challenging Russian president

Vladimir Putin to meet him personally in Turkey this week to discuss a peace deal. The question is,

will Putin actually show up? And here in Washington, House Republicans have a plan to reduce spending

by making significant

cuts to Medicaid. The question is, will this new proposal get enough Republican support to actually

make its way through Congress? It's way too early for this.

Good morning and welcome to way too early.

The show that hopes all the mothers out there had a very happy Mother's Day.

I'm Ali Vitale on this Monday, May 12th, and we'll start with the news.

This just coming in in the last few hours, the U.S. and China agreeing to suspend most tariffs on each other's goods for at least the next 90 days. The announcement came early

this morning and is after a weekend of talks in Switzerland between Treasury Secretary Scott

Besson, who you saw at the top of the show, and U.S. trade representative Jameson Greer,

as well as their Chinese counterparts. Besson said this morning that both countries will lower tariffs to 10% while further trade

negotiations continue. A 20% tariff on China relating to fentanyl will remain in place,

meaning the total tariffs on Chinese goods now stands at 30%.

The news sent U.S. stock futures soaring, with the Dow Jones now up nearly 800 points

ahead of the opening bell. Meanwhile, Hamas says it will release the last living American hostage

...