US and China to Pause Most Tariffs for 90 Days; Trump to Slash Drug Prices With Executive Order | NTD Good Morning (May 12)

U.S. and Chinese officials say they have reached a deal to roll back most of their recent tariffs for 90 days. U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent said on Monday that the United States has agreed to drop its 145 percent tariff rate on Chinese goods by 115 percentage points down to 30 percent. China agreed to lower its rate on U.S. goods by the same amount to 10 percent. Chinese negotiators said they will release a joint statement with the U.S. team on Monday.

President Donald Trump said he would sign an executive order on Monday to reduce prescription drug prices. The U.S. pays the most in the world for many prescription drugs, often nearly triple that of other developed nations. Trump has criticized the pharmaceutical industry, saying companies have forced Americans to bear the brunt of research and development costs for years.

Trump confirmed on Sunday that the Hamas terrorist group has agreed to release Edan Alexander, the last known living American hostage in Gaza. The breakthrough, aided by Qatar and Egypt, could pave the way for a cease-fire and renewed humanitarian aid. Meanwhile, Trump is also defending the possible acceptance of a luxury jet from Qatar as a future Air Force One, as he prepares for a major trip to the Middle East.