NBC Meet the Press Meet the Press NOW — May 12
May 12, 2025
Stock markets surge as the U.S. announces a temporary tariff reduction on Chinese goods, stirring discussions about future trade relations. A luxury jet offer from Qatar sparks conflict of interest concerns ahead of President Trump’s Middle East trip, which notably omits Israel. The emotional release of the last American hostage by Hamas highlights pressing family struggles regarding lost loved ones. Meanwhile, President Trump’s executive order aims to slash drug prices, influencing the pharmaceutical landscape alongside debates over Medicaid and immigration policy.
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Markets Rally on Tariff Reduction
- Markets rallied on the announcement of a 90-day temporary reduction of tariffs between U.S. and China.
- The effective tariff on Chinese goods dropped from 145% to 30%, easing trade tensions and lifting stocks.
Tariff Pause Could De-Ice Trade
- The 90-day tariff pause may revive U.S.-China trade activity and ease disruption.
- Yet 30% tariffs remain high, so cost pressures on consumers and businesses persist.
New Tariff Norm at 10%
- A baseline 10% tariff is now applied to all countries, accepted as the new norm despite being higher than pre-2017 levels.
- The U.S. Chamber of Commerce warns tariffs remain high, disrupting small businesses and global trade.