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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Mon May 12 2025

Daniel de Visé | Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money. Big thanks to our colleague Betty Lin-Fisher for steering the ship while we were away.

The United States and China on Monday announced a deal to slash reciprocal tariffs for now, as the world's two biggest economies seek to end a trade war that has disrupted the global outlook and set financial markets on edge.

Speaking after talks with Chinese officials in Geneva, U.S. Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90-day pause. Click here for the details.

Trump wants to boost US drug manufacturing

Amid the ongoing trade war, which could strain imports of lifesaving pharmaceuticals, President Donald Trump wants to ease regulations and bolster domestic drug manufacturing.

The president signed an order on May 5 that directs the Food and Drug Administration to speed approvals and eliminate duplicate or unnecessary regulations that slow companies seeking to build pharmaceutical factories in the United States.

The order comes as the Trump administration plans to assess tariffs on drug imports.

Are tariffs slowing inflation?

Another potentially encouraging inflation report this week could be at least partly traced to a surprising source: President Trump's tariffs.

The import fees are expected to start driving prices sharply higher in the next month or two, as businesses pass most of their added costs to consumers.

But for now, the levies are helping tamp down inflation.

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.

US and China agree to lower tariff levels, 90-day pause

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer hold a news conference in Geneve on May 12, 2025, to give details of "substantial progress" following a two-day closed-door meeting between US and China top officials aimed at ending a devastating tariff war.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

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