WSJ

U.S., China Agree to Large Tariff Cuts; Stocks Surge

• President Trump’s “reciprocal” tariff on China will fall to 10% from 125%.

• Beijing will cut its retaliatory levies on U.S. goods to 10% from 125%.

• The U.S. said reductions will last 90 days while talks continue.

U.S. Collected a Record $16.3 Billion in Customs Duties in April

• Source: Treasury Department

Trump Defends Gift of Plane From Qatar

• “I mean, I could be a stupid person and say, ‘No, we don’t want a free, very expensive airplane.’ But it was, I thought it was a great gesture.”

Trump Signs Executive Order Aimed at Lowering Drug Prices

• The executive order seeks to institute a policy known as “Most Favored Nation,” whereby the U.S. government pays prices for drugs that are tied to the prices paid by other countries.

Zelensky Asks Trump to Join Ukraine Peace Talks

AI Startup Perplexity’s Valuation Surges to $14 Billion in New Funding Round

• Perplexity plans to launch its own web browser, Comet, to challenge Google Chrome and Apple’s Safari.

• Venture-capital firm Accel is set to lead the new round, which is expected to total $500 million

House Bill Would Scrap EV Tax Credit

• The proposed law adjusts EV tax credits: the $7,500 new EV credit lasts until 2026 but is limited to low-volume manufacturers starting January; the $4,000 used EV credit and $7,500 commercial EV credit end this year, potentially affecting leasing, which drives up to 80% of EV sales, per Edmunds.

CNBC

China sees the U.S. trade deal as a huge win for Beijing

Toy stocks rally after Chinese tariffs slashed to 30%

Trump China trade deal: Tariff pause means new surge in freight shipments, and higher prices

McDonald’s announces plans to hire 375,000 workers with Trump Labor secretary

Google launches AI startup fund offering access to new models and tools