The Bulletin

• U.S.-China trade announcement: Global indexes are rising on the back of a significant de-escalation in the U.S.-China trade dispute. As of 4 a.m. ET, S&P 500 futures were up 2.6 percent, Dow Jones futures up 2.0 percent and the tech-heavy Nasdaq up 3.4 percent. Find out more.
• Emmanuel Macron 'cocaine' claims erupt after Kyiv meeting: The French presidency has responded to viral images pushing what has been described a conspiracy theory that Emmanuel Macron was seen with cocaine. Here's what we know.

• Putin answers Zelensky's ceasefire proposal: Ukraine's air force reported an overnight Russian attack involving more than 100 drones, as Russia's President Vladimir Putin rejected Ukrainian President Volodymyr Zelensky's proposal of an immediate 30-day ceasefire. Know more.

• Parkinson's disease linked to living near golf courses: Researchers found that those living within a mile of golf courses have 126 percent higher risk of developing Parkinson's disease than those who live more than six miles away, according to a new study published in the Journal of the American Medical Association.

• U.S. prepares frontline base for China missile war: Kadena Air Base, a United States military hub in the Western Pacific Ocean, conducted a series of exercises recently in preparation for a potential long-range missile attack by China. Learn more.

• Japan to test futuristic weapon: Japan plans to test its rail gun, which uses electricity to fire projectiles, aiming to enhance its defense against Chinese and North Korean hypersonic missiles, according to local media.

The rundown: China and the U.S. have agreed to pause their reciprocal tariffs for 90 days, with both sides bringing their rates down by 115 percent, U.S. Treasury Secretary Scott Bessent said following talks in Switzerland. Find out more details.

Why it matters: This takes the tariffs imposed on Chinese goods by President Donald Trump down to 30 percent, and those imposed on U.S. goods by Beijing to 10 percent. They will continue negotiations during the pause. "We had very robust discussions, both sides showed great respect," Bessent said at a briefing on Monday morning after the weekend's high-level meetings in Geneva with a Chinese delegation led by Vice Premier He Lifeng. It is a major step towards resolving the trade conflict between the world's two largest economies, one that deeply unsettled global markets and raised fears of a recession and and higher inflation.

Read more in-depth coverage:
Can Donald Trump Sell a Recession?

TL/DR: Trump's reciprocal tariffs were intended to reflect the trade barriers he said the U.S. faced from its trading partners.

What happens now? US Trade Representative Jamieson Greer, who joined Bessent in the talks, said other pre-existing tariffs remain in place. He also said China had removed its retaliatory countermeasures against the U.S. Greer said the U.S. and China had agreed to work together on tackling fentanyl, a highly potent synthetic opioid that is a leading cause of drug deaths in the U.S.

Deeper reading China, US Slash Trade Tariffs in 90-Day Deal

The rundown: President Trump has accepted a luxury plane as a "gift" from Qatar's royal family that will be used as Air Force One―but will reportedly continue to use the jet even after he leaves office. Here's what we know.

Why it matters: Officials from the Middle Eastern country said the gift was between governments rather than a personal present to Trump, noting the plane was being given by the Qatari Ministry of Defense to the Pentagon. The Boeing 747-8 jet will be retrofitted to make it suitable for use as the presidential plane, including the addition of heightened security features. However, the jet will then be donated to Trump's presidential library when he leaves office, meaning he can continue to use it, according to multiple news outlets. The Senate Democratic leader Chuck Schumer said on X: "Nothing says 'America First' like Air Force One, brought to you by Qatar. It's not just bribery, it's premium foreign influence with extra legroom."

Read more in-depth coverage:
Pam Bondi's Qatar Links Under Scrutiny Over Trump's Luxury Plane Gift

TL/DR: Trump defended the move and attempted to see off potential criticism online, by posting on his Truth Social platform.

What happens now? The nature of the gift is unprecedented given its value, estimated at around $400 million, which has raised legal and ethical questions and prompted critics to allege the gift is "bribery" in action.

Deeper reading Donald Trump Will Get To Keep Qatar Jet Even After He Leaves Office

The rundown: American-Israeli soldier Edan Alexander will be freed on Monday from the Gaza Strip, according to Hamas' Al-Qassam Brigades military wing spokesperson Abu Obeida. Get more details.

Why it matters: "Al-Qassam Brigades decided to release the Zionist soldier who holds the American nationality on Monday, May 12, 2025," military wing spokesperson Abu Obeida said in a short statement via Telegram. Hamas also published the statement through their Telegram channel in Arabic. No further details of the circumstances of his release were provided. The release would come just ahead of President Trump's planned tour of the Middle East, the first overseas trip of his presidency. Trump and Hamas confirmed on Sunday that they had reached an agreement on Alexander. Hamas said in a statement that the move was part of efforts towards establishing a ceasefire and opening Israeli border crossings for humanitarian aid to enter.

Read more in-depth coverage:
Gaza Ceasefire Negotiators 'Frustrated' by 'Slowness' of Talks: Qatar

TL/DR: The move could signal progress in U.S. efforts to revive a stalled Gaza deal following the collapse of the Hamas-Israel ceasefire in March, which had halted hostage releases—including an earlier, unfulfilled, Hamas pledge to free the dual national.

What happens now? President Trump has reaffirmed his pledge to secure the release of dozens of remaining hostages and end the Gaza war. His first overseas trip since re-election aims to leverage Arab alliances and ending the conflict in Gaza will be an important topic for discussion.

Deeper reading Hamas Pledges to Release American-Israeli Hostage Edan Alexander on Monday

The rundown: Iran and the United States concluded a tense fourth round of nuclear negotiations on Sunday in Oman, with President Donald Trump threatening military action if a deal is not reached. Learn more.

Why it matters: The three-hour meeting took place just days before Trump's Tuesday visit to the Middle East and against the backdrop of tensions over Iran's growing stockpile of near-weapons-grade uranium. In a post on X, Iran's foreign ministry spokesman Esmaeil Baqaei, said the latest round of talks were "difficult but useful." However, despite modest progress, a fundamental divide remains. Iran's Foreign Minister Abbas Araghchi reiterated that uranium enrichment is "non-negotiable," stating after the talks that Iran might limit the "dimensions, amount and level" for confidence-building, but enrichment itself would not stop.

Read more in-depth coverage:
Five Signs of Growing Risk of US War With Iran

TL/DR: The talks are an attempt to revive diplomacy between two adversaries whose relationship has deteriorated sharply since Trump unilaterally pulled the U.S. out of a 2015 nuclear accord.

What happens now? The outcome of Sunday's meeting could still set the stage for further negotiations. With Trump's Middle East visit imminent, and regional tensions high, the coming days may prove pivotal for diplomacy.

Deeper reading 'Difficult' US-Iran Talks Under Threat as Trump Heads to Middle East

The rundown: Americans are increasingly turning to short-term financing, or "buy now, pay later" options to cover their everyday essential purchases. Here's what it means.

Why it matters: According to research by New York-based marketing agency PartnerCentric.com, over half (52 percent) of all Americans now use BNPL, with those in the Gen Z and Millennial age brackets leading the way at 59 percent and 58 percent, respectively. The firm found that the 35 percent plan to use the method more this year, and this figure rises to 65 percent for Gen Zers. According to the survey, based on responses from over 1,000 Americans nationwide, one-in-four admit to using BNPL more due to the rising cost of living, with 15 percent trying it for the first time in 2025. The most popular purchases were for medium to large items, such as electronics, furniture and home goods—the average minimum price being $250. However, 31 percent admitted to using BNPL for groceries.

Read more in-depth coverage:
Americans Cut Back on Spending Amid Financial Struggles

TL/DR: Even prior to President Trump's tariff announcements in early April, and the subsequent hikes to China's rates, Americans were showing signs of financial stress, such as cutting back on their usual purchases.

What happens now? While the Trump administration has downplayed the possibility of a recession, economists are increasingly erring towards the possibility of an economic downturn in 2025. Some 60 percent of economists polled in a recent Reuters survey rated the likelihood as high to very high, with 39 percent viewed it as low.

Deeper reading Buy Now, Pay Later Explodes in Popularity Amid Economic Anxiety