• China trade war: The US and China have agreed to drastically roll back tariffs on each other’s goods for an initial 90-day period in a major trade breakthrough. By May 14, the US will temporarily lower its tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%.

Kirill Tremasov, adviser to the governor of Russia's central bank, issued a warning amid the Washington-Beijing trade war.

Treasury Secretary Scott Bessent said the two sides had agreed tariffs would come down by over 100 percentage points to 10%.