good morning! It’s Daniel de Vis with your daily money. Thank you to my colleague Betty Lynn Fisher for piloting the ship while we were away.
The US and China announced contracts on Monday to cut mutual tariffs for now as the world’s two biggest economies are trying to disrupt the global outlook and end a trade war that sets financial markets at the edge.
After discussing with Chinese officials in Geneva, U.S. Treasury Secretary Scott Bescent told reporters that both sides agreed to a 90-day suspension. Click here for more information.
Trump wants to boost US drug manufacturing
President Donald Trump wants to ease restrictions and strengthen domestic drug production amid the ongoing trade war that could strain life-saving drug imports.
On May 5, the president signed an order directing the Food and Drug Administration to speed up approvals and to eliminate duplicate or unnecessary regulations that would slow businesses 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 stem from at least partly from President Trump’s tariffs, a surprising source.
Import fees are expected to rise significantly in the next month or two months. This is because businesses pass most of the additional costs to consumers.
But for now, taxation is helping to curb inflation.
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Every day, Daily Money will provide you with the best consumer and financial news from USA Today, breaking complex events, providing you with the TLDR version, and explaining how everything from the Fed rate to bankruptcy will affect you.
Daniel de Vice covers USA Today’s personal finances.