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AMD announced a $10 billion partnership with Saudi Arabia's sovereign wealth fund-backed AI startup, Humain, and Uber CEO Dara Khosrowshahi stated that the company is focused on introducing autonomous vehicles in Saudi Arabia within the year.
The deal between Nvidia and Humain came during U.S. President Donald Trump's visit to the Gulf, which includes a strategic economic pact with Saudi Arabia to boost U.S. investment in the region.
Morgan Stanley economists said an acceleration in new car prices may have been partly offset by another month of negative used car inflation and a declaration in apparel prices.
Summers said China didn't make any consequential or significant change in its policies and that it was the U.S. that made a retreat from its extreme tariff policy.
JPMorgan analysts said President Trump’s "most favored nation" drug pricing order is unlikely to move forward without Congressional support and will likely face legal and industry resistance, limiting its near-term impact on pharma stocks.
U.S. Treasury Secretary Scott Bessent cited the need to protect the semiconductor, steel, and pharmaceutical industries in the negotiations between the two countries.
This would mean the combined 145% tariffs on Chinese imports will be reduced to 10% by May 14, while the 20% duties related to fentanyl will stay in place.
After announcing a 24% tariff on Japanese imports in early April as part of President Donald Trump’s Liberation Day levies, the U.S. has paused implementation to allow scope for negotiations.
The proposal, citing a "Most Favored Nation Policy," fueled debate prompted some watchers to question the legality and feasibility of the move, while others speculated on its potential market impact.
U.S. Trade Representative Jamieson Greer stated that the speed with which the U.S. and China could reach an agreement showed that perhaps the differences were not as large as initially thought.
The Fed Governor explained that small businesses, being less diversified and having limited access to credit, are likely to bear the brunt of the tariff policies.
