It's a dramatic escalation with the tech giant, which was reportedly planning to move production from China to India.
What they're saying: "I have long ago informed Tim Cook of Apple that I expect their iPhone's [sic] that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," Trump posted to Truth Social.
"If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.," he added.
By the numbers: Analysts have said a U.S.-manufactured iPhone would be prohibitively expensive.
"For US consumers, the reality of a $1000 iPhone being one of the best-made consumer products on the planet would disappear," Wedbush Securities analyst Dan Ives wrote recently.
He suggested making iPhones in "New Jersey, or Texas, or another state" would boost their price tag to $3500.
This is a breaking news story and will be updated.
Commerce Secretary Howard Lutnick says he's convinced of two things: The U.S. will make a long list of trade deals by mid-summer, and the tariffs forcing those deals won't raise retail prices.
Why it matters: Investors, business leaders and consumers are praying he's right.
Driving the news: Lutnick, a billionaire Wall Street CEO before entering government, was nothing but optimistic in an interview with Axios' Mike Allen at the Building the Future event in Washington.
Asked how many of the U.S.'s 18 key trading partners would have a deal by the time a tariff pause ends July 8, he said, "I think most countries, we'll have an idea of what we want to do with them."
The big picture: Lutnick is at the forefront of the Trump administration's sweeping efforts to rewrite the rules of global trade, a campaign that has disrupted the U.S. and international economies and created deep uncertainty for businesses and consumers.
The president's argument: The U.S. has been treated unfairly by the world for decades, at the cost of valuable American jobs — a situation that can only be fixed by a more aggressive approach.
Between the lines: Over the last few days, the single most important question about the tariffs has been what they'll do to the American consumer.
Lutnick recently decried "silly arguments" that tariffs raise prices. A few days later, Walmart said they'd do exactly that, and a number of other companies have hinted at the same since.
The commerce secretary didn't flinch, though. "The president has to stand strong, and you can't fix things in a day, and that's still going, but I would expect that prices in America will be unaffected."
Reality check: Notwithstanding Lutnick's certainty, retail executives expect cost pressures to build week by week, with price increases getting much more noticeable by late June or early July.
The intrigue: While U.S. trade relations work through their biggest disruption in nearly a century, Lutnick and Trump are pushing a different incentive for foreign business leaders: a $5 million "gold card" that would confer permanent U.S. residency.
The website, trumpcard.gov, will launch within a week
"Everyone I meet who's not an American is going to want to buy the card if they have the fiscal capacity," he said.
"This is for people who can help America pay off its debt. Why wouldn't you want a Plan B that says, God forbid something bad happens, you come to the airport in America and the person in immigration says, 'Welcome home.'"
Prices are going up, that's clear now — but the nation's biggest retailers are taking very different approaches to what they say on the impact of tariffs publicly.
Why it matters: President Trump's trade war is stirring echoes of the inflation that took hold of the economy just three years ago.
Unlike the COVID era, the increase in prices was entirely foreseeable this time.
The big picture: Over the last week, the warning lights have started to flash.
Walmart, the world's largest retailer, said last week it couldn't hold the line anymore and would have to raise some prices.
Home Depot doesn't plan to increase prices "broadly" because of tariffs, but said some items might disappear from store shelves.
Those comments came after the CEOs of all three met with Trump in April andwarned the president that tariffs would soon lead to empty shelves, higher prices and shortages.
State of play: Trump has, for years, steadfastly insisted that Americans don't pay for tariffs — the costs, somehow, are absorbed overseas.
It was, in its way, a concession of the reality that almost all of the tariff cost is borne domestically. (A reality backed up by the government's own data, per a recent Apricitas Economics note.)
Zoom in: Target and Home Depot both spoke about pricing this week, notably after Trump came down on Walmart.
We don't see broad-based price increases for our customers at all going forward," Billy Bastek, Home Depot's executive vice president of merchandising, said Tuesday.
Target was less certain: "We have many levers to use in mitigating the impact of tariffs and price is the very last resort," CEO Brian Cornell said Wednesday.
Between the lines: Zacks Investment Research analyst Sheraz Mian told Axios Twin Cities' Nick Halter he doubts Target will be able to fully absorb the tariffs.
"They don't want to publicly acknowledge it and get into the unfavorable kind of political limelight by speaking the truth," Mian said.
The intrigue: Americans seem to only have a vague grasp of the mechanics of tariffs, even if they get the ultimate impact.
A new report from consumer insights platform Zappi finds just 22% of people fully understand how tariffs affect the prices of goods — and only 20% think their household is ready to absorb those higher prices.
But one way or another, they get something is coming — the latest University of Michigan consumer sentiment survey found year-ahead inflation expectations surging to 7.3%, the highest since the early 1980s.
"If these pre-tariff strategies have run their course, we're about to see some changes in prices, and then we're going to learn how consumers are going to respond to that," Atlanta Fed president Raphael Bostic told reporters at a conference this week.
The bottom line: Customers may see certain items exiled from store shelves if they're impacted too much by tariffs.
"There'll be some things that don't make sense that just end up going away," Home Depot's Bastek said.
The "gold card" website allowing people to buy U.S. permanent residency for $5 million will launch within a week, Commerce Secretary Howard Lutnick said Wednesday at an Axios Building the Future event in Washington.
Why it matters: President Trump has suggested the U.S. could sell 1 million of the cards — enough to retire the national debt.
Catch up quick: Trump announced the gold card in late February, offering permanent U.S. residency to anyone who shelled out the $5 million fee.
It was meant to replace the EB-5 investor visa, which gives out green cards in return for a much smaller investment in the U.S. economy.
Other countries have tried similar so-called golden visa programs, but wound them down after limited interest.
What they're saying: Lutnick told Axios' Mike Allen the site, trumpcard.gov, would initially allow people to register their interest in buying one of the cards.
"All that will come over a matter of the next weeks — not month, weeks," he said.
Between the lines: Lutnick positioned the card as a safety option that also helped the U.S. fund its growing debt obligations.
"Everyone I meet who's not an American is going to want to buy the card if they have the fiscal capacity," he said.
"This is for people who can help America pay off its debt. Why wouldn't you want a Plan B that says. God forbid something bad happens, you come to the airport in America and the person in immigration says, 'Welcome home.'"
Editor's note: This story has been updated with comments by Lutnick.
The Trump administration conceded this weekend what economists, CEOs and consumers already knew: Americans pay for tariffs.
Why it matters: Nearly a decade of Trump trade arguments held that foreign countries, not Americans, paid the ultimate cost of a trade war.
But the president and his economic team now acknowledge that tariffs are raising prices for everyone, from industrial ports to retail storefronts.
The big picture: Trump's sweeping global tariffs, effectively the highest in nearly a century, are expected to cost the average household more than $2,300 a year, according to the Yale Budget Lab.
Even companies that once promised to hold the line on those costs, like Walmart, now say they have no choice but to pass them along.
Inflation may be benign for now, but experts are increasingly convinced that higher prices are only a matter of time.
Catch up quick: After Walmart said this week it would raise prices, a furious Trump insisted on Truth Social that the company "eat the tariffs" — a concession, of sorts, that someone this side of the border had to pay something, somehow.
Treasury Secretary Scott Bessent then went on the Sunday TV shows and said that while Walmart would eat some of the tariffs, consumers would have to pay, too.
The intrigue: It was only May 11 that Commerce Secretary Howard Lutnick insisted people had to drop the "silly arguments" that consumers would pay the costs of trade levies.
Four days later, the country's largest retailer said that's exactly what they'd have to do.
For the record: "The Administration has consistently maintained that the United States, the world's best and biggest market economy, has the leverage to make our trading partners ultimately bear the cost of tariffs," White House spokesperson Kush Desai said in a statement.
"The data backs us up: we've now had three months of below-expectation inflation reports after enacting tariffs, especially on China. Low inflation, robust jobs reports, and trillions in historic investment commitments prove that President Trump's agenda of tariffs, rapid deregulation, tax cuts, and domestic energy production is laying the groundwork to restore American Greatness."
Between the lines: Bessent said Sunday that while consumer prices may rise due to tariffs, people will see even bigger benefits from the falling price of gasoline.
He argued it was effectively a tax cut for consumers, and would help keep inflation in line.
Reality check: With the average American vehicle using a little under 500 gallons of gas a year, and gas prices per gallon being a little over 40 cents cheaper today than a year ago, the average driver is looking at an annual savings of around $200 per car.
That's a fraction of what Yale and other budget experts estimate tariffs will cost households.
What to watch: Multiple tariff clocks are ticking — a pause on sweeping reciprocal tariffs ends in early July, and a mutual lowering of duties with China ends in early August, unless deals can be struck between now and then.
But even if deals are struck later this year, it may be too late to avoid at least some short-term price pain.
"If Walmart is raising prices, it certainly means that other retailers are going to be raising prices as well," Gabelli Funds analyst Justin McAuliffe wrote last week.
Some consumer prices will likely rise due to tariffs, Treasury Secretary Scott Bessent acknowledged on Sunday, even after the White House publicly warned retailers against it.
Why it matters: A week after the president's economic team insisted tariffs would not increase consumer prices, there's a different message: They will, but inflation's in check and other costs are coming down.
The big picture: Consumers' expectations for inflation are through the roof, and retailers are starting to make clear there's nothing they can do to hold prices down in the face of historic tariff rates.
As public opinion of President Trump's economic performance sinks, his team is trying to balance what consumers see at stores with what officials argue are offsetting benefits, like lower gas and grocery prices.
They are also fighting the same "vibes" problem the Biden administration had — inflation's getting better, but everyone's feeling worse about it.
Driving the news: Earlier this week, Walmart, the country's largest retailer, said it could no longer hold the line and would have to raise prices on some products in the coming weeks.
On Saturday, Trump warned Walmart against it, demanding in a Truth Social post that the company "eat the tariffs."
That followed a furious reaction from the White House in late April, after a report Amazon might show customers the impact of tariffs on some prices (which the company later denied).
What they're saying: Bessent, in Sunday show interviews, acknowledged what was coming.
"Walmart will be absorbing some of the tariffs, some may get passed on to consumers," he told CNN's "State of the Union."
Yes, but: Bessent said he spoke to Walmart CEO Doug McMillon on Saturday and came away with the view that the company's customers were benefitting economically, more than anything else, as a result of lower gas prices.
"So, overall, I would expect inflation to remain in line," he said.
He later described the falling gas prices to NBC's "Meet the Press" as "a direct tax cut for consumers."
The national average retail price for regular grades of gasoline is about 12% lower today than it was a year ago, per AAA.
The intrigue: Republicans are starting to speak out more forcefully about the impact of tariffs.
Sen. John Curtis (R-Ut.) told CNN he was concerned about the impact of tariffs on small businesses in particular.
Sen. Rand Paul (R-Ky.) told ABC's "This Week" on Sunday "there will be higher prices" as a result of tariffs, and he criticized the argument that trade deficits were in and of themselves problematic.
What to watch: Walmart said prices should start to rise in the next couple of weeks — and other retailers may follow soon behind them.
The U.S. may impose some tariffs by region rather than on individual countries, as time runs out to negotiate a laundry list of trade deals globally, Treasury Secretary Scott Bessent said Sunday.
Why it matters: The administration is quickly curtailing its 90-deals-in-90-days ambition, acknowledging the practical realities of trying to negotiate complex trade agreements with dozens of countries simultaneously.
Catch up quick: Earlier this week, President Trump told Middle Eastern business leaders that Bessent and Commerce Secretary Howard Lutnick would start to unilaterally advise some countries of their tariff rates in the next two to three weeks.
"But it's not possible to meet the number of people that want to see us," Trump said.
What they're saying: Bessent, in an interview on CNN's "State of the Union" Sunday, said the U.S. was focused primarily on making deals with a short list of key partners.
"My other sense is that we will do a lot of regional deals — this is the rate for Central America, this is the rate for this part of Africa — but what we are focused on for right now is the 18 important trading relationships," Bessent said.
Flashback: On April 2, Trump unveiled a sweeping 10% global baseline tariff, plus higher reciprocal tariffs on dozens of other countries.
On April 9, he set a 90-day pause for those higher tariffs, while leaving the baseline in place.
So far during that pause, the U.S. has announced a trade deal with the U.K. and a temporary agreement with China to lower tariffs.
Between the lines: Bessent told NBC's "Meet the Press" on Sunday that countries that don't negotiate with the U.S. in good faith will see their tariffs go back to whatever Trump announced last month.
"And the negotiating leverage that President Trump is talking about here is if you don't want to negotiate, then it will spring back to the April 2nd level," Bessent said.
The bottom line: Almost halfway into the president's tariff pause, the administration is taking a more pragmatic view of trade talks, potentially reducing uncertainty for markets about what comes next.
President Trump on Saturday threatened Walmart over its plan to raise prices in the face of tariffs, demanding it absorb the costs instead.
Why it matters: The White House, facing the risk of looming tariff-driven inflation, has turned to publicly threatening retailers to keep prices in check.
Catch up quick: On Thursday, Walmart said it could no longer hold the line on costs, even with tariffs on China dropping to 30% from 145%, and would have to start raising prices on some items as soon as this month.
The idea that costs were approaching a point of no longer being easily absorbed wasn't news to the administration, per a source close to the company — it was something the White House had heard from Walmart, and hadn't pushed back on.
What they're saying: Trump took to Truth Social Saturday morning to blast the move.
"Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected," Trump wrote.
"Between Walmart and China they should, as is said, "EAT THE TARIFFS," and not charge valued customers ANYTHING. I'll be watching, and so will your customers!!!"
The intrigue: Walmart's move, and Trump's response, come less than a month after Walmart's CEO and other key retail executives privately warned the president that tariffs would soon lead to empty shelves and higher prices.
That warning was seen as key in a subsequent softening of the president's tone on trade matters.
Yes, but: Just days later, the White House blasted as "hostile and political" a report that Amazon was considering showing some customers the impact of tariffs on the prices of goods (a plan Amazon denied).
Between the lines: Last weekend, Commerce Secretary Howard Lutnick ridiculed what he called "silly arguments" that consumers would pay higher prices due to tariffs.
Only four days later, the nation's largest retailer said that was exactly what they'd do.
What to watch: Walmart didn't say this week precisely when prices would rise, how much or exactly on what, leaving it some wiggle room — though the changes are expected to start showing up in the next couple of weeks.
"We have always worked to keep our prices as low as possible and we won't stop. We'll keep prices as low as we can for as long as we can given the reality of small retail margins," a Walmart spokesperson told Axios.
Editor's note: This story has been updated with background on Walmart's pricing.
Shares in UnitedHealth Group plunged on Thursday, their eighth straight day of declines, after a Wall Street Journal report on a purported criminal probe into alleged Medicare fraud.
Why it matters: The stock, a major Dow component, has now lost more than half its value since last December, when a key executive was shot and killed in broad daylight in New York City.
Since then the company has been under public pressure amid broader questions about the insurance industry, and this week its CEO stepped down abruptly.
By the numbers: UnitedHealth shares were down $56, or 18%, at $252 in mid-morning trade Thursday.
The stock traded north of $600 last December, before insurance unit leader Brian Thompson's killing in NYC.
Catch up quick: Late Wednesday, the Wall Street Journal reported the company was under criminal investigation for possible Medicare fraud.
UnitedHealth issued a statement calling the report "deeply irresponsible" and saying it had not been notified of the purported investigation.
President Trump on Thursday said he told Apple not to expand iPhone production in India, while also indicating the possibility of a sweeping new trade deal with the country.
Why it matters: Apple was reportedly planning to massively expand phone manufacturing for the U.S. market in India, as a workaround for the ongoing trade war with China.
What they're saying: "I had a little problem with Tim Cook yesterday, I said to him 'Tim you're my friend, I've treated you very good,'" Trump told a news conference in Qatar.
"I don't want you building in India," Trump said he told Cook.
"I said to Tim, I said, 'Tim we've treated you really good, we put up with all the plants that you built in China for years ... we're not interested in you building in India, India can take care of themselves," Trump said.
Apple spokespeople were not immediately available for comment early Thursday morning.
Apple shares were down 1% in early premarket trading.
The intrigue: While speaking about Cook and Apple, Trump also noted that the U.S. was working on a trade deal that would purportedly involve India charging no tariffs on U.S. products.
That would be a significant change from the status quo, as India has some of the highest levies on U.S. goods now.
Editor's note: This is a developing story. Check back for updates.
The U.S. and China will slash their tariffs on each other for 90 days, Treasury Secretary Scott Bessent said Monday.
Why it matters: It's the relief global businesses and investors hoped for, after the trade war brought commerce to a near-halt and sent economies hurtling toward recession.
How it works: The U.S. will lower tariffs to 30% during the pause, while China will cut its tariffs to 10%, Bessent said following a weekend of high-level talks in Switzerland. (Both sides agreed to a 115% cut, though the U.S. rate was higher to begin with because of an anti-fentanyl tariff that will remain in place.)
"We had very robust discussions, Both sides showed great respect to what was a very positive process," Bessent told reporters in Geneva.
A joint statement issued by the world's two largest economies indicated they intend to hold continued talks during the period.
Between the lines: Bessent, in a CNBC interview later Monday morning, emphasized that the deal is just a pause, and that difficult negotiations are still to come.
"I don't think anything's going to be easy, because this has been going on a long time," Bessent said.
"We are the deficit country. Historically the deficit country has a better negotiating position."
The intrigue: Bessent also laid out a view of how the U.S. wants to work with China in future — a relationship, but with less American dependence on some Chinese manufacturing.
"We do not want a generalized de-coupling from China, but what we do want is a de-coupling for strategic necessities, which we were unable to obtain during COVID, and we realized that efficient supply chains were not resilient supply chains," he said.
By the numbers: Stocks soared, with S&P 500 futures up more than 3% on the news. Tech and retail stocks led the rally.
The U.S. Dollar Index, under heavy pressure in recent weeks over fears about the economy and concerns about America as a safe haven for investment, surged more than 1%.
Bonds and gold sank as investors moved into a risk-on approach. The U.S. 10-year yield rose to 4.457%, its highest levels since the post-tariff market sell-off in early April, while the price of gold fell almost 4%.
What to watch: Businesses and markets will closely watch the evolution of the talks in coming months for signs of progress. Bessent said the newly agreed "Geneva mechanism" would likely lead to more meetings in the next few weeks, though when and where are still to be determined.
The pause could also inspire a surge in ordering activity, as companies that held off due to the high tariffs rush to restock inventory — a rebound that some warn could cause a disruptive demand shock.
Editor's note: This story has been updated with Bessent's comments, the latest market activity and further context.
The U.S. and China appear to have struck some sort of trade deal, with both sides promising details on Monday.
Why it matters: The trade war between the two largest economies brought the world to the brink of recession, and threatened to scramble the global economic order.
Supply chain experts and retailers have said the U.S. was a few weeks away from empty shelves and soaring prices, on par with the COVID pandemic, as trade all but stopped.
Catch up quick: After two days of talks in Geneva, Treasury Secretary Scott Bessent told reporters on Sunday that there was "substantial progress," while U.S. Trade Representative Jamieson Greer noted that "perhaps the differences were not so large as maybe thought."
The White House circulated their comments in an email headlined "U.S. Announces China Trade Deal in Geneva."
The other side: Chinese officials reportedly said Sunday that a coming joint statement would be "good news for the world."
They also indicated the sides agreed on a mechanism for further talks.
Catch up quick: A series of tit-for-tat trade retaliations in recent months left the U.S. and China with what Bessent has called an effective "trade embargo," as tariffs rose to the point of choking off business between the countries.
The Federal Reserve, in a new research paper Friday, indicated tariffs on China had already started pushing consumer prices higher — and that was before the current 145% levies went into effect.
Cargo traffic into the Port of Los Angeles, the largest U.S. container port, is plunging, while retailers have made clear in recent days that price hikes are inevitable as tariffs squeeze their margins.
Yes, but: After weeks of increasingly bitter rhetoric, the statements from both sides issued Sunday were positive and optimistic.
What to watch: Neither country will say yet when the Monday statement will be released, but investors cheered what little they knew.
Stocks opened stronger Sunday night on the news, with S&P 500 futures up 1.3%.
The U.S. Dollar Index, under pressure of late over concerns about the health of the economy, rose about 0.3%. Bond yields were steady, with the U.S. 10-year hovering around 4.38%.
Editor's note: This article has been updated to reflect stock market developments.
Baseline global tariffs of 10% are likely to stay, Commerce Secretary Howard Lutnick said Sunday — but he insisted countries and businesses, and not consumers, would pay.
Why it matters: Economists generally disagree, and sentiment surveys say consumers don't believe it, either.
What they're saying: "We do expect a 10% baseline tariff to be in place for the foreseeable future — but don't buy the silly arguments that the U.S. consumer pays," Lutnick said on CNN's "State of the Union" on Sunday.
"Businesses, their job is to try to sell to the American consumer, and domestically produced products are not going to have that tariff, so the foreigners are going to finally have to compete."
Zoom out: President Trump set a global 10% baseline tariff on April 2, with some countries subject to higher "reciprocal tariffs." Those higher levies were later mostly suspended, but the baseline stayed in place.
The trade deal the U.S. agreed with Great Britain this past week included that 10% levy, despite lowering other barriers.
"We will not go below 10%, that is just not a place we're going to go," Lutnick said.
Between the lines: Consumer inflation expectations are the highest in more than 40 years, according to the latest University of Michigan sentiment survey.
A broad range of consumer companies have already made clear they have, or will, raise prices as tariffs continue to bite.
Most of that price pressure is coming from the 145% tariffs imposed on China, with recent evidence suggesting the flow of goods is grinding to a halt.
The intrigue: In the CNN interview, Lutnick repeatedly declined to give any details on the China trade talks currently happening in Switzerland.
On Saturday night, Trump claimed there was a "total reset" of the trade relationship, after a day of talks, though he offered no details on what that meant.
Treasury Secretary Scott Bessent on Sunday said U.S.-China trade talks had made "substantial progress," after President Trump said the negotiations led to a "total reset" in the two sides' trade relationship.
Why it matters: An actual reset — with sharply lower tariffs or none at all — would be the relief businesses and investors have been praying for from a trade war that has already significantly damaged the economy.
What they're saying: Bessent, speaking after talks concluded in Geneva Sunday, reportedly said the U.S. would share more details on Monday.
That followed a Trump post on Truth Social Saturday night where he said: "Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner."
Catch up quick: A series of tit-for-tat trade retaliations in recent months left the U.S. and China with what Bessent has called an effective "trade embargo," as tariffs rose to the point of choking off business between the countries.
At stake is hundreds of billions of dollars of commerce, with increasingly urgent consequences for both economies. In the U.S., retailers warn it's only a matter of a few weeks before shoppers start to experience widespread empty shelves and rising prices.
On Friday, Trump suggested an 80% tariff on China, versus the current 145%, might be more reasonable, while the Chinese side condemned U.S. "abuse" of trade levies.
Between the lines: U.S. stocks have mostly recovered their initial trade war losses, but U.S. Treasury bonds and the dollar have not, as America's safe-haven status has been damaged in the eyes of international investors.
Growing signs of a potential recession, and a loudly ticking clock on the U.S. debt ceiling, aren't helping matters any.
What to watch: International markets will start to open later Sunday evening, giving an early sense of whether investors are optimistic about the weekend's developments.
Editor's note: This is a developing story. Check back for updates.
President Trump on Friday suggested possibly cutting tariffs on China to 80%, ahead of trade talks in Switzerland scheduled for Saturday.
Why it matters: Reducing the 145% levy to80% would still be higher than Trump's original reciprocal tariff on China, and also significantly more than early reports suggested was possible.
"80% Tariff on China seems right! Up to Scott B.," Trump posted on Truth Social, referring to Treasury Secretary Scott Bessent, who is leading the China talks.
Yes, but: If the post was meant as an olive branch, China didn't seem moved, with its Commerce Ministry reportedly issuing a statement Friday morning condemning U.S. "abuse" of tariffs.
The big picture: Trump's trade war with China has sapped business and consumer confidence, injected deep uncertainty into the economy and raised fears of empty shelves and a recession as soon as this summer.
Word earlier this week that top U.S. and Chinese officials would meet this weekend on neutral ground was seen as a welcome thaw.
But Trump sticking to a historically high tariff may dampen that enthusiasm.
Between the lines: The trade war is already having an impact.
Chinese exports to the U.S. sank by 21% in April, The Associated Press reported Friday — but total exports rose, as the country found other buyers for its goods.
By the numbers: The market has essentially recovered the steep plunge it suffered after the "Liberation Day" tariff rollout on April 2, but even so, the S&P 500 is still down for the year and underperforming international peers.
Stocks sold off Friday after Trump floated the 80% rate, then rebounded after another Truth Social post where he said many more trade deals were "in the hopper," before flattening out after the Chinese statement.
What to watch: It's not clear what will come out of this weekend's talks: a statement, a deal — or anything at all.
But markets will be watching closely for any sign of lower temperatures on either side.
On Friday, Chinese social media accounts with close links to state media suggested China was willing to talk, but that negotiation did not necessarily mean concession.
Editor's note: This story was updated with additional context and developments.
The Treasury Department on Thursday said it was imposing sanctions on a Chinese refinery and the operators of a Chinese port over shipments of Iranian crude oil.
Why it matters: The sanctions follow President Trump's threat last week to punish anyone that bought Iranian oil, which was seen as mostly affecting China and Chinese companies.
"The United States remains resolved to intensify pressure on all elements of Iran's oil supply chain to prevent the regime from generating revenue to further its destabilizing agenda," Treasury Secretary Scott Bessent said in a statement.
Driving the news: The sanctions affect refiner Hebei Xinhai Chemical Group Co., Ltd., as well as three companies operating a terminal in Dongying Port in China.
Treasury's Office of Foreign Assets Control said it was also targeting a half-dozen "shadow fleet" ships involved in the transport of Iranian oil, as well as two ship captains.
Thursday's sanctions follow similar actions Treasury and the State Department took in March against a Chinese refiner and others.
How it works: The sanctioned people and entities are now "blocked," which means Americans are generally banned from doing business with them
The intrigue: The sanctions come two days before Bessent and other U.S. officials are due to meet in Switzerland with Chinese officials to begin discussing a de-escalation of the ongoing trade war.
Editor's note: This story has been updated with background on the sanctions.
The U.S. and Britain agreed on the framework for a sweeping new trade deal, the first major pact since President Trump began a campaign of global tariffs.
Why it matters: It may serve as a model for the dozens of other countries negotiating with his administration.
Driving the news: Trump announced the deal in the Oval Office Thursday morning, with British Prime Minister Keir Starmer joining by speakerphone.
The newly imposed 10% U.S. baseline tariff on imports from Britain will remain, while average British tariffs on imports from the U.S. will fall to 1.8% from 5.1%.
Catch up quick: The U.S. had a trade surplus with the U.K. of nearly $12 billion in 2024. It's one of the few major countries with which the U.S. doesn't run a deficit.
The U.K.'s key exports to the U.S. include cars and pharmaceuticals, while it imports large quantities of crude oil and gas.
Between the lines: After Trump announced his sweeping global tariffs in early April, Starmer took a far less combative stance than some world leaders.
Starmer reportedly said he believed it was not sensible to react by jumping into a trade war with the U.S.
Trump spared Britain the worst of the tariffs imposed on other countries at the time, applying only a 10% baseline levy.
By the numbers: U.S. and European stocks mostly rose Thursday morning on optimism that the new deal opened a path to more down the road.
The dollar — under pressure this year over fears about the U.S. as a safe haven for investment — strengthened broadly.
"The timing of Trump's trade announcement adds to the positive momentum ahead of U.S.-China negotiations set for this weekend in Switzerland, which have already bolstered market sentiment," George Vessey, lead foreign exchange and macro strategist at Convera, wrote in a note.
What to watch: All eyes will turn now to those China talks. Treasury Secretary Scott Bessent called them an opportunity to de-escalate the tensions that led to a 145% tariff and an effective trade embargo.
Meanwhile, with the U.K. deal done and China starting, there are still at least 16 major trading partners with whom to do deals.
President Trump on Sunday said he would order officials to start the process of imposing 100% tariffs on any movie produced outside the U.S.
Why it matters: Trump's trade war has thus far been mostly about industry, like steel, aluminum and cars.
Escalating to intellectual property, in a world where it's common for productions to shoot in multiple countries, threatens to create deep complications for industries that don't usually have to concern themselves with international trade policy.
What they're saying: "The Movie Industry in America is DYING a very fast death. Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States," Trump said in a Truth Social post.
"This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!"
Trump said he'd direct the secretary of commerce and the U.S. trade representative to implement the tariff on "any and all Movies coming into our Country that are produced in Foreign Lands."
White House spokesperson Kush Desai told Axios in an emailed statement Monday that although no final decisions on foreign film tariffs have been made, "the Administration is exploring all options to deliver on President Trump's directive to safeguard our country's national and economic security while Making Hollywood Great Again."
Yes, but: It's wasn't immediately clear how, in practical terms, such a tariff would even work, where it would be applied, or what it would be charged against.
Also unclear: Whether this would apply only to theatrical releases or include streaming; and how (if at all) the tariff would distinguish between a movie and a TV show.
Representatives for the Commerce Department did not immediately respond to Axios' request for comment Sunday evening.
Zoom out: As Hollywood blockbusters have gotten more expensive, producers have increasingly opted for lower-cost production locales outside the U.S..
The New York Times reported last month that the industry has lost more than 18,000 jobs domestically in the last three years.
Editor's note: The story has been updated with comment from the White House.
Warren Buffett said Saturday he will ask Berkshire Hathaway's board to replace him as CEO with his designated successor Greg Abel at the end of this year.
Why it matters: It's the end of an era for one of the world's richest and most storied investors, who's run Berkshire for decades.
Catch up quick: Buffett saved the bombshell for the end of Berkshire's annual shareholder meeting, a days-long pilgrimage for fans of the "Oracle of Omaha" that attracts more than 100,000 visitors.
"I think ... the time has arrived where Greg should become the chief executive officer of the company at year-end," Buffett said.
Buffett said his plans would be news to the company's board, which will now meet Sunday to discuss the transition.
Zoom out: Buffett has been synonymous with markets in America for decades, a household name whose folksy aphorisms and value investing strategies inspired generations of investors.
At 94 years old, he's having one of his best years in decades, outperforming the S&P 500 by almost 23 percentage points.
Yes, but: Succession has been a hot topic for Berkshire for years, with questions growing louder after Buffett's long-time partner Charlie Munger died in 2023 at 99.
Saturday's meeting was Buffett's 60th running the conglomerate, whose businesses range from utilities and railroads to running shoes and carpet.
Zoom in: Replacing Buffett will be the Canadian-born Abel, 62, who comes from the energy industry.
He's been vice chair of Berkshire Hathaway since 2018 and Buffett's designated successor since at least 2021.
Editor's note: This story has been updated with background on Buffett and his successor.
The United States would be better off, and safer, with a prosperous free-trade world than one where others are left behind, investor Warren Buffett said Saturday.
Why it matters: Buffett, one of the world's richest people and most closely watched investors, has been a skeptic of trade deficits in the past but also a clear critic of President Trump's tariffs and other trade barriers.
What he's saying: "There's no question that trade, trade can be an act of war. I think it's led to bad things. The attitudes it's brought out in the United States, I mean we should be looking to trade with the rest of the world and we should do what we do best and they should do what they do best," Buffett said at his conglomerate Berkshire Hathaway's annual meeting Saturday.
"I do not think it's a great idea to try and design a world where a few a countries say 'hah hah hah, we've won' and other countries are envious."
Zoom out: Berkshire, in its quarterly report Saturday morning, said it couldn't forecast the impact of tariffs on its own business — which ranges from insurance and energy to railroads and manufacturing — due to the ongoing trade uncertainty.
Between the lines: The first question at Berkshire's annual meeting was about trade, and Buffett framed his response in terms of America's place in the world.
"It's a big mistake in my view when you have seven-and-a-half billion people that don't like you very well and you've got 300 million are crowing in some way about how well they've done. I don't think it's right and I don't think it's wise," he said.
"I do think that the more prosperous the rest of the world becomes - it won't be at our expense - the more prosperous we'll become and the safer we'll feel and your children will feel someday."
The intrigue: While financial markets have gyrated wildly since Trump's election last year, Berkshire has surged, handily outperforming most big stocks, markets and asset classes.
Berkshire is up more than 21% since Nov. 5, while the S&P 500 is down almost 2%.
This year's gap, if it held, would be its biggest outperformance since 2007.
By the numbers: CNBC reported that shareholders requested a total of 138,000 tickets for Berkshire's annual meeting, up 10,000 from last year.
It's considered the second-largest event of the year in the state by attendance, behind only the annual Nebraska-Oklahoma college football game.
