Stock market goes berserk on China trade deal as S&P 500 set to wipe out Liberation Day losses: Live updates

President Donald Trump announced the United States and China had reached a 90 day trade deal as negotiations continue.

Under the agreement, the United States and China will drop Reciprocal tariffs back down to ten percent on both sides, even as the president's 20 percent tariff on Chinese goods because of fentanyl will remain in place.

Both sides deescalated their 125 percent tariff which was considered to be unworkable.

The agreement was made after US officials met in Switzerland to discuss future trade terms.

'We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process,' U.S. Treasury Secretary Scott Bessent said in a news conference after the agreement.

The pause begins on Wednesday.

The White House social media account celebrated the news early Monday morning.

Jon Michael Raasch, Political Reporter for DailyMail.com

Major stock market indicators are surging up and to the right on Monday following the White House's announcement that a temporary tariff deal has been struck with China.

The White House said it would drop its tariffs on China from 145 percent to 30 percent. China, in turn, would lower its rates on incoming U.S. goods to 10 percent from 125 percent.

'We’re not looking to hurt China,' Trump said Monday. The move comes after Treasury Sec. Scott Bessent met with representatives from China regarding tariffs in Geneva, Switzerland, on Monday.

As of 10:30 am ET, major U.S. stock indices were up several percent.

The NASDAQ was up 3.25 percent, the DOW Jones was up 2.15 percent and the S&P 500 was up 2.35 percent.

President Donald Trump shared a story about a wealthy but overweight business friend of his who expressed his shock at the differences in costs of the drug overseas.

Trump described his friend as a 'rough guy' and a 'smart guy' and 'very successful,' but 'seriously overweight.'

'He takes the fat shot drug,' Trump added, referring to GLP-1 weight loss medicines like Ozempic.

Trump recalled a phone conversation he received from the man he knew who marveled that the same drug cost much cheaper in London than in New York City.

Jon Michael Raasch, Political Reporter for DailyMail.com

President Donald Trump announced on Monday morning that Hamas hostage Eden Alexander, who has been in captivity since October 7, 2023, is set to be released imminently.

'They're going to be releasing Eden in about two hours from now,' the president claimed.

'They thought he was dead just a short while ago. His parents are so happy.'

President Donald Trump celebrated the news that China and the United States had reached a deal to lower reciprocal tariffs for 90 days.

'It think it's going to be fantastic for China, I think it's going to be fantastic for us, I think it's going to be great for unification and peace,' Trump said.

Trump indicated that China would suspend non-monetary barriers to trade and open up Chinese markets to American businesses.

'They've agreed to open up China, that would be great for everybody,' he said.

Under the agreement, both sides deescalated their 125 percent tariff which was considered to be unworkable.

Trump also revealed he may speak with Chinese president Xi Jinping by the end of the week.

By Katelyn Caralle, Senior U.S. Political Reporter

A White House official told reporters in a call on Monday morning that one of the drugs under scrutiny in President Donald Trump's health executive order are GLP-1 weight loss medicines.

They said that these drugs have a large price disparity between what Americans pay versus those in other countries.

'There will be a particular focus on drugs where there is the largest disparities and the largest expenditures,' they explained on the call.

I would say it would be fair to expect that GLP-1s, given that they hit both of those categories, will be a focus.

'And there will be an expectation that those prices should come down,' the official added. 'And then if they don't, we will be looking at our various policy levers that can be used to force those prices down.'

President Donald Trump's top budget official is reportedly set to take over operations at the Department of Government Efficiency once Elon Musk steps aside.

Russell Vought, the director of the White House Office of Management and Budget, will soon take on much of DOGE's workload, including working with Congress to recoup funds, reclassifying federal workers and advancing his proposed 2025 budget - which would greatly slash government funding, the Wall Street Journal reports.

He has already served as Musk's lower-profile partner, and has celebrated his own  department's efforts to slash government regulations - noting that President Trump had vowed to cut 10 government regulations for every one that is added.

Trump is prepping for the first whirlwind trip to the Middle East of his second term - where he'll travel to the Arab nations of Saudi Arabia, Qatar and the United Arab Emirates over the course of three and a half days, departing Washington on Monday.

Several regional experts warned the Daily Mail that if Trump wants the trip to be a success - he should never speak of the 'Riviera' plan again.

'Well, I think like most people, I thought this was a crazy idea,' said American University Prof. Gregory Aftandilian, who's a fellow at the Arab Center.

President Donald Trump has hit back at criticism of a $400million 'flying palace' he has been offered by the Qatari royal family amid fierce backlash from Democrats and MAGA loyalists.

Trump appeared to confirm his intent to accept the lavish gift - widely considered the most opulent to ever be proposed from a foreign government - in a fiery Truth Social post on Sunday night.

Qatar has offered Trump the $400 million super luxury Boeing 747-8 jumbo jet for him to use as Air Force One after infuriating and costly delays to an order he placed with Boeing for two new aircrafts during his first term in 2018.

U.S. Treasury Secretary Scott Bessent was bullish after talks with Chinese officials in Geneva on Monday. he said:

Both countries represented their national interest very well,' U.S. Treasury Secretary Scott Bessent said after talks with Chinese officials in Geneva on Monday. 'We both have an interest in balanced trade, the U.S. will continue moving towards that.

The consensus from both delegations this weekend is neither side wants a decoupling. And what had occurred with these very high tariffs ... was the equivalent of an embargo, and neither side wants that. We do want trade.

By Katelyn Caralle, Senior U.S. Political Reporter

President Donald Trump vowed on Truth Social that drug prices will be cut by 59 percent.

It comes as Trump prepares to sign an exeucitve order on lowering the cost burden for Americans of pharmaceuticals and prescription drugs.

Trump will hold a press conference at the White House on the latest action alongside Health and Human Services Secretary Robert F. Kennedy Jr.

The president also said that the price of gas, energy and groceries will also be reduced as he attempts to balk inflation.

The US and China have agreed a breakthrough temporary cut to the tariffs they impose on each other's exports.

Speaking in Geneva, US Treasury Secretary Scott Bessent said both countries would slash their reciprocal tariffs by 115 per cent for 90 days.

Bessent told reporters that 'both sides showed great respect' during their talks, and that 'we both have an interest in balanced trade'.