Monday, 12 May 2025

The United States and China agreed to a 90-day pause on most reciprocal tariffs, with both countries reducing tariffs by approximately 115 percentage points. The move sparked a rally in stock markets, with US Treasury Secretary Janet Yellen stating that 'neither side wants a decoupling' between the two economies.

Trump signed an executive order aiming to slash US prescription drug prices to match those of other wealthy nations, with the administration targeting price reductions of 30-80 percent. Health policy experts support the 'most favored nation' pricing model but doubt it will withstand likely legal challenges.

The last living US citizen held hostage by Hamas in Gaza was released, with American soldier Edan Alexander freed after being handed over to the Red Cross. Trump called the release a 'good faith step' in ongoing negotiations.

Trump indicated plans to accept a $400 million luxury aircraft ('flying palace') from Qatar to replace Air Force One, prompting criticism from Democratic senators including Cory Booker who threatened to press for a censure vote, citing corruption concerns.

Trump pushed Ukraine's President Zelenskyy to hold immediate peace talks with Russia in Turkey, with Zelenskyy accepting Putin's invitation to negotiations. Trump suggested he might attend the talks if he thought it would be helpful.

Trump granted refugee status to white South Africans, calling Afrikaners victims of a 'genocide,' drawing controversy over the characterization and the prioritization of this group.

Trump officials launched an investigation into California's Cash Assistance Program for Immigrants, which provides aid to elderly, blind, and disabled immigrants who have legally migrated to the United States.

Trump reportedly fired Shira Perlmutter, head of the US Copyright Office, following the release of an AI report by the office. This came after the firing of the Librarian of Congress, which oversees the copyright office.

Trump tasked Secretary of State Marco Rubio and Vice President JD Vance to mediate between India and Pakistan as the countries pulled back from military conflict, with India and Pakistan reaching a ceasefire after tensions escalated to include nuclear threats.

A Harris poll found that Americans are postponing major life decisions such as having children or buying homes due to economic anxiety under the Trump administration. The survey reflects widespread concern about the economic outlook and the impact of tariffs.