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American businesses that rely on Chinese goods reacted with muted relief May 12 after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days.

Rodolphe Saade, CEO of CMA CGM SA, hailed a truce in the trade war between Washington and Beijing.

The U.S. collected a record amount of revenue from tariffs in April, helping to limit a further widening of the budget deficit.

U.S. and Chinese officials said May 12 they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war to allow for more talks.

Lack of clarity on how the Trump administration will address much-needed incentives for crop-based fuels in the next few years has added to concerns.

China’s exports to the U.S. tumbled in April while its trade with other economies surged, suggesting that tariffs are hastening a shakeup in global supply chains.

Volvo Treasury is selling a five-year, $563 million bond on May 9, as automaker-related notes hit the market amid the looming risk of tariffs.

President Donald Trump on May 9 floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to de-escalate the trade war.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are set to meet in Switzerland with Chinese Vice Premier He Lifeng on trade in the coming days.

Median expectations for inflation three years from now rose to 3.2% in April, the highest reading since July 2022. Estimates for year-ahead price growth, however, held steady.