Morning Report - Plane dealing

Today's Global Trade story

US, China agree to lower tariffs for 90 days

What happened
U.S. and Chinese negotiators this morning announced a 90-day lowering of tariffs while they work on a broader deal to end President Donald Trump's trade war with the world's No. 2 economy. Under the agreement, U.S. tariffs will fall to 30% from 145%, while China will cut its tax on U.S. imports to 10% from 125%. The new rates were slated to begin Wednesday.

Who said what
"We concluded that we have a shared interest," said Treasury Secretary Scott Bessent, who led the U.S. delegation in Geneva alongside U.S. Trade Representative Jamieson Greer. "The consensus from both delegations is that neither side wanted a decoupling." Asian markets and U.S. futures rose sharply on the news.

"Such a sharp U-turn by the U.S. on tariffs on a Monday morning is quite the surprise," said Arne Petimezas at AFS Group in Amsterdam. Trump "has toned down his tariffs faster than anyone thought he could." Don't "take everything we hear at the moment at face value," said Jan von Gerich at Nordea in Helsinki. "If you want to end up with low tariffs then why do it like this? It's still bouncy."

What next?
The 90-day reprieve is a "more civilized way to divorce," Alicia García Herrero, chief economist for Asia Pacific at the investment bank Natixis, said to The Washington Post. "The deal is not a solution," but "basically an attempt, hopefully successful, of avoiding a global recession."

Today's Health Story

Kurdish PKK militia to disband for Turkey talks

What happened
The Kurdistan Workers' Party (PKK) said today that it will disband and disarm after four decades of armed conflict with Turkey. The decision was announced through the Firat News Agency, a media outlet close to the PKK, after a party congress in northern Iraq.

Who said what
Jailed PKK leader Abdullah Ocalan (pictured on the flags above) called for his group to disband in February, and the PKK declared a ceasefire March 1, on condition that Turkey create a legal framework for peace talks. "The PKK has completed its historic mission" and "decided to dissolve" its "organizational structure" and "end the armed struggle," the group said in a statement this morning.

The decision "promises to put an end to one of the longest insurgencies in the Middle East," The Associated Press said. It should have "far-reaching political and security consequences for the region, including in neighboring Iraq and also in Syria, where Kurdish forces are allied with U.S. forces," Reuters said. The insurgency, which has claimed more than 40,000 lives since 1984, also "handicapped the regional economy for decades." Omer Celik, a spokesperson for Turkey's ruling AK Party, said the PKK's decision was an "important step toward a terror-free Turkey."

What next?
"Details of the peace initiative have not been made public," including what will happen to the PKK's fighters, "how weapons would be disposed of and who would monitor" the process, the AP said. "Previous peace efforts between Turkey and the group — most recently in 2015 — have ended with failure."

It's not all bad

Students in Australia helped the mountain pygmy possum population bounce back by making them "bogong biscuits" to eat. The endangered species lives in Kosciuszko National Park, which was hit hard by drought in 2017 and brushfires in 2020. Both events decimated their food source, the bogong moth, so local kids stepped in with homemade biscuits of mealworm, macadamia nuts and oils. Supplementing their diet boosted the population, and today there are 950 possums in the area, up from 700.

Under the radar

A zombie volcano is coming back to life

The volcano Uturuncu, located in Bolivia's Central Andes mountains, has seemingly risen from the dead. The volcano has not erupted in more than 250,000 years, but recent signs of activity are similar to active volcanoes. While Uturuncu is not likely to erupt for a while, it could provide scientists with some valuable information and help prepare for the rise of other volcanoes.

"Despite being technically dead," the volcano "shows signs of unrest, including earthquakes and plumes of gases," Oxford University said in a press release. Volcanoes go through life cycles. They tend to "first experience a calamitous active phase, a more sleepy dormant phase, until eventually going extinct," said Popular Mechanics. "Dormant volcanoes usually show little activity unless they're on the inevitable road to eruption," leading to concerns about Uturuncu.

Luckily, the chances of an eruption are low. And its activity could even point the way to extractable resources.

"The processes in Uturuncu are particularly interesting because they're telling us about the liquids and the gases that are moving through there that might become — or maybe even today are — a reservoir of minerals that could be useful for technology," Matthew Pritchard, a professor of earth and atmospheric sciences and coauthor of the study, said in a release by Cornell University. The hydrothermal system under the surface could lead to reserves of valuable metals like copper, nickel and platinum, all of which are used in today's technology. Further research could also lead to a new way to harness geothermal energy.

On this day

May 12, 1820

Florence Nightingale was born in Florence, Italy. The daughter of British aristocrats, she went on to become a nurse during the Crimean War and is considered one of the founders of modern nursing, with her techniques still used today. International Nurses Day is celebrated around the world on her birthday.

TODAY'S newspaperS

'Trump's Mideast focus is business'

As President Donald Trump heads to the Middle East, his "focus is business," with "private ventures blurred with foreign policy goals," The Washington Post says on Monday's front page. "U.S. and Israel show cracks in their bond," The New York Times says. "Potential gift of Air Force One from Qatar brings scrutiny," The Wall Street Journal says. "Trump's first 100 days: Millions in crypto profits," says USA Today. Elon Musk's "SpaceX could receive tax break" in bill passed by the Texas House, the Austin American-Statesman says. Musk's "xAI seeks more power" for its data center in Memphis, says The Commercial Appeal.

► See the newspaper front pages

Tall tale

Quarterbacklash

A furious football fan is suing the NFL for $100 million after his favorite player, Shedeur Sanders, was not picked in the first round of the annual draft. The quarterback was eventually chosen in the fifth round after 143 players had already received their NFL call-up, an outcome the anonymous plaintiff claims caused him "emotional distress and trauma." The suit alleges that the selection process was biased by "slanderous" leaked reports suggesting Sanders "wasn't prepared" for the pros.

Qatar luxury jet gift clouds Trump trip to Mideast