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

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.

Jon Michael Raasch, Political Reporter for DailyMail.com

Donald Trump’s ‘small business guru’ has revealed the extent of DOGE leader Elon Musk’s reforms within her agency.

Small Business Administration (SBA) Administrator Kelly Loeffler praised Musk for uncovering massive fraud, waste and abuse and bringing an entrepreneur’s mindset to the White House.

Speaking with the Daily Mail in an exclusive sit-down interview on Friday, Loeffler, who normally sits next to Musk at Cabinet meetings, shared that the DOGE leader has found success by treating the government like a small business.

‘I’m incredibly grateful to Elon Musk and his entire team at DOGE. I mean, these are hard working patriots. They are in the office late. They’re here early. They’re solving problems,’ she said.

‘We have found $630 million in fraud thanks to the DOGE team’s efforts.’

Musk’s team found that the hundreds of millions of dollars in SBA loans went to individuals aged older than 115 or younger than 11, according to Social Security data.

Jon Michael Raasch, Political Reporter for DailyMail.com

House Minority Leader Hakeem Jeffries published a statement celebrating the return of Hamas hostage Edan Alexander while ignoring Donald Trump’s role in the American’s release.

‘After more than 580 days in brutal Hamas captivity, Edan Alexander is finally on his way home,’ Jeffries’ statement began.

‘I have come to personally know his parents and have witnessed the strength with which they have endured this incredibly painful time. My heart is with Edan and his family as they begin a long healing process.’

‘On October 7, Hamas committed unimaginable horrors and has proved its depravity every day since. The urgency is clear.’

‘We cannot rest until every hostage returns home, including the remains of the four Americans still being held in Gaza, and lasting peace and security are realized for Israel, the Palestinian people and the entire Middle East region.’

Jon Michael Raasch, Political Reporter for DailyMail.com

Progressive ‘Squad’ leader Alexandria Ocasio-Cortez, who spent her weekend attacking the Trump admin, is considering a potential White House bid, a new report claims.

The 35-year-old New York Democrat has yet to fully make up her mind about whether she wants to run against Senate Minority Leader Chuck Schumer, D-N.Y., or launch a bid for president, a person familiar with her thinking told the Wall Street Journal.

But she’s been teasing a potential run for the White House, refusing to rule it out at this point and fueling the political rumor-mill.

AOC has been raising her national profile with a countrywide ‘Fighting Oligarchy’ tour with two-time progressive presidential candidate Sen. Bernie Sanders, who at 83, does not seem keen on another White House bid.

As Democrats have searched for a leader to combat Trump, their Congressional leadership has not proven to be effective, according to Democratic voters in a new poll showing three out of four are dissatisfied with their opposition to the administration.

Meanwhile, surveys have shown that the millennial ‘Squad’ leader is surging in popularity compared to Schumer, 74, and signs indicate AOC may launch an effort to primary him – that is – if she doesn’t run for president.

President Donald Trump boarded Air Force One and is headed to the Middle East for the first substantial trip abroad of his second term.

Trump will travel to the capitals of Saudi Arabia, Qatar and the United Arab Emirates, spending three and a half days on the ground in the three Arab Nations.

The Daily Mail reported last week that first lady Melania Trump is skipping the trip, and press secretary Karoline Leavitt said on Friday that Donald Trump Jr., Eric Trump and Ivanka Trump’s husband Jared Kushner – who have business in the region – aren’t going.

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 Edan Alexander, who has been in captivity since October 7, 2023, is set to be released imminently.

‘They’re going to be releasing Edan 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.’

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.

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.

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.

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.

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’.