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President Donald Trump, joined by National Institutes of Health (NIH) Director Jay Bhattacharya, speaks during a press conference in the Roosevelt Room of the White House on May 12, 2025, in Washington, DC. Andrew Harnik | Getty Images News | Getty ImagesPresident Donald Trump on Monday moved forward with a plan to lower U.S. drug costs by linking prices to those paid in other developed countries – a proposal he will have a tough time putting into effect, experts said.Trump signed a sweeping executive order directing several federal agencies to renew that effort to cut prices, called the “most favored…

A cargo ship moors at the container terminal berth of Lianyungang Port for loading and unloading containers in Lianyungang City, Jiangsu Province, China, on May 9, 2025.Nurphoto | Nurphoto | Getty ImagesThe tariff rate the U.S. puts on imports remains higher than any point since the 1930s, despite trade deals struck with China and the United Kingdom in recent days, according to a Yale Budget Lab report issued Monday.The total U.S. average effective tariff rate is 17.8% — the highest since 1934 — even after accounting for these policy changes, according to the Yale Budget Lab.That is equivalent to an…

The Brazilian FA’s social media post says it all. Hiring Carlo Ancelotti to manage the Brazil national team is “more than a strategic move” — it’s also a “statement to the world.””He is the greatest coach in history, and now he is at the helm of the greatest national team on the planet. Together we will write new glorious chapters in Brazilian football,” said Ednaldo Rodrigues, president of the Confederação Brasileira de Futebol (CBF).Way to dial the hype-and-expectation-meter up to a Spinal Tap-sized 11. Then again, some hyperbole was probably necessary since this move — Ancelotti departing Real Madrid and…

Chinese officials, influencers and state-run media on Monday were casting the initial trade agreement and 90-day tariff pause with the U.S. as a victory and a vindication of Beijing’s negotiating strategy.They are arguing that their defiant public posture worked and was a major reason they were able to strike a deal with U.S. officials in Switzerland with relatively few concessions.”China’s firm countermeasures and resolute stance have been highly effective,” said a social media account linked to China’s national broadcaster CCTV.In the eyes of the Chinese public, negotiators from Beijing appear to have convinced President Donald Trump’s administration to roll back…

Islamabad, Pakistan CNN  —  As tensions ratcheted up over the last week of fighting, Pakistan did not consider deploying nuclear warheads to strike India, the country’s foreign minister Ishaq Dar told CNN on Monday. In his first interview since India and Pakistan agreed to a ceasefire Saturday, Dar said Islamabad “had no choice” but to launch strikes in “self-defense” following India’s May 7 cross-border attacks. Last week’s escalatory tit-for-tat strikes marked the worst fighting between the two nuclear-armed nations since 1971, killing dozens and deepening fears of a wider conflict. Dar referred to India’s strikes as a “war” and a…

A version of this story appeared in CNN’s What Matters newsletter. To get it in your inbox, sign up for free here. CNN  —  When sultans tried to give President Martin Van Buren lavish gifts, he did what the Constitution requires and asked Congress what to do. Two live lions had been gifted to Van Buren by the Sultan of Morocco at the US consulate in Tangiers in 1839 and the Sultan of Oman tried to give him “horses, pearls and other things of value,” delivered by ships in 1840. “I deem it my duty to lay the proposition before…

In 2022, Sean “Diddy” Combs appeared on his then-girlfriend rapper Caresha “Yung Miami” Brownlee’s series “Caresha Please” and talked about being a single dad in the wake of the 2018 death of Kim Porter, mother of three of his children. “Fatherhood has been really, really real,” he said at the time. “‘Cause I was like a part-time father, you know what I’m talking about?” All that changed when Porter died following a bout of pneumonia at the age of 47. Combs stepped up to be more involved in the care of their twin daughters and son. The mogul has publicly…

A Fidelity Investments branch.Nicholas Pfosi | The Boston Globe | Getty ImagesSome Fidelity Investments customers experienced login issues Monday morning as the market rallied.More than 3,000 user complaints were reported around 10 a.m., according to Downdetector, a website that tracks outages. About 79% of the reports were login issues, 12% were website-related issues and 9% were online brokerage related, per the site.The Fidelity login issues occurred as major stock indices spiked on the news that China and the U.S. had agreed to temporary tariff cuts. The Dow Jones Industrial Average surged 1,136 points, or 2.7%, by mid-afternoon. The S&P 500 is up nearly 3%…

Chairman Jason Smith (R-MO) speaks during a House Committee on Ways and Means in the Longworth House Office Building on April 30, 2024 in Washington, D.C.Anna Moneymaker | Getty Images News | Getty ImagesHouse Republicans are calling for a higher limit on the deduction for state and local taxes, known as SALT, as part of President Donald Trump’s tax and spending package.The House Ways and Means Committee, which oversees tax, released the full text of its portion of the bill on Monday afternoon. The SALT provision would raise the cap to $30,000 for those with a modified adjusted gross income…

Shipping containers are seen at the port of Oakland, as trade tensions continued over U.S. tariffs with China, in Oakland, California, on May 12, 2025.Carlos Barria | ReutersReceipts from U.S. tariffs hit a record level in April as revenue from President Donald Trump’s trade war started kicking in.Customs duties totaled $16.3 billion for the month, some 86% above the $8.75 billion collected during March and more than double the $7.1 billion a year ago, the Treasury Department reported Monday.That brought the year-to-date total for the duties up to $63.3 billion and more than 18% ahead of the same period in…