- Markets explode on tariff truce with China & Trump claims that their ties have "reset." Trump says the US has achieved a "total reset" in relations with China after both countries agreed to reduce tariffs on each other's goods. For Trump, It’s a New Era of Deal-Making with China and other countries.
- Trump seeks to lower the cost of prescription drugs in the U.S. and signed an executive order on drug prices.
- The US President said he may join the Russian and Ukrainian leaders in Turkey on Thursday for a possible summit the four countries are considering. “I was thinking about flying over.”
Washington, DC, May 12.– President Trump held a remarkable press conference Monday detailing the progress he has made in his trade negotiations, as well as his decision to bring drug prices in line with those prevailing in other countries, thereby significantly reducing Medicare and Medicaid spending.
US tariffs on Chinese imports will fall from 145% to 30%, while Chinese tariffs on US goods will fall from 125% to 10%, thus the US marking a significant victory for the US President since he announced his "Liberation Day" tariffs in April.
Furthermore, Trump's administration will target foreign countries, and notably European Union nations, that are extracting excessively low prices from drugmakers in a bid to “equalize” what the United States pays for medications relative to other developed nations.
Speaking alongside Trump at the White House press conference, Health and Human Services Secretary Robert F. Kennedy Jr. commended the president for his determination to "stand up to the oligarchs" by enacting a new executive order to reduce prescription drug prices. While acknowledging that the powerful pharmaceutical sector has contributed significantly to Trump's campaign, he additionally noted that Trump "can't be bought, unlike most of the politicians in this country." 
During the press conference, President Trump stated that he might meet with the leaders of Russia and Ukraine on Thursday in Turkey following his four-day tour of Saudi Arabia, Qatar, and the United Arab Emirates. “I was thinking about flying over,” he said. On his part, Russian President Vladimir Putin has proposed direct talks with Ukraine starting Thursday in Istanbul. Trump has endorsed that, and Ukraine’s leader, Volodymyr Zelensky, has said he is prepared to make the trip.
It was also revealed at the press conference that Edan Alexander, the final surviving American hostage that Hamas had in Gaza, was on the verge of being freed. In addition, the President also disclosed that over half of the remaining hostages have died. Answering requests from their families, he is working to recover their bodies.