While U.S. President Donald Trump has talked of victory after reaching a weekend deal with China to reduce the sky-high tariffs levied on each others' goods, businesses in China are reacting to the temporary deal with caution.

The U.S. and China have cut the tariffs levied on each other in April, with the U.S. cutting the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. The lower tariff rates came into effect on Wednesday.

Republicans in Congress are moving with rapid speed to advance President Donald Trump's big bill of tax breaks, spending cuts and beefed-up border security funding as leaders work to enact many of his campaign promises.

House committees have been laboring for months to draft the legislation, which Republicans have labeled "THE ONE, BIG, BEAUTIFUL BILL,'' a nod to Trump himself. Speaker Mike Johnson is pushing to approve the package and send it to the Senate by Memorial Day.

It's not just the "gesture" of a $400 million luxury plane that President Donald Trump says he's smart to accept from Qatar. Or that he effectively auctioned off the first destination on his first major foreign trip, heading to Saudi Arabia because the kingdom was ready to make big investments in U.S. companies.

It's not even that the Trump family has fast-growing business ties in the Middle East, ones that run deep and offer the potential of vast profits.

U.S. President Donald Trump and Saudi Crown Prince Mohammed bin Salman signed a strategic economic partnership deal during a ceremony in Riyadh Tuesday, as the U.S. president kicked off his Gulf tour.

China hailed on Monday "substantial progress" with the United States after talks in Geneva on dialing down their trade war yielded dramatic cuts to import tariffs.

Long-haul carrier Emirates reported on Thursday that it earned annual profits of $5.2 billion, with the state-owned firm declaring itself the world's most profitable airline as global aviation fully returned to flight after the disruption caused by the coronavirus pandemic.

The profits came as the Dubai-based carrier served 53.7 million passengers out of its hub of Dubai International Airport, compared to 51.9 million passengers in the fiscal year prior. It had aftertax profits of $4.7 billion that same period.

China's exports to the United States tumbled in April while its trade with other economies surged, suggesting that President Donald Trump's tariffs offensive is hastening a shakeup in global supply chains.

Total exports from China rose 8.1% last month from a year earlier, much faster than the 2% pace most economists had been expecting. That was much slower than the 12.4% year-on-year increase in March. Imports fell 0.2% in April from the year before.

President Donald Trump on Friday floated cutting tariffs on China to 80% ahead of a weekend meeting as he looks to deescalate the trade war.

Top U.S. officials are set to meet with a high-level Chinese delegation this weekend in Switzerland in the first major talks between the two nations since Trump sparked a trade war with stiff tariffs on imports.

The EU on Friday pledged to disburse one billion euros ($1.1 billion) from the proceeds of frozen Russian assets to Ukrainian arms companies as part of its support to Kyiv as it fights off Moscow's invasion.

"We have just made available 1 billion euros for the Ukrainian defense industry so that Ukraine could better defend itself," the EU's top diplomat Kaja Kallas said in the western Ukrainian city of Lviv. The funding would "directly support Ukrainian defense companies", she added.

U.S. President Donald Trump announced Thursday an agreement with Britain on trade, which would be the first such deal since he launched his global tariffs blitz.

Trump provided no details about the scope of the agreement, which comes a month after he imposed sweeping tariffs on US trading partners on his April 2 "Liberation Day".