US News Headlines May 13th 2025
Trump's Trip to Middle East
President Donald Trump has begun his trip to the Middle East, focusing on business deals and strengthening ties with regional leaders. He has signed several new agreements with Saudi Arabia, including on military cooperation, and praised Middle Eastern leaders in a speech at an investment forum.
US-China Trade Agreement
The US and China have agreed to a temporary cease-fire in their trade war, with both countries slashing tariffs for 90 days. The agreement has provided some relief to the market, with stocks wavering but holding on to most of their gains from earlier in the week.
Tax Cuts and Spending Cuts
Republicans in Congress are moving to advance President Trump's big bill, which includes over $5 trillion in tax cuts and reduced spending. The legislation would also shift some costs of the Supplemental Nutrition and Assistance Program (SNAP) to states and impose new work requirements for Medicaid recipients.
US-Mexico Border Surveillance
The US-Mexico border has seen an increase in surveillance, with non-profits like Border Angels working to provide aid to migrants crossing through the region. However, experts warn that transitioning supply chains back to the US could take years and potentially cost billions.
Stock Market Update
The stock market has been relatively steady since its surge on Monday, which came after the US and China entered a 90-day pause in their trade war. The S&P 500 index has erased all its losses since President Trump escalated his global trade war in early April and is now within 4.2% of its all-time high set in February.
Business News
Asian shares have mostly gained amid cautious relief over the US-China agreement, with the majority of stocks in the S&P 500 losing ground but several big technology stocks helping to counter the losses. The market has been relatively steady since its surge on Monday, which came after the US and China entered a 90-day pause in their trade war.
Iowa Lawmakers Want Cities to Allow Fireworks
Iowa lawmakers have passed a bill that would ban local limits on people setting off fireworks on July 3 or 4, or December 31. The bill aims to enable Iowans to celebrate Independence Day as intended by the founding fathers.