US and China Agree to 90-Day Trade Truce in Bid to De-Escalate Economic Tensions

Geneva, May 12, 2025 — The United States and China have reached a landmark agreement to pause their intensifying trade war, agreeing to a 90-day truce that includes significant tariff reductions and a renewed commitment to dialogue.

Following tense negotiations in Geneva, both sides confirmed a temporary rollback of the steep tariffs that have strained global supply chains and triggered market volatility. The agreement marks a rare moment of cooperation between the world’s two largest economies amid escalating geopolitical tensions.

Key Elements of the Deal:

• The United States will reduce its tariffs on Chinese imports from a peak rate of 145% down to 30%.
• China will cut its tariffs on American goods from 125% to 10%.
• A 20% tariff on Chinese goods linked to the US’s accusations over China’s role in the fentanyl crisis will remain in place.
• Both nations pledged to resume regular economic dialogue and avoid any further escalation during the 90-day period.

The deal was reached against the backdrop of mounting economic pressure, with both countries experiencing the side effects of their tit-for-tat tariff war. Business leaders and financial markets responded positively to the news, with China’s yuan rising to a six-month high and European stock indices climbing amid renewed investor confidence.

Energy and commodity markets also reacted swiftly. Prices for crude oil and iron ore surged, reflecting optimism over improved global trade flows.

In Beijing, Chinese officials hailed the agreement as a constructive step forward, while cautioning that deeper disagreements over industrial policy, technology access, and intellectual property rights remain unresolved.

US officials echoed a similarly cautious optimism, with the White House describing the deal as a “strategic pause” rather than a full resolution. Former President Donald Trump’s previous administration was known for aggressive tariffs on Chinese goods, many of which are now being re-evaluated under current leadership.

The truce offers a vital window for both nations to address their long-standing disputes and potentially lay the groundwork for a more stable and balanced trading relationship. Whether the pause leads to lasting peace or merely delays further confrontation will depend on the outcome of the next round of negotiations.

Keir Starmer Unveils Sweeping Immigration Reforms to Slash Net Migration

Prime Minister Keir Starmer has unveiled a wide-ranging overhaul of the UK’s immigration system, vowing to reduce net migration figures “significantly” before the next general election.

In a direct challenge to the legacy of previous Conservative administrations, Starmer said his government is “taking back control” of immigration through a pragmatic and targeted plan focused on workforce needs, border control, and long-term sustainability.

The Home Office released a 69-page white paper outlining several major policy changes:

• The salary threshold for Skilled Worker visas will be raised.
• The Immigration Salary List will be scrapped.
• New visa applications for overseas care workers will be banned.
• Tighter restrictions will apply to international students and family visas.
• Asylum, deportation, and English-language rules will be tightened.
• The qualifying period for settlement and citizenship will be extended from five to ten years, under a new contributions-based points system.

These changes are estimated to reduce net migration by approximately 100,000 people annually.

Starmer rejected claims that the reforms were a reaction to rising support for Reform UK, saying the changes represent a long-planned commitment to balance fairness with control. He also distanced Labour’s new stance from previous party policies that were more lenient toward immigration.

“This is not about short-term politics,” Starmer said. “It’s about building an immigration system that works for working people and invests in the skills of those already here.”

The announcement has sparked backlash from trade unions and social care leaders, who warn that cutting off overseas recruitment in critical sectors like health and social care could worsen staffing shortages and strain already pressured services.

Despite the criticism, the government insists the reforms are necessary to reduce reliance on migrant labour and boost domestic training and employment.

Labour’s proposals signal one of the biggest shifts in the party’s approach to immigration in decades. As the UK grapples with post-Brexit workforce challenges, the new measures aim to redefine how and why people are granted access to live and work in the country.

Starmer concluded by reaffirming his goal of a system that is “firm, fair, and focused on Britain’s future.”

Sir Tom Farmer, Founder of Kwik Fit, Passes Away at 84

The founder of the Kwik Fit garage chain, Sir Tom Farmer, has passed away at the age of 84. The Edinburgh-born businessman died peacefully at his home in the city on Friday, as confirmed by his family.

Sir Tom was renowned for building Kwik Fit into the world’s largest independent tyre and automotive chain, selling the company to Ford for £1 billion in 1999. The company operated in over 2,000 locations across 18 countries, a testament to his business acumen and vision.

Beyond his success in business, Sir Tom was a passionate supporter of Scottish football. He owned a majority stake in Hibernian FC for 28 years, ultimately selling his interest in the club in 2019. His involvement with the club cemented his legacy within the Scottish sports community.

Born in Leith, Edinburgh, in 1940, Sir Tom opened his first tyre business in 1964 before founding Kwik Fit in 1971. His entrepreneurial journey was marked by a series of significant achievements, including being knighted in 1997 for his services to the automotive industry. In 2009, he was also named Commander of the Royal Victorian Order (CVO) in recognition of his charitable work.

Sir Tom’s philanthropic efforts were wide-ranging, and his family noted that his long and distinguished career impacted many facets of Scottish and UK life. He was awarded the Carnegie Medal for his charitable contributions and was honored with the Knight Commander with Star of the Order of St. Gregory the Great by the Pope in 1997.

A devout Roman Catholic, Sir Tom’s faith played a central role throughout his life. His family remarked on his weekly attendance at mass in Edinburgh and his strong connections with the Catholic community, both locally and internationally.

In a heartfelt statement, Sir Tom’s family described him as “a family man” who was deeply committed to his loved ones, his work, and his faith. He married Anne in 1966, and the couple enjoyed 57 years together until her passing in 2023. Sir Tom often credited his success to his wife, stating that the secret to his achievements was marrying a woman like Anne.

Sir Tom is survived by their two children and four grandchildren.

The Scottish community, especially those with ties to Hibernian FC, have expressed their grief at his passing. A statement from Hibernian FC on social media read: “Hibernian FC are devastated to hear of the passing of former owner Sir Tom Farmer, aged 84. Thank you for everything, Tom. Rest in peace.”

First Minister John Swinney paid tribute, stating: “Very sorry to hear of the death of Sir Tom Farmer, an outstanding entrepreneur and such a generous individual to so many causes in Scotland. My condolences to his family.”

Scottish Secretary Ian Murray also honored Sir Tom’s memory, calling him a “proud Scot” and “a huge contributor to Edinburgh’s community football.”

Sir Tom will be remembered as a man of great integrity, whose contributions to business, philanthropy, and his community will leave a lasting impact.