News when you want it with Bloomberg News Now Dan Schwartzman. Officials say the US and China made substantial progress during trade talks in Geneva, Switzerland. Treasury Secretary Scott Bestin's and US Trade Representative Jamison Greer spoke after hours of meetings with Chinese Vice Premier Holly Fung. Here's bessant.
First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of the productivity we've seen. We will be giving details tomorrow, but I can tell you that the talks were productive.
Asian stocks and US equity index futures rose as a result of the trade talks in Switzerland. We got reaction from Raj Singh, portfolio manager at Principal Asset Management.
Market is liking it, and market is digesting this uncertainity quite well, and that we can see that since the libration day, most of the markets, how would all the losses, In fact, most of the markets on green. Whether you look at US, you look at Europe, you look places in Asia. So I would say that the risk sentiments are getting lifted.
Here that was Raj Singh of Principal Asset Management HAMAS says it will be releasing the last living American it is holding hostage in Gaza Iden, Alexander. After holding direct talks to the US regarding a ceasefire with Israel, President Trump is in the Middle East this week meeting with regional leaders. An FAA equipment failure prompted another temporary groundstop
at Newark Liberty International Airport on Sunday. The agency released a statement calling it a telecommunications issue at the Philadelphia area facility, which guides planes in and out of Newark Airport. New York Senator Chuck Schumer held a press conference to talk about the latest outage. This situation cannot last. We need all hands on deck at the FAA. Make Newark number one.
Get it done, Get it done fast.
That's New York Senator Chuck Schumer. Meantime. US Transportation Secretary Sean Duffy says Newark may see quote several weeks of reduced capacity as officials grapple with spiraling delays and safety lapses at one of the country's busiest hubs. Duffy spoke earlier to NBC's Meet the Press.
What you see in Newark is going to happen in other places across the country. It has to be fixed. And so what we're having is some telecom issues. We're also having some glitches in our software as the information comes in is overloading some of our lines and the system goes down. So I'll just tell you specifically at Newark, we believe we're going to have it up and running in short order. We're gonna be able to fix that glitch.
Transportation Secretary Sean Duffy, speaking to NBC, the Federal Aviation Administration says it will be holding tons with airline officials on May fourteenth in Washington. President Trump says on social media he will be signing an executive order at nine am Monday morning which will cup prescription drug prices by mandating that the US would pay the same price for drugs as whichever country pays the lowest prices in the world. Trump predicts the move will lower prices by thirty to
eighty percent. The President did not, though, give specifics, such as whether the order would be just for government programs such as Medicare, Medicaid or across the board. A ceasefire between Indian and Pakistan appeared to be holding after four days of clashes that brought the two nuclear armed nations close to full blown war. This comes after President Trump untruth social declared that both countries had reached a quote
full and immediate ceasefire. We have more from Bloomberg's Swatty Pandy.
Some Indian officials also told Bloomberg reporters on condition of anonymity, that they were completely caught off god by Trump's truth social post. So there is that feeling that India and Pakistan were put on an equal footing by the US, which India wants to reject.
That was Bloomberg's Swaddi Pandy. The conflict has raised concerns about the potential for future violence, with both sides having crossed quote red lines. The legislative push for President Trump's tax package begins in earnest this week, Bloomberg's Amy Morris supporting from Washington.
The House Ways and Means and Energy and Commerce committees will be and considering their respective portions of the tax package on Tuesday. Energy and Commerce lawmakers are responsible for finding eight hundred and eighty billion dollars in savings over the next decade that could spark a fiery debate, especially over cuts to Medicaid. Republicans are still debating expanding the state and local tax deduction and restricting the estate tax.
Gob leaders have said a vote on the entire tax and spending package will happen by the end of this month. In Washington, Amy Morris, Bloomberg Radio in.
Sports, Sepstraca has won the truest Championship, shooting a sixteen hundred part acclaim his second title the PGA Tour season. And that's news when you want it with Bloomberg News Now, I'm Dan Schwartzman, and this is Bloomberg