Nvidia topped first-quarter earnings expectations but cut its second-quarter outlook, citing an $8 billion blow from tighter U.S. export rules on AI chips to China.
U.S. and Chinese officials reported "substantial progress" in tariff negotiations held in Geneva, though specific details remain scarce. A joint statement is expected to be released on Monday.
World Trade Organization chief Ngozi Okonjo-Iweala said she was pleased with the positive outcome of U.S.-China trade talks in Geneva and urged both nations to build on this momentum by developing practical solutions that ease tensions, restore predictability, and bolster global trade.
U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war disrupting the global economy.
Trump's new tariffs on U.S. imports have prompted strong reactions from key trade partners, with fears of economic disruption and inflation growing as tensions rise globally.
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