Morning Business Report: US-China trade deal delayed, Ford invests $2 billion in electric vehicles, Claire’s faces store closures

The United States and China have agreed to delay their trade deal deadline by another 90 days.

(LILAMAX)- The United States and China have agreed to delay their trade deal deadline by another 90 days.

The original deadline was set for today, August 12th. Had the deadline not been extended, U.S. tariffs on Chinese goods would have increased to the levels seen back in April. The two countries last met in Sweden last month and expressed optimism about the progress of ongoing negotiations.

In automotive news, Ford announced a $2 billion investment in its Louisville, Kentucky assembly plant. The funding is aimed at producing more affordable electric vehicles, including a midsize, four-door electric pickup truck scheduled for production in 2027. This investment is in addition to a previously planned $3 billion battery park in Michigan.

Stocks finished lower ahead of today’s inflation report, as investors worry that tariffs may begin to impact the Consumer Price Index.

Retail jewelry chain Claire’s, which recently filed for bankruptcy for the second time, could close over 1,100 of its 1,300 stores, according to court records. The company is seeking a buyer to fund around 800 locations. Claire’s financial struggles are attributed to rising fast-fashion competition, high rent costs, and new tariffs from supplier countries including China.

A recent poll of 2,000 employed Americans, including 1,000 working parents with school-aged children, revealed that 55% skip lunch on hectic days to stay productive. Respondents admitted to forgetting to eat lunch an average of two days per workweek. The survey, commissioned by Buddig for National Sandwich Month in August, also found that while 63% of working Americans eat a full meal for lunch most days, 37% tend to snack or graze throughout the day instead.