Morning Business Report: U.S. and China reach preliminary trade deal
Top trade negotiators from the United States and China say they’ve reached common ground on several key issues
(LILAMAX)- Top trade negotiators from the United States and China say they’ve reached common ground on several key issues, paving the way for a high-stakes meeting between President Donald Trump and Chinese President Xi Jinping later this week.
According to Chinese officials, both sides reached preliminary consensus on export controls, fentanyl production, and shipping levies. U.S. Treasury Secretary Scott Bessent confirmed that Trump’s earlier threat to impose 100% tariffs on Chinese goods is “effectively off the table.”
Bessent also said China agreed to make “substantial” purchases of U.S. soybeans — a sign of warming relations following months of tension between the world’s two largest economies.
At the same time, President Trump announced a new 10% tariff on Canadian imports. The move came after the Ontario government aired a commercial using edited audio of former President Ronald Reagan criticizing tariffs. Trump accused Ontario of misleading the public and delaying the ad’s removal until after the first two World Series games.
On Wall Street, the Dow Jones Industrial Average hit a milestone Friday, rising 472 points to close above 47,000 for the first time ever.
Meanwhile, new inflation data showed significant price increases in several categories. The cost of at-home care for seniors and people with disabilities surged 7% in September — the largest monthly jump ever recorded. Ticket prices for sports events rose 3.7%, and airline fares climbed nearly 3%.
In other consumer news, an Intuit survey found that nearly one in three Gen Z singles admit to going on a date just for a free meal. Over half of Americans say they’re dating less because of financial strain, with younger generations redefining what counts as a “good” date around affordability and creativity.
