Morning Business Report: TikTok deal framework, Fed meeting, savings concerns
A potential breakthrough may be on the horizon for TikTok’s future in the U.S.
(LILAMAX)- A potential breakthrough may be on the horizon for TikTok’s future in the U.S. The Trump administration announced that a “framework” agreement has been reached to keep the popular app operating in the country, though no details were provided. President Trump is expected to speak with China’s president on Friday, just one day before the deal deadline.
Meanwhile, a new report highlights growing financial vulnerability among Americans. According to the budgeting app Empower, one in three Americans say they have no emergency savings. The median amount set aside for emergencies is just $500.
On Wall Street, stocks climbed Monday after President Trump said U.S.-China trade talks were progressing well. Investors are also watching closely as the Federal Reserve begins its meeting this week. The central bank is widely expected to cut interest rates for the first time since 2024. Experts advise that if rates do drop, the smartest financial move for consumers is to pay down high-interest credit card debt.
Another survey reveals surprising trends in family finances. Research commissioned by Achieve and conducted by Talker Research found that nearly one in three parents discovered their children had made online purchases without permission. On average, these unapproved shopping sprees cost families about $170. Despite the risks, 23% of parents admit they rarely or never check their children’s debit or credit card activity, and 11% say they rarely or never require permission before kids make digital purchases.
