Morning Business Report: Trade talks shift, wages rise, coffee competition heats up

U.S. trade officials are scaling back their ambitious global trade goals just days ahead of a key July 9 deadline.

(LILAMAX)- U.S. trade officials are scaling back their ambitious global trade goals just days ahead of a key July 9 deadline. According to The Financial Times, the Trump administration is moving away from its original “90 deals in 90 days” push and instead pursuing phased agreements with select countries. Sources say the European Union may agree to a 10% tariff on certain goods—if the U.S. lowers trade barriers on items like alcohol and semiconductors. Talks are ongoing.

Meanwhile, millions of Americans are seeing a pay boost this month as minimum wage hikes take effect in states and cities across the country. Around 888,000 workers are expected to benefit. Washington State now leads with a $20.24 hourly wage, followed by Oregon at $15.05. The federal minimum wage remains at $7.25 per hour.

In the retail world, Amazon is under pressure to raise the cost of its Prime membership. Consultants say a $20 increase—raising the annual fee to $159—could bring in $3 billion without reducing membership. Prime launched in 2005 at just $79 a year.

On the fairway, influencer and former college golfer Tisha Alyn—known professionally as “Tisha All-In”—is launching a women’s golf apparel line. Her designs are built for style both on and off the course, with practical features like tee holders. Look for her brand soon at Golf Galaxy and select country clubs.

Starbucks may have a new challenger. China-based Luckin Coffee has opened two stores in New York City, offering drinks at about 30% less than its rival. The company is leveraging TikTok, digital payments, and speedy service to attract a younger U.S. audience.