Morning Business Report: U.S.-China trade talks resume, AstraZeneca opens new plant, stocks dip
The U.S. and China are set to restart trade negotiations this week in Switzerland.
(LILAMAX)- The U.S. and China are set to restart trade negotiations this week in Switzerland. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will lead the American delegation in what will be the first confirmed talks since President Trump announced sweeping tariffs, including 145% levies on Chinese imports.
Both the Chinese and U.S. governments released statements Tuesday confirming the meetings. Bessent also revealed that the U.S. is currently negotiating trade agreements with 17 of its largest partners, though he cautioned that finalizing those deals could take until the end of the year.
In a major boost to American biotech manufacturing, AstraZeneca opened its first U.S.-operated cell therapy factory in Rockville, Maryland. The $300 million facility is part of the U.K.-based pharmaceutical company’s $3.5 billion investment in American innovation and will focus on cancer treatments. AstraZeneca called the move a reflection of its confidence in the U.S. as a global leader in science and manufacturing.
Stocks edged lower Tuesday morning as investors await the Federal Reserve’s latest decision on interest rates. Market watchers are staying cautious amid ongoing inflation concerns and economic uncertainty.
The United Auto Workers is urging automakers to build more vehicles in the U.S. The union argues that underutilized auto plants across the country offer major opportunities to create up to 90,000 new manufacturing jobs if operated at full capacity. However, analysts warn that automation and global supply strategies could limit that potential.
Mother’s Day shoppers may see higher flower prices this year, thanks in part to tariffs. Roughly 80% of flowers sold in the U.S. are imported, mostly from Colombia and Ecuador. In 2024 alone, Americans imported $2.2 billion in cut flowers and greenery. Experts suggest buying from local growers or being open to different varieties to keep costs down.
