Bloomberg Daybreak: China Confirms Trade Framework
1) China said it has further confirmed details of a trade framework with Washington, echoing US Commerce Secretary Howard Lutnick's earlier comments about a US-China agreement that stabilized ties. 2) Stocks gained as the US moved closer to trade deals with China and other major trading partners, while expectations are rising for Federal Reserve interest-rate cuts this year. 3) The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 'revenge tax' proposal from President Donald Trump's tax bill.
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Bloomberg
15 minutes ago
- Bloomberg
Stocks Advance Amid Trade Talks; Nike Jumps on Positive Outlook
Stocks climb as the US and China confirm a trade framework has been signed. The Treasury Department announces a deal with G-7 allies to remove the Section 899 "revenge tax" proposal from President Trump's tax bill. Nike extends gains after its quarterly revenue beat estimates. The sportswear company predicts its yearlong sales decline to ease. Viktor Hjort of BNP Paribas and Keith Lerner of Truist discuss the strength in the equity market. 'Bloomberg Brief' delivers the market news, data and analysis you need to set your agenda. (Source: Bloomberg)
Yahoo
16 minutes ago
- Yahoo
Barstow tourism summit sparks buzz: Is Inland Empire the next big travel destination?
Visitors from across the High Desert and region attended the Inland Empire Tourism: The Regional Summit 2025 at the historic Barstow Harvey House and the newly reopened California Route 66 Mother Road Museum. The event was considered by Discover Inland Empire as the only official annual tourism conference and international marketplace dedicated to San Bernardino County and Riverside County. Over 250 attendees, 30 sponsors and more than 25 speakers attended the May event, which was hosted by Discover Inland Empire. They spotlighted the region's transformation into one of California's most sought-after travel destinations. 'This year's Summit took the form of an energetic 'open house,' uniting elected officials, community leaders, Route 66 champions, travel suppliers, global buyers, and media under one roof,' Discover Inland Empire officials said. President & CEO of Discover Inland Empire Freddy Bi set the tone with the statement, 'Travelers today either go where everyone goes, or where no one has gone before.' Hidden gems and top spots: Best summer camping spots in the California High Desert Bi added that with more than 60 million people and 19 million vehicles passing through Barstow each year, the upcoming U.S Route 66 Centennial in 2026 presents a once-in-a-generation opportunity to position the Inland Empire and greater Southern California as a leading travel destination. 'This milestone is also a powerful catalyst to boost tourism, uplift small businesses, and fuel sustainable economic growth across the region,' Bi said. Route 66 or "The Mother Road" was commissioned on November 11, 1926, and stretched nearly 2,448 miles from Chicago to Santa Monica, historians said. In its heyday, Route 66 was one of the nation's first continuous stretches of paved highway and served as a major path for those who migrated West. Victorville resident Sylvia Romo, the 2025 Classic California Route 66 Queen, who visited the summit said, 'It was inspiring to see old friends, meet new community partners, and kick off the Route 66 Centennial Celebration with such excitement and unity." Old Route 66: Spirit Shop liquor store celebrates Diamond Anniversary Barstow Mayor Tim Silva and San Bernardino County Director of Economic Development Derek Armstrong, welcomed participants to the summit. Visit California's Senior Vice President of Marketing Lynn Carpenter delivered a keynote highlighting statewide tourism trends and the Inland Empire's growing role in California's travel economy. Thanks to a robust collaboration with Visit California, travel spending in San Bernardino and Riverside counties surged to $16.7 billion in 2024, supporting more than 155,900 regional jobs, Discover Inland Empire officials stated. General Manager of Yaamava' Resort and Casino at San Manuel Kenji Hall shared the recent reclamation of the ancestral name, Yuhaaviatam of the San Manuel Nation, along with ongoing investments in innovation, recruitment and talent development. The panel discussion, 'Endless Ways to Experience Route 66 in San Bernardino County' brought together civic leaders from cities and communities spanning Needles to Upland, representing nearly 80% of California's portion of Route 66. The conversation focused on the revitalization of legendary Old Route 66, a movement being spearheaded by Bi as a member of the California Route 66 Task Force. Bi and his team are working to preserve the old highway's historic charm while unlocking its potential as a driver of economic development, cultural tourism and community pride, organizers stated. 'Endless Ways to Play in Riverside County' featured leaders from across the county's five districts, which represented sectors like retail, film, workforce development, regional parks, and economic development. The panel celebrated the power of cross-sector collaboration, showcasing how global travel buyers and media have been successfully drawn to attractions such as The Cheech, Ramona Bowl Amphitheatre, Idyllwild Regional Park, and Desert Hills Premium Outlets through strategic partnerships with Discover Inland Empire. The summit concluded with the panel, 'SoCal Is Who We Are,' featuring leading executives from Discover Los Angeles, Visit Anaheim, Ontario International Airport and San Bernardino International Airport. Panelists championed the power of unified branding to elevate Southern California on the global stage, especially in anticipation of key events and projects like the Route 66 Centennial, OCVIBE, DisneylandForward and the 2028 Olympic & Paralympic Games held in Los Angeles. Attendees also participated in the International Marketplace, where more than 60 global travel professionals and media outlets connected with local destinations and tourism businesses, laying the groundwork for fresh partnerships, international promotion and long-term growth for the Inland Empire. For more information, visit Note to readers: If you appreciate the work we do here at The Daily Press, please consider subscribing yourself or giving the gift of a subscription to someone you know. Daily Press reporter Rene Ray De La Cruz may be reached at RDeLaCruz@ Follow him on X @DP_ReneDeLaCruz This article originally appeared on Victorville Daily Press: Inland Empire: How Route 66 is shaping California's top travel hub
Newsweek
19 minutes ago
- Newsweek
Families Face $2,150 Bill from Trump's Immigration Policies—Study
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Families could see their annual expenses rise by $2,150 due to President Donald Trump's hardline deportation policies, according to a new report by The additional costs stem from stricter rules, including work permit cancellations, mass deportations, and reduced legal immigration, which are expected to drive up prices for everyday goods and services nationwide. An expert told Newsweek that removing immigrant workers leads to shortages in goods and services, which in turn pushes prices higher. Why It Matters Trump vowed to conduct the largest mass deportation effort in United States history as part of his hardline immigration policies. However, the proposal has raised concerns about its impact on the U.S. economy. Agricultural production could decline by $30 billion to $60 billion if Trump's deportation policy is fully enacted, according to the American Business Immigration Coalition. A reduced labor force in sectors like agriculture and construction leads to supply shortages and higher labor costs, which are then passed on to consumers. Meanwhile, the American Immigration Council projects that the president's mass deportation policy could slap a one-time cost of $315 billion. Stock image of U.S. currency. Stock image of U.S. currency. Soeren Stache/picture-alliance/dpa/AP Images What To Know The cancellation of work permits for individuals with Temporary Protected Status, Deferred Action for Childhood Arrivals (DACA), and other protected statuses could result in nearly 2.6 million workers leaving the labor force. This includes significant numbers in the agriculture, construction, and hospitality sectors, leading to potential shortages and increased prices in these industries. "The administration has been warned repeatedly that the immigration crackdowns would harm the whole economy. This report starts to quantify the exact costs to American families," Frank Knapp, managing director of the Secure Growth Initiative, a coalition of small businesses advocating for comprehensive immigration reform that grows the economy, told Newsweek. "When immigrant labor is taken or made afraid to go to their jobs, goods and services become in short supply thus driving up cost," Knapp said. The projected $2,150 annual increase in household expenses is comparable to the average American family's grocery bill for three months or their combined electricity and gas bills for the entire year. With many families already struggling to save, these additional costs could further strain household budgets. According to the report, the average American grocery bill could increase from $165 to $195 per week over the next four years. In the same period, the median price of a new home is expected to rise from $420,000 in 2024 to $468,000 by 2028. Democratic lawmakers criticized Trump's immigration policies, emphasizing the need for approaches that support economic growth and family unity rather than causing fear and hardship. "We need policies that grow our economy and keep families together, not ones that terrorize our communities and make it harder for everyone to make ends meet," said Democratic Senator Alex Padilla of California. "At a time when New Mexico families are already burdened by high costs, this report underscores how the administration's immigration policies risk further straining our economy and are driving up prices," Senator Ben Ray Luján, a Democrat from New Mexico, said in a statement. It comes after Federal Reserve Chair Jerome Powell, speaking at a Congressional hearing, said that the Trump administration's deportation policies have contributed to the slowdown in U.S. economic growth. His remarks align with economists' concerns that targeting the removal of workers through immigration enforcement would impact the economy negatively. What People Are Saying Frank Knapp, managing director of the Secure Growth Initiative, told Newsweek: "Small businesses are also the victims of this immigration chaos. Not only are their workers missing, immigrant families have pulled back on consumer spending with their local small businesses. Congress needs to take charge and create a pathway for the undocumented and all the threatened immigrant groups to earn a permanent legal status. Small businesses need the labor of immigrants regardless of their legal status." California Senator Alex Padilla, in a statement: "The Trump administration's mass deportation agenda and push to strip work permits from hardworking immigrants will not just tear families apart, it will raise costs for every American. Immigrants are essential to our economy, and removing them from our communities will make groceries, housing, and everyday services more expensive, especially for working families." New Mexico Senator Ben Ray Luján, in a statement: Revoking work authorizations, pursuing mass deportations, and instilling fear in communities are not solutions—they are ineffective and this report details how they are harmful to the economy. I've long stood with our immigrant communities and will continue advocating for policies that are smart, equitable, and keep New Mexicans safe." President Todd Schulte, in a statement: "If we want to stabilize the costs of goods and services for Americans while also uphold the best of American family values, Congress and the administration should maintain work permits for temporarily protected immigrants, stop mass deportation plans, and find new pathways to legalize immigrants, while also investing in the full functioning of our legal immigration system."
