Kohl's Fires CEO for Violating Policy
Bloomberg The Open
Kohl's Corp. fired CEO Ashley Buchanan after the board found he directed the company to do millions of dollars of business with someone he had a personal relationship with on 'highly unusual terms.' Shelly Banjo has more on "Bloomberg Open Interest." (Source: Bloomberg)
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Axios
2 hours ago
- Axios
U.S., China reach "framework" to activate Geneva trade deal
The U.S. and China have agreed on a "framework" to implement a trade deal struck last month, pending approval from both countries' leaders, Commerce Secretary Howard Lutnick said on Tuesday. Why it matters: Progress on trade peace with China, particularly if it resolves the issue of crucial Chinese rare earth minerals exports, would be a boon to an economy and markets that have struggled for months with the impact of President Trump's tariff program. Catch up quick: After a series of tit-for-tat retaliations in April, the world's two largest economies effectively had a trade embargo in place, with 145% U.S. tariffs crushing imports from China. The sides announced a trade deal that included a 90-day pause on most of those tariffs on May 12 after a weekend of high-level talks in Geneva. Only days later, the U.S. issued global restrictions on the use of certain Chinese chips from Huawei Ascend, saying they were developed in violation of U.S. export controls. The Chinese reacted furiously, and soon there were reports the government was restricting exports of the rare earth materials needed for hundreds of the world's most important high-tech products. The U.S. subsequently retaliated with a move to restrict and withdraw visas for Chinese students. Where it stands: Trump and Chinese leader Xi Jinping spoke for 90 minutes last Thursday about trade issues, and agreed to high-level talks immediately. That led to this week's meeting in London. "We have reached a framework to implement the Geneva consensus," Lutnick told reporters in London Tuesday night after marathon trade talks, Bloomberg reported. The Wall Street Journal reported that Tuesday's deal would essentially get the May 12 deal back on track, including the lowered tariffs and the loosened Chinese restrictions on rare earths. Between the lines: The trade war is squeezing both economies.
Yahoo
2 hours ago
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Bessent Returns to Washington as US-China Talks Stretch On
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Bloomberg
2 hours ago
- Bloomberg
US, China Agree on Framework to Implement Geneva Deal
The US and China have agreed to a preliminary deal on how to implement the consensus the two sides reached in Geneva, US Commerce Secretary Howard Lutnick told reporters in London. The delegations will take the proposal back to their respective leaders for approval, after which they will seek to implement it. (Source: Bloomberg)
