Your AI-powered credit card will shop for you now
We've already ditched our regular shopping trips in favor of home delivery. Why not go one step further and put an AI assistant in charge of running our errands?
That's the premise behind AI-powered shopping, launched this week by two credit card giants. Visa's "Intelligent Commerce" allows AI agents to "find and buy." Mastercard's "Agent Pay" lets users to chat with AI agents to create a shopping list, make the purchases and recommend the best way to pay (the likely recommendation is your credit card).
Once you set your budget and your preferences, an AI agent does the rest — buying everything from a new pair of shoes and a weekly round of groceries to booking a trip and completing your holiday gift list.
'We think this could be really important,' Jack Forestell, Visa's chief product and strategy officer, told The Associated Press. 'Transformational, on the order of magnitude of the advent of e-commerce itself.'
Other companies have announced similar services. Amazon is testing an AI agent called "Buy for Me." PayPal is jumping on the trend, too.
Consumer advocates aren't as eager. Ben Winters, director of AI and data privacy at the Consumer Federation of America, told NewsNation that AI companies running the services are "hungry for data."
'So, there's multiple entities using that data for their own benefit in ways that you might not even know," he said.
Visa told The Associated Press that consumers will still have control over their spending by giving their AI agents limits. After all, Americans' credit card balances totaled $1.21 trillion at the end of last year, according to the Federal Reserve of New York.
But in this economy, we might prefer letting an AI bot look at the bill.
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Newsweek
43 minutes ago
- Newsweek
Trump's EPA Scraps Air Protections in Effort to Revive Coal Power
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. The Environmental Protection Agency (EPA) announced Wednesday that it will seek to scrap two rules on power plant pollution as part of the Trump administration's effort to encourage more use of fossil fuels such as coal, a major source of greenhouse gases and toxic emissions that contribute to disease and premature deaths. "Since President Trump was sworn in, we have been working to end this agency's war on so much of our U.S. domestic energy supply," EPA Administrator Lee Zeldin said at a ceremony at EPA headquarters. The EPA is proposing to repeal two Biden-era rules that would make new and existing power plants cut pollution. The 2024 Carbon Pollution Standards would limit greenhouse gases from power plants, and the 2024 changes to the Mercury and Air Toxics Standards would have reduced emissions of harmful metals in emissions, primarily from coal. The power plant rules are among more than 30 regulations that Zeldin pledged to undo in March in what he called the biggest deregulation action in U.S. history. President Donald Trump speaks alongside coal and energy workers during an April executive order signing ceremony in the White House. The Trump administration has elected to roll back Biden-era environmental policies with the intention to... President Donald Trump speaks alongside coal and energy workers during an April executive order signing ceremony in the White House. The Trump administration has elected to roll back Biden-era environmental policies with the intention to help revive coal-fired plants. MoreThe changes will not immediately take effect, Zeldin said—the announcement Wednesday will trigger a public comment and rule-making period. Zeldin claimed the final repeal of the rules would save ratepayers more than $1 billion a year. "These rules have saddled our power sector with expensive, unnecessary and burdensome regulations," Zeldin said. In its proposal, the EPA argued that U.S. power plants do not contribute a significant amount to global greenhouse gas emissions. However, the U.S. power sector is responsible for about one-quarter of the country's total emissions, second only to the transportation sector. Zeldin's claims of cost savings are also undermined by the health costs associated with the rollbacks. "No power plant will be allowed to emit more than they do today," Zeldin said. However, repealing the rules means Americans would continue to be exposed to the current levels of harmful pollutants. Data from Zeldin's own agency shows that the 2024 carbon pollution standards would save lives by also reducing the other pollutants such as soot that lead to heart and lung disease. EPA estimates that the standards would prevent about 1,200 premature deaths in 2035. Environmental and public health groups pledged to fight the proposed rollback. "It's an extraordinary and reckless action by the head of the Environmental Protection Agency," Vickie Patton, general counsel for the Environmental Defense Fund, told Newsweek. "The fleet of power plant smokestacks in our country are the single largest industrial source of carbon pollution in the nation, it's just a staggering amount of pollution." Republican members of Congress from coal and gas-producing states joined Zeldin at the announcement in support. They said the changes would allow their states to keep in place fossil-fueled plants that might otherwise be shuttered. Ohio Representative Troy Balderson said the Biden-era rules "would have forced our most reliable sources into early retirement," threatening the reliability of the electric grid. West Virginia Representative Carol Miller, a co-chair of the Congressional Coal Caucus, said the country needs the dependable baseload power that coal provides. "We must unleash American coal, not bury it under red tape," Miller said. Miller lamented the decline of the coal industry in her state. Twenty years ago, coal was the nation's top fuel source and provided a little more than half of the country's electricity. By 2023, it had fallen to the fourth-highest energy source, providing only about 16 percent of U.S. electricity generation, according to the Energy Information Administration (EIA). A chart from the Energy Information Administration showing changes in the makeup of U.S. electricity generation over time. The brown section at the bottom shows the decline of coal as a fuel over the past... A chart from the Energy Information Administration showing changes in the makeup of U.S. electricity generation over time. The brown section at the bottom shows the decline of coal as a fuel over the past 20 years. More Energy Information Administration Coal mining employment has also sharply declined over the decades. Department of Labor statistics show about 45,000 people were employed in coal mining in 2023, roughly 60 percent of the number employed a decade earlier. In West Virginia, the state with the highest number of coal miners, coal employment dropped from about 21,000 in 2010 to 14,000 in 2023. Trump's high-profile effort to bring back coal in his first term in office did little to slow the decline. West Virginia and the nation had fewer miners when he left office in 2021 than when he entered it. The coal industry and its allies in Congress frequently blame the industry's woes on environmental regulations, a so-called "war on coal." But energy market analysis shows that the main reason behind coal's demise is simply that other cheaper and cleaner energy sources have become more available. The boom in natural gas supplies led many power companies to switch fuels, and gas is now the country's top source of electricity generation. Natural gas demand is projected to rise, but analysts also point to cost concerns with gas as both domestic use and exports of liquified natural gas climb. More recently, renewable energy has become the go-to source for new power. Last year, the EIA reported wind, solar and battery storage together accounted for more than 90 percent of new electricity capacity added to the U.S. grid. Electricity demand is projected to surge in the coming years, and many power companies find that renewable energy and battery storage is the fastest, cheapest way to add power supply. Globally, investments in clean and low-carbon energy are expected to be twice those in fossil fuel, according to the International Energy Agency (IEA). The IEA's recent report on energy investment found about $2.2 trillion dollars flowing to solar, wind, nuclear power, battery storage, energy efficiency measures and low-emissions fuels. Coal, meanwhile, has become pricier. A 2023 analysis by the non-partisan think tank Energy Innovation found that 99 percent of U.S. coal plants were more expensive to run compared to replacement by renewable energy and battery storage. Even before the clean energy incentives offered by the Biden administration, about 77 percent of coal plants were more expensive than solar and wind. The extra cost to operate coal plants often gets passed along to ratepayers, as happened when the Trump administration used its emergency powers to order local utility regulators in Michigan to prolong the use of an old coal-fired power plant slated for closure. Michigan's Public Service Commission estimated that the order could cost ratepayers millions of dollars. The cost of air pollution is also a burden on the public in the form of additional premature deaths, illnesses, hospitalizations and lost work days due to asthma and other lung diseases linked to dirty air. One of Zeldin's predecessors at the EPA, Gina McCarthy, said the health effects of eliminating the rules would fall disproportionately on the most vulnerable people. "By giving a green light to more pollution, his legacy will forever be someone who does the bidding of the fossil fuel industry at the expense of our health," McCarthy, who served as the 13th EPA administrator under President Barack Obama, said in a statement. "It's a purely political play that goes against decades of science and policy review."
Yahoo
an hour ago
- Yahoo
Trump Says He Has a Deal With China. He Really Doesn't.
President Trump continues to tout loose, verbal agreements as 'deals' as he struggles to close negotiations with China. 'OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!),' the president wrote in all caps Wednesday on Truth Social. 'WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!' While Trump claimed the deal was done, China referred to it as merely a 'framework.' Commerce Secretary Howard Lutnick went even further, calling it a 'handshake for a framework,' that both Trump and Chinese President Xi Jinping need to approve. 'Once that's done, we will be back on the phone together and we will begin to implement this agreement,' Lutnick said. 'The two largest economies in the world have reached a handshake for framework.' Furthermore, this 'deal' only revives the agreement the countries made in Switzerland in May that rolled back tariffs for 90 days. And the 'rare earths' that Trump claims he'll be receiving 'up front' here will only be available for six months, allowing China to maintain leverage. 'The US & Chinese trade negotiators have negotiated a handshake agreement to seek signoff to agree that a previously-agreed agreement is still their agreed upon agreement. (That agreement is not an agreement but a framework for seeking future agreements),' University of Michigan economics professor Justin Wolfers wrote on X. 'Notice that not only are we not getting a better deal, we're not even getting back to where we were at the start of the Administration.' The president seems desperate to make this seem like a win. It's a concept of a idea that, even if finished, will not leave Americans any better off.
Yahoo
an hour ago
- Yahoo
Trump tariffs live updates: Bessent suggests pause extension, US-China trade framework takes shape
Treasury Secretary Scott Bessent told Congress that it is "highly likely" that a pause related to steep new US tariffs on other countries will be extended for countries that are negotiating with the administration "in good faith." "There are 18 important trading partners — we are working toward deals on those — and it is highly likely that those countries that are ... negotiating in good faith, we will roll the date forward," Bessent said during testimony before the House Ways and Means Committee. On April 9, after President Trump's announcement of steep new tariffs across global trading partners roiled markets, Trump imposed a 90-day pause on the import taxes. The US continues to negotiate new trade deals with various countries, as well as the European Union. Earlier on Wednesday, US and China agreed to a framework and implementation plan to ease tariff and trade tensions on Tuesday. President Trump signaled his approval, saying the deal was "done" pending sign-off from him and Chinese President Xi Jinping. Trump and other US officials indicated the deal should resolve issues between the two countries on rare earths and magnets, though reports later indicated China would only loosen restrictions on rare earth mineral exports for a six-month period. Trump also said the US will allow Chinese students in US colleges, a sticking point that had emerged in the weeks following the countries' mid-May deal in Geneva. Trump said the US would impose a total of 55% tariffs on Chinese goods. Yahoo Finance's Ben Werschkul reports, citing a White House official, that Trump arrived at that figure by adding together an array of preexisting duties and not any new tariffs. Meanwhile, though Trump's most sweeping tariffs continue to face legal uncertainty, on Tuesday, the president received a favorable update. A federal appeals court held a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them "unlawful." Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Treasury Secretary Scott Bessent told House lawmakers on Wednesday that the Trump administration may extend the 90-day tariff pause on some countries in order to continue trade negotiations. When asked if Americans should prepare for another "Liberation Day" on July 9, when the tariff pause ends for most countries, Bessent said that the administration may choose to move the deadline on 18 of the most important trading partners, so long as they make an effort to come to the negotiating table. "We are working toward deals on those, and it is highly likely that [for] those countries — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the day forward to continue good faith negotiations," Bessent said (see video below). "If someone is not negotiating, then we will not." A recent report on the drastic decline of US ocean imports serves as an example of how President Trump's increased tariffs on China affected supply chains and several industries as ttalks continue. Reuters reports: Read more here. The Treasury Department says that the US government is successfully using tariffs to decrease the budget deficit by more than $30 billion, largely due to increased customs receipts. Reuters reports: Read more here. China will ease curbs on exports of rare earth minerals for six months as part of a new trade understanding with the US, according to The Wall Street Journal. The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up. From the report: In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions. Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal. "A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee. When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that." "We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive." The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant. Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs. Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls. He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us." May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases. The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain. Yahoo Finance's Allie Canal reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Treasury Secretary Scott Bessent told House lawmakers on Wednesday that the Trump administration may extend the 90-day tariff pause on some countries in order to continue trade negotiations. When asked if Americans should prepare for another "Liberation Day" on July 9, when the tariff pause ends for most countries, Bessent said that the administration may choose to move the deadline on 18 of the most important trading partners, so long as they make an effort to come to the negotiating table. "We are working toward deals on those, and it is highly likely that [for] those countries — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the day forward to continue good faith negotiations," Bessent said (see video below). "If someone is not negotiating, then we will not." A recent report on the drastic decline of US ocean imports serves as an example of how President Trump's increased tariffs on China affected supply chains and several industries as ttalks continue. Reuters reports: Read more here. The Treasury Department says that the US government is successfully using tariffs to decrease the budget deficit by more than $30 billion, largely due to increased customs receipts. Reuters reports: Read more here. China will ease curbs on exports of rare earth minerals for six months as part of a new trade understanding with the US, according to The Wall Street Journal. The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up. From the report: In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions. Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal. "A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee. When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that." "We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive." The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant. Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs. Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls. He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us." May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases. The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain. Yahoo Finance's Allie Canal reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Sign in to access your portfolio
