Finding balance in addressing the housing crisis without sacrificing our way of life
Hidden Valley in the McCullough Range south of Henderson and east of I-80. (Photo: Kyle Roerink)
Arguing over how to use the land in Nevada has defined the political conversation for a long time, starting with statehood, running through the Cliven Bundy saga, and up to the present moment with the debate over what role public lands should play in addressing the housing crisis. The availability of thriving natural places is a blessing that we need to manage carefully to make sure Nevada stays a great place to live and work as we also work to expand affordable housing for working families.
It's important to add some context to the current push to liquidate these places for development.
The 'Sagebrush Rebellion' kicked off in Nevada nearly half a century ago by special interests that wanted to gain control over public property for their own commercial gain. It continued on through Mr. Bundy's challenge to public ownership of land he refused to pay to use. And unfortunately, it's rearing its ugly head again in the conversation, this time under the pretext of mass disposal of public lands to create affordable housing.
Modern day sagebrush rebels have seized on the affordability crisis to create a narrow private gain from public resources. One proposal in Congress from Utah Sen. Mike Lee, a longtime opponent of public ownership of public lands, would create the broad liquidation of public lands under the deceptive guise of creating more housing. That legislation doesn't mention the word 'affordable' once, meaning that it could be sold to anyone from politically-connected billionaires to wealthy real estate developers who want to create high end housing for the super-rich.
There are frankly no details available to confirm that the latest Trump administration is much better. As they have done with so many other initiatives, the administration issued a press release before the policy, so there's no telling if the ultimate use of this land will be for Tesla server farms or places Nevadans can afford to rent or buy.
Public lands are supposed to benefit the public. Period. That's why any sales for the purposes of housing should truly create affordable options for working people.
Fortunately, there are already tools in place that accomplish this goal. Regulations currently in place at the Bureau of Land Management require such lands to be sold only when it benefits the 'national interest' – exactly what's at stake in the campaign for affordable housing. A bill recently passed with bipartisan support to make some administrative U.S. Forest Service lands available for lease for the purposes of affordable housing.
These measures are a better path for Nevada and other states with fast-growing communities across the West, and they've already been used to create more affordable housing right in our backyard.
Public lands conservation is an important tool for managing growth. They provide essential services like clean water filtration and and air purification—services that benefit everyone, not just those who live near them. Surging ahead without protecting these important resources will not benefit anyone in the long-run.
As the conversation continues around how to tackle the housing crisis, we urge decision-makers to consider policies that are not just focused on short-term solutions but that also preserve our public lands for the long term. With Lake Mead sitting at only one third of capacity we can't throw the baby out with the bathwater (if you'll pardon the expression) through a wholesale liquidation of public lands that includes no guarantees to protect the public interest.
If public lands are truly to benefit the public, then we must make sure any that are sold or leased are guaranteed to be used for affordable housing. And we must ensure that some other lands are protected for their water resources and the quality of life they create for our families.
The majority of people in Nevada and around the West want a balanced approach to public lands management, not a return to the tired old fights of the past. Our leaders have a chance to chart a new path. Let's hope they hear us.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
32 minutes ago
- Yahoo
Elon Musk backtracks on Trump criticism. How will the tech world react?
Days after a fiery online feud seemed to signal an end to the relationship between Elon Musk and President Donald Trump, the tech billionaire has backtracked. In a social media post early on Wednesday, Musk expressed regret for the very public feud, saying he went 'too far.' Musk also shared he thinks it was 'worth it' to have his net worth drop while he worked with the Trump administration on the Department of Government Efficiency. After becoming one of the leading voices of the MAGA movement before and after the 2024 election, the dispute between the president and Musk shocked their Republican supporters. While Trump has made a few comments about the fight on social media and to the press, including firing off a few warnings Musk's way, he's mostly sidestepped questions from reporters. Now, Musk seems ready to reconcile, but whether Trump is ready to repair the relationship is less clear. The relationship between Musk and Trump, and Trump and other tech industry titans, seemed to indicate the political maturation of Silicon Valley as they work to shape public policy to their benefit. But Musk's rise and fall is also a warning to those same titans, a clear example of the risks of engaging in the messy world of politics. Musk's posts come just days after the president told NBC News that the former DOGE leader was 'very disrespectful to the office of the president.' During their spat, Trump threatened that Musk's company SpaceX could face a termination of government contracts and potentially other retribution. It's unlikely that Trump will cancel SpaceX's contracts 'anytime soon,' Dan Grazier, a senior fellow at a national security think tank, told NPR. Musk in response threatened to decommission SpaceX's Dragon spacecraft, but later walked it back. The feud began over Musk's displeasure with the Trump-backed 'big, beautiful bill,' which cleared the House last month. The bill would cut electric vehicle credits and could hurt his other company, Tesla. But John Helveston, a professor at George Washington University, told NPR the end of federal EV credits may not hurt Tesla as much as its competitors. Musk, a multibillionaire serial entrepreneur, spent much of the last several months positioned beside the president. His role in the Trump administration sparked concern among critics over what sway he had over Trump's decision-making, but hope among those who thought the duo could change the way Washington works. Peter Loge, a public affairs and political communications professor at George Washington University, said it may have seemed like Musk's influence on the president was 'higher and different' than other advisers, but, in reality, there's historical precedence. In the past, railroad titans, industrialists and shipping magnates have all sought to have power over government and its policymaking. Now, it's the tech sector, Loge said. 'It's a small collection of really rich people who get a lot of attention and who think they know best; they try to exert their force over public policy,' he told the Deseret News. Trump's inauguration ceremony was striking, as a string of powerful tech CEOs from Silicon Valley, including Meta's Mark Zuckerberg, Amazon's Jeff Bezos, and Musk, sat behind the president during his address. This growing influence comes at a time of significant change for the industry. 'A lot of these companies like crypto and AI are new to Washington and are new to trying to influence public policy. They could ignore Washington and do their own thing, and they discovered what Google, Microsoft and every other organization coming out of Silicon Valley discovered in the past decades, which is that you ignore Congress at your own peril,' Loge said. Pundits have also pointed to other tech giants who may step in to replace Musk, including venture capitalist Peter Thiel, who already has a relationship with Trump. Thiel has long been in Trump's orbit, endorsing his 2016 campaign and signaling the relationship between the tech world and Trump-era politics. There's a spiderwebbing impact that stems from Thiel, as Fortune highlighted in a report. Musk may now rely on his relationships in the tech world and with others in the administration, like Vice President JD Vance, to try to get back into Trump's favor. Meanwhile, the tech world will need to decide how far to lean into their political relationships. 'I'm heartened to see that we have, over the past two decades, seen a significant increase in terms of our political influence and engagement and we hope it continues to grow,' Ahmed Thomas, the CEO of the nonpartisan business association Silicon Valley Leadership Group, said. However, Thomas noted that going forward, he believes the tech industry should focus on emerging technologies, workforce development opportunities and be less dependent on the loudest voices in the room. 'I think for so many people, there's a focus not on opportunity, but rather where we have … more personalities and conflict,' he said. Regardless of whether Trump cuts out Musk entirely, or shifts his attention to another major tech player, Loge noted that Musk's dramatic rise and fall in the Trump administration is representative of a larger conversation about the relationship between wealth and political power. 'I think that, even as we wrestle with this new question, right, 'What about Elon Musk? What about crypto? What about AI?' It's important to remember that these are in many ways, very old questions about the connection between truth, persuasion, power and democracy,' Loge said.


San Francisco Chronicle
36 minutes ago
- San Francisco Chronicle
Colombia's president bypasses lawmakers and issues decree to let voters decide on labor reform
BOGOTA, Colombia (AP) — Colombian President Gustavo Petro on Wednesday bypassed legislative opposition and signed a decree summoning voters to the polls in August to decide changes to the country's labor laws, including whether workdays should be limited to eight hours. The decree fulfilled Petro's threat to Congress to put his labor system overhaul before voters should senators not approve the 12-question referendum themselves. He issued the measure in a tense political climate following the Saturday shooting of opposition senator and presidential candidate Miguel Uribe Turbay during a public event. The referendum has become the crux of long-running tensions between the executive and legislative branches. After Congress rejected Petro's labor reform twice, most recently in March, he sent lawmakers a 12-question referendum proposal on May 1 as Colombian law requires that the Senate rule on the advisability of referendums. The legislative body two weeks later voted 49-47 against the measure, prompting Petro to accuse lawmakers of fraud. Petro, Colombia's first leftist president, has accused Congress of working against the interest of workers and has asked them to demonstrate across the country. The referendum's questions include whether workers should receive double pay if they work during holidays; whether daytime workdays should end at 6 p.m.; and whether open-ended contracts should be offered to workers to prioritize job stability. The disagreements between Petro and Congress date back to the start of his term in 2022, but they have heightened as he seeks to consolidate his legacy ahead of next year's legislative and presidential elections. Uribe remained in critical condition Wednesday following his shooting in broad daylight Saturday during a political rally in the capital, Bogota. Authorities investigating the motive have not ruled out the possibility that it was a targeted attack on the opposition. They are also considering whether it was an attempt to destabilize the current government, or retaliation by illegal armed groups. In anticipation of court challenges, Petro on Wednesday said his government will send the decree to Colombia's Constitutional Court for review. At the same time, the Council of State is considering a lawsuit seeking to annul the Senate's vote.
Yahoo
36 minutes ago
- Yahoo
Trump tariffs live updates: Trump says he will set unilateral tariff rates within weeks
President Donald Trump told reporters on Wednesday that he would send letters to trading partners in the next week or two setting unilateral tariff rates. 'At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,' the president said at the Kennedy Center in Washington. Soon after introducing steep new tariffs that roiled markets, Trump instituted a pause on his most punishing duties that expires July 9. His latest comment, however, only muddies the waters about what could happen next as the deadline approaches. Earlier on Wednesday, Treasury Secretary Scott Bessent told Congress that it is "highly likely" that the tariff pause would 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 Tuesday, the US and China agreed to a framework and implementation plan to ease tariff and trade tensions. 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data