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Yahoo
26 minutes ago
- Yahoo
Trump Softens Tone on China to Secure Xi Summit, Trade Deal
(Bloomberg) -- The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say President Donald Trump has dialed down his confrontational tone with China in an effort to secure a summit with counterpart Xi Jinping and a trade deal with the world's second-largest economy, people familiar with internal deliberations said. Six months into his second term, Trump has softened his harsh campaign rhetoric that focused on the US's massive trade deficit with China and resulting job losses. The warmer posture contrasts with his threats against other trading partners to ravage their economies with crushing tariffs. Trump is now focused on cutting purchase deals with Beijing — similar to one he forged during his first term — and celebrating quick wins instead of addressing root causes of the trade imbalances. China posted a record trade surplus in the first half of the year amid booming exports. On Tuesday, the US president said he would be fighting China 'in a very friendly fashion.' In meetings with his staff, Trump is often the least hawkish voice in the room, some of the people said. Administration officials stressed that Trump has always liked Xi personally and pointed to moments in his first term when he nevertheless imposed sweeping restrictions on Huawei Technologies Co. and tariffs on the majority of Chinese exports. Trump's fluid playbook and his departure from promised hawkish policies have worried policymakers inside his administration as well as outside advisers, the people said. This week only exacerbated concerns that previous US red lines with China are now negotiable. Allowing Nvidia Corp. to sell its China-focused, less-advanced H20 chip once again — something multiple senior officials had said was not on the table — reversed the administration's own stated approach of keeping the most critical American technologies out of Beijing's hands. Treasury Secretary Scott Bessent last month cited H20 controls as evidence of the administration's toughness on China when pressed by senators who worried the US could trade advanced semiconductors for the Asian country's rare-earth minerals. While the US will still require approval for such exports — a restriction former President Joe Biden declined to impose — some Trump officials have privately objected to granting licenses they say will only embolden China's tech champions, the people said. Others have argued successfully that allowing Nvidia to compete with Huawei on its own turf is essential to winning the AI race with China. That view, championed by Nvidia Chief Executive Officer Jensen Huang, has gained traction inside the administration, people familiar with the matter said. 'Productive' Talks Trump has the final say in all trade decisions, an administration spokesman said. The president has 'consistently fought to level the playing field for American workers and industries, and the Administration continues to have productive discussions with all of our trading partners,' White House spokesman Kush Desai said. In a further effort to ease tensions, US officials are preparing to delay an Aug. 12 deadline when US tariffs on China are set to snap back to 145% after the expiration of a 90-day truce. Bessent signaled in a Bloomberg Television interview this week that the deadline was flexible. One person familiar with the plans said the tariff truce could be extended another three months. This comes as Trump is rolling out duties for other countries — including key allies — and threatening more actions on industries including pharmaceuticals and semiconductors. Last week, US Secretary of State Marco Rubio said a summit between Trump and Xi is likely. Rubio, once among the staunchest China hawks in the Senate, said he had a 'very constructive and positive' sit-down Friday with Chinese Foreign Minister Wang Yi. 'Big Steps' On Wednesday, Trump praised China's moves to tighten controls on chemicals used to make fentanyl, part of steps taken after the US president imposed a 20% tariff on the nation for facilitating flows of the drug. 'China has been helping out,' Trump told reporters. 'I mean, it's been, it's been a terrible situation for many years with fentanyl. But since I came here, we're talking to them, and they're making big steps.' Some administration officials, meanwhile, are focused on getting China to agree to purchase some volume of to-be-determined US goods and services, people familiar with the matter said. That could satisfy Trump's concerns about the trade deficit but won't do much to close the yawning trade gap over the longer term. Trump's gentler handling of China is causing a rift among his advisers. Some members of his trade team want to hold a tough line against Beijing and have promised privately that export controls would never be part of trade discussions, people familiar with their deliberations said. Yet during last month's trade talks in London, Commerce Secretary Howard Lutnick openly said that recent export controls — officially justified on the basis of national security — were also designed to 'annoy' Beijing. And this week, he — along with Bessent and White House AI and Crypto Czar David Sacks — said plainly that allowing some less-advanced Nvidia chip sales to China is indeed part of ongoing trade negotiations. This development is raising questions about how far Trump would go in negotiating away national security actions if the Chinese demanded it. Some hawkish advisers fear that a further rollback of chip controls is now inevitable, people familiar with the matter said. Others have maintained that allowing sales of H20s — which are far less capable than Nvidia's best models — is a far cry from exporting that leading-edge hardware, which they say is not up for discussion. 'You want to sell the Chinese enough that their developers get addicted to the American technology stack,' Lutnick said Tuesday on CNBC. Closely watching the situation are allies and companies across Europe and Asia whose help the US wants to squeeze China's tech sector. Government and industry officials in those regions have gotten the message that Washington's strategy is subject to change, people familiar with the matter said. A half-dozen tech industry officials who've interacted with Trump's team on China said they often leave meetings wanting details only to see core goals evolve in later discussions. Surprise Reversals In many cases, those in charge of China tech policy have made decisions without involving offices that historically have played a role. Restrictions imposed in May on sales of chip design software to China — which have since been reversed — were part of a raft of Commerce Department measures that came as a surprise to many within the administration, Bloomberg has reported. The decision on H20 chips was also tightly held, people familiar with the matter said. Other actions that have been under consideration for months — including sanctions on Chinese chip giants and an effort to slap curbs on Chinese tech subsidiaries — have been delayed as officials pursue a trade deal. But Trump is also known for reversing course on China often and sometimes quickly after taking a position — as was the case when he fulfilled Xi's personal request to lift sanctions on Chinese telecom giant ZTE Corp. in 2018. He's also susceptible to criticism of his approach, which might indicate Trump could change his tone yet again. 'President Trump is set on a China deal, but it may be short-lived,' said Derek Scissors, a China expert at the American Enterprise Institute. 'The US trade deficit is well higher to date this year and the new budget will boost demand for imports in the fourth quarter. If a record 2025 trade deficit gets reported, all bets are off, including with China.' Beijing has made no secret it believes it has the upper hand. In London, US officials were taken aback by their Chinese counterparts' gloating over the position they find themselves in, people familiar with the exchange said. The Asian country's leverage stems from its grip on rare earth magnets and its ability to weaponize America's dependence on those supplies. China now requires companies to hand over sensitive data and reapply for rare-earth export licenses every six months. --With assistance from Jordan Fabian and Catherine Lucey. (Updates with Trump comments on fentanyl) Forget DOGE. Musk Is Suddenly All In on AI How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P.
Yahoo
26 minutes ago
- Yahoo
Here's what Metro Vancouver mayors and councillors really get paid
Some Metro Vancouver mayors and councillors were able to earn tens of thousands of dollars on top of their official municipal salaries in 2024, according to a Postmedia News analysis. They did so by serving as board members of local and federal organizations, including Metro, TransLink and the Municipal Finance Authority, among others. Outside board payments added at least $2.4 million to city council salaries in 2024 — nearly 16 per cent of the total. The final cost to residents? At least $11.1 million by Postmedia's tally. And at least $4.2 million of that went to Metro's nearly two dozen mayors. To gather the data, Postmedia scoured websites and emailed staff at nearly two dozen local and federal agencies, as well as the municipalities themselves. While technically public, the data wasn't always easy to come by. It took several days to collect. For New Westminster Coun. Daniel Fontaine, the lack of transparency is a concern. New West, along with Richmond, recently passed legislation requiring city councillors to publicly report all compensation, including fees for serving as board members. They're the first municipalities in the province to require such reporting. 'It's not that difficult if you put your mind to it,' Fontaine said. 'Look at members of Parliament, members of the legislative assembly. With one click you can find out exactly how much they are remunerated in any given year. That is completely unavailable at the municipal level. I think it's an oversight.' Fontaine thinks the B.C. government should introduce legislation mandating similar reporting provincewide. On Wednesday, Metro held the first meeting of its governance committee, formed to implement recommendations from a Deloitte Canada report that reviewed the regional authority's management. During the meeting, the subject of remuneration came up repeatedly, with Coun. Lisa Muri of the District of North Vancouver calling it the 'elephant in the room.' Several directors expressed frustration over public complaints about compensation paid to mayors or councillors serving on boards at multiple organizations. They noted Metro already eliminated double meeting fees and made other pay changes recommended during the review. They stressed that the regional authority has no influence over who sits on boards at other agencies, like TransLink, or how much they're paid. Board chairwoman and Vancouver Coun. Lisa Dominato suggested the board could consider asking the province to pass legislation mandating municipal council members publish comprehensive pay information each year. In 2024, eight Metro mayors earned more than B.C. Premier David Eby, who earned $227,000. MLAs in B.C. have a base salary of $119,532.72, with top-ups for additional responsibilities. In contrast, the best-paid council member in 2024 in Metro was Richmond Mayor Malcolm Brodie, who earned a total of $380,000. In addition to a $243,000 salary from the City of Richmond, Brodie earned $51,000 from Metro, $58,000 from TransLink and $28,000 from the Municipal Financial Authority of B.C. (MFA), which provides low-cost financing to B.C. municipalities. The second-highest paid was Burnaby Mayor Mike Hurley. He earned at least $358,000 in 2024, including $73,000 from Metro, $48,000 from TransLink and $1,000 from the MFA — on top of his $235,000 salary. He is the current chairman of Metro's board of directors. Last March, Burnaby Coun. Richard Lee proposed creating and making public an annual financial report that would detail all payments received by Burnaby council members, similar to what recently passed in New West and Richmond. No other council member supported the motion. At the time, Hurley told Burnaby Now that Lee's proposal was 'a waste of staff's time.' Lee disagreed, citing the value of transparency and accountability. 'If the staff can contribute a few hours getting the data and put it on the website then I think the public will be well-served,' Lee told Postmedia. He supported an idea presented in the report of capping either total compensation or the number of boards councillors could sit on. He said it was important for the public to see that councillors 'have enough time to digest the materials for meetings,' saying sometimes directors are given 'whole binders' to read. 'The mayor is a full-time job, sometimes more than that,' he said. 'So in addition to that, if you assume duties in TransLink and Metro Vancouver and other boards than I think there are some concerns. 'Can the person handle that?' Lee said he would likely wait and see if the province would implement a provincewide program before resubmitting his original motion. Staff at Hurley's office said the mayor was out of the country and didn't know if he was responding to media requests. Other council members who took home some of the highest outside compensation in 2024 included Port Coquitlam Mayor Brad West, who earned $106,000 on top of his $194,000 city salary; City of North Vancouver Mayor Linda Buchanan, who earned $83,000 above her $177,000 salary; and Surrey Mayor Brenda Locke, who earned $76,000 on top of her $187,000 city pay. The median (middle) pay of a council member in Metro in 2024 was $78,000, though that ranged from a low of $17,000 in Belcarra to a high of $145,000 in Vancouver. Related B.C. Public Sector Salaries Database: Find out how much public servants make B.C. cuts Metro Vancouver developers a break from soaring fees, backstopped by $250 million in federal cash ngriffiths@
Yahoo
26 minutes ago
- Yahoo
'Your Instincts Will Always Guide You': How Glowbar's Founder Turned Down Pop-Ups And Built A $16 Million Skincare Empire
Rachel Liverman launched Glowbar in 2019 with a decision to avoid distractions dressed as opportunities. She said no to hosting events in the Hamptons and South by Southwest, and turned down early collaborations with outside dermatologists. Those offers were tempting, but she referred to them as "shiny objects" that would have pulled her attention away from building a strong foundation, Liverman told Inc. Glowbar launched with one purpose: consistent, professional skincare delivered in just 30 minutes. According to the Glowbar website, licensed estheticians treat each client based on their skin goals, with no upselling and no confusing treatment menus. Memberships are $65 a month and include one facial, discounts on products, and access to clinical-grade techniques like LED therapy and dermaplaning. Don't Miss: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — $100k+ in investable assets? – no cost, no obligation. This clear structure allowed Glowbar to scale without chaos. From one storefront in Tribeca, the company grew to 20 locations across six states within three years. According to Inc., Glowbar ranked No. 409 on the Inc. 5000 list with a growth rate of 1,087 percent and is projected to bring in $16 million in revenue in 2024. She Waited Six Years to Release a Product For years, customers asked when Glowbar would introduce its own skincare products but Liverman waited. She took inventory of her team and resources in 2022 and asked one question: "Do we have the people, the time, and the money?" When the answer aligned across all three, development on the company's first cleanser began, Liverman told Inc. "As a founder, your instincts will always guide you," Liverman added. "At the beginning, I knew to stay focused and keep my eye on the prize." Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — Two and a half years later, Glowbar launched its debut product: the Expert Cleanser. According to the website, the $28 formula blends AHAs, PHAs, and white willow bark for gentle exfoliation and a deep, balanced cleanse. Liverman told Inc. that the product sold 'extremely well,' with members especially enthusiastic about using Glowbar's skincare at home between treatments. Her Business Grew Because She Refused to Rush the Process Liverman didn't follow traditional beauty industry models. According to the Glowbar website, she comes from a family of skincare professionals as her grandmother opened the first accredited skincare institute in the U.S., but Glowbar's format is her own. Treatments last less than traditional ones, cost one flat fee, and deliver targeted results without the usual spa pricing or vague promises. Glowbar estheticians are trained through the company's internal Skinstitute program, which provides certification in customized treatment delivery. According to the website, the membership model offers consistent monthly facials and has been designed to prioritize results, with no upsells or vague promises."I've really stayed focused on the business that we set out to build," Liverman told Inc., reflecting on how patience helped her scale Glowbar without losing its identity. "And when I talk to founders, I really try to give that advice: Whatever your business is, stay focused on that, especially in the early days," she added. Liverman described her decision-making process as intentional, weighing resources carefully before expanding the brand's offerings. According to the Glowbar website, new locations are already planned in Clarendon, Virginia and Long Island City. Liverman continues to lead with the same approach that built the brand: focus, timing, and trust in long-term vision. Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'Your Instincts Will Always Guide You': How Glowbar's Founder Turned Down Pop-Ups And Built A $16 Million Skincare Empire originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
