Trump and Xi hold call amid trade tensions
President Trump said he spoke to Chinese President Xi Jinping in a call that focused on trade talks between the two nations. NBC News' Kelly O'Donnell has details on what the two leaders discussed, including invitations for state visits.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
27 minutes ago
- The Hill
Van Hollen on Abrego Garcia's return to US: ‘A victory for the Constitution'
Sen. Chris Van Hollen (D-Md.) celebrated the return of Kilmar Abrego Garcia, a Maryland man who was mistakenly deported and detained in El Salvador's CECOT prison, calling it 'a victory' for the rule of law. The Trump administration doubled down on the deportation, accusing Abrego Garcia, who illegally immigrated to the U.S. from El Salvador in 2011 but was later protected from removal to his home country, of having gang ties. His legal team has denied these allegations and urged for his return to the U.S. On Friday, Attorney General Pam Bondi, after months of fighting against Abrego Garcia's return in court, announced that he was transported back to U.S. soil to face criminal charges stemming from a 2022 traffic stop in Tennessee. 'This is a victory for due process. It's a victory for the Constitution. It should not have taken this long. I mean … the Trump administration dragged its feet for a very long time and ignored a 9 to 0 order from the Supreme Court,' Van Hollen said during a Friday appearance on MSNBC. 'But it's important that Abrego Garcia now come home and have his due process rights upheld in a court of law,' he added. The Maryland lawmaker visited Abrego Garcia while he was detained overseas to check on his well being and champion his release from El Salvadoran custody, which White House officials originally said would never happen. Van Hollen on Friday said that the court battle Abrego Garcia will now face should have been launched prior to his removal. 'If they're now going to take this case into the courts, as they should have, you know, from the beginning, before they just took him off the streets of Maryland and deposited him in a gulag in El Salvador, then that is — that is the due process that we've been fighting for,' he said. 'And, again, not just for his case, but for others. And — and I think that Americans understand that everybody deserves to have their rights, you know, respected. That's what the Constitution is for.' Abrego Garcia's attorney said on Friday that the criminal case is just another attempt to persecute his client. 'This shows that they were playing games with the court all along. Due process means the chance to defend yourself before you're punished, not after. This is an abuse of power, not justice,' attorney Simon Sandoval-Moshenberg previously told The Hill in a statement. 'The government should put him on trial, yes—but in front of the same immigration judge who heard his case in 2019, which is the ordinary manner of doing things, 'to ensure that his case is handled as it would have been had he not been improperly sent to El Salvador,' as the Supreme Court ordered.'
Yahoo
29 minutes ago
- Yahoo
L'Oreal sees Middle East and Southeast Asia as next growth engines as China slows: ‘Eventually demographics have to win'
For more than a decade, China's aspirational shoppers, spurred by a fast-growing economy and rising wages, snapped up products from cosmetics giants like L'Oreal, Estee Lauder, and Shiseido. Before the COVID pandemic hit, China appeared set to overtake the U.S. as the world's largest makeup market. Those boom times are over, as more Chinese consumers now turn to up-and-coming local brands, like Mao Geping and Florasis. L'Oreal's sales in Mainland China dropped last year, shrinking its overall North Asia sales by around 3%. The Chinese market, the bulk of the firm's North Asia revenue, now accounts for 17% of group sales, down from 23% in 2022. The French firm continues to call China an important market, but has reportedly started cutting its retail workforce due to slower Chinese demand. As China stagnates, L'Oreal is now looking to regions, like the Middle East and Southeast Asia, as a source of growth. SAPMENA—L'Oreal's term for 'South Asia Pacific, Middle East, and North Africa'—will soon 'play a much bigger role' when it comes to beauty, says Vismay Sharma, who oversees the region for the French cosmetics firm. L'Oreal, No. 91 on Fortune's Europe 500, reported sales of 1.1 billion euros ($1.19 billion) for the first quarter of 2025, up 12.2% year-on-year, across SAPMENA and Sub-Saharan Africa (SSA). That's still small compared to other regions, sitting far behind Europe, North America and North Asia. But while SAPMENA-SSA only contributed 9.2% of L'Oreal's quarterly revenue, it was the only region to log double-digit growth. SAPMENA covers a huge swathe of the globe, stretching from Morocco all the way down to New Zealand just under 19,000 kilometers away. The region's 35 markets cover 3 billion people, or about 40% of the world's population, yet only accounts for 10% of global beauty sales. 'It has to come together, and eventually demographics have to win,' Sharma says. SAPMENA's quick growth doesn't surprise Sharma. 'The consumers in this part of the world are about 5 years younger than the rest of the world, live in aspirational societies and in economies that are growing fast,' he says. China has proved to be a tricky market for global cosmetics firms post-pandemic. Sluggish China sales have dragged down the financial results of U.S. firm Estee Lauder and Japan's Shiseido. A sluggish economy and stagnant consumption are partly to blame. But there's also new competition. 'C-Beauty' brands are starting to pick up steam among Chinese shoppers, with new brands going viral on Douyin, the Chinese version of TikTok, and other social media platforms. (L'Oreal is paying attention, investing in local Chinese brands like To Summer) Still, Sharma thinks China offers lessons for SAPMENA. Southeast Asia, like China, has highly connected consumers who are used to e-commerce and livestreaming. For example, Sharma notes that over 50% of L'Oreal's business in Vietnam comes from e-commerce. This is less true of the Middle East and North Africa. 'When you look at the ecosystem of beauty over there, you still don't have TikTok Shop. They're still a few years behind platforms like Shopee, like Lazada,' he says. Yet consumers in the Middle East share similar preferences to those in Southeast Asia. 'Expectations for beauty are very similar. We can see aspirations in terms of kind of hair, skin, lips, and eyes,' Sharma says, pointing to a preference for longer black hair as an example. That gives L'Oreal a chance to grow in the region. 'Our ability to create content at scale in the GCC becomes a huge advantage,' Sharma says. This story was originally featured on
Yahoo
37 minutes ago
- Yahoo
TD Cowen Initiates Coverage of Target (TGT) With Hold Rating
On Wednesday, June 4, TD Cowen analysts began coverage of Target Corporation (NYSE:TGT), giving it a 'Hold' rating and setting a price target of $105. The analysts noted that the company's strong core business is supported by innovative and exclusive products. They also highlighted Target Corporation's (NYSE:TGT) digital fulfillment strategies, which are profitable and have potential for scaling. The analysts pointed out that the company has a 5-year revenue compound annual growth rate (CAGR) of 6.4%, higher than Walmart's 5.4%. A woman purchasing groceries at a Target store, with a cart full of products. Despite this, TD Cowen analysts noted some challenges that Target Corporation (NYSE:TGT) is facing in the near term. These include pressure from competitors on comparable sales and cost inefficiencies that are anticipated to continue throughout the year. The analysts mentioned tariffs and lower consumer confidence as factors contributing to the company's current challenges. They pointed out that these could affect Target Corporation's (NYSE:TGT) performance in the short term. While we acknowledge the potential of TGT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds. Disclosure: None. Sign in to access your portfolio
