Stocks in the U.S. opened higher Tuesday, reversing pre-market losses after a report in the Wall Street Journal signified that American and Chinese negotiators were preparing to delay the next round of tariffs, scheduled to go into effect Sunday. The Journal cited sources close to the matter on both sides of the table.
Dec. 15 is the date that U.S. tariffs on Chinese imports would increase and hit the consumer electronics industry especially hard. Chinese-made products like Bluetooth headphones, smart watches, and other smart devices have been spared, so far, in the 17-month trade war.
Scheduled tariffs have been delayed in the past as the two sides appeared to show progress in reaching a "phase one" deal, though it has yet to materialize. One of the largest impediments to the deal remains China's refusal to commit to buying more agricultural products and farming equipment from the U.S., according to the Journal. American farmers are considered by the White House to be a key bloc of support for President Trump's re-election.
News that the Dec. 15 deadline could be punted came as President Trump and House Speaker Nancy Pelosi appear to be on the verge of announcing a separate trade deal, known as UMSCA, which would involve just Mexico and Canada, replacing NAFTA. That deal could be announced as soon as this week ー raising the specter of House Democrats handing the president a major policy victory just as they also prepare to impeach him.
Billionaire investor turned philanthropist George Soros is ceding control of his $25 billion empire to a younger son, Alexander Soros, according to an exclusive interview with The Wall Street Journal published online Sunday.
UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country's two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil.
Gene sequencing test maker Illumina Inc. said Sunday that its board has accepted the resignation of its CEO and director, Francis deSouza, effective immediately.
“Any consumer can tell you that online airline bookings are confusing enough," said William McGee, an aviation expert at the American Economic Liberties Project. "The last thing we need is to roll back an existing protection that provides effective transparency.”
Cheddar News checks in to see what to look out for Next Week on the Street as former president Donald Trump makes an appearance in federal court after being indicted. Investors will also keep an eye on the Federal Reserve meeting to see what comes out of that while earnings continue to pour in.
Google will launch its long-delayed News Showcase product this summer.
Walmart is expanding its HIV treatments, planning to add over 80 specialty facilities across nearly a dozen states by the end of the year.
The Internal Revenue Service said there are about $1.5 billion in unclaimed tax refunds dating back to 2019.
General Motors will allow its electric vehicles to use Tesla charging stations across the country.
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