Revived hopes of China trade truce

Reuters Daily Briefing <dailybriefing@thomsonreuters.com>
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2025-10-30 11:59

Daily Briefing

By Kate Turton

Hello. Trump shaves China tariffs after an "amazing" Xi meeting, and tells the Pentagon to immediately resume testing US nuclear weapons. Elsewhere, the Dutch far right loses support, opening the door for a centrist coalition.

Plus, The Atlantic CEO Nicholas Thompson on how running rewired his brain.

Today's Top News

REUTERS/Evelyn Hockstein

US President Donald Trump said he had agreed with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming US soybean purchases and keeping rare earths exports flowing.
FBI investigations have been slowed or stalled by the second-longest US government shutdown in history, leaving the bureau without funds to pay informants or make undercover drug or gun buys, gaps that an FBI spokesperson said are putting national security at risk.
Trump ordered the US military to immediately resume testing nuclear weapons after a gap of 33 years.
The centrist D66 party made huge gains in Dutch elections likely giving it the lead in the formation of the next government, as the party of far-right leader Geert Wilders lost support.
Hurricane Melissa's path through the northern Caribbean thrashed Cuba's second-biggest city, devastated Jamaica, and killed dozens in Haiti. Zahra Burton joins the Reuters World News podcast from Kingston to detail the scenes of destruction in Jamaica.
Police in Tanzania's main city of Dar es Salaam fired gunshots and teargas to disperse protesters who returned to the streets a day after a general election marred by violent demonstrations, a Reuters witness said.
Russia launched a barrage of drones and missiles at Ukraine's energy infrastructure, forcing nationwide power restrictions and killing one person in the city of Zaporizhzhia, officials said.
Police have arrested five more suspects linked to the theft of treasures worth $102 million from the Louvre museum's Apollo gallery, expressing hope the latest developments will help them find the jewels.

Business & Markets

A policy divide within the US central bank and a lack of federal government data may put another interest rate cut out of reach this year, Federal Reserve Chair Jerome Powell said as he acknowledged the threats that officials see to the job market but also the risky nature of making further rate moves without a fuller picture of the economy.
An expensive course correction at subsidiary Porsche dealt Volkswagen a hefty blow in the third quarter, resulting in a $1.52 billion operating loss and piling billions more in costs on top of pressure from US tariffs.
Denmark's Novo Nordisk said it has made an unsolicited bid for US drug maker Metsera, after Pfizer in September made an offer for the company.
Three of the biggest US technology companies flagged plans to accelerate capital spending over the next year but investors were most accepting of Google-parent Alphabet's ability to fund its plans from its cash flow.
US retailers are offering more discounts on Hershey goods ahead of its biggest holiday, Halloween, according to data, as the candymaker hiked prices due to rising costs from tariffs and cocoa inflation.
President Javier Milei’s party stormed to victory in midterm elections. In this Viewsroom podcast, Breakingviews columnists discuss how the iconoclast’s somewhat conventional economic plan might nonetheless struggle from here.

US roasters tear through coffee stocks waiting for Brazil trade deal

A drone view shows a coffee beans plantation at a farm near Brasilia, Brazil. REUTERS/Adriano Machado

Coffee roasters in the United States are plowing through their stockpiles as they await the outcome of ongoing US-Brazil trade negotiations, talks that could determine whether they have to pay much higher prices for alternative sources of coffee.

Brazilian coffee, which accounts for a third of the beans consumed by the world's largest coffee consumer, has been priced out of the American market since August when the Trump administration imposed a 50% import tariff on Brazil's beans, in a case that mixed trade with politics.

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And Finally...

Nicholas Thompson poses for a portrait in New York City. REUTERS/Kylie Cooper

When Nicholas Thompson isn’t busy overseeing The Atlantic magazine as CEO, he can often be found running to and from its lower Manhattan offices — or chasing records further afield. In 2019, he ran his fastest marathon in 2:29 and, in 2021, set the American record in the 50K for men aged 45 and over. Just this year, he posted the fastest 50-mile time in the world for his age group.

In his new book “The Running Ground,” Thompson reflects on his history with the sport and the lessons it’s taught him on and off the track.

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