Trump says he will cut fentanyl tariff on Chinese goods and expects ‘great deal’ with Xi – business live

In a significant development, Trump announced that the trade deal with South Korea is nearly finalized, marking a breakthrough after months of challenging negotiations. This deal, which involves $350 billion in investments that Seoul has committed to the U.S., is expected to strengthen economic ties between the two nations and boost trade opportunities. It matters because it reflects a positive shift in international relations and could lead to increased economic growth.

Trump's aggressive approach to the drug war is gaining traction in the Caribbean, particularly with Trinidad, a small ally looking to secure Venezuelan gas. However, this partnership is facing significant challenges, raising concerns about its effectiveness and the broader implications for regional stability. As Trinidad navigates this risky alliance, the outcomes could impact not just local politics but also international relations in the Caribbean.

In a significant move, President Trump announced plans to cut fentanyl tariffs imposed on China, coinciding with a newly sealed trade deal with South Korea. This decision is crucial as it aims to enhance trade relations and address the ongoing opioid crisis in the U.S. by potentially lowering the cost of essential medications. As Trump prepares for a summit with Xi Jinping, this could pave the way for more constructive dialogue and cooperation between the two nations.

The Trump administration's recent use of video game memes to recruit for ICE has sparked controversy, highlighting a troubling trend of appealing to a specific subculture. By leveraging gaming imagery, the White House aims to mobilize support among certain demographics, particularly targeting 'rootless white males.' This strategy raises concerns about the implications of using popular culture to promote divisive policies, making it a significant topic in the ongoing discourse about immigration and representation.

Nvidia is on track to reach a remarkable $5 trillion market cap, significantly boosting US equity futures as investors anticipate strong earnings and a key Federal Reserve rate decision. President Trump is also looking to reduce tariffs on Chinese goods, particularly in light of the fentanyl crisis, and plans to discuss Nvidia's innovative Blackwell AI chip with President Xi. Additionally, the US and South Korea have finalized a trade deal during the APEC summit, which could further enhance economic ties and stability in the region.

Goldman Sachs has indicated that the Bank of England is likely to cut interest rates in November, a move that could stimulate economic growth and provide relief to borrowers. This prediction is significant as it reflects the bank's response to current economic conditions and inflation trends, potentially impacting consumer spending and investment.

Toyota has clarified that the $10 billion investment in the U.S. mentioned by former President Trump is not a new announcement. This investment, which aims to enhance Toyota's manufacturing capabilities in the U.S., has been in the works for some time. It's important because it highlights the ongoing commitment of major automotive companies to invest in American jobs and infrastructure, even amidst changing political landscapes.

In today's episode of Bloomberg Daybreak Europe, the focus is on the upcoming talks between US President Donald Trump and Chinese President Xi Jinping, as well as the impact of Hurricane Melissa on Cuba. These discussions are crucial as they could influence global markets and investor sentiment. Additionally, insights from Deutsche Bank's CFO James von Moltke and Equinor's CEO Anders Opedal will provide valuable perspectives for European investors ahead of trading.

In a significant development, Trump announced that the trade deal with South Korea is nearly finalized, marking a breakthrough after months of challenging negotiations. This deal, which involves $350 billion in investments that Seoul has committed to the U.S., is expected to strengthen economic ties between the two nations and boost trade opportunities. It matters because it reflects a positive shift in international relations and could lead to increased economic growth.

Hormel Foods has issued a warning about its upcoming earnings, leading to a decline in its stock price. This news is significant as it reflects potential challenges the company may face in the market, impacting investor confidence and future growth prospects.

Former advisers from Morgan Stanley have filed a lawsuit against the US Labor Department, claiming that recent regulations have unfairly impacted their ability to operate. This case highlights the ongoing tension between financial institutions and regulatory bodies, raising questions about the balance of power and the implications for financial advice in the industry.

Boeing is facing a significant setback as it takes a nearly $5 billion hit on its much-delayed 777X program. This delay not only impacts the company's financial standing but also raises concerns about its ability to meet future production timelines. The 777X was expected to be a flagship aircraft, and these challenges could affect Boeing's reputation in the competitive aviation market.

Analysts are predicting a slight increase in earnings for big oil companies, which is a positive sign for the industry as they look ahead to 2026. This uptick in earnings could indicate a recovery in oil prices and demand, reflecting broader economic trends. Investors and stakeholders are keenly watching these developments, as they could impact energy markets and investment strategies moving forward.

Wall Street is gearing up for a positive opening as Nvidia sets its sights on a staggering $5 trillion valuation, signaling strong confidence in the tech sector. This optimism is further bolstered by expectations of a potential interest rate cut from the Federal Reserve, which could stimulate economic growth. Investors are keenly watching these developments, as they could lead to significant market shifts and opportunities.