| Bloomberg Evening Briefing Americas |
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| Chinese trade negotiators and the White House said both sides are looking to potentially extend talks beyond an August deadline to resolve wide-ranging tariff disputes triggered by Donald Trump's global trade war. The original 90-day suspension of trade hostilities in May saw the US president retreating from sky-high tariffs that threatened to cut off bilateral trade between the world's largest economies. Now another 90-day delay is a possibility, according to US Treasury Secretary Scott Bessent. Chinese trade negotiator Li Chenggang confirmed that both sides agree on maintaining the truce, without elaborating on how long. Trade tensions between China and the US have risen of late as both sides try to apply industrial leverage. China has exerted its dominance in rare earth minerals for concessions from the US on advanced chips needed for Beijing's ambitions in artificial intelligence. A recent softening by Trump, whose May truce was seen as a victory for Beijing, has China hawks in Washington worried he is giving up too much just to hold a summit with Chinese leader Xi Jinping. —Jordan Parker Erb | |
What You Need to Know Today | |
| The Trump administration is moving to eliminate what may be the US government's biggest tool to fight accelerating global warming. In a victory for fossil fuel giants, heavy industry and carmakers, the Environmental Protection Agency under former Long Island Congressman Lee Zeldin unveiled a proposal to abolish the landmark determination that planet-warming gases endanger public health and welfare. The proposal would scrap the US government's authority to regulate greenhouse gases as an air pollutant. If finalized, it would lay the foundation to unwind a host of regulations limiting emissions from power plants, oil wells and automobiles. Rolling back the 2009 endangerment finding under President Barack Obama would be among the most far-reaching steps yet by Trump, who has called climate change a hoax, to gut US capacity to slow atmospheric warming and its increasingly catastrophic consequences.  A damaged home and debris near the bank of the Guadalupe River in Texas, which flooded on July 5, killing more than 130 people. Photographer: Jim Vondruska/Getty Images | |
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| US consumer confidence increased in July as concerns eased about the outlook for the broader economy and the overall labor market. The Conference Board's gauge of confidence rose 2 points to 97.2, data released Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 96. A measure of expectations for the next six months climbed this month to 74.4, the highest since February, while a gauge of present conditions fell to a three-month low. Meanwhile, the Trump administration said US job openings fell in June after jumping in each of the prior two months. | |
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| The UK will formally recognize a Palestinian state if Israel does not cease hostilities in Gaza, UK Prime Minister Keir Starmer said. British recognition for Palestine will come by the United Nations General Assembly in September if Israel doesn't "take substantive steps to end the appalling situation in Gaza," he said. Israel must agree to a ceasefire, commit to a pathway to peace that revives the prospect of a two-state solution and make clear there will be no annexations in the West Bank, Starmer said. France recently said it plans to recognize Palestine as a state. Hamas's health ministry said more than 60,000 Palestinians, including civilians and combatants, have died in the war triggered by the 2023 attack on Israel by the militant group and others, which Israel said killed 1,200 Israelis. In recent weeks, the intensifying suffering of Palestinians in the blasted territory has caused a global furor amid a growing number of deaths by starvation reported by the United Nations, scenes of children starving, people scuffling for bags of flour and scores being shot dead as they approach food stations. | |
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| Blackstone's Wesley LePatner, a top executive in the firm's $325 billion real estate business, was killed Monday when a gunman opened fire at the company's Manhattan headquarters. LePatner, who was 43, recently took on the role of chief executive of the Blackstone Real Estate Income Trust, a $53 billion property owner. Three other people were killed in the mass shooting, which shut down a wide swath of Midtown Manhattan yesterday evening. One National Football League employee was injured. Police say the gunman was targeting the NFL but ended up on the wrong floor. | |
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| Upper-income Americans are increasingly falling behind on credit card and auto loan payments, signaling an underlying vulnerability in the US economy. Delinquencies on such debts from those making at least $150,000 annually have jumped almost 20% over the last two years, faster than for middle- and lower-income borrowers, according to the credit-scoring firm VantageScore. The mounting liabilities coincide with a slowdown in hiring that has hit white-collar workers especially hard, raising the stakes for an economy that has come to rely more and more on consumer spending from top earners to power continued expansion. | |
What You'll Need to Know Tomorrow | |
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