The Daily

TRACY, Minnesota — Months into a trade war with China, steel grain bins across rural Minnesota sit plump with soybeans without a market, and farmers are nervously eyeing balance sheets.

On Wednesday, news broke across an ocean that, ahead of a planned meeting between President Donald Trump and China’s president, Xi Jinping, China had purchased three cargoes of U.S.

 » Read more about: Minnesota soybean farmers fear lasting scars from Trump’s trade war with China  »

BUSAN, South Korea (AP) — Three-digit tariffs are off the table, but import duties on each other are higher than in January.

Rare earth materials will flow more smoothly, but China has put in place an export permitting regime that it can tighten or loosen as needed.

Port fees will go away,

 » Read more about: Deal between the US and China is undoing damage from a self-inflicted trade war  »

Like many of U.S. President Donald Trump’s deals, the one he is currently touting with China is thin on the details and thick on the hype.

Trump described his meeting Thursday with Chinese President Xi Jinping as amazing and rated it a 12 out of 10. He told reporters that China will buy “tremendous amounts”

 » Read more about: Trump's deal with Xi is a ceasefire, not an end to U.S.-China trade war  »

 » Read more about: Is Nvidia Stock Overvalued?  »

The stock market sank from its record heights Thursday as Wall Street sifted through mixed developments on everything from the U.S.-China trade war to profits for Big Tech behemoths.

The Standard & Poor’s 500 fell 1% and pulled further from its all-time high, set Tuesday. The Dow Jones industrial average slipped 109 points,

 » Read more about: Stocks sink as Wall Street sees both good and bad in Big Tech profits, U.S.-China relations  »

 » Read more about: Prediction: 2 AI Stocks Will Be Worth More Than Apple Stock by Year-End in 2026  »

 » Read more about: US Solana spot ETFs seen to hit $5bn in inflows: Grayscale exec  »

Fed Chair Jerome Powell acknowledged Wednesday that the soaring stock market is helping support consumer spending — and the overall economy — right now.

If the market goes down, Powell said, it could hurt consumer spending. But spending wouldn’t take a large hit unless the market plunged.

“I think it’s certainly a factor supporting consumption right now,”

 » Read more about: Fed's Powell: Stock market is helping support consumer spending now  »

 » Read more about: Vornado Declares Quarterly Dividends On Preferred Shares  »

Goldman Sachs CEO David Solomon on Thursday expressed concerns that mounting US government debt will pose more of a problem if the economy does not grow faster.

“If we continue on the current course, and we don’t take the growth level up… there will be a reckoning,” Solomon told the Economic Club of Washington.

 » Read more about: Goldman Sachs CEO David Solomon worried about mounting US debt: ‘There will be a reckoning’  »