🗞️U.S. and China trade talks update

...also Ghislaine Maxwell's immunity request and Athleta hires a new CEO

July 29, 2025

July 29th, 2025

What happened today 🇺🇸,

U.S. and China close in on renewing trade truce past Aug. 12

The Stockholm talks were the second round of discussions between the U.S. and Chinese governments aimed at salvaging trade relations

qz.com/us-china-trade-truce-stockholm-trump-tariffs-rare-earths

  • The U.S. and China concluded their two-day trade talks in Stockholm without reaching a final agreement to extend their 90-day tariff truce, which is set to expire on August 12th…both sides agreed to continue negotiations, with Treasury Secretary Bessent describing the talks as "constructive," but emphasized that the ultimate decision on extending the tariff pause rests with President Trump, who is expected to be briefed soon and will make the final call

  • Ghislaine Maxwell is willing to testify before Congress about Jeffrey Epstein only if she is granted formal immunity and other conditions, but the House Oversight Committee has already rejected that request…her attorney stated that without immunity she plans to invoke her Fifth Amendment rights, while continuing to appeal her conviction and serving a 20-year sentence

  • A mass shooting occurred on Monday evening at a Midtown Manhattan office tower that was the workplace for the NFL and Blackstone, resulting in the deaths of four people, including an NYPD officer, and a critical injury to another person…the gunman, identified as 27-year-old Shane Devon Tamura from Nevada, entered the building armed with an M4 assault rifle, opened fire in the lobby, proceeded to the 33rd floor where he killed another victim, and then took his own life… authorities are investigating the shooting, which may be linked to the suspect's grievances involving the NFL and a brain injury condition

  • Senator Josh Hawley (R-MO) has introduced the American Worker Rebate Act of 2025, which proposes sending “tariff rebate” checks of at least $600 to each U.S. adult and dependent child, funded by federal revenue from tariffs

  • The U.S. has collected $28 billion in tariff revenue in July, setting a new monthly record and surpassing June’s previous record of $27 billion

  • Union Pacific has announced it will acquire Norfolk Southern in an $85 billion cash-and-stock deal, creating the first U.S. transcontinental railroad that spans over 50,000 route miles across 43 states, connecting the East and West Coasts…read more here

  • Gap’s Athleta has named Maggie Gauger as their new CEO and she set to begin August 1st…Gauger is an executive with over 20 years at Nike where she led the North America Women's Business

  • Apple is closing its retail store at Parkland Mall in Dalian City, China on August 9th…this marks the first time Apple has ever closed a store in China

  • In July, the U.S. Consumer Confidence Index rose by 2.0 points to 97.2 from June's 95.2, reflecting some improvement in consumers’ outlook

  • DOW down .46% / S&P down .30%

  • UK Prime Minister, Keir Starmer, announced that the UK will recognize a Palestinian state at the United Nations in September unless Israel agrees to a ceasefire, allows humanitarian aid, and commits to two-state negotiations

Plus: A look at the top employer in each state from 1990-2024

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