Global attention remained fixed Wednesday on the evolving relationship between the world’s major powers, with China formally announcing tariff reductions on US goods following last week’s presidential summit.
US President Donald Trump is now turning his focus to the domestic economy, planning a major speech in Miami.
Elsewhere, Hong Kong’s stock exchange reported a massive jump in profits, and fresh report suggests North Korea is preparing for another potential US summit.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
China confirms tariff reductions in wake of Trump-Xi pact
Following last week’s high-stakes meeting between President Xi Jinping and US President Donald Trump, China’s State Council has provided concrete details on its trade concessions.
The tariff commission confirmed on Wednesday that it will suspend its 24% additional tariff on US goods for one year, although a 10% levy will remain in place.
In a significant move for American farmers, China also announced it will lift tariffs of up to 15% on US agricultural goods, including soybeans, corn, and wheat, starting November 10.
The moves are part of the broader one-year pact that has stabilized the turbulent ties between the world’s largest economies.
The policy shift comes after Washington officially halved its fentanyl-related levies on Chinese goods to 10% and continued a truce that brought down the reciprocal US tariff rate.
Trump to champion economic agenda in Miami speech
President Donald Trump is scheduled to travel to Miami on Wednesday—the anniversary of his reelection—to deliver a major address on his economic achievements.
He will speak to a forum of business leaders and global athletes, where he is expected to offer a broad look at his economic agenda and highlight how investments secured abroad are helping US communities.
According to a senior White House official, the speech is a significant effort to put a positive spin on the economy at
a time when many Americans remain uneasy about the cost of living. The president’s address will touch on key themes including deregulation, energy independence, oil prices, and affordability.
Hong Kong exchange profit jumps 56% on trading and IPO boom
Hong Kong’s stock exchange posted another record-breaking quarter, with net income soaring 56% to HK 4.9billion (630 million), comfortably beating analyst expectations.
The impressive performance was driven by a sharp increase in stock and derivatives trading, as well as a booming market for initial public offerings.
Hong Kong is on track for a four-year high in IPO fundraising, helped by an inflow of mainland companies and a revival in global appetite for Chinese assets.
Core business revenue from trading and clearing fees jumped 54% to HK$7.5 billion. “HKEX continued to capture the momentum of global diversification and attractiveness of Chinese assets,” said CEO Bonnie Chan in a statement.
North Korea preparing for potential Trump-Kim summit, Seoul says
South Korea’s National Intelligence Service (NIS) has assessed that North Korea is actively preparing for a potential third summit between its leader, Kim Jong Un, and US President Donald Trump, according to a Bloomberg report.
According to South Korean lawmakers briefed by the spy agency, Pyongyang has been gathering intelligence on US officials involved in diplomacy behind the scenes.
The assessment follows Trump’s recent trip to Asia, where he stated he remained open to meeting Kim again but that scheduling conflicts had prevented it.
The NIS sees a “high likelihood” of a summit, believing that North Korea, backed by stronger ties with Russia and China, may now seek to improve its relationship with the US, albeit on its own terms and without denuclearization as a precondition.
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