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Treasury Secretary Scott Bessent, who is also a soybean farmer, discussed how the ongoing trade war with China is affecting U.S. farmers. China has stopped buying U.S. soybeans, which has hurt farmers' incomes. Bessent hinted at a future deal with China that might help the farmers.
Key Facts
Scott Bessent is the U.S. Treasury Secretary and a rich soybean farmer.
China has stopped buying soybeans from the U.S. due to a trade war.
U.S. farmers have lost a major market worth an estimated $13 billion annually.
Bessent owns farmland in North Dakota, generating over $1 million in rent yearly.
He has postponed selling his farm assets despite an ethics agreement.
Bessent believes a planned deal with China will benefit U.S. soybean farmers.
He claims the trade war is also impacting his personal finances.
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U.S. Treasury Secretary Scott Bessent announced that the U.S. and China have finalized a deal over the TikTok app, with an official announcement anticipated when President Trump meets Chinese President Xi Jinping in South Korea. The deal involves TikTok being spun into a new U.S.-owned company, with American investors controlling most of it.
Key Facts
The U.S. and China reached a final agreement on TikTok, expected to be announced when President Trump and President Xi meet on Thursday in South Korea.
Treasury Secretary Scott Bessent confirmed the deal's completion during an interview on CBS News' Face the Nation.
Under the deal, TikTok will become a U.S. joint venture, with American investors like Oracle and Silver Lake Partners owning about 80%.
ByteDance, TikTok’s parent company, will retain a 20% stake but won't have control over security decisions.
The U.S. Congress requires TikTok to cut ties with ByteDance as part of the security measures.
President Trump had delayed a TikTok ban to negotiate a deal, while President Joe Biden earlier set a 2025 deadline to resolve the issue.
TikTok's algorithm, previously controlled by China, has been central to the discussions.
The deal comes amid ongoing U.S.-China economic tensions, including tariffs imposed by both countries.
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President Donald Trump is attending a summit in Asia, where he is working on trade agreements with China. The U.S. and China are close to a deal that could ease global economic tensions. These trade talks also involve new agreements with other Asian countries like Thailand and Malaysia.
Key Facts
President Trump is at the ASEAN summit in Malaysia for trade discussions.
The U.S. and China are nearing an agreement to resolve trade tensions.
The U.S. previously threatened high tariffs on Chinese goods due to China's export restrictions on rare earth materials.
Both countries have changed their approach to avoid a global economic downturn.
Chinese and U.S. negotiators claim progress towards a deal, but some issues remain unresolved.
Beyond China, Trump has facilitated trade and ceasefire agreements with Thailand and Cambodia.
New trade deals involve reducing tariffs and harmonizing product standards with Asian countries like Thailand and Malaysia.
Vietnam has agreed to purchase more U.S. goods to help balance trade differences.
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The United States and China are moving closer to a trade agreement as President Donald Trump and Chinese leader Xi Jinping prepare for a meeting to discuss finalizing the deal. Officials from both countries have reached an initial understanding, which is seen as a positive step for global markets, though it doesn't resolve all underlying trade issues. The meeting will take place during President Trump's trip to Asia, with further talks planned for the future.
Key Facts
The U.S. and China are nearing a trade deal, aiming for finalization during a meeting between President Trump and Xi Jinping.
The pending agreement is expected to relieve international markets but won't tackle all trade issues.
Recently, China limited exports of rare earth elements, and President Trump threatened additional tariffs in response.
U.S. Treasury Secretary Scott Bessent confirmed a "successful framework" has been established and further tariff threats are off.
Initial agreements include efforts to stop fentanyl chemicals from reaching the U.S. and China's promise to buy more U.S. agricultural products.
Talks between the U.S. and China are part of the ASEAN Summit in Kuala Lumpur, Malaysia.
President Trump also attended a ceasefire ceremony between Thailand and Cambodia at the summit.
Trump plans to visit China, with possible future visits by Xi to Washington or Trump's Mar-a-Lago resort.
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A new craft flour mill is being built on the Umatilla Indian Reservation in Oregon by Cairnspring Mills. This project aims to offer a local market and more economic opportunities to wheat farmers affected by low prices and trade issues. The mill will boost local employment by creating about 20 jobs, focusing on hiring Native people.
Key Facts
A new craft flour mill is under construction on the Umatilla Indian Reservation in Oregon.
The mill is being built by Cairnspring Mills, a Washington-state-based company.
This new facility will increase the company's production capacity twelvefold.
The expansion is a response to low wheat prices and the impact of trade policies.
The mill will require about 2 million bushels of wheat annually, offering a local market for farmers.
The project is expected to create around 20 jobs with a priority on training and hiring Native people.
Nearly 90% of wheat grown in the Pacific Northwest is currently exported.
The investment reflects economic development efforts in Indian Country.
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Pizza Hut is closing half its restaurants in the UK after facing financial difficulties. The rising costs of food and staffing have made it hard for the chain to maintain its all-you-can-eat offerings. Competitors like Domino’s and high-quality supermarket pizzas are attracting more customers.
Key Facts
Pizza Hut is closing 68 out of its 132 UK locations.
The chain was bought out of administration twice this year.
Rising food prices have made Pizza Hut’s buffet model costly to operate.
Staffing costs increased due to higher minimum wages and national insurance.
Competitors like Domino’s focus on takeaway and delivery, which are very popular.
Casual and fast-food restaurants saw a 6% drop in customers over the summer.
Many people prefer cooking pizza at home or getting high-quality oven pizzas from supermarkets.
Newer pizza places with fresh ingredients are changing what people expect from pizza.
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Supermarket leaders in the UK have warned that possible tax increases could cause food prices to rise further. Several major supermarket chains sent a letter to the UK Chancellor, expressing concerns that higher taxes, like increased business rates, could impact household budgets. The government said it aims to tackle food price inflation and has lowered some business rates for specific shops.
Key Facts
UK supermarket chains including Tesco, Asda, Sainsbury's, and Morrisons warned about potential food price increases if taxes rise.
Supermarkets sent a letter to Chancellor Rachel Reeves regarding concerns on taxes affecting food prices.
Supermarkets are currently facing increased costs, partly from recent tax hikes, which could keep high food inflation until 2026.
The Treasury is working to reduce food price inflation and has decreased business rates for certain shops like butchers and bakers.
The Chancellor's upcoming Budget may involve tax increases needed due to financial shortfalls and economic forecasts.
Rising global food inflation is partly caused by poor harvests and trade tensions.
High staple food prices have been reported, with significant increases in products like butter and milk.
Retailers are attempting to absorb costs and keep food prices down, but face challenges with high additional costs expected by 2025.
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A technical problem paused the National Lottery's Saturday Lotto draw. The draw will restart with a different machine and results will be published later. Allwyn, the new operator, took over running the lottery in 2024.
Key Facts
The National Lottery's Lotto draw stopped due to a "technical fault."
The problem happened when the bonus ball did not drop in the draw machine.
The draw will resume with a different machine under the supervision of an independent observer.
Allwyn, the new operator, will post the results after the draw is completed.
Allwyn took over the lottery in 2024 after 30 years of Camelot running it.
Allwyn Entertainment is internationally owned by Czech businessman Karel Komarek.
The stream of the draw was unavailable on the National Lottery's YouTube channel during the incident.
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The Mexican footwear industry faces challenges and opportunities due to trade tensions and tariffs involving the U.S. President Trump and Mexican President Sheinbaum have extended tariff negotiations until October 31. While some Mexican shoe manufacturers see potential benefits from tariffs on other countries, small businesses struggle with production drops and competition from imports.
Key Facts
Juan Alvarado owns a shoe manufacturing business in Leon, but current U.S.-Mexico trade tensions have forced him to reduce his workforce from 25 to 15 people.
Mexico faces a 25% tariff on cars and a 50% tariff on steel, aluminum, and copper. There is a 25% tariff on goods not covered by the USMCA.
Despite tariffs, some Mexican footwear exports to the U.S. are tariff-free if they comply with USMCA rules.
Juan Carlos Cashat Usabiaga, head of CICEG, sees these circumstances as advantageous compared to tariffs faced by other nations.
Alvarado's production dropped as his U.S. client cut shoe orders due to tariff uncertainties.
Mexico stopped package shipments to the U.S. after an end to a tax exemption for packages under $800.
Mexico is the ninth-largest footwear producer globally, concentrating over 75% of production in Guanajuato.
Chinese imports and price undercutting practices impact Mexico's footwear production, affecting jobs and industry growth.
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A Picasso painting called "Bust of a Woman with a Flowered Hat" sold for about $37 million at an auction in Paris. The painting, which features his muse Dora Maar, had not been seen by the public for over 80 years. It was part of Picasso's "Woman in a Hat" series and became the most expensive artwork auctioned in France this year.
Key Facts
The Picasso painting sold for about $37 million at an auction in Paris.
The artwork is titled "Bust of a Woman with a Flowered Hat."
Dora Maar, a longtime muse of Picasso, is depicted in the painting.
The painting had been hidden from the public for over 80 years.
It was part of the "Woman in a Hat" series by Picasso.
The auction took place at the Drouot auction house.
The sale price was the highest for any artwork in France this year.
Although the sale surpassed expectations, it was not the most expensive Picasso sold at auction.
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A new report by Realtor.com shows that home prices in the United States have risen significantly over the last 50 years, with the largest increases happening on the West Coast. San Jose experienced the highest growth, with home values up 396 percent since 1975. Meanwhile, some Midwestern and Southern cities saw much smaller increases in property values.
Key Facts
San Jose, California, had the highest increase in home prices since 1975, with a 396% rise.
By 2024, San Jose's median single-family home price surpassed $2 million.
As of September 2025, San Jose had a median home listing price of $1.36 million, making it the most expensive in the U.S.
Other cities with large increases include San Francisco (300%), Los Angeles (292%), Seattle (280%), San Diego (271%), and Portland (154%).
In the East, Boston saw a 196% increase, and New York had a 161% rise in home values.
Memphis and Cleveland had only 2% growth in home values since 1975, among the smallest increases recorded.
As of September, Pittsburgh had the lowest median home listing price among major U.S. cities at $254,950.
Redfin predicts a slight decrease in U.S. home prices by the end of the year, compared to 2024.
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Beef prices in the US are very high, creating political issues as President Trump tries to address them. His proposals, such as asking ranchers to lower prices and increasing beef imports, have caused concern among ranchers. Factors like a declining number of cattle and droughts have been pushing beef prices up.
Key Facts
US beef prices have risen sharply, with retail prices for ground beef up 12.9% and beef steaks up 16.6% over the past year.
The US cattle inventory is at its lowest in nearly 75 years, with the number of cattle ranches decreasing by 17% since 2017.
President Trump is encouraging ranchers to lower their prices and has proposed increasing beef imports from Argentina.
Ranchers are worried these proposals could harm their livelihoods without reducing grocery store prices.
The Agriculture Department announced measures to boost domestic beef production, like opening more land for grazing.
Some House Republicans and rancher associations have expressed concerns about Trump's import plans.
Factors like consolidation in the meat processing industry and drought conditions have added pressure on ranchers.
Experts predict high beef prices will continue until the end of the decade due to time needed to rebuild herds.
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The Consumer Price Index (CPI), which measures changes in prices for goods and services, rose by 3% annually in September, slightly less than forecasters expected. Inflation has increased partly due to tariffs imposed by President Trump, but higher business costs and slower job growth are complicating decisions about future interest rate changes by the Federal Reserve.
Key Facts
The CPI increased at a 3% annual rate in September, below the predicted 3.1%.
The Department of Labor released the September CPI despite the government shutdown because the data affects Social Security cost-of-living adjustments.
President Trump's tariffs have caused some price increases, but businesses are absorbing some costs, so not all tariff expenses are passed to consumers.
Inflation is now above the Federal Reserve's 2% target but much lower than the 9.1% peak in June 2022.
The Federal Reserve will decide on interest rates soon, balancing rising inflation against a slowing job market.
Lower interest rates can encourage borrowing, helping businesses hire more workers.
Economists expect the Federal Reserve to possibly cut interest rates soon due to subdued inflation and weak job growth.
The government shutdown may delay future inflation data releases, making economic forecasts harder.
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A group of MPs advised against cutting the cash ISA tax-free allowance in the upcoming Budget, as it might not promote investment as intended. Chancellor Rachel Reeves is considering various tax changes to address a £22bn Budget shortfall. The Treasury Select Committee suggests focusing on improving financial education instead of cutting the ISA allowance.
Key Facts
Cash ISAs let people save up to £20,000 without paying tax on interest.
A group of MPs advised Chancellor Rachel Reeves not to cut this allowance in the Budget.
The Treasury Select Committee said reducing the allowance may not boost investment.
Reeves is expected to announce tax increases or spending cuts to address a £22bn Budget shortfall.
Current limits allow spreading up to £20,000 across cash and stocks and shares ISAs.
The committee suggested improving financial education rather than cutting the allowance.
£360bn is held in cash ISAs in the UK.
The potential cut is intended to encourage investment in stocks and shares.
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More people in the UK are choosing to learn to drive with automatic cars as the country prepares to ban the sale of new petrol and diesel vehicles in 2030. However, many learners face challenges, such as a lack of automatic driving instructors and higher lesson costs, which affects their choice. Learning in a manual car offers flexibility to drive different types of vehicles, but automatic lessons and tests are becoming more common.
Key Facts
One-third of cars on UK roads are automatic, showing a shift in driving preferences.
A ban on new petrol and diesel car sales in the UK starts in 2030, favoring electric vehicles, which are automatic.
A quarter of driving tests in England, Scotland, and Wales were taken in automatic cars last year.
Pass rates for manual driving tests are higher (50.4%) than for automatic tests (43.9%).
Automatic lessons tend to be more expensive due to the higher purchase cost of automatic and electric cars.
Learners like Caitlin Graham often choose manual lessons due to a lack of nearby automatic instructors.
Electric vehicles do not have manual gearboxes, impacting the choice between learning manual or automatic driving.
Learning manual driving offers the flexibility to drive both manual and automatic cars.
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Over 2 million pounds of Korean barbecue pork jerky sold at Costco and Sam's Club are being recalled by LSI, Inc. due to concerns about metal contamination. The Food Safety and Inspection Service (FSIS) said that the metal came from a conveyor belt used in production.
Key Facts
LSI, Inc. is recalling 2,277,540 pounds of pork jerky.
The recall is due to potential metal contamination in the jerky.
The affected products are 14.5- and 16-ounce packs labeled “GOLDEN ISLAND fire-grilled PORK JERKY Korean BARBECUE recipe.”
The jerky has best-by dates from October 23, 2025, to September 23, 2026.
The jerky was distributed to Sam's Clubs and Costco stores across the United States.
The FSIS advises customers who bought the jerky not to eat it and to discard or return it.
The product's establishment number is “M279A.”
No injuries have been reported from consuming the jerky so far.
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The United States is investigating whether China is following a 2020 trade agreement. President Donald Trump is looking for ways to encourage China to buy more American goods. The investigation may allow the U.S. to impose additional tariffs on Chinese products.
Key Facts
The U.S. is checking if China is following a trade deal made in 2020.
U.S. Trade Representative Jamieson Greer announced the investigation.
President Trump will visit Asia to meet China's leader, Xi Jinping.
China claims it is honoring its trade agreement commitments.
The investigation might lead to more tariffs on Chinese goods.
The 2020 agreement required China to buy more U.S. agricultural and manufacturing products.
The U.S. trade office claims China has not met some promises, such as buying more goods and protecting intellectual property.
Upcoming U.S.-China trade talks will discuss China's export restrictions on rare earth metals, which are important for U.S. tech products.
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Procter & Gamble reports that its sales performance shows the U.S. economy is stable, though not strong. While its beauty products saw sales growth, other segments like health care and fabric/home care saw declines. Consumers are being careful with their spending, and Procter & Gamble expects its costs to decrease due to lower energy prices and a reduced impact from tariffs.
The U.S. inflation report faced delays because of a government shutdown, and another report might not come out next month. President Trump recently fired the head of the Bureau of Labor Statistics due to dissatisfaction with employment statistics, causing concerns about trust in government data.
Key Facts
The U.S. inflation report was delayed by a government shutdown.
The White House indicated there might be no inflation report next month.
President Trump fired the head of the Bureau of Labor Statistics.
This firing occurred because President Trump was unhappy with employment numbers.
Concerns have emerged about losing trust in government-provided economic data.
The report draws parallels with other countries where trust in data has eroded.
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A survey found that more than half of American workers know that a co-worker in the same job makes more money, but many do not mind. The survey also highlights that younger workers are more open to discussing salaries compared to older generations.
Key Facts
56% of Americans know a co-worker earns more in the same role.
20% of them are not bothered by this pay difference.
31% of workers have talked about salaries at work, while 24% do not want to discuss it.
Gen Z workers are more likely (39%) to share salary details than millennials (30%) and Gen X (22%).
36% of those aware of the pay gap feel upset, and women are more upset (45%) than men (33%).
Differences in pay can be due to factors like experience and company seniority.
Some workers stay in less paying jobs because finding new jobs does not always offer better pay or treatment.
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