President Donald Trump is delaying a diplomatic trip to China that was planned for months but began to unravel as he pressured Beijing and other world powers to form a military coalition to protect the vital Strait of Hormuz. Trump said Tuesday while meeting with Irish Prime Minister Micheál Martin in the Oval Office that he would be going to China in five or six weeks' time instead of at the end of the month. Trump's visit to China is seen as an opportunity to build on a fragile trade truce between the two superpowers, but it became tangled in his effort to find an endgame to his war in Iran.
By SEUNG MIN KIM, JOSH FUNK AND DIDI TANG Associated Press
A White House official says President Donald Trump is planning a $12 billion aid package for U.S. farmers who have struggled to sell their crops while getting hit by rising costs. The move comes after the president raised tariffs on China as part of a broader trade war. The official, who was granted anonymity to speak ahead of a planned announcement, says Trump will unveil the plan Monday afternoon at the White House. Farmers have backed Trump politically but his aggressive trade policies and frequently changing tariff rates have come under increasing scrutiny because of the impact on the agricultural sector and because of broader consumer worries.
By HYUNG-JIN KIM, KIM TONG-HYUNG and HUIZHONG WU Associated Press
Chinese leader Xi Jinping told Asia-Pacific leaders his country would help to defend global free trade as U.S. President Donald Trump snubbed an annual economic regional forum. Xi took center stage at the Asia-Pacific Economic Cooperation summit that began Friday in the South Korean city of Gyeongju, as Trump left the country a day before the summit opened after reaching some deals with Xi meant to ease their escalating trade war. This year's two-day APEC summit has been heavily overshadowed by the Trump-Xi meeting that was arranged on the sidelines.
As economic uncertainty deepens, the rush for gold continues — with prices for the precious metal topping $4,300 for the first time this week. The going price for New York spot closed at a record $4,326 per troy ounce on Thursday. Futures also traded as high at more than $4,344 per troy ounce Thursday, before falling below the $4,300 mark Friday morning. Still, gold is up 6.7% over the last week, marking one of its best weeks to date. Gold sales can rise sharply when anxious investors seek a "safe haven" for their money. For the U.S., the latest gains arrive amid the now weekslong government shutdown and ongoing trade wars abroad.
President Donald Trump says "there seems to be no reason" to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a "massive increase" of import taxes on Chinese products in response to Xi's moves. Trump says one of the policies the U.S. is considering is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
By WYATTE GRANTHAM-PHILIPS and PAUL WISEMAN AP Business Writers
President Donald Trump is slapping a 100% tax on movies made outside the United States — a vague directive aimed at protecting a business that America already dominates. Claiming that movie production "has been stolen'' from Hollywood and the U.S., Trump posted said he would be imposed the 100% tariff on "any and all movies" made outside of the U.S. The president first issued the threat back in May. It's still unclear how these tariffs would operate, since movies and TV shows can be transmitted digitally without going through ports. Also unclear is what it would mean for U.S. movies filmed on foreign locations — or what legal basis the president would claim for imposing the tariffs.
U.S. President Donald Trump says he'll meet Chinese leader Xi Jinping at a regional summit taking place in October in South Korea and will visit China early next year. Trump and Xi shared a phone call Friday. In a Truth Social post, Trump said Xi would come to the United states and noted the leaders made progress on "the approval of the TikTok Deal" to allow the popular social media app to keep operating in the U.S. Trump hasn't given details on what was discussed about TikTok. A Chinese government statement says Xi urged the U.S. to avoid any trade restrictions but didn't mention the visits.
Apple has rolled out its next generation of iPhones that includes a new ultrathin model and a slight price hike for one of its high-end models, while the company feels the squeeze of a global trade war. The iPhone 17 line-up includes a new slimmed-down model that will adopt the "Air" name that Apple already uses for its sleekest iPads and Mac computers. The new iPhones are the first to be released since President Donald Trump returned to the White House and unleashed a barrage of tariffs, in what his administration says is an attempt to bring overseas manufacturing back to the U.S. — a crusade that has thrust Cook into the hot seat.
By PAUL WISEMAN and CHRISTOPHER RUGABER AP Economics Writers
U.S. hiring is slowing sharply as President Donald Trump's erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world's largest economy. The Labor Department reported Friday that U.S. employers added just 73,000 jobs last month, well short of the 115,000 forecasters had expected. Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked up to 4.2%. Scott Anderson, the chief U.S. economist at BMO Capital Markets, said that a "notable deterioration in U.S. labor market conditions appears to be underway."
