The United States is experiencing a shortage of pennies after President Trump decided to stop their production earlier this year. Merchants across the country are struggling to provide exact change, and banks are rationing their remaining supply. Some retailers are even offering promotions to encourage customers to bring in pennies. The shortage began in late summer and is worsening as the holiday season approaches. While the government aims to save money by discontinuing the penny, the abrupt decision has left retailers and banks without guidance. A bill in Congress, the Common Cents Act, seeks to address some of the issues.

President Donald Trump says he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking. Meantime his treasury secretary says China has agreed to purchase 25 million metric tons of US soybeans annually as part of a Trump-Xi agreement. Trump's aggressive use of tariffs since returning to the White House for a second term combined with China's retaliatory limits on exports of rare earth elements gave the meeting newfound urgency. Trump told reporters he decided to reduce the current rate from 57% after the talks.

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.

A framework deal has been reached between China and the U.S. for the ownership of TikTok. U.S. Treasury Secretary Scott Bessent said Monday after trade talks in Madrid that U.S. President Donald Trump and Chinese Premier Xi Jinping would speak Friday to possibly finalize the deal. Bessent says the objective was to switch to U.S. ownership from China's ByteDance. China's international trade representative told reporters that the sides have reached "basic framework consensus." During Joe Biden's presidency, Congress and the White House used national security grounds to approve a U.S. ban on TikTok unless its Chinese parent company sold its controlling stake.

Low-value imports are no longer eligible to enter the U.S. duty-free. An order signed by President Donald Trump eliminated a widely used customs exemption for international shipments worth $800 or less as of 12:01 a.m. Eastern time on Friday. The national postal services of more than 30 countries have temporarily suspended sending some or most U.S.-bound packages because of the change. They say they didn't have enough time or information to prepare for collecting the new import taxes on small parcels. Logistics experts say that in addition to bringing new costs for sellers and buyers, the end of the "de minimis" exception is likely to delay orders.