Stocks rise on Fed signals…US, Chinese trade envoys talk…Trump to push trade deal in Wisconsin
NEW YORK (AP) – Stocks are higher as Wall Street welcomes new signals from the Federal Reserve that the central bank is prepared to cut interest rates for the first time in a decade. Fed Chairman Jerome Powell told Congress today that many Fed officials believe a weakening global economy and rising trade tensions have strengthened the case for a rate cut. And minutes of last month’s policy meeting show that many Fed officials said rates should be cut soon if uncertainty continues to weigh on growth.
BEIJING (AP) – The top U.S. and Chinese trade envoys have spoken by phone in their first contact since Presidents Donald Trump and Xi Jinping (shee jihn-peeng) agreed to resume stalled talks on ending a tariff war. China’s Commerce Ministry said Beijing’s envoy, Vice Premier Liu He, talked with Trade Representative Robert Lighthizer (LYT’-hy-zur) and Treasury Secretary Steven Mnuchin (mih-NOO’-shin) yesterday. It gave no details or timeline for more contacts.
WASHINGTON (AP) – President Donald Trump will be traveling to Wisconsin to push for congressional approval of the new trade deal with Mexico and Canada. The White House says Trump will head to Milwaukee on Friday to visit Derco Aerospace. The company is a subsidiary of Lockheed Martin and provides parts, logistics and repair services to fixed-wing aircraft. Trump will also attend a fundraiser in Milwaukee and stop in Cleveland for another fundraiser.
ALBANY, N.Y. (AP) – New York has expanded a state law prohibiting gender pay discrimination. It’s now illegal to pay someone less based on factors such as their race, religion or gender identity. Gov. Andrew Cuomo signed the change into law today, just before joining the U.S. women’s soccer team for a parade honoring their World Cup victory. Cuomo says he supports female players in their quest for pay equal to that of male players.
ROANOKE, Va. (AP) – Some Virginia miners for the coal company Blackjewel say their paychecks are bouncing and they remain out of work as the company goes through bankruptcy proceedings. The Roanoke Times reports some workers are unsure if they still have jobs after being asked to stay home last week. Blackjewel filed for Chapter 11 bankruptcy July 1 and said it needed about $6 million to pay employees. A court authorized Blackjewel to borrow $5 million for essential staff and emergencies only.