Month: October 2025

President Donald Trump and Chinese President Xi Jinping reached a short-term trade agreement, which comes after their face-to-face meeting in Busan, South Korea — their first direct talks since 2019. The agreement, described by Trump as “an amazing meeting” and “a 12 out of 10,” includes tariff reductions, renewed Chinese purchases of American agricultural and energy products, and a temporary pause on Beijing’s planned restrictions on rare earth exports.

According to both sides, the deal serves as a one-year framework aimed at easing tensions that have long strained the world’s two largest economies. Trump said he agreed to scale back tariffs on Chinese imports to 47% from 57%, cutting duties tied to fentanyl-related trade in half, from 20% to 10%. In exchange, Xi committed to “work very hard to stop the flow” of fentanyl — a synthetic opioid that remains a leading cause of overdose deaths in the United States. Beijing also confirmed a one-year suspension of export controls on rare earth elements, key materials used in electronics, renewable energy systems, and defense manufacturing. Trump said he believes the pause could be routinely extended beyond the initial year.

As part of the agreement, China will immediately resume large-scale purchases of U.S. agricultural goods — including 12 million metric tons of soybeans through January, followed by 25 million tons annually for the next three years. Trump added that Xi had “authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products.”   U.S. Treasury Secretary Scott Bessent later confirmed that Beijing will also buy American oil and gas, with discussions underway for a potential major energy deal involving Alaska’s LNG export project. Bessent said China had also approved a plan to bring TikTok under U.S.-controlled ownership, a move expected to advance in the coming months. However, China’s Ministry of Commerce did not indicate that a TikTok deal had been finalized, only noting that Beijing is “committed to properly resolving issues related to TikTok.”

In a separate gesture, Washington agreed to delay for one year a planned measure that would have barred thousands of Chinese companies from accessing U.S. technology if partially owned by sanctioned entities. Restrictions on China’s shipbuilding and maritime logistics sectors will also be paused.

Trump said the discussions covered a broad range of issues, telling reporters aboard Air Force One that “a lot of decisions were made. There wasn’t too, too much left out there.” He added that both sides agreed to pause mutual port fees aimed at countering dominance in global shipping and logistics.

The President also revealed that Russia’s war in Ukraine was a significant part of the conversation, stating that both leaders intend to “work together to see if we can get something done.” Trump said the two did not discuss China’s continued purchases of Russian oil, explaining, “He’s been buying oil from Russia for a long time… But we didn’t really discuss the oil.”  Trump also clarified that his recent announcement on resuming U.S. nuclear weapons testing was unrelated to China, saying the move “had to do with others .. We have more nuclear weapons than anybody… I’d like to see a denuclearization… something we are actually talking to Russia about, and China would be added to that, if we do something.”

The meeting in Busan followed Trump’s bilateral talks with South Korean President Lee Jae Myung, where the two allies settled a long-debated tariff arrangement.  Xi, speaking through a translator, emphasized that occasional “frictions” between the two powers are normal, but stressed that “China’s development and rejuvenation are not incompatible with President Trump’s goal of ‘Making America Great Again.’”

Trump also announced that he will visit China in April, with Xi expected to make a reciprocal trip to the United States later in the year.

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Buckingham Palace confirmed Thursday that Prince Andrew has been formally stripped of his royal titles and ordered to vacate Royal Lodge, his longtime Windsor residence. The decision, authorized by King Charles III and Queen Camilla, marks the most decisive step yet in distancing the monarchy from Andrew’s association with the late sex offender Jeffrey Epstein.  Andrew’s downfall has been steady since 2022, when he gave up his military affiliations, royal patronages, and the title “His Royal Highness.”

The statement from the Palace said that “Prince Andrew will now be known as Andrew Mountbatten Windsor, ” with the announcement formalizing the removal of all royal styles, titles, and honors — including his designation as Duke of York.  The Palace added that, “Formal notice has now been served to surrender the lease and he will move to alternative private accommodation … These censures are deemed necessary, notwithstanding the fact that he continues to deny the allegations against him. Their Majesties wish to make clear that their thoughts and utmost sympathies have been, and will remain with, the victims and survivors of any and all forms of abuse.”

The decision to remove Andrew’s titles also brings an end to his controversial residence at Royal Lodge, a 30-room mansion on the Crown Estate grounds near Windsor Castle. The property had long been a point of contention, as documents revealed that Andrew was paying an annual rent of “one peppercorn (if demanded) per annum,” despite having stepped back from public life in 2019.

Andrew’s 75-year lease on the estate — signed in 2003 — involved an upfront payment of roughly 8 million pounds (around $10.5 million), part of which was used to renovate the aging property. The arrangement, once described as “cast iron,” had provided him with legal protection to remain in residence. The palace said that protection has now been lifted and that “formal notice has now been served to surrender the lease.”

Royal Lodge holds symbolic importance within the family — it was once home to Queen Elizabeth The Queen Mother, who lived there until her death in 2002. Andrew will relocate to a private residence on the royal family’s Sandringham estate, roughly 100 miles north of London. His daughters, Princess Beatrice and Princess Eugenie, will retain their titles.

The move from the Palace follows years of controversy over Andrew’s ties to Epstein and accusations from Virginia Giuffre, who said she was trafficked to have sex with the prince while underage. Andrew has repeatedly denied the allegations, though he reached a confidential settlement with Giuffre in 2022. Giuffre, who died by suicide earlier this year, detailed her claims in a posthumous memoir.  Public anger intensified following the book’s release, prompting the palace to act. Two weeks earlier, Andrew acknowledged that “the continued accusations about me” had “distracted from the work of His Majesty and the Royal Family.” He added, “As I have said previously, I vigorously deny the accusations against me.

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The Federal Reserve on Wednesday lowered its benchmark interest rate by 0.25 percentage points — its second cut of the year — as policymakers attempt to steady an economy grappling with slowing job growth, elevated inflation, and an ongoing government shutdown.

The decision brings the federal funds rate down to a range of 3.75% to 4%, from 4% to 4.25%, following a similar cut in September that marked the Fed’s first rate reduction since late 2024.  Fed Chair Jerome Powell previously warned that risks to the labor market are mounting, saying earlier this month: “There is no risk-free path for policy as we navigate the tension between our employment and inflation goals.”

In a statement accompanying the announcement, the Federal Open Market Committee (FOMC) acknowledged that “uncertainty about the economic outlook remains elevated,” adding that it is “attentive to the risks to both sides of its dual mandate.” The committee noted that “downside risks to employment rose in recent months,” even as inflation remains above target.

The rate cut, aimed at easing borrowing costs for households and businesses, is intended to spur investment and spending at a time when hiring has slowed to its weakest pace in years.  The ADP National Employment Report showed private-sector payrolls shrinking by 32,000 in September, underscoring the extent of the slowdown. Despite the unemployment rate holding at 4.3% as of August, which is relatively low by historical standards, the time it takes job seekers to find new employment has stretched to nearly six months, reflecting a collapse in hiring activity not seen since the aftermath of the 2008 financial crisis.

Despite economic uncertainty, financial markets have continued to surge. Fueled by a boom in artificial intelligence investment, major stock indexes have hit record highs, with chipmaker Nvidia on Wednesday becoming the first company valued at $5 trillion.  Meanwhile, inflation continues to exceed the Fed’s 2% target. The government’s latest consumer price report — one of the few released during the shutdown — showed prices rising from 2.9% to 3% in September, the highest reading since January. The Fed’s preferred inflation gauge, the personal consumption expenditures (PCE) index, also remained above target in the most recent available data from August.

Political pressure has added to the challenge. President Donald Trump has repeatedly pushed for steeper reductions, calling for rate cuts totaling as much as three percentage points. Wednesday’s quarter-point move falls well short of his demands. The Fed’s next policy meeting is scheduled for December 10, when officials will reassess the path of interest rates. Last month, the FOMC projected two additional quarter-point cuts by year’s end, though much will depend on how quickly the labor market and inflation data evolve once the government fully reopens.

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Hurricane Melissa has left a trail of devastation across the Caribbean, killing more than 30 people and causing widespread destruction as it continues its path toward the Bahamas. The storm, which struck Jamaica on Tuesday as a catastrophic Category 5 hurricane, is one of the most powerful Atlantic hurricanes ever recorded. As of late Wednesday morning, Melissa’s core was about 150 miles south of the central Bahamas and roughly 1,000 miles southwest of Bermuda. A hurricane warning was placed into effect for parts of eastern Cuba, the southeastern and central Bahamas, and Bermuda.

Jamaica endured the full force of Melissa’s 185 mph winds and relentless rain, prompting Prime Minister Andrew Holness to declare the nation a disaster area. The storm crippled infrastructure across the island—flattening homes, uprooting trees, and knocking out power to roughly 77% of the country. “It is really too early for us to say definitively, what’s the damage,” Education Minister Dana Morris Dixon said, adding that western Jamaica bore the brunt of the impact.

In Clarendon and St. Elizabeth parishes, officials described entire communities as “under water,” while communication blackouts cut off access to much of the western region. Four hospitals sustained heavy damage, and one was forced to evacuate 75 patients after losing power, according to Jamaica’s Disaster Risk Management Council. The government hopes to reopen airports as soon as Thursday to help deliver emergency aid and relief supplies.

By early Wednesday, the storm had weakened slightly as it made a second landfall in Cuba near the city of Chivirico, striking as an “extremely dangerous” Category 3 hurricane. The National Hurricane Center (NHC) said that Melissa’s winds had dropped to 120 mph at landfall and later to 100 mph as it moved offshore, though it continued to unleash “damaging winds, flooding rains, and dangerous storm surge” across eastern Cuba.

Officials in Cuba said the hurricane had caused “significant damage” to infrastructure and left around 140,000 residents isolated by rising river levels. Cuban President Miguel Díaz-Canel Bermúdez reported that 735,000 people were evacuated ahead of the storm, and said of the widespread destruction that “there will be a lot of work to do. We know there will be a lot of damage,” but assured citizens that “no one is left behind and no resources are spared to protect the lives of the population.

The NHC warned that residents in the Bahamas should “rush to complete” preparations as the storm moved northeast at 14 mph toward the islands. Melissa is forecast to remain a powerful storm as it moves across the Bahamas, then approach Bermuda late Thursday, likely still at hurricane strength. Although it has weakened from its peak, forecasters warned that life-threatening flooding, landslides, and storm surge remain major threats.

The storm has already proven deadly beyond Jamaica and Cuba.  According to CNN, at least 25 people have died in Petit-Goâve, Haiti, after a river flooded by Melissa burst its banks, with three others killed earlier in Haiti. Another three died in Jamaica during storm preparations, and one person died in the Dominican Republic.

U.S. Secretary of State Marco Rubio said federal officials were “in close contact with the governments of Jamaica, Haiti, Dominican Republic and The Bahamas as they confront the devastating impacts” of the hurricane. “We have rescue and response teams heading to affected areas along with critical lifesaving supplies,” he said, adding, “Our prayers are with the people of the Caribbean.”

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