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US declines to label China a currency manipulator, but blasts its transparency policies

WASHINGTON (AP) — The U.S. declined to label China a currency manipulator in a new Treasury report, but accuses Beijing of standing out among America’s major trading partners for lacking transparency. Treasury’s semi-annual report to Congress comes as the Trump administration seeks to strike a trade deal with China, averting a trade war that has been brewing between the two nations. A Treasury official told reporters previewing the report that the U.S. could in the future find evidence that China is manipulating its currency and will make a determination in the fall whether China has been manipulating the renminbi, also known as RMB. The U.S. labeled China a currency manipulator in 2019.

Trump says after Xi call that US and China will resume trade talks

WASHINGTON (AP) — President Donald Trump says his first conversation with Chinese leader Xi Jinping since returning to the White House had a “very positive conclusion,” announcing the two countries will hold trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals. The Chinese foreign ministry says Xi asked Trump on Thursday’s call to “remove the negative measures” the U.S. has taken against China. The discussion followed the Republican president suggesting it was tough to reach a deal with Xi. Trade negotiations between the United States and China stalled shortly after a May 12 agreement between both countries to reduce their tariff rates to have talks.

Trump and Musk’s relationship flames out just as intensely and publicly as it started

WASHINGTON (AP) — President Donald Trump is threatening to cut Elon Musk’s government contracts as their fractured alliance rapidly escalated into a public feud. Hours after Trump lamented his breakup with Musk and said Thursday that he was “disappointed” in his former backer and adviser and Musk responded on social media, Trump then escalated the feud by threatening to use the U.S. government to hurt Musk’s bottom line.

Pampers maker Procter & Gamble to cut up to 7,000 jobs as companies are buffeted by higher costs

Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce, over the next two years as the maker of Tide detergent and Pampers diapers implements a restructuring program amid an environment dealing with trade wars and customers anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up about 15% of its current nonmanufacturing workforce, said Chief Financial Officer Andre Schulten. The cuts are part of a broader restructuring program. Procter & Gamble will also end sales of some of its products in certain markets. Procter & Gamble said it will provide more details about that in July.

Judge and lawmakers question the Trump administration’s plan to gut Job Corps centers

Members of Congress and a federal judge are questioning the Trump administration’s plan to shut down Job Corps centers nationwide. Job Corps is a residential career training program for low-income youth that was established more than 50 years ago. The Department of Labor last week announced a nationwide “pause of operations” for dozens of residential Job Corps campuses run by private contractors. The department cited an internal review that concluded the program was costly and had a low success rate. A federal judge has temporarily blocked the Labor Department from terminating jobs, removing students or eliminating the Job Corps program without congressional approval.

NTSB finds fuel leak and improperly installed parts in the engine of an airliner that caught fire

The National Transportation Safety Board found a fuel leak and several improperly installed parts inside the engine of an American Airlines plane that caught fire after the plane landed in Denver in March. The preliminary findings released Thursday don’t identify the cause of the fire, and the NTSB is expected to complete its investigation sometime next year. However, former NTSB and FAA investigator Jeff Guzzetti says the problems investigators found in the engine suggest improper maintenance led to the fuel leak. Photos and videos posted online showed billowing smoke and passengers standing on the plane’s wing after the fire. Twelve people suffered minor injuries.

US stocks slip as Wall Street makes its final moves ahead of Friday’s jobs report

NEW YORK (AP) — U.S. stocks drifted lower as financial markets locked in their final moves before a highly anticipated update coming Friday about the U.S. job market. The S&P 500 fell 0.5% Thursday. The Dow Jones Industrial Average lost 0.3%, and the Nasdaq composite sank 0.8%. Tesla tumbled as the relationship between CEO Elon Musk soured with President Donald Trump, while Procter & Gamble fell after saying it would cut up to 7,000 jobs over the next two years. Treasury yields held relatively steady after Trump said trade talks are set to resume with China following an encouraging phone call with the leader of the world’s second-largest economy.