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The U.S. pork industry — whose commodity was among the hardest hit by China's retaliatory tariffs — breathed a sigh of cautious relief following news of a deal that winds down tensions between the U.S. and China.
Why it matters: The deal in theory is a reprieve for farmers, a key part of President Trump's base who have borne the brunt of the trade war. China's purchases of goods like soybeans and pork have waned in the nearly two-year battle — pushing rural America into a financial tailspin in an otherwise solid economy.
Driving the news: U.S. officials said China would up annual purchases of U.S. farm goods to at least $40 billion over a period of two years.
Industry experts say the ceasefire could create new prospects for farmers — but won't undo the missed opportunity to cash in on China's pork shortage, partly due to African swine fever.
The backdrop: The trade war coincided with a breakout of African swine fever, a deadly pig disease that killed hundreds of millions of hogs in eastern Asian countries, as Axios' Jacob Knutson reported earlier this year.
Yes, but: The U.S. pork industry faced three rounds of retaliatory tariffs. In 17 months, tariffs on pork exports to China increased sixfold (from 12% to 72%).
What's next: "We're encouraged that a deal has been reached and we're anxious to get the details," Schuele says — a sentiment echoed by the industry's most prominent trade groups.
Check out pork prices in China for a clue of just how bad the country's shortage is. Prices surged triple digits from the prior year in November.
Photo: Stephen Brashear/Getty Images
Why it matters: The decision could have negative spillover effects for both the "600 firms, plus hundreds of smaller subcontractors" that depend on the plane's steady production (per WSJ), and, ultimately, the economy.
The backdrop: It's the latest setback for Boeing as lawmakers and regulators question what the company knew about faulty technology that played a role in two fatal crashes that killed a total of 346 people.
Between the lines: Boeing is now producing about 42 planes a month — already cut from the prior 52-per-month rate. CEO Dennis Muilenburg has previously warned the company could scale back or halt production of the jet altogether.
What they're saying: "We will continue to assess production decisions based on the timing and conditions of return to service, which will be based on regulatory approvals and may vary by jurisdiction," a spokesperson tells Axios.
Bankrupt utility PG&E is under a tight deadline to submit a revised restructuring plan that will appease California Gov. Gavin Newsom. (AP)
Argentina's new government hiked export taxes on farm goods to raise revenue needed to meet its debt obligations. (Reuters)
A lawsuit alleges that HSPX — which bills itself as a passive index fund — actively traded to outperform its benchmark. (Bloomberg)
Photo: Andrew Caballero-Reynolds/AFP via Getty Images
Wall Street's response to below-forecast consumer spending: ¯\_(ツ)_/¯.
What's happening: Rather than interpret the data as a sign that the all-important consumer is losing steam, some are blaming November's figures on a calendar quirk — and keeping faith shoppers will continue to open up their wallets.
What they're saying: "Don't count the consumer out of the fourth-quarter GDP story yet," economists at RDQ Economics, a New York-based consulting firm, wrote in a note to clients on Friday. RDQ estimates November's data will be revised higher and December's figures will show a "solid gain" in spending.
Yes, but: Retail sales — which came in at 0.2% in November, following October's upwardly revised 0.4% — have cooled considerably after rising by an average of 0.7% per month in the first eight months of this year, per Reuters.
Illustration: Sarah Grillo/Axios
All but two of the 10 biggest U.S. financial institutions (by revenue) have podcasts — and the majority debuted within the past year, according to data compiled for Axios by analytics firm Chartable.
The latest: Goldman Sachs is testing a new format for its "Exchanges" podcast — the first of which premiered on Sunday. It's a soft launch of what it plans to release more regularly in January. The firm launched another podcast, "Top of Mind at Goldman Sachs," earlier this year.
The bottom line: Financial firms' podcasts aren't exactly thrillers like "Serial," but rather another avenue banks use to push their brand and stable of experts — and maybe lure in new clients.
Per the Washington Post, that was the slogan Felix Rohatyn installed when he helped turned around Avis, the car rental company that was struggling at the time.
Editor's note: The intro was clarified to show this was a slogan (not a direct quote).