President Donald Trump meets with Chinese President Xi Jinping at the G20 Summit. Photo: Evan Vucci / AP

President Trump is negotiating with China Petroleum & Chemical Corp. on a multibillion-dollar energy investment that "would bring thousands of new jobs to hurricane-ravaged areas in Texas and the U.S. Virgin Islands," per a Bloomberg report.

Why it matters: Per Bloomberg, the deal "may provide a political boost" to Trump, who spoke frequently about bringing jobs and investments back to the U.S. While the deal still needs approval from U.S. and China, Bloomberg reports it would cut the trade deficit between the U.S. and China by $10 billion annually. Trump is expected to travel to China November 8-10 with representatives from around 40 different companies to "sign deals for billions of dollars in U.S. investments, per Bloomberg.

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1 hour ago - Health

The top-selling drugs in the U.S. in 2019

Data: IQVIA, company financial documents; Chart: Andrew Witherspoon/Axios

The 10 highest-selling drugs in the U.S. last year gave away more than $23 billion in rebates to insurance intermediaries, but still netted almost $58 billion in sales.

The big picture: The U.S. drug pricing system is filled with confusing numbers, and many entities profit off the flow of drugs, but pharmaceutical companies retain a vast majority of the proceeds.

Caitlin Owens, author of Vitals
2 hours ago - Health

America's flying blind on its coronavirus response

Illustration: Aïda Amer/Axios

A month after the Trump administration changed how hospital data is reported, the public release of this data "has slowed to a crawl," the Wall Street Journal reports.

The big picture: This is the latest example of how the world's wealthiest country just can't get it together.

Updated 2 hours ago - World

Pandemic plunges U.K. into "largest recession on record"

The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images

The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.