Trump tariffs

A darkening outlook for phase 1 of the U.S.-China trade deal

President Trump shakes hands with Chinese Vice Premier Liu He.
President Trump shakes hands with Chinese Vice Premier Liu He. Photo: Win McNamee/Getty Images

The outlook for a meaningful U.S.-China trade deal continues to deteriorate, as the House passed a bill supporting protesters in Hong Kong and China reportedly backtracked on part of the deal it agreed to last week.

The big picture: The House bill would require an annual review of whether Hong Kong is truly separate from Beijing to the point that it justifies the special trading status it receives under U.S. law and would implement sanctions against officials "responsible for undermining fundamental freedoms and autonomy in Hong Kong."

Early blizzard demolishes harvests already threatened by spring floods

After delaying planting in spring due to widespread floods throughout the Midwest, farmers are now hoping to recover from yet another obstacle: an early blizzard, the Wall Street Journal reports.

The big picture: Historic flooding in the spring led farmers to delay plantings due to drenched fields. An uncharacteristically early blizzard in northern states in recent days has only amplified the race to harvest, with farmers scrambling to pull their crops before they freeze.