Aug 17, 2018

U.S., China begin plotting negotiations for ending trade war

President Trump and China's President Xi Jinping shake hands at a press conference in Beijing. Photo: Artyom Ivanov/TASS via Getty Images

U.S. and Chinese negotiators are working on a framework to end the trade dispute between the two countries, which would revolve around talks between President Trump and Chinese President Xi Jinping when they meet for international summits in November, the Wall Street Journal reports, citing officials from both countries.

The big picture: The Journal says both the U.S. and China have scheduled "midlevel talks" in Washington for next week. But as Axios' Erica Pandey notes, trade talks between the two countries have failed in the past, so there's no guarantee that the next round of discussions will bring an end to the escalating dispute. Nonetheless, both sides have incentives to find a way out, as businesses and consumers continue to feel the brunt of the tariffs.

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Fed temporarily lifts Wells Fargo's growth restrictions

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The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.

Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 1,450,343 — Total deaths: 83,568 — Total recoveries: 308,617Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 399,979 — Total deaths: 12,912 — Total recoveries: 22,539Map.
  3. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. World latest: Indians look to Taiwan amid China's coronavirus missteps
  7. 🚌 Public transit: Systems across the country are experiencing ridership collapse, squeezed funding streams and slow recovery from the pandemic.
  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Bernie Sanders suspends presidential campaign

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Sen. Bernie Sanders announced Wednesday that he is suspending his presidential campaign.

The big picture: It's an end to the campaign of the leading progressive in the race — and the candidate who seemed to be the clear front-runner for the Democratic nomination just a few months ago. It also makes Biden the presumptive Democratic nominee four months before the party's convention in Milwaukee.