World

Chinese retail is winning the future

Illustration: Sarah Grillo/Axios

As I learned in China last week, U.S. and European companies are being seriously out-smarted while China's Big Tech rivals compete to pull traditional retail businesses into their exclusive, online corporate universes.

Why it matters: Retail is the largest single source of American jobs — and, in the U.S. and most other countries, one of the biggest parts of the overall economy. That Chinese companies are aggressively exploring how to save Main Street and middle-class jobs is terrific; that the U.S. and Europe seem all but flat-footed is not.

OPEC leaders tentatively agree to production increase

OPEC logo in Vienna
OPEC logo is seen at the Organisation of Petroleum Exporting Countries building. Photo: Omar Marques/Sopa Images via Getty Images

OPEC leaders have tentatively agreed to increase oil production by 600,000 barrels per day, reports Bloomberg. The compromise between OPEC leaders comes at the last minute after Iran threatened to veto any production hike and is a "much needed show of unity."

The big picture: Oil prices rose 2% as the deal neared because it matched analyst expectations and "would help ease tightness in the oil market but would not create a glut," Reuters reports.

Summit sneak peek: Trump, Russia, the elections — again

Trump leans over to hear Putin talk in his ear
Putin and Trump at APEC summit in Vietnam in November. Photo: Russian Presidential Press and Information Office/Handout/Anadolu Agency via Getty Images

As President Trump's administration plans for a summit in Europe next month with Russia President Vladimir Putin, U.S. national-security officials tell Jonathan Swan and me that one of the most urgent issues will be Moscow's covert intrusion into American politics.

Be smart: The issue poses a significant test for Trump, who has been criticized for doing too little to respond to Russian invasions of the 2016 election. He hates talking about the subject, fearing it'll raise questions about the legitimacy of his victory. So how insistent will he be when he has his chance with Putin?