Trade Framework Emerges for the U.S. and China

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 28 October 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for Oct. 28. In an exclusive, we’re reporting on a trade framework that President Trump and Chinese leader Xi Jinping are set to discuss later this week that could see the U.S. rolling back some tariffs on China. WSJ trade and economic policy reporter Gavin Bade discusses what we know about the framework, and what that means for the U.S.-China relationship. Plus, UPS says it has cut 48,000 jobs in management and operations, pushing its stock price to close up 8%. And OpenAI has transitioned into a more traditional structure. We hear from WSJ reporter Keach Hagey about what that means for the company and its longtime partner Microsoft. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Correction: OpenAI’s nonprofit parent owns a stake in its for-profit subsidiary, which has become a public-benefit corporation. An earlier version of this podcast incorrectly said OpenAI had become a for-profit company. (Corrected Oct. 28) Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	OpenAI has turned its for-profit subsidiary into a public benefit corporation, opening the door for more fundraising and a possible IPO.
0:12.6	This is something investors were really, really hungry for and were sort of making some of their fundraising continue upon them being able to do.
0:19.1	Plus, Texas is suing the company that makes Tylenol, alleging that it hid autism risks.
0:24.8	And Mexico gets drawn into the Trump administration's campaign against transnational criminal groups.
0:31.0	It's Tuesday, October 28th.
0:33.2	I'm Alex Osela for the Wall Street Journal.
0:35.2	This is the PM edition of What's News, the top headlines and business stories that move the world today.
0:46.3	We're exclusively reporting that the U.S. would roll back some tariffs on China if Beijing cracks down on the export of chemicals that produce fentanyl.
0:54.7	Under a trade framework that President Trump and Chinese leader Xi Jinping are set to discuss
0:58.9	Thursday. That's according to people familiar with the talks. The expected agreements are
1:03.1	subject to change and dependent on the meeting of the two leaders. WSJ trade and economic policy
1:08.3	reporter Gavin Bade joins me now with more. Gavin, what do we know
1:12.3	about this deal as it exists right now? Broad strokes mostly and not many details. We're looking at a
1:18.9	reduction of 10% in the tariffs that the U.S. has applied to China. So as a reminder, Trump put
1:26.2	20% tariffs on China in response to its role in the fentanyl trade.
1:31.4	We would see him reduce those tariffs by half. And what that would do is bring average U.S.
1:36.7	tariffs on China from around 55% down to 45%. So we're not talking about a huge difference in the overall tariff rate,
1:45.6	but there is some movement here. And importantly, it makes a difference with how competitive
1:50.4	Chinese goods are compared to others in the region and other trading partners. So a significant
1:56.2	move there if it does pan out from the U.S. side. What does this mean for other topics on the table
2:02.5	between the U.S. and China, like rare earths and soybeans? So we do expect some purchase
2:07.6	agreements from the Chinese government on soybeans and other agricultural goods, still waiting
	...

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