President Donald Trump, accompanied by U.S. Secretary of State Marco Rubio and U.S. Secretary of Commerce Howard Lutnick, attends a bilateral meeting with Chinese President Xi Jinping, accompanied by Chinese Foreign Minister Wang Yi, at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea.
Image: Reuters
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Trump cuts China tariffs to 47% after 'amazing' Xi meeting
U.S. President Donald Trump said he had agreed to reduce tariffs on China to 47% in exchange for Beijing resuming U.S. soybean purchases, keeping rare earths exports flowing and cracking down on the illicit trade of fentanyl. His remarks after face-to-face talks with Chinese President Xi Jinping, their first since 2019, marked the finale of Trump's whirlwind Asia trip on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations. "I thought it was an amazing meeting," Trump told reporters, adding that tariffs imposed on Chinese imports would be cut to 47% from 57%. Trading in global stocks was choppy as Trump revealed details of the deal, with major Asian indexes and European futures swinging between gains and losses. China's Shanghai Composite Index (.SSEC), opens new tab slipped from a 10-year high, while U.S. soybean futures were weaker.
OpenAI lays groundwork for juggernaut IPO at up to $1 trillion valuation
OpenAI is laying the groundwork for an initial public offering that could value the company at up to $1 trillion, three people familiar with the matter said, in what could be one of the biggest IPOs of all time. OpenAI is considering filing with securities regulators as soon as the second half of 2026, some of the people said. In preliminary discussions, the company has looked at raising $60 billion at the low end and likely more, the people said. They cautioned that talks are early and plans - including the figures and timing - could change depending on business growth and market conditions. Chief Financial Officer Sarah Friar has told some associates the company is aiming for a 2027 listing, the people said. But some advisers predict it could come even sooner, around late 2026.
AWS goes down for the second time this month
On Wednesday, AWS experienced its second major disruption of the month. Thousands of users worldwide reported issues across apps, websites, cloud platforms, e-commerce and streaming services. Multiple geographic regions appeared affected, though AWS publicly stated its systems were operating normally and urged users to consult its official Health Dashboard. At the time of the initial reports, no detailed root cause had been announced. Observers flagged the recurrence so soon after the October 20 event as a serious signal about cloud-infrastructure fragility.
The first Walmart location has been announced
Walmart has confirmed that its first branded retail store in South Africa will open at Fourways Mall in Gauteng, taking over the site previously occupied by Game. The move marks the first time Walmart will operate under its own brand in South Africa (beyond its ownership of Massmart). The store is expected to offer a broad merchandise mix, groceries, household goods, apparel, electronics and will include exclusive product ranges not offered by current local competitors. Walmart is also planning an omnichannel strategy in South Africa: a local e-commerce platform/app will accompany physical stores, and they’ll leverage local supplier partnerships. The timing is set for late 2025.