Story of the Week
Federal Reserve cuts rates to lowest level in three years
On October 29th, Federal Reserve officials voted for another quarter-point rate cut, lowering the benchmark lending rate to a range of 3.75% to 4%, the lowest in three years. The decision drew two dissents: one from Fed Governor Stephen Miran, who backed a larger, half-point cut, and another from Kansas City Fed President Jeffrey Schmid, who preferred to hold borrowing costs steady. It is the first time since 2019 that there were dueling dissents — both calling for easier and tighter policy — underscoring the heated debate among officials over how President Donald Trump’s sweeping policies on trade, immigration, and spending are affecting the US economy. To make matters more complicated, it was also the first time officials had set monetary policy while lacking an entire month of crucial government employment figures in the modern era.
Apparel & Footwear
Boot Barn CEO Raises Store Count Goal to 1,200 as Western Craze Helps Company Deliver Q2 Growth
Boot Barn is raising its yearly guidance, as well as its store opening targets, as the Western craze shows no sign of slowing down. In the second quarter of fiscal 2026, the Irvine, CA-based footwear company reported an 18.7 percent increase in net sales to $505.4 million, up from $425.8 million in the prior-year period. Net income in Q2 was $42.2 million, or $1.37 per diluted share, compared to $29.4 million, or 95 cents per diluted share, in the prior-year period. These results exceeded the guidance Boot Barn provided last quarter, which projected net sales in Q2 between $487 million and $495 million, representing growth of between 14 percent and 16 percent over the prior-year period.
Carter’s to lay off 300, close more stores as tariffs decimate profits
Carter’s, which operates its namesake and OshKosh B’gosh brands, will lay off approximately 300 corporate employees, or 15% of its workforce, by the end of the year, the company announced on October 27th. This is expected to yield annualized savings of about $35 million, starting next year. The children’s apparel retailer also plans to close about 150 North American stores over the next three years — 50 more than previously planned. Carter’s runs more than 1,000 locations in the region. The announcements came as Carter’s reported Q3 profit declines largely due to tariffs. Net income plunged 80% year on year to $11.6 million, and operating income tumbled over 60% to $29 million.
Crocs Shares Rise After Q3 Earnings Beat
Shares of Crocs Inc. jumped in early morning trading after beating Wall Street’s third-quarter consensus estimates, even though the shoe firm forecasts a fourth-quarter revenue decline. Shares of Crocs rose 5.2 percent to $89.07 in NasdaqGS trading. For the three months ended Sept. 30, net income fell 27.0 percent to $145.8 million, or $2.70 a diluted share, from $199.8 million, or $3.36, in the year-ago period. On an adjusted basis, diluted EPS were $2.92. Revenues were down 6.2 percent to $996.3 million from $1.06 billion a year ago. By channel, direct-to-consumer (DTC) revenue rose 1.6 percent, while wholesale revenue fell 14.7 percent. Crocs easily bested Wall Street’s expectations of adjusted diluted EPS of $2.36 on revenue of $961.5 million.
Athletic & Sporting Goods
EoS Fitness Acquires Gold’s Gym Clubs in Southern California
High-value, low-price (HVLP) gym chain EoS Fitness has acquired 23 Gold’s Gym locations in Southern California, a move that instantly makes SoCal the largest EoS market and expands its footprint by nearly 20%, Athletech News has learned. While EoS publicly describes the deal only as involving a “legendary Southern California franchise,” ATN has independently confirmed the acquired gyms are currently operating under the Gold’s Gym SoCal banner, the region’s leading Gold’s Gym franchise group. The deal applies exclusively to the Southern California–owned locations, not the broader Gold’s Gym portfolio. It remains unclear what role corporate parent RSG Group played in the transaction. The acquisition brings the amenity-rich EoS into high-profile communities, including Beverly Center, Hollywood, Long Beach and Santa Barbara.
Puma layoffs grow to 1,400 amid broad-based Q3 declines
Puma plans to eliminate about 900 more corporate jobs globally by the end of next year, the athletic brand announced on October 30th. The company, which has approximately 7,000 corporate employees and previously announced the elimination of 500 roles this year, stated that the cost savings resulting from the layoffs will be disclosed at a later date. The downsizing is part of a reset announced earlier this year, which is affecting both wholesale and direct-to-consumer operations and all regions. Puma said it aims to boost growth in DTC. The company is also shaking up its executive ranks, with Arthur Hoeld taking over as CEO in July amid a dispute over strategy with its former chief. Maria Valdes, previously chief product officer, is now chief brand officer, with expanded responsibilities. Nike vet Ronald Reijmers is taking on global retail, and former Adidas exec Andreas Hubert arrived as chief operating officer in September.
Adidas CEO praises local strategy as sales reach record high
Despite the impact of a stronger euro, Adidas reported record-high revenue of 6.6 billion euros ($7.6 billion at press time) in Q3, up 3% year-over-year. Excluding the 300 million euro impact from currency fluctuations, sales were up 8%, according to the retailer. In the midst of a U.S. growth strategy, sales in North America declined 5% in the quarter, though they were up 1% in currency-neutral terms. Recovery in China is also underway, with sales roughly flat year-over-year, but up 6% excluding currency fluctuations. Adidas CEO Bjørn Gulden praised the retailer’s local-driven strategy for the gains and noted that sales would have been higher in North America if Adidas hadn’t reset its accessories business.
Cosmetics & Pharmacy
Advent International weighs $2bn sale of Parfums de Marly
Advent International is exploring a potential $2 billion sale of Parfums de Marly and Initio Parfums Privés, sources told the Financial Times. Talks are in early stages, with no bankers appointed and no final decision made. Advent acquired a majority stake in 2023 in a deal valued at over $700 million, with founder Julien Sprecher remaining executive chair and creative director. New CEO Patrice Béliard joined this month, succeeding Julien Sausset. The potential sale highlights the growing investor appetite for niche fragrance brands, as the category continues to outperform the broader beauty sector.
Perfume house Amouage reports 73% Q3 sales growth
Perfume house Amouage posted a 73% year-over-year sales increase in Q3 2025, with growth led by the Middle East and Africa. European sales increased by 71%, while sales in the Americas rose by 61%. The $395 Guidance Eau de Parfum more than doubled sales, and the $550 Exceptional Extraits collection nearly tripled since its January 2025 launch. Online revenue climbed 101%, supported by Amouage’s high-volume digital content output. Boutique sales increased 59%, aided by new openings in Shanghai and Saudi Arabia. The brand now has 21 boutiques and over 100 global retail installations. Amouage’s growth highlights sustained demand for high-end, artisanal fragrances and effective digital engagement.
Bodycare saved from administration by former Body Shop boss
British health and beauty retailer Bodycare has been rescued from administration (insolvency) by the former boss of cosmetics brand The Body Shop. An investment group led by ex-Molton Brown and The Body Shop CEO Charles Denton is set to take control of Bodycare, with its first set of shop reopenings planned for early next year. The deal includes the retailer’s brand and intellectual property, although the financial details of the acquisition have not been confirmed. The businessman is set to relaunch between 30 and 50 shops during the initial stage of reopenings, which is focused on the Northwest. Several hundred staff members are expected to be brought back to the retailer. The group is set to collaborate with landlords, suppliers, and former employees to facilitate a responsible and cost-disciplined reset of the company, aiming to re-establish Bodycare as a provider of affordable personal care and beauty products.
Indomo Raises $25 Million for At-Home Injectable Acne Treatment
Boston-based therapeutics company Indomo has secured $25 million in funding to develop ClearPen™, an at-home investigational injectable therapy for inflammatory acne. The round was backed by Atomic, Foresite Capital, and Polaris Partners. ClearPen combines a microneedle self-injection device with triamcinolone acetonide, a corticosteroid used by dermatologists to treat acne lesions. The device aims to bring clinical-grade intralesional treatments into the home, addressing the limited access to in-office acne care. Led by CEO Rick Bente and co-founder Jack Abraham, Indomo plans to use the funding to advance Phase 2 clinical trials and expand its microneedle delivery platform to other skin conditions.
Discounters & Department Stores
As consumers trade down, spending at discounters on the rise
A softening of consumer sentiment is driving changes in spending behavior, and discount stores are the primary beneficiaries. Across income levels, consumers are broadly trading down and seeking more value amid macroeconomic uncertainties, according to new data from commerce media platform Cardlytics. Overall retail spending grew modestly (up 4.47%) from July through mid-October compared to the same time last year. However, spending at discount retailers such as Dollar General, Walmart, and Ross is growing nearly twice as fast (up 8% year-over-year) across the U.S. and continues to increase its share. With basket sizes remaining flat, this suggests more cautious and value-conscious behavior, which is expected to continue through the holiday season, according to Cardlytics.
Saks Global to debut program to incentivize its top sellers
Saks Global is rolling out a program to incentivize and enhance the skills of Saks Fifth Avenue and Neiman Marcus sales associates as it seeks to increase sales volumes. The luxury retailer announced that its new Saks Fifth Avenue and Neiman Marcus Seller Success Track Program takes a reimagined approach, designed to further empower its most impactful selling associates and elevate the customer experience across both brands. The initiative will be introduced in November with a full roll-out in 2026. “The Seller Success Track Program was developed to incentivize and empower selling associates to unlock their full potential and achieve greater success while supporting their interests and growth trajectory,” the company stated in a press release.
Emerging Consumer Companies
Shopping platform Whatnot raises $225 million
Whatnot raised $225 million in a Series F funding round to continue growing its live shopping platform that focuses on enthusiast communities and operates across the United States, United Kingdom and Europe. The round valued Whatnot at $11.5 billion, the company said in a post on LinkedIn. “We started with a simple idea: shopping should be more personal, more connected and more human,” Whatnot said in its post. “That vision has now powered more than $6 billion in live sales this year alone, and we’re just getting started.” CapitalG said that this is the third Whatnot funding round that it has co-led, with the others being a Series C in 2021 and a Series D in 2022. Whatnot raised $265 million in a Series E funding round in January. That round valued the live shopping marketplace at $4.97 billion.
Goddess, haircare brand, raises round from Iris Ventures
Iris Ventures has made a multimillion-dollar minority investment in Goddess Maintenance Co., a biotech beauty brand pioneering science-backed innovations for lasting hair health and protection. Founded by Denise Russell, Edward Connaghan, Lauren Vesler and Manda Mason, Goddess Maintenance Co. is redefining professional hair care through a proprietary new category called “bioprotection.” Russell and Connaghan, both early operators behind breakthrough hair care brands Olaplex and K18, joined forces with sisters Vesler and Mason to create a next-generation professional system grounded in biotechnology.
Homecourt, Courtney Cox-led home brand, raises $8 million
Homecourt, the award-winning home and personal fragrance brand founded by Courteney Cox, has raised an $8 million Series A round led by CULT Capital. The funding will accelerate brand awareness, expand the team, and strengthen infrastructure to support continued growth. Homecourt has quickly built a cult following since its 2022 launch, expanding from homecare into new categories including body and laundry, and widening distribution channels from DTC to 300+ doors across the US including Nordstrom, Blue Mercury and Revolve.
Gymshark launches with Dick’s as first U.S. wholesale partner
U.K.-based fitness apparel brand Gymshark has formed its first U.S. wholesale partnership with Dick’s Sporting Goods to bring its gymwear to twelve Dick’s House of Sport locations. House of Sport is a more experiential concept than the standard Dick’s store, with elements like rock climbing walls and gear repair. House of Sport will carry some of Gymshark’s most popular apparel and accessories, including pieces from its Power and Vital lines, priced between $16 and $70, according to a company press release. The twelve House of Sport stores carrying Gymshark’s products are in New Jersey, Pennsylvania, Ohio, Florida, Arizona, Texas, Minnesota, Tennessee, Massachusetts and Georgia. Each location will feature a fully branded Gymshark collab space.
Recess, relaxation beverage brand, raises $30 million
Recess, a leader in the relaxation beverage space, closed its Series B funding round of $30M and announced the hiring of former Nutrabolt (C4 Energy, Bloom) Global Chief Commercial Officer, Kyle Thomas, as President & Co-CEO. The $30 million Series B round – led by CAVU Consumer Partners, with participation from Rocana, Midnight Ventures, Torch Capital, Doehler Ventures, KAS Venture Partners, Vanquish, and Craig Kallman – and the addition of Thomas sets the stage for Recess’ next chapter and will enable the company to invest in scaling its organization, support retail expansion, and increase its marketing efforts to drive accelerated growth in the years to come.
Food & Beverage
Hormel Foods sells majority stake in Justin’s nut butter to Forward Consumer Partners
Hormel Foods is selling a majority stake in Justin’s, the popular nut spreads and confectionery brand, to a private investment firm for an undisclosed amount. The Spam and Planters manufacturer is selling 51% of Justin’s to Forward Consumer Partners, which owns the whole-grain pancake and waffle mix maker Kodiak. Hormel will retain a 49% ownership stake in the brand it acquired in 2016 for $286 million. Since Hormel’s acquisition, Justin’s has expanded its product reach by adding new nut spreads, peanut butter cups, and other offerings to the mix. Last year, the company debuted Dark Chocolate Peanut and Dark Chocolate Peanut Butter candy pieces with a crunchy candy shell, marking the first major confectionery launch for Justin’s since it introduced peanut butter cups in 2011.
Keurig Dr Pepper nabs $7B from private equity ahead of JDE Peet’s acquisition
Keurig Dr Pepper has landed $7 billion in capital from private-equity firms to finance its $18 billion purchase of JDE Peet’s. The funding comes as the beverage giant looks to assuage investors who have questioned its plan to separate into two independent companies following the acquisition. The company also announced on Monday (October 27th) that CFO Sudhanshu Priyadarshi, who was slated to become the CEO of the planned coffee spinout, will no longer assume the position. Keurig Dr Pepper has initiated a search to fill the role. CEO Tim Cofer said in a statement that Keurig Dr Pepper has carefully considered shareholder feedback and is “responding with decisive actions,” including the new investment and a “refreshed approach to leadership structure.”
Kraft Heinz on track to break up
Kraft Heinz reaffirmed its timetable for splitting into two companies but lowered its fiscal 2025 guidance after posting slack third-quarter results. As announced in September, Kraft Heinz plans to break up its business into two public companies: one dubbed Global Taste Elevation Co. to be led by brands such as Heinz, Philadelphia and Kraft Mac & Cheese (2024 sales of $15.4 billion), and another called North American Grocery Co. that will include brands like Kraft Singles, Lunchables and Oscar Mayer (2024 sales of $10.4 billion). In reporting the 2025 third-quarter performance, chief executive officer Carlos Abrams-Rivera said “work is well underway” to wrap up Kraft Heinz’s business separation later next year, pending final approval by the board of directors and other closing conditions.
McCormick ups tariff impact to $140M despite mitigation efforts
McCormick & Co. raised its tariff impact for 2025 from $90 million to approximately $140 million, CFO Marcos Gabriel told investors. The higher costs stemmed from existing and new tariffs as of August, with the latter accounting for about two-thirds of the levy impact on the third quarter ending in September, Gabriel said on an Oct. 7 earnings call. “As we look ahead to 2026, we plan to offset as much of the incremental impact as we can with productivity savings across the P&L, alternative sourcing, supply chain initiatives, and, of course, leverage our revenue management capabilities, including pricing,” the CFO said.
Grocery & Restaurants
Starbucks Breaks Same-Store Sales Losing Streak
Starbucks on Wednesday reported that its quarterly same-store sales returned to growth for the first time in nearly two years, showing that its turnaround strategy is winning over lapsed customers. The coffee chain’s global same-store sales rose 1%, lifted by international markets. Its U.S. same-store sales were flat for the quarter but turned positive in September. Wall Street was projecting global same-store sales declines of 0.3% and a 0.9% decrease in U.S. same-store sales. “Critical moment for our company, we’re really proud of where we are,” CEO Brian Niccol said. Domestic same-store sales turned positive in September, and the company has held onto that momentum through October, Niccol said on the company’s conference call.
Chipotle Stock Plunges 13% as Chain Lowers Sales Forecast
Chipotle Mexican Grill on Wednesday reported quarterly revenue that fell short of expectations and cut its same-store sales forecast for the third straight quarter. Chipotle is expecting its full-year same-store sales to shrink by a low-single digit percentage in fiscal 2025. That’s a big change from February, when the burrito chain was projecting same-store sales would grow by a low- to mid-single digit percentage. CEO Scott Boatwright said the company is seeing “consistent macroeconomic pressures.” Traffic fell by 0.8%, the third straight quarter of declines. After the chain outperformed the broader restaurant industry in 2024, the sluggish consumer environment finally hit its restaurants this year. Chipotle’s customer base skews higher income, so it was insulated from the pullback in spending from low-income consumers that fast-food chains were reporting last year. But now Chipotle is seeing consumers across all income cohorts visit less frequently.
Angry Chickz receives investment for expansion
Angry Chickz has received an investment from Saratoga Investment Corp. to expand nationally. The Nashville Hot Chicken concept currently has 33 locations open in California, Arizona, and Texas, with more than 50 expected to be open in the next year. Founded in 2018 in Los Angeles, Angry Chickz finished 2024 with 28 locations and $55.6 million in sales, according to Technomic, marking a 58.7% year-over-year sales increase. Its average unit volumes were $2.1 million, outpacing both Popeyes and KFC in the chicken category. “We’re thrilled to partner with Saratoga as we continue building Angry Chickz into a national brand. This investment provides the capital and strategic support we need to accelerate growth while maintaining the quality and culture that define our success,” Angry Chickz chief executive officer David Mkhitaryan said.
Home & Road
Ethan Allen top line a mixed bag during Q1
Ethan Allen Interiors navigated through a tough environment during the first quarter. The company reported consolidated net sales of $147 million, down 4.7% from last year’s Q1. In the retail segment, written orders increased 5.2%, but total retail net sales declined 3.1% to $128.6 million. Wholesale segment written orders were down 7.1% due to lower U.S. government business. Still, net sales in the segment rose 1.0% to $87.0 million. The company improved its consolidated gross margin, which came in at 61.4% compared with 60.8% in the prior-year quarter. Operating margin was 6.8%. The adjusted operating margin was 7.2%, compared with the adjusted prior-year’s 11.5%. Ethan Allen continued to pare headcount, ending Q1 with 4.7% fewer associates than it had in last year’s Q1. Since the close of September 2019, the company has reduced headcount by 31.3%. Net income fell 28.6% to $10.5 million, or 41 cents per diluted share.
At Home Emerges From Chapter 11 With Slashed Debt, New Growth Financing
After seeking bankruptcy protection in June, At Home Group has successfully completed its financial restructuring and emerged from Chapter 11, the company announced. With a court-supervised process now complete, At Home reported the company is backed by supportive new owners, and it meaningfully strengthened its financial position and has additional resources to invest in its strategic initiatives. At Home eliminated substantially all of its almost $2 billion in funded debt, the company noted, implemented a more profitable operating model and secured $500 million in new exit financing to drive strategic growth initiatives forward. At Home continues to operate 229 stores in 39 states as well as the athome.com e-commerce website. In connection with the bankruptcy emergence, At Home has executed a transition of ownership to a group of its lenders, including funds affiliated with Redwood Capital Management, LLC, Farallon Capital Management, L.L.C. and Anchorage Capital Advisors, L.P.
Jewelry & Luxury
Golden Goose Confirms Mauro Maggioni as Incoming CEO of Americas
Golden Goose is set to appoint Mauro Maggioni as its new chief executive officer of the Americas, the brand confirmed to FN exclusively. The news comes as Silvia Merati, the outgoing CEO of the Americas, announced her departure from the Italian footwear company to take the helm of the denim brand Frame in Los Angeles. As for Maggioni, he has been with Golden Goose since 2019, most recently serving as the CEO of the Asia-Pacific region. Prior to joining the company, the executive spent seven years at the Ermenegildo Zegna Group, holding several positions, including Director of Omnichannel and Retail Operations and Chief Financial Officer of Greater China.
Moncler Delivers Flat Sales in Q3 as EMEA Declines Offset Americas Growth
Moncler S.p.A. reported revenues of €615.6 million ($717 mm) in the third quarter, down 1 percent on a currency-neutral basis. Sales in the nine months totaled €1,841.3 million, down 1 percent on a reported basis and flat at constant exchange rates. Moncler’s brand revenues in the third quarter totaled €514.2 million, representing a 1 percent decline on a currency-neutral year-over-year (YoY) basis. The direct-to-consumer (DTC) channel for the Moncler brand was flat on a currency-neutral basis YoY in the quarter, slightly improving sequentially, “despite ongoing macroeconomic headwinds and subdued consumer sentiment,” Moncler S.p.A. reported. DTC represents about 80 percent of the brand’s sales.
Office & Leisure
Chewy to Acquire SmartEquine, Expanding Leadership in the Equine Health Category
Chewy, Inc., a leader in pet food, supplies and healthcare, announced it has entered into a definitive agreement to acquire SmartPak Equine, LLC from Covetrus, Inc. SmartEquine, which rebranded from SmartPak in July 2025, is a leading U.S. provider of equine health products. The company is recognized for its proprietary subscription-based supplement programs, personalized nutrition plans, and broad portfolio of tack, gear, and therapeutic products designed to meet the unique needs of every horse and rider. This acquisition strengthens Chewy’s position as a leader in the equine category and accelerates the company’s expansion into higher-margin health and wellness verticals. By combining SmartEquine’s premium product portfolio and loyal customer base with Chewy’s unmatched logistics, innovation, and customer service, Chewy will deliver a differentiated and comprehensive value proposition to equine customers nationwide.
Heritage Golf Group adds three Florida clubs
Heritage Golf Group acquired three private clubs in Florida, expanding its portfolio to 46 clubs nationwide, including 12 in the Sunshine State. The three newly acquired properties — The Plantation Golf & Country Club, Country Club of Ocala and The Palencia Club — solidify Heritage’s footprint across the state and reflect the company’s continued growth strategy in key golf and lifestyle markets. The three Florida clubs each bring distinctive amenities and character to the Heritage portfolio: The Plantation Golf & Country Club in Fort Myers; Country Club of Ocala; and The Palencia Club in St. Augustine.
Marleybones, U.K.-based pet food brand, raised £2.5 million
Marleybones, the premium dog food brand behind Pantry Fresh meals, has announced the close of its most recent £2.5M funding round. The round was led by TAW Ventures, the investment firm founded by Jane Lauder, with follow-on support from existing backers JamJar Investments, Active Partners and Animal Health Angels. Founded in 2020, Marleybones was inspired by a frustration with the lack of balance between quality and convenience in existing dog food offerings. Thus, they created their own pantry fresh solution – meals that are slow-cooked, nutritionally complete, and packed in sustainable cartons.
Technology & Internet
Meta shares drop despite earnings beat as company takes a tax charge
Meta shares dropped as much as 9% on Wednesday after the company reported third-quarter earnings that beat on sales, but it also reported a $15.93 billion one-time tax charge. The company’s third-quarter sales rose 26% year-over-year, which is its highest revenue growth since the first quarter of 2024. Meta said it expects fourth quarter revenue to be in the range of $56 billon to $59 billion. The midpoint of that range comes in above what was expected by analysts, according to StreetAccount. The company raised the low end of its total expenses for the year by $2 billion, saying expenses will come in between $116 billion to $118 billion. That figure was previously $114 billion to $118 billion. CEO Mark Zuckerberg said Meta consistently requires more computing power for its artificial intelligence initiatives, resulting in more spending on related data center and cloud services. “That suggests that being able to make a significantly larger investment here is very likely to be a profitable thing over, over some period,” Zuckerberg added.
Etsy stock sinks on mixed earnings, CEO change
Etsy CEO Josh Silverman will step down from his position and move to the role of executive chairman at the end of the year, the online marketplace said Wednesday. Kruti Patel Goyal, Etsy’s president and chief of growth who previously oversaw its Depop resale app, will take the helm at Etsy effective Jan. 1, 2026, the company said. Etsy shares fell 12% Wednesday following the news, which was announced alongside its third-quarter earnings report. The company posted a beat on the top and bottom lines, but gross merchandise sales were down year over year. For the third quarter, Etsy reported adjusted earnings per share of 63 cents on revenue of $678 million, which exceeded consensus estimates of 53 cents per share and $655.3 million, according to LSEG. Sales increased 2.4% from a year ago. Gross merchandise sales, or the total volume of goods sold on the platform, came in at $2.72 billion. That’s a 6.5% decline from the same period a year ago, when GMS was $2.91 billion, but higher than expectations for $2.68 billion, according to StreetAccount.
Finance & Economy
Trump cuts fentanyl tariffs on China to 10% as Beijing delays latest rare earths curbs by a year
President Donald Trump and Chinese President Xi Jinping emerged from a high-stakes meeting touting agreements on tariffs and export controls that amount to a tangible de-escalation of the contentious trade war between the two superpowers. However, many details about what was achieved remain unclear, while other key sticking points in the U.S.-China trade relationship appear not to have come up at all. The overall U.S. tariff rate on Chinese imports, meanwhile, will stay at a historically high level. The agreements struck during the meeting in Busan, South Korea, do not amount to a comprehensive trade deal — though Trump claimed after the meeting that one would be ready to sign “pretty soon.” He nevertheless hailed the summit with Xi as “amazing,” and rated it a 12 out of 10. It was the two leaders’ first face-to-face meeting in six years. They spoke for one hour and 40 minutes. The top-line outcomes include an agreement by the U.S. to immediately cut fentanyl-related tariffs on China in half, to 10% from 20%.
