Next Week: Trump, Xi to Meet Thursday at APEC Summit, White House Says (Bloomberg)

US President Donald Trump and Chinese President Xi Jinping will meet next Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit, the White House announced, as the leaders of the world’s two largest economies look to deescalate a simmering trade war.

The meeting in South Korea, which is hosting the APEC summit, will be the first face-to-face for the leaders since Trump returned to power in January.

The meeting comes as a trade truce between Washington and China is set to expire on Nov. 10, unless it’s extended. The pause on higher tariffs, which has already been renewed multiple times this year, helped ease tensions after the countries ratcheted duties up to sky-high levels. That détente has been threatened by a fresh wave of trade measures in recent weeks.

Trump has threatened to impose an additional 100% tariff on Chinese products on Nov. 1 if Beijing does not relent on the rare-earth curbs, even as he has said that the high levies are “not sustainable.” Those Chinese curbs have sparked international backlash, sending other economies to look for alternative supply chains for those minerals and consider retaliation.

The Trump-Xi meeting will cap a trip to Asia that will also see the US president stop in Malaysia and Japan. In Malaysia, his first stop on the trip, Trump will attend the Association of Southeast Asian Nations summit, along with a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim and an ASEAN leaders dinner on Sunday evening. There is also speculation that President Trump may meet with Brazil’s Luiz Inácio Lula da Silva during the summit, though no time has been confirmed.

Trump will depart on Monday for Tokyo, ahead of a Tuesday meeting with new Japanese Prime Minister Sanae Takaichi.

The president is then scheduled to fly to South Korea on Wednesday, where he will meet with South Korean President Lee Jae Myung, deliver a keynote address at the APEC CEO luncheon and participate in a working dinner with other leaders attending the summit.
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Global Trade Latest

US-Canada Fallout: Trump Terminates Trade Talks With Canada Over Reagan Tariff Ad (Bloomberg)

President Trump said he would immediately halt all trade negotiations with Canada, citing a Canadian advertisement against his signature tariffs plan featuring the voice of former President Ronald Reagan.

The ad in question comprises excerpts from an address Reagan gave in 1987 in which he defended the principles of free trade and slammed tariffs as an outdated idea that stifles innovation, drives up prices and hurts US workers.

Canada’s economy has been badly damaged by Trump’s tariffs, as about three-quarters of its exported goods went to the US last year.

Watch the ad by clicking the photo below:

President Trump's response to the ad, posted on Truth Social:

Gambling Fallout

Court Scandal: FBI Arrests NBA Players, Coaches in Sports Gambling Probes (Bloomberg)
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Miami Heat guard Terry Rozier and Portland Trail Blazers head coach Chauncey Billups were arrested Thursday morning and charged as part of a sprawling sports gambling probe, federal prosecutors said.

In a press conference Thursday, FBI Director Kash Patel and Brooklyn federal prosecutors said at least 30 people were arrested across 11 states, including current and former National Basketball Association players and coaches, as part of two separate criminal schemes related to illegal sports betting.

One of the indictments charged six defendants with a fraud scheme to bet on nonpublic information about NBA athletes and teams. While the second indictment involves about 31 defendants allegedly participating in a nationwide scheme to rig illegal poker games, according to prosecutors. 

The defendants allegedly used high tech-cheating technology to steal millions of dollars from victims in underground poker games that were secretly fixed. The games were backed by mafia families, including the Gambino and Genovese crime families, prosecutors said.

What I'm Reading

Europe Time Change Alert: This Sunday, Oct. 26 at 2:00 a.m., the UK and most of Europe will turn clocks back one hour as countries shift from summer time to standard time. Starting Sunday, the time difference between New York and London will be four hours until the US shifts its clocks on Nov. 2.

Climate of Hope: EU Leaders Agree Truce Paving Way Toward Ambitious Climate Goals (Bloomberg)

European Union leaders paved the way for a deal on ambitious new climate targets by agreeing to support key industries and cut red tape during the green transition.

In one of the most divisive issues at the European Council in Brussels, leaders agreed on a raft of “enabling conditions” to help the automakers and other embattled industries, particularly those that are energy-intensive, according to a council spokesperson. They also signaled that green rules would be less restrictive to ease the path to climate neutrality by 2050.

The agreement increases the likelihood that climate ministers will be able to sign off on a goal to cut net emissions by 2040 at a Nov. 4 meeting, which requires a qualified majority of member states. The aim is to also agree on a climate pledge to send to the United Nations in time for the COP30 climate summit in Brazil, which starts less than a week later.

Meanwhile in Washington: Trump Takes Aim at European Climate Law After Killing UN Shipping Fee (Politico)

The Trump administration is ramping up the pressure on the European Union to repeal or overhaul a regulation on corporations’ greenhouse gas pollution — in the latest example of the United States’ willingness to wield its economic might against an international climate initiative.

It comes less than a week after the US scored a surprising victory over a proposed United Nations climate fee on shipping, in what one Trump Cabinet member described Wednesday as an “all hands on deck” lobbying blitz.

Photo of the Week: White House East Wing Demolished, Satellite Pics Show (Axios AM)

New satellite images taken Thursday show the demolition of the White House East Wing, which workers completed this week to make room for President Trump's $300 million ballroom, as reported by Axios:

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Photo: Planet Labs via AP, reported by Axios AM. 

Global Sanction Shock: Trump’s Oil Sanctions Hit India and China's Imports (Financial Times)

India and China’s largest refineries are looking at curbing imports of Russian oil, cutting off a key source of funds for Russian President Vladimir Putin’s war machine following President Trump’s sharp escalation of US sanctions.

Senior traders and officials said refineries, including the world’s largest facility in India and state-backed Chinese operators, were pausing most purchases as Trump tries to drive Putin to the negotiating table with Ukraine.

Moscow Pushback: Putin Calls US Sanctions ‘Unfriendly Act’ and Says Russia Won’t Bend (New York Times)

A day after President Trump’s first major punitive action against Russia over its war in Ukraine, President Putin on Thursday called new US oil sanctions “an unfriendly act” and warned of an overwhelming response if Kyiv gets the powerful missiles it seeks.

Tune in to the Daily Read Podcast: Stay ahead with AI-powered news insights every day — streaming now on Spotify and Apple Podcasts.

Trust Factor: AI Transparency Will Shape Luxembourg’s Financial Future, Says a Bloomberg Executive (Forbes Luxembourg - Amanda Stent)

For the financial sector, trust has always been the most valuable form of capital. As artificial intelligence is deployed across finance, the same principle remains: trust is the key to success, writes Amanda Stent, Bloomberg’s Head of AI Strategy and Research.

By placing transparency at the heart of AI in finance, Amanda writes, Luxembourg’s financial ecosystem can continue to set the standard for responsible innovation—across Europe and beyond.

Bonus Boom: Wall Street Bonuses Poised for Record as Bank Profits Surge (Bloomberg)

The Wall Street bonus pool is expected to break records this year if current trends continue, as big banks reap profits from soaring stocks and a return to more dealmaking after a long drought.

Profits at the 130 firms that belong to the New York Stock Exchange reached $30.4 billion in the first half of the year and will hit the highest level on record if that pace continues, New York State Comptroller Thomas DiNapoli said.

Latest Clemency: Binance Founder Zhao Wins Trump Pardon (Bloomberg)

Binance co-founder Changpeng Zhao has received a pardon from President Donald Trump after he went to jail for failing to safeguard the world’s largest crypto exchange against money laundering.

The move marks the latest act of clemency the White House has granted to a crypto entrepreneur, underscoring how the Trump administration has positioned itself as a friend of the industry.

The Show Goes On: Broadway Musicians Reach a Deal to Avoid Strike, Saving the Season’s Biggest Hits (Vulture)

The American Federation of Musicians, the largest local union of professional musicians, reached a tentative agreement with the Broadway League and Disney Theatricals, averting a strike that would have shut Broadway down with 23 musicals being put on indefinite pause. The strike was threatened over demands for fair wages, stable health insurance, and job protections amid Broadway’s most financially successful season.

Coming Up in NYC: The Best Halloween Events for 2025 (Time Out New York)

NYC’s 2025 Halloween lineup is packed with spooky parades, haunted houses, pumpkin festivals, and eerie light trails—from classic favorites like the Village Halloween Parade to the Bronx Zoo Harvest Glow and immersive art experiences at the New York Botanical Garden. Learn more here for your full guide to Halloween across the city.

Weekend Streaming and Film Guide

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Deliver Me from Nowhere (In Theaters Now)

Premiering today in theaters, Deliver Me from Nowhere stars Jeremy Allen White as Bruce Springsteen in a gripping chronicle of the making of his 1982 album Nebraska—a raw, stripped-down masterpiece recorded in Springsteen’s New Jersey bedroom that captures lost souls searching for redemption.

An Optimist's Guide to the Planet (Bloomberg Originals)
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The second season of the Bloomberg Originals series 'An Optimist’s Guide to the Planet' with Nikolaj Coster-Waldau premiered this week, spotlighting communities worldwide driving a more sustainable future. The first episode spans Denmark, India, and Ecuador’s rainforest, exploring coastal restoration, mangrove reforestation, and the Achuar people’s vision for sustainability.

The Reluctant Traveler with Eugene Levy (Apple TV)

Award-winning actor and explorer Eugene Levy steps out of his comfort zone for a whirlwind tour of the world's most beautiful and intriguing destinations, in this episode taking us to South Korea, where he dives into the phenomenon of K-Pop as well as Korean street food. 

Best of Late Night

On reports that President Trump's Justice Department may pay him $230 million in compensation for its criminal investigations of him:

“His own lawyers decide whether he wins. It’s like that classic drama, ‘12 Angry Men Who Were All At My Bachelor Party.’”
-- Stephen Colbert

“Trump added, ‘Any money that I would get, I would give to charity.’ Come on, man, that’s obviously just her stage name.”
-- Seth Meyers

On President Trump demolishing the East Wing of the White House to build his 90,000-square-foot ballroom:

“Now, I understand this is not the first wing he’s destroyed, but it is the first one that wasn’t covered in buffalo sauce.”
-- Stephen Colbert

And from Late Night with Seth Meyers: Seth addresses Trump's special counsel nominee withdrawing his name after leaked texts, ICE recruits failing the agency's personal fitness test, and this week's demolition of the White House's East Wing. Click the photo below to watch.