Deep Dive
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At GMC, ignorance is the furthest thing from bliss. Bliss is research, testing, testing the testing, until it results in not just one truck, but a whole lineup.
The 2025 GMC Sierra lineup featuring the Sierra 1500, Heavy Duty, and EV. Because true bliss is removing every shadow from every doubt. We are professional grade. Visit GMC.com to learn more. Here's your midday brief for Thursday, June 5th. I'm Alex Ocella for The Wall Street Journal.
President Trump spoke today with Chinese leader Xi Jinping. On social media, Trump called it a productive conversation, with both sides agreeing to meet shortly as they seek to stabilize trade negotiations that have broken down in recent weeks. Trump suggested one sticking point, the export of rare earth minerals, which are critical to the U.S. automotive and other industries, had been addressed during the call, though details were unclear.
The U.S. trade deficit collapsed in April as tariffs took a huge bite out of imports. The Commerce Department reported today that the trade deficit narrowed to about $62 billion in April, its lowest level since September 2023. In dollars, the drop was the largest monthly change in the goods and services deficit in data back to 1992.
The European Central Bank reduced its key interest rate to 2 percent from 2.25 percent. That's its eighth reduction in a year and the lowest rate since early 2023. The bank signaled that it is nearing the end of its rate-cutting cycle as inflation abates. The move deepens the divergence with the U.S.
Crypto company Circle is making its stock market debut today. The stablecoin issuer and some shareholders sold 34 million shares at $31 apiece late yesterday, above expectations. A buzzy reception could give bankers hope the sleepy market for initial public offerings will warm up this summer.
And Procter & Gamble, maker of Tide detergent, Pampers diapers, and Bounty paper towels, said it would cut 7,000 jobs, or roughly 15% of its non-manufacturing workforce around the world, over the next two years. We'll have more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.