Trump Floats 80% Tariffs Ahead of Trade Talks With China
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Here's your midday brief for Friday, May 9th. I'm Charlotte Gartenberg for The Wall Street Journal. President Trump today laid down a marker for this weekend's trade talks with China, floating 80% tariffs down from the 145% levies currently in place. He later posted on True Social saying that there are, quote, many trade deals in the hopper. National Economic Council Director Kevin Hassett said about two dozen pacts are close at hand.

Meanwhile, Chinese authorities today pledged to step up their enforcement of limits on the export of strategic mineral resources. In April, Beijing retaliated against U.S. tariffs with controls on the rare earth metals needed for advanced defense systems. The U.K. announced its largest ever sanctioned package today, stepping up economic pressure on Russia in order to strengthen Ukraine's hand in peace negotiations.

Among those sanctioned is Etabar Ayyub, a little-known trader from Azerbaijan, who built a clandestine trading and shipping operation in partnership with one of Russian President Vladimir Putin's closest allies. This is the first time a Western country has sanctioned any of the main oil middlemen aiding Russia since its invasion of Ukraine.

AMC Networks posted a first quarter profit of $18 million, down from close to $46 million last year. Steady declines in the linear TV model continue to overwhelm gains in streaming. And Panasonic Holdings plans to cut about 10,000 jobs globally. The Japanese electronics maker expects restructuring costs of $891 million for this fiscal year.

We'll have more coverage of the day's news on the Wall Street Journal'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. Without your data, operational success becomes financial stress. But Veeam secures and restores data faster than the speed of worry, helping turn chaos into calm. Visit us at Veeam.com to keep your enterprise running smoothly.