Morning Business Report: Trade talks shift, wages rise, coffee competition heats up
LILAMAX Days before a crucial deadline of July 9, U.S. trade authorities are reducing their lofty global trade targets. The Financial Times claims that the Trump administration is pursuing phased agreements with a few countries instead of sticking to its initial goal of 90 treaties in 90 days. According to sources, if the United States reduces trade restrictions on goods like alcohol and semiconductors, the European Union might consent to a 10% tariff on some products. Discussions are still going on.
In the meantime, minimum wage increases in states and towns around the nation are giving millions of Americans a salary increase this month. It is anticipated that 888,000 workers will gain from this. With an hourly wage of $20.24, Washington State is currently in the lead, followed by Oregon at $15.05. The minimum wage set by the federal government is still $7.25 per hour.
Amazon is facing pressure from the retail industry to increase the price of its Prime membership. According to consultants, increasing the yearly cost by $20 to $159 could generate $3 billion without lowering membership. In 2005, Prime was introduced for a mere $79 annually.
Influencer and former collegiate golfer Tisha Alyn, better known by her stage name Tisha All-In, is introducing a line of golf gear for women. Her designs combine functional elements like shirt holders with aesthetic appeal for both on and off the course. Soon, you may find her brand at Golf Galaxy and a few more country clubs.
There might be a new competitor for Starbucks. With drinks priced around 30% lower than its competitors, Luckin Coffee, a Chinese company, has established two locations in New York City. To reach a younger audience in the United States, the organization is utilizing digital payments, TikTok, and quick service.
