The daily business briefing: January 7, 2019

Trump signals optimism as China trade talks start, Tesla breaks ground on Shanghai Gigafactory, and more

A Tesla Model S in Shanghai
(Image credit: JOHANNES EISELE/AFP/Getty Images)

1. Trump, China express optimism as trade talks start

President Trump said Sunday that trade talks with China were going well and that data showing a weakening Chinese economy could be making Beijing more eager to reach a deal to end a trade war with the U.S. "I think China wants to get it resolved. Their economy's not doing well," Trump said. "I think that gives them a great incentive to negotiate." U.S. officials are meeting with Chinese counterparts in Beijing this week in the first face-to-face talks since Trump and Chinese President Xi Jinping agreed in December to a 90-day truce without any more of the rising tariffs that have upset global stocks. Just Friday, China cut bank reserve requirements in the government's latest attempt to address the threat of financial turmoil.

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