Chinese President Xi Jinping is continuing his meetings with President Donald Trump today, and trade representative Jamieson Greer told CNBC this morning that the two sides have already come to agreements on a number of issues. Earlier this week, Treasury Secretary Scott Bessent also announced that the U.S. and China would be extending a trade truce initially struck in October 2025. This morning, we dig into the background and the big picture of U.S.-China trade. Then, we hear what hosting Formula 1 means for Madrid's economy.

Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.

Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Stories featured in this episode:

• Madrid welcomed back Formula 1. Here’s what it meant for the city.

Meta's new Muse AI assistant is having a moment — and it's kind of adorable. Meta announced a slew of new integrations for its AI assistant at a company event this week, including a customizable furry lil’ avatar and a Tamogatchi-like wearable device for interacting with it.

Plus, Wall Street is betting billions on growing demand for cybersecurity in the age of AI and social media platform Discord enters its age-gating era.

Anita Ramaswamy at The Information is here to help us unpack the week in tech.

More on this:

I Gave My Life Over to Meta’s A.I. Agent and Was Blown Away — New York Times

Meta Tests Muse AI Agent Calls That Are Actually Made By Humans in a Call Center — 404 Media

CrowdStrike and Okta Trade at Big Premiums Despite Unproven AI Payoff — The Information

Discord’s age-verification era is upon us, despite community backlash — Tech Crunch

What happens to government debt, the budget deficit, and the overall economy if interest rates stay elevated? For a new report, the Congressional Budget Office crunched the numbers. By 2056, public debt would grow to an eye-popping 222% of GDP. Plus: Trump administration cuts decimated soil conservation programs, a new report highlights the impact of private equity investments on climate risk, and an uneventful Trump-Xi summit ends with a promise of more talks to come.

Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.

Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Read the stories in today’s episode:

• TTYL? Trump-Xi talks end without much to show
• What happens to the deficit and the national debt if interest rates stay high?
• U.S. farmers lost conservation experts in Trump’s federal cuts. Now they’re hurting for help
• Private equity gets a grade on climate risks