Trump’s Trade Surprise, German Gloom, Spanish Beer: Eco Day

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Welcome to Monday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• After a weekend of trade tensions, U.S. President Donald Trump surprised the world on Monday by saying China wants to restart trade talks. Beijing downplayed the breakthrough
• Trade also took a major role at the Federal Reserve’s Jackson Hole gathering, particularly given recession risks and central banks’ limited firepower
• Germany’s economic woes are taking a toll on business confidence. It fell yet again in August, to the lowest in almost seven years
  • For German savers, negative interest rates are making a mockery of the national obsession, prompting politicians to seek ways to insulate thrifty citizens and keep the burden on the country’s beleaguered banks
• The beer isn’t flowing like it used to in Spain’s tourist hot spots, and Brexit is part of the problem as sterling’s decline makes U.K. travelers more price sensitive
• The U.S. and Japan agreed in principle on a trade deal under which Japan will slash tariffs on U.S. beef, pork and other agricultural products, while continuing to face existing levies on its own auto exports
• Bank of England Governor Mark Carney took at step back at Jackson Hole to offer a provocative pitch on dollar dominance and virtual reserve currencies
• And a reminder that it never stops. Here’s our guide to the week ahead in the world economy

To contact Bloomberg News staff for this story: Fergal O'Brien in Zurich at fobrien@bloomberg.net

To contact the editors responsible for this story: Craig Stirling at cstirling1@bloomberg.net, Paul Gordon

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With assistance from Bloomberg