Afternoon Coffee: Xeeva Raises $40 Million in New Funding, Trump Wants Back in TPP

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Xeeva announced Thursday it had raised more than $40 million in a funding round led by PeakEquity Partners, according to a press release. The company offers procurement-focused products for spend visibility, sourcing, purchase-to-pay processes and supplier management.

“Our key investment focus is to partner with management teams who have developed products with sustainable differentiation in growing markets,” said Justin Reger, principal of PeakEquity Partners. “We believe the Xeeva team has established an attractive competitive position that our investment and operating network can accelerate.”

TPP Redux 

One of the first actions President Trump took when he assumed his office was to pull out of the Trans-Pacific Partnership. But over a year later, it looks like he wants back in.

As Quartz writes, Trump has “assigned US Trade Representative Robert Lighthizer and national economic adviser Larry Kudlow to look into getting the US back into the deal.” The deal’s benefits for farmers may be one reason behind the renewed interest, as the administration’s current trade spat with China has weighed on the agricultural sector.

China’s Trade Surplus

Speaking of U.S.-China trade tensions, the imbalance behind the dispute looks unlikely to improve any time soon. As Reuters reports, China’s trade surplus with the U.S. surged nearly 20% in the first quarter. Analysts speculated that Chinese exporters were rushing shipments out of the country to get ahead of threatened tariffs.

Consumer Sentiment 

And finally, an economic update: Consumer sentiment slipped in April, CNBC reports, declining from its 14-year high in March. The University of Michigan’s index dropped to 97.8 in mid-April, compared with 100.5 expected by a survey of Reuters economists.

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