Afternoon Coffee: Trump Affirms U.K. Trade Deal to Follow Brexit, Apple to Launch Clean Energy Fund With Suppliers

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After he gave an interview with the Sun newspaper saying he would kill a future U.S.-U.K. trade deal, President Trump apologized to Prime Minister Theresa May and vowed the two countries would reach a new agreement immediately after Brexit, Bloomberg reports. Trump had accused May in the interview of taking too long to leave the E.U. but later acknowledged that the negotiations were “not easy.”

Apple Energy Fund

Apple will launch a $300 million clean energy fund for China with 10 of its suppliers there, The Wall Street Journal reports. The investment will fund and develop clean energy projects totaling more than 1 gigawatt of renewable energy in the country, powering the operations of suppliers including iPhone assemblers Pegatron and Wistron.

China Trade Surplus 

The effects of new tariffs on U.S.-China trade have yet to show up in import-export figures, as China's monthly trade surplus with the U.S. hit a record high of nearly $29 billion in June, the BBC reports. While analysts expect to see a hit to those numbers in July from the ongoing trade war, China's exports to the U.S. rose 13.6% from a year earlier, while imports from the U.S. increased by 11.8%.

Inflation Gains 

And finally, an economic update: U.S. inflation rose 2.9% in June from a year earlier, putting price growth at its highest rate in over six years, according to The Wall Street Journal. Those gains also offset average hourly wage growth for workers over the past year.

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