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Trump’s reignited trade war with China clouds IMF, World Bank meetings

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Trump’s reignited trade war with China clouds IMF, World Bank meetings


  • U.S.-China trade tensions certain to dominate IMF, World Bank annual meetings
  • Finance ministers, central bankers from more than 190 countries coming to Washington
  • G7 to discuss sanctions on Russia, Ukraine aid options
WASHINGTON, Oct 13 (Reuters) – Finance chiefs gathering in Washington this week were ready to discuss the global economy’s surprising resilience in the face of Donald Trump’s tariff assaults – until the U.S.-China trade war erupted again with the U.S. president threatening 100% duties on Chinese imports and sending markets into a tailspin.
The annual meetings of the International Monetary Fund and World Bank are now certain to be dominated by questions over whether Trump’s vow to retaliate against China’s dramatically expanded export controls on rare earths will plunge the world’s two largest economies back into a full-blown trade war.

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A delicate truce crafted by Washington and Beijing over the past five months brought tariffs down from triple-digit levels and prompted upgrades to the IMF’s global growth outlook. Plans for Trump to meet with Chinese President Xi Jinping later this month fueled hopes for a further thaw.

But that optimism was shattered on Friday as Trump threatened to cancel the meeting and impose a “massive increase” in tariffs on Chinese goods, along with other countermeasures.

Souring the mood further was China’s move on Friday to match new U.S. port fees for Chinese-built or owned vessels with its own levies on port calls by ships built or flagged in the U.S. or owned by companies more than 25% owned by U.S.-domiciled investment funds.

The IMF and World Bank meetings will bring more than 10,000 people to Washington, including finance ministers and central bank governors from more than 190 countries.

Martin Muehleisen, a former IMF strategy chief who is now with the Atlantic Council, said Trump’s threats may be posturing for negotiating leverage, but said they will inject volatility into the week’s proceedings.

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“Let’s hope that sanity prevails. If Trump goes back to 100% tariffs on Chinese goods, there’s going to be a lot of pain in the markets for him,” Muehleisen said.

Trump’s threat on Friday triggered the biggest U.S. stock sell-off in months at a time when investors and top policymakers were already growing anxious about a frothy stock market fueled by an investment boom in artificial intelligence that some officials fear could hurt future employment.

While China has some leverage over Trump due to its global dominance in rare earths, which are essential for tech manufacturing, Muehleisen said it is not in Beijing’s interest to plunge back into an environment of triple-digit tariffs.

It is unclear whether U.S. Treasury Secretary Scott Bessent, who has led U.S.-China trade talks, would meet with any Chinese officials this week in Washington. A Treasury spokesperson declined to comment on Bessent’s bilateral meetings schedule.

GROWTH FORECASTS HOLD UP

Prior to the escalation on Friday’s, IMF Managing Director Kristalina Georgieva had touted the global economy’s ability to withstand multiple shocks, from tariff costs and uncertainty to a slowing U.S. job market, rising debt levels and rapid shifts brought on by AI’s rapid adoption.

In a preview of the IMF’s World Economic Outlook forecasts due on Tuesday, Georgieva said last week that the global GDP growth rate for 2025 would be only slightly less than the 3.3% for 2024. Based on tariff rates that were lower than initially feared – including the U.S.-China duties – the IMF in July raised its 2025 GDP growth forecast by two-tenths of a percentage point to 3.0%.

“What we are seeing is demonstrable resilience in the world,” Georgieva told Reuters in an interview. “But we are also saying it is a time of exceptional uncertainty, and downside risks are still dominating the forecast. So watch it, don’t get too comfortable.”

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G7 FOCUS ON RUSSIA

Finance ministers from the Group of Seven industrial democracies are expected to meet on Wednesday to discuss efforts to step up sanctions pressure on Russia that is aimed at ending Moscow’s war against Ukraine.

A British government source said that finance minister Rachel Reeves wanted to ensure joint action with G7 and European Union countries to cut Russia’s energy revenues and access to overseas assets that comply with international law.

Among these options that G7 ministers will discuss is a European Union plan to use Russian frozen sovereign assets to back a loan of 140 billion euros ($162 billion) to Ukraine.

BESSENT’S AGENDA FOR INSTITUTIONS

The U.S. footprint at the meetings will be large, extending from tariff discussions to Bessent’s calls for the IMF and World Bank to pull back from climate and gender issues to focus on their core missions of financial stability and development.

The meetings will be the public debut for Dan Katz, the IMF’s new No. 2 official. Member countries will be watching to see how Katz, a former investment banker who was Bessent’s chief of staff, carries out the U.S. Treasury chief’s agenda, which also calls for stronger IMF criticism of China’s state-led economic policies.
The U.S. Treasury’s market intervention on behalf of Argentina, the IMF’s largest borrower, also will take center stage at the meetings as Argentina’s right-wing libertarian President Javier Milei will join his ally Trump two blocks away at the White House on Tuesday. The move was welcomed by Georgieva to keep Argentina’s market-based reforms on track.

But Muehleisen, the former IMF official, said the Fund risks being pushed by its largest shareholder to enforce Trump’s geopolitical goals – ratcheting up pressure on China and potentially extending more aid to U.S. allies like Argentina without adequate reforms.

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“Is it really still a global, multilateral organization, or is it becoming a bit more of an appendage of the U.S. Treasury?” he said. “This will be an interesting debate.”

Reporting by David Lawder; Additional reporting by Andrea Shalal and David Milliken; Editing by Dan Burns and Paul Simao

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DC weather: Dry, mild Thursday with highs in mid 50s; rainy start to weekend

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DC weather: Dry, mild Thursday with highs in mid 50s; rainy start to weekend


A dry and mild Thursday is ahead for the Washington, D.C., region, with highs in the mid‑50s before a rainy start to the weekend.

What we know:

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The morning begins on the chilly side with some patchy fog. FOX 5’s Taylor Grenda says conditions stay dry as temperatures climb into the afternoon, with clouds building by evening.

Rain showers may develop late Friday afternoon into the evening, with highs in the upper 50s.

What’s next:

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Steadier rain moves in Saturday morning. Temperatures rise into the 60s, but on‑and‑off rain is expected through the afternoon and evening.

Sunday turns much drier, though highs fall back into the 50s. By Monday, colder air returns with highs in the 40s.

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DC weather: Dry, mild Thursday with highs in mid 50s; rainy start to weekend

The Source: Information in this article comes from the FOX 5 Weather Team and the National Weather Service. 

WeatherNewsWashington, D.C.MarylandVirginia
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Veteran court reporter Lynn Els taking her skills to U.S. Capitol

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Veteran court reporter Lynn Els taking her skills to U.S. Capitol


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  • A Coshocton court reporter has accepted a new position with the U.S. House of Representatives in Washington D.C.
  • Lynn Els will transcribe proceedings on the House floor for the official Congressional Record.

COSHOCTON − Court reporter Lynn Els has always wanted to see the cherry blossoms in bloom in Washington, D.C., and she’ll get that chance this spring thanks to a new job.

Starting Jan. 12, Els will work as a court reporter for the U.S. House of Representatives on the floor in the Capital building in Washington D.C. She’ll write for 10 to 15 minutes before a new reporter comes on.

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The 62-year-old will then go to the downstairs office and enter what she wrote into the official Congressional record before going back to the floor, or what they call the well. One might be able to spot Els during hearings aired on C-SPAN.

“It’s not verbatim like I’m used to taking in the courtroom. Because of parliamentary procedures, things are supposed to be worded a certain way in the Congressional record. So, you have to clean it up or insert special language,” Els said of what she’ll be doing. “Now I always have transcripts hanging over my head. I won’t have that backlog of transcripts, because you’re continuing throughout the day building the Congressional Record.”

Distinguished duties

Els has been a court reporter since 1984 and and started with Coshocton County Common Pleas Court in 1986. She can type up to 300 words a minute. She was one of the first people in the nation to obtain a Certified Realtime Reporter designation in 1995.

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“I’m excited for what’s new, but sad because I’ve done this for so long and it’s comfortable,” Els said of leaving her current court post. “The thing about this job is that I always have work to do.”

Along with serving as a court reporter for Coshocton County, Els has also done closed captioning for a variety of events. Everything from Cincinnati Bengals football games to the funeral services of Billy Graham and Whitney Houston to “Fox and Friends” to the royal weddings of Prince Harry and Prince William; all working remotely.

This has also included congressional hearings and recognition ceremonies at the Capital starting in 2013, which was the connection to Els’ new job. She worked as an independent contractor through Alderson Court Reporting.

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Landing the job

With a laugh, she said living in a small, rural community was actually beneficial. Since she worked remotely and transmitted captions via landlines, the older equipment in Washington D.C. could keep up better with Els’ transmission, over digital lines from larger cities.

“They always kind of liked it when it was me. They knew they wouldn’t have any disconnection problems. So, I became their preferred writer,” Els said.

She was encouraged to submit her resume for the new position last summer. Els never dreamed she would get it, she just always wanted to travel to Washington D.C. to see what it looked like on-site.

Els went to D.C. for an interview and sat in on a committee hearing. She took notes and then typed them up back at the office. This was followed by a writing test and current events test. Els said captioning for the morning news program “Fox and Friends” helped her with that part.

“Just being there was exciting. I did it. I survived that day and it wasn’t bad,” Els said.

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Els was slated to start in October, but that was pushed out due to the government shutdown. She will be living in a condo owned by a court reporter friend who works for the International Monetary Fund. Els said she’s received a lot of questions on her living situation, but she’ll be back in Coshocton when not working.

She’ll also continue to do some captioning work on weekends and her off hours, such as captioning for screens in the stadium for Bengals’ home games.

“I do want to keep my skills built up. It’s like playing a sport with captioning, because it’s fast,” Els said. “If you don’t do it, you lose that skill.”

Leonard Hayhurst is a community content coordinator and general news reporter for the Coshocton Tribune with more than 18 years of local journalism experience and multiple awards from the Ohio Associated Press. He can be reached at 740-295-3417 or llhayhur@coshoctontribune.com. Follow him on X at @llhayhurst.

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DMV-chain Compass Coffee files for Chapter 11 Bankruptcy

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DMV-chain Compass Coffee files for Chapter 11 Bankruptcy


Compass Coffee, the coffee chain founded in D.C. in the early 2010s, filed for Chapter 11 Bankruptcy on Tuesday in hopes of selling parts of the chain as it faces legal challenges from a cofounder, several landlords, and vendors.

The company, which has 166 employees and operates 25 cafes across Northern Virginia, D.C., and southern Maryland, said it plans to operate all stores as normal during the Bankruptcy process.

“Over the last decade, Compass has grown to 25 cafes across the DMV. Our original 7th Street cafe has never closed – not for a single day,” a portion of a statement from co-founder Michael Haft read. “Our spaces have been the setting for first dates that turned into marriages, interviews that led to dream jobs, and everyday moments shared over millions of cups of coffee. We have supported countless community causes, shipped coffee to all 50 states and to troops deployed overseas, and helped thousands of people navigate first jobs, in-between jobs, and next chapters.

The chain founded by Haft and Harrison Suarez said customer numbers have remained low since the COVID pandemic, and struggles remained despite also operating a roastery and distribution business. Documents showed the company began putting itself up for sale in 2021, and that the bankruptcy filing was made after reaching an agreement with a possible company.

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Compass leadership has requested to end the leases on several properties, including its former headquarters and roastery on Okie Street, Northeast, which was closed in Dec. 2025. The company has seen previous legal disputes with Ivy City over the roastery location.

Suarez sued Haft and his father in 2025, claiming the pair lied about Suarez having an equal share in the company. Suarez, who met Haft in college and both served as Marines, said he was cut from the company in 2021.

Documents show the company has 100-200 creditors. EagleBank, the Small Business Administration, Square, and inKind have filed statements claiming a total of $1.7 million in liens on Compass Coffee.

Compass also owes roughly $5.2 million to over insider and outside investors on unsecured convertible notes, while about 100 others have claims totaling $4.8 million. Most of the $4.8 million comes from past due rent, unpaid purchase amounts for store acquisitions, and unpaid accounts to suppliers and other vendors, according to a statement filed by Haft.

Filing for Chapter 11 could allow Compass to pay back its lenders, both secured and unsecured, according to Haft in a legal filing.

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