The U.S. and China may be moving closer to an agreement on the amount of tariffs that would be rolled back as part of any partial trade deal. This despite tensions over Congressional support for democracy protesters in Hong Kong and criticism of human rights abuses of Muslims in China’s Xinjiang region. Stocks rose and bonds fell. —Josh Petri

Here are today’s top stories

The Trump administration announced a plan to end food-stamp benefits for about 700,000 Americans. One Democrat called the moved “an unacceptable escalation of the administration’s war on working families.”

The $28 billion bailout of U.S. farmers hurt by the trade war on China may have thrown free money their way, paying some more than they lost. 

Former Vice President Joseph Biden plans to pay for $3.2 trillion in policy proposals with new and higher taxes on the rich and corporations, including a measure targeting tech giants such as Amazon and Netflix that have reported paying no federal income taxes in recent years.

Starbucks made a shocking disclosure about its gender and racial pay gap: It doesn’t have one.  

President Donald Trump cancelled his scheduled press conference at the NATO summit after a hot-mic video captured Canadian Prime Minister joking with other world leaders about Trump’s behavior. 

Wood and water play a critical role in the making of spirits. As the climate crisis accelerates, whiskey and gin distillers are putting a green spin on their methods to attract the dollars of environmentally conscious drinkers.

What’s Sid Verma thinking about? The Bloomberg cross-asset reporter is digesting the astonishing call from Jeffrey Sachs that the yuan could rival the U.S. dollar within a decade. There are near-limitless counterpoints to the economist’s argument that the center of economic gravity is shifting. Perhaps the best, Sid says, comes from Sino-finance expert Michael Pettis, who points out that Sachs assumes that a global currency is an exorbitant privilege, rather than a burden.

What you’ll need to know tomorrow

• The Trump impeachment inquiry moved to the Judiciary Committee.
• Ray Dalio is more famous than ever, but delivering subpar returns.
• The Mets may sell an 80% stake to hedge funder Steve Cohen. 
• Peloton shares shares stumbled for a second straight day.
• PG&E is near a $13.5 billion deal with wildfire victims.
• NYC will crack down on paper receipts. It also got new trash cans.
• Why cruise lines keep cutting their ships in half.

What you’ll want to read tonight in Businessweek

These Are the 50 People Who Defined 2019

Who has the most-­subscribed-to YouTube channel? Who’s Big Oil’s big dealmaker? And just how fast did Popeyes run out of fried chicken ­sandwiches? Bloomberg reporters and editors from around the world have answered these questions and more for the third annual Bloomberg 50, our look at the people in business, entertainment, finance, ­politics, and science and technology whose 2019 accomplishments merit recognition, applause, and maybe extra pickles. Some names you’ll know—­perhaps you’ve heard of this Rihanna—but others you likely won’t, such as James Mwangi, the man trying to turn Nairobi into the Dubai of Africa.

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