Good morning. Scott Bessent talks China, trade and interest rates. Vladimir Putin heads to the Alaska summit feeling confident. And we have a new space mission taking off from Florida. Listen to the day’s top stories.

Treasury Secretary Scott Bessent dismissed the possibility of Chinese investments in the US being part of a trade pact, narrowing the options for the two sides to resolve a running dispute. Bessent also suggested that the Federal Reserve should be open to a 50 basis-point interest rate cut next month, as bets on an outsized reduction gain steam after a largely benign US inflation report.

Showdown. Democratic lawmakers from Texas say they’re considering their options — including returning to the state — which may end a standoff that saw more than 50 representatives leave in a bid to block controversial new congressional maps backed by President Donald Trump. Republican Governor Greg Abbott has pledged to call session after session to pass the redistricting proposal.

Vladimir Putin is heading to a planned summit with Donald Trump, confident that Russia is in a dominant position on the battlefield as his military advances in Ukraine. But it’s a different situation economically, with Russia just about getting by. Ukrainian President Volodymyr Zelenskiy reiterated that he won’t cede territory, including the eastern region of Donbas.

The Panama Canal is planning to enter the ports business with a tender for two terminals, a move that comes amid a high-profile clash between the US and China over the waterway. Panama’s comptroller has filed a suit against a contract extension with CK Hutchison’s local unit, potentially complicating the conglomerate’s plan to sell its global terminals business to a consortium involving BlackRock. Read our explainer on how Hong Kong tycoon Li Ka-shing landed in the middle of a US-China tiff.

Photographer: Sophie Park/Bloomberg

Harvard University has indicated it’s willing to pay $500 million for training programs as part of a settlement with the White House, according to a person familiar, in order to restore more than $2 billion in frozen federal funds. The Trump administration, which has threatened to seize hundreds of millions of dollars worth of patents from Harvard, views $500 million as a floor in negotiations for a settlement, according to people with knowledge of the matter.

Deep Dive: Gaming in Banned Markets

Source: Bloomberg

Current and former executives at Evolution AB were secretly filmed describing how its casino games were made available in banned markets such as Iran and China, according to a filing submitted to a New Jersey court.

• The recordings, captured by a private intelligence firm, allegedly show the online gambling company knowingly supplied casino games to countries under US sanctions or where gambling is illegal, which Evolution denies.
• In December, the UK’s Gambling Commission launched an investigation into alleged black-market activity at Evolution, related to the supply of its game to unlicensed operators.
• Illegal sports books and casinos took 74% of online gambling revenues in the US last year, outperforming licensed rivals through aggressive promotions and products, according to research from Yield Sec.

The Big Take

Photographer: Paul Yeung/Bloomberg

Hong Kong's financial industry is booming due to a surge in capital raising by Chinese corporate giants, with first-time share sales topping $16 billion this year. Yet the city has become inextricably tied to President Xi Jinping’s priority industries, risking backlash from Washington politicians who are increasingly questioning where Hong Kong ends and China begins.

Bloomberg Green New York: Join us on Sept. 25 for a solutions-focused look into a new era of climate action during Climate Week NYC. On the heels of the 80th United Nations General Assembly, we’ll hear how top leaders in business, finance and government are approaching climate issues during times of geopolitical uncertainty. Learn more.

Opinion

A container ship at the Port of Nansha in Guangzhou, China. Source: Bloomberg

With tariffs taking effect, it’s easy to imagine globalization is in reverse and that a new era of protectionism, fragmentation and reshoring has begun, Chris Bryant writes. Some of the gloom may be overdone — the US can’t simply turn back the clock on global economic interdependence.

Before You Go

The Vulcan rocket on the ULA launchpad at the Cape Canaveral Space Force Station, Dec. 6, 2023. Photographer: Michelle Bruzzese/Bloomberg

We have lift off! United Launch Alliance launched its first national security mission with the newly developed Vulcan rocket, a key test of the vehicle’s ability to put satellites into high orbits above the Earth.

Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen