Evening Briefing: Americas

The White House on Monday expressed support for a deal between Republicans and eight Senate Democrats who broke ranks with their party to propose an end to the government shutdown. In doing so, they are giving up on the demand that the GOP lift a deadline that will soon leave millions of Americans unable to afford healthcare.

While Republicans took a victory lap, the eight senators, including Senator Tim Kaine of Virginia, were pilloried by fellow Democrats and party leaders for what some called a “betrayal.” Even the daughter of Senator Jeanne Shaheen of New Hampshire, Congressional candidate Stefany Shaheen, reportedly assailed her mother’s decision. Democrats have accused President Donald Trump of cutting off food assistance to millions of Americans and reducing domestic air travel as leverage in the longest government shutdown in US history. The administration contends the shutdown forced it to reduce spending and guarantee safe air travel amid staffing shortages.

The proposed deal largely returns matters to where they started, guaranteeing federal employees their jobs back with back pay (Trump’s effort to fire workers and withhold pay are already the subject of litigation). Senate Republicans are promising the eight Democrats a vote on lifting the Affordable Care Act deadline, but there’s no guarantee it will pass or that a similar measure in the House would be approved or that Trump would sign it. —Natasha Solo-Lyons and David E. Rovella

What You Need to Know Today

Warren Buffett is donating more than $1.3 billion of Berkshire Hathaway shares to four family foundations, disclosing in a letter that he intends to “step up the pace” of his donations while he’s still alive. The 95-year-old investor, who is stepping down from his role of chief executive officer at the end of the year, also said he will be “going quiet,” meaning that he’ll no longer write Berkshire’s widely-followed annual report or speak at its annual shareholder meeting.

Buffett Says He’s ‘Going Quiet,’ Picking Up Donation Pace

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US import volumes are projected to slow through the year-end holidays and into 2026 as uncertainty tied to Trump’s trade war, and the potential unwinding of his tariffs as illegal, weighs on cargo owners and the outlook for consumer spending remains clouded, new data show.

According to Descartes Systems Group’s latest Global Shipping Report, the volume of US container imports slipped 0.1% last month compared with September, marking only the second October in the past decade to show a month-over-month decline and “a clear sign of importer caution.”

The recent trade truce struck between the US and China is welcome news, but Bloomberg’s Editorial Board writes it will hardly erase the damage tariffs are still inflicting on American consumers and workers, including two groups who have strongly backed the president: farmers and factory workers.

While it’s good news that China will resume purchases of US soybeans, it has spent most of the year buying them from Brazil and other countries instead. Under the new agreement, China will import 12 million tons of US soybeans this year, half of what it bought last year. In other words, the White House’s trade brinkmanship cut soybean farmers’ 2025 China trade in half.

Markets

Tricolor’s Frantic End Was Sparked by a Phone Call From JPMorgan

Daniel Chu was in Italy, a world away from the sweltering Texas car lots he had built his fortune on, when his phone lit up.

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US consumer durables and personal goods inflation decelerated in October for the first time in three months, reflecting a slight pickup in the degree of merchant discounting, according to OpenBrand price data. OpenBrand, which tracks prices daily from online marketplaces, retail websites, and brick-and-mortar store listings, said price growth slowed across all groups but communications devices.

Another inflation gauge from PriceStats also showed price growth eased overall last month, though there were pockets of firmness in categories like household equipment, furniture and electronics—which have a higher share of imported goods. The results suggest merchants are limiting price increases to ensure market share as inflation-weary consumers grow more cost-conscious. The data also suggest that tariffs have had an uneven impact on consumer prices in recent months rather than a sustained build-up in price pressures.

About a month ago, BlackRock deemed the private debt it had extended to Renovo Home Partners, a struggling home improvement company, to be worth 100 cents on the dollar. As of last week, the firm had a new assessment: zero. The drastic revision comes as Dallas-based Renovo—a roll-up of regional kitchen and bathroom remodeling businesses created by private equity firm Audax Group in 2022—abruptly filed for bankruptcy last week, indicating it plans to shut down.

The sudden collapse strikes at the heart of what critics see as a major vulnerability in the private credit market: the disconnect between the valuation of illiquid loans and the performance of the underlying companies.