Ticker: Starbucks looks to protein drinks; China and US may work to extend latest tariff deadline

Starbucks said Tuesday it’s confident that new products coming next year — including a cold foam protein drink, coconut water-based beverages and improved baked goods — will help turn around the company’s lagging U.S. sales.

In the meantime, slow U.S. demand continues to be a drag on the company’s results.

Starbucks reported that its revenue rose 4% to $9.5 billion in its fiscal third quarter. That was better than the $9.3 billion Wall Street expected, according to analysts polled by FactSet.

But same-store sales, or sales at locations open at least a year, fell 2% in the April-June period. That was a bigger decline than Wall Street expected, and it was the sixth straight quarter that the Seattle-based company reported lower same-store sales.

China and US may work to extend latest tariff deadline

China’s top trade official said Tuesday that China and the U.S. agreed to work on extending a deadline for new tariffs on each other, following a two-day trade meeting in Stockholm. The U.S. side said extension plans were discussed, but not decided.

Li Chenggang told reporters after the meeting that the two sides had “constructive” and “candid” discussions and agreed to work on extending a pause in tariffs beyond the latest deadline of Aug. 12 for a comprehensive trade deal.

However, Li didn’t say how the extension would work, and U.S. Trade Representative Jamieson Greer said the U.S. team would head back to Washington and “talk to the president about whether that’s something that he wants to do,” though he did say such an extension was discussed during the talks.

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