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U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that has unsettled the global economy.U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva.The two officials struck a positive tone as they said the two sides had set up consultations to continue discussing their trade issues. Bessent said at the news briefing after two days of talks that the high tariff levels would have amounted to a complete blockage of each sides goods, an outcome neither side wants.“The consensus from both delegations this weekend is neither side wants a decoupling,” Bessent said. “And what had occurred with these very high tariff . . . was an embargo, the equivalent of an embargo. And neither side wants that. We do want trade.”“We want more balanced trade. And I think that both sides are committed to achieving that.”The delegations, escorted around town and guarded by scores of Swiss police, met for at least a dozen hours on both days of the weekend at sun-baked 17th-century villa that serves as the official residence of the Swiss ambassador to the United Nations in Geneva.At times, the delegation leaders broke away from their staffs and settled into sofas on the villa’s patios overlooking Lake Geneva, helping deepen personal ties in the effort to reach a much-sought deal.China’s Commerce Ministry said the two sides agreed to cancel 91% in tariffs on each other’s goods and suspend another 24% in tariffs for 90 days, bringing the total reduction to 115 percentage points.The ministry called the agreement an important step for the resolution of the two countries’ differences and said it lays the foundation for further cooperation.“This initiative aligns with the expectations of producers and consumers in both countries and serves the interests of both nations as well as the common interests of the world,” a ministry statement said.China hopes the U.S will stop “the erroneous practice of unilateral tariff hikes” and work with China to safeguard the development of their economic and trade relations, injecting more certainty and stability into the global economy, the ministry said.The joint statement issued by the two countries said China also agreed to suspend or remove other measures it has taken since April 2 in response to the U.S. tariffs.China has increased export controls on rare earths including some critical to the defense industry and added more American companies to its export control and unreliable entity lists, restricting their business with and in China.The full impact on the complicated tariffs and other trade penalties enacted by Washington and Beijing remains unclear. And much depends on whether they will find ways to bridge longstanding differences during the 90-day suspension.But investors rejoiced as trade envoys from the world’s two biggest economies blinked, finding ways to pull back from potentially massive disruptions to world trade and their own markets.Futures for the S&P 500 jumped 2.6% and for the Dow Jones Industrial Average was up 2%. Oil prices surged more than $1.60 a barrel and the U.S. dollar gained against the euro and the Japanese yen.“This is a substantial de-escalation,” said Mark Williams, chief Asia economist at Capital Economics. But he warned “there is no guarantee that the 90-day truce will give way to a lasting ceasefire.”Jens Eskelund, president of the European Union Chamber of Commerce in China, welcomed the news but expressed caution. The tariffs only were suspended for 90 days and there is great uncertainty over what lies ahead, he said in a statement.“Businesses need predictability to maintain normal operations and make investment decisions. The chamber therefore hopes to see both sides continue to engage in dialogue to resolve differences, and avoid taking measures that will disrupt global trade and result in collateral damage for those caught in the cross-fire,” Eskelund said.Trump last month raised U.S. tariffs on China to a combined 145% and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the two countries boycotting each other’s products, disrupting trade that last year topped $660 billion.The announcement by the U.S. and China sent shares surging, with U.S. futures jumping more than 2%. Hong Kong’s Hang Seng index surged nearly 3% and benchmarks in Germany and France were both up 0.7%The Trump administration has imposed tariffs on countries worldwide, but its fight with China has been the most intense. Trump’s import taxes on goods from China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States. McHugh contributed from Frankfurt, Germany, Kurtenbach from Mito, Japan, and Moritsugu from Beijing. Jamey Keaten, David McHugh, Elaine Kurtenbach and Ken Moritsugu, Assosicated Press
Category:
E-Commerce
This week, the discount retail chain Big Lots will open dozens of new stores. The openings are the third part of a four-wave relaunch of the brand, which marks a radical turnaround for a chain that was expected to close every store permanently after it filed for bankruptcy last year. Heres what you need to know about the latest round of Big Lots store openings. Big Lots back from bankruptcy brink Back in December 2024, Big Lots filed for bankruptcy after years of financial struggles. The company announced that it would close all of its 800 stores and permanently go out of business, and it brought in liquidation specialists Gordon Brothers to oversee the closure. But in a last-minute deal, Variety Wholesalers, which owns discount chains including Super Dollar and Bargain Town, swooped in and agreed to buy 219 Big Lots locations from Gordon Brothers. Variety then announced that it would reopen those locations after a brief period of closure for remodeling and restocking, and continue to operate them under the Big Lots brand. As Fast Company previously reported, those 219 Big Lots reopenings would be conducted in a phased approach made up of four waves: The first wave of stores opened in April. The second wave of stores opened in early May. This week, the third wave of that phased reopening begins. 78 more Big Lots locations to open on May 15 On Thursday, May 15, an additional 78 Big Lots stores will reopen in Variety Wholesalers third wave. The 78 store openings will occur in 13 states: Alabama, Florida, Georgia, Kentucky, Michigan, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia. The state with the most openings in this wave is North Carolina with 16 openings, followed by Pennsylvania with 10 openings. Here is the full list of Big Lots wave 3 openings: Alabama 14228 US Highway 431, Guntersville, AL, 35976 5510 McFarland Blvd, Northport, AL, 35476 1100 Hwy 78 W, Jasper, AL, 35501 2821 Montgomery Highway, Dothan, AL, 36303 Florida 4700 Highway 90, Marianna, FL, 32446 225 S Tyndall Pkwy, Panama City, FL, 32404 9119 Merrill Rd Ste 50, Jacksonville, FL, 32225 122 S Nova Rd, Ormond Beach, FL, 32174 146 SE US Highway 19, Crystal River, FL, 34429 Georgia 260 Merchants Square, Dallas, GA, 30132 2932 Canton Rd Ste 210, Marietta, GA, 30066 3791 S Cobb Dr SE Ste G, Smyrna, GA, 30080 4125 Highway 20, Ste A-2, Buford, GA, 30518 2305 E 1st St, Vidalia, GA, 30474 1803 Knight Ave Ste A2, Waycross, GA, 31501 4420 Altama Ave Ste C2, Brunswick, GA, 31520 Kentucky 400 Campbellsville Byp, Campbellsville, KY, 42718 294 Village Ln, Hazard, KY, 41701 845 S Main St, London, KY, 40741 102 N 12th St, Middlesboro, KY, 40965 345 N Hwy 27 Ste 5, Somerset, KY, 42503 Michigan 659 24th St, Port Huron, MI, 48060 14333 Eureka Rd, Southgate, MI, 48195 Mississippi 875 Main St, Southaven, MS, 38671 North Carolina 685 S Hughes Blvd, Elizabeth City, NC, 27909 2725 Northwest Blvd, Newton, NC, 28658 1020 Crossroads Dr, Statesville, NC, 28625 376 West Plaza Drive, Mooresville, NC, 28117 403 N Generals Blvd, Lincolnton, NC, 28092 1728 E Dixon Blvd, Shelby, NC, 28152 601 Park St, Belmont, NC, 28012 3718 Battleground Ave, Greensboro, NC, 27410 1811 S Church St, Burlington, NC, 27215 838 Winston Rd, Lexington, NC, 27295 1700 Raleigh Rd Pkwy W Ste 104, Wilson, NC, 27896 609 Greenville Blvd SE, Greenville, NC, 27858 1403 S Pollock St, Selma, NC, 27576 1140 W Broad St, Dunn, NC, 28334 3915 Ramsey Street, Fayetteville, NC, 28311 3910 Raeford Rd, Fayetteville, NC, 28304 Ohio 3946 W Alexis Rd, Toledo, OH, 43623 1800 E State St, Fremont, OH, 43420 825 Cleveland St, Elyria, OH, 44035 408 Bluebell Dr NW, New Philadelphia, OH, 44663 2837 Winchester Pike, Columbus, OH, 43232 4260 West Broad St, Columbus, OH, 43228 3961 Hoover Rd, Grove City, OH, 43123 2050 E Dorothy Ln, Kettering, OH, 45420 1700 E Main St, Lancaster, OH, 43130 Pennsylvania 2215 W 12th St, Erie, PA, 16505 820 Water St, Meadville, PA, 16335 697 Allegheny Blvd, Franklin, PA, 16323 2611 Ellwood Rd, New Castle, PA, 16101 5522 Shaffer Rd Unit 7, Du Bois, PA, 15801 2431 Columbia Blvd, Bloomsburg, PA, 17815 156 Eagles Glen Plz Ste 190, East Stroudsburg, PA, 18301 1241 Blakeslee Boulevard Dr E, Lehighton, PA, 18235 3437 Simpson Ferry Rd, Camp Hill, PA, 17011 467 W Penn Ave, Cleona, PA, 17042 South Carolina 207 Oconee Square Dr, Seneca, SC, 29678 339 Bypass 72 NW, Greenwood, SC, 29649 421 Columbia Ave, Lexington, SC, 29072 3230 Augusta Rd, West Columbia, SC, 29170 Tennessee 3110 E Oakland Ave, Johnson City, TN, 37601 2342 E Andrew Johnson Hwy, Morristown, TN, 37814 1475 E Andrew Johnson Hwy, Greeneville, TN, 37745 116 S Hall Rd, Alcoa, TN, 37701 201 Forks of the River Parkway, Sevierville, TN, 37862 264 E Broadwy Blvd, Jefferson City, TN, 37760 Virginia 260 Remount Rd, Front Royal, VA, 22630 10611 Courthouse Rd, Fredericksburg, VA, 22407 10001 Hull Street Rd, North Chesterfield, VA, 23236 2660 Weir Place, Chester, VA, 23831 5260 Oaklawn Blvd, North Prince George, VA, 23860 4318 George Washington Mem Hwy, Yorktown, VA, 23692 West Virginia 291 Mall Rd, Oak Hill, WV, 25901 4522 Robert C Byrd Dr, Beckley, WV, 25801 1350 Stafford Dr, Princeton, WV, 24740 Future Big Lots reopenings Thursdays openings will represent the third wave of Variety Wholesalers four-phased Big Lots reopening rollout. With Thursdays opening of another 78 locations, that will bring Big Lots total reopenings to 141. That means the final 78 openings of the 219 total planned stores will happen in wave 4, which is currently scheduled for June.
Category:
E-Commerce
Unlimited PTO policies were all the rage for a while, but now theyre starting to lose their allure. Here, experts weigh in on why companies are shifting away from this once-popular benefit, what alternative solutions look like, and why other options can be more effective. Failing to Deliver Unlimited paid time off policies are losing popularity because, in practice, they often fail to deliver the flexibility and wellness benefits they promise. While they sound progressive, the reality is that many employees end up taking less time off under these policies. Without a clear benchmark for what’s considered “normal” or acceptable, employees often hesitate to use their time, fearing it might reflect poorly on their work ethic or commitment. This lack of clarity creates anxiety and inadvertently fuels a culture of overworkexactly what unlimited PTO is meant to prevent. Another challenge is inconsistency. Some employees may feel empowered to take extended time off, while others are quietly discouraged, leading to inequities and resentment. In industries where consistent staffing is critical, the lack of structure makes planning difficult, and in some cases, managers may even override requests, further undermining the policy’s intent. Additionally, unlimited PTO can’t always be applied equally across salaried and hourly workers, potentially triggering claims of unfairness or noncompliance with local labor laws. As a result, many companies are shifting toward mandatory vacation policies, which require employees to take a minimum number of days off each year. This approach removes the ambiguity, helps normalize taking time away from work, and actively combats burnout. It’s especially effective in high-pressure environments where employees may otherwise push through exhaustion or skip vacations entirely. By institutionalizing rest, companies see improved retention, better morale, and a more energized workforce. It’s a simple yet powerful shiftone that sends a clear message: rest isn’t a perk, it’s a priority. Tyler Butler, founder, Collaboration for Good Company-Wide Reset Weeks Foster Collective Well-Being Unlimited PTO once promised freedom and flexibility, but it’s increasingly clear that for many employees, especially those from underrepresented or historically excluded backgrounds, it’s more of a mirage than a benefit. In my work as a senior HR leader in Tech and a therapist and coach for underrepresented communities, I’ve seen how this policy, when poorly implemented, can erode psychological safety, blur boundaries, and increase inequity. One major issue with unlimited PTO is that it lacks structure. Without clear norms or leadership modeling, employees may feel guilty or uncertain about taking time off. Research shows that in organizations with unlimited leave policies, people often take less time off than those with set vacation days. This perceived pressure to “prove” one’s commitment disproportionately affects women, caregivers, and marginalized employees who are already navigating imposter syndrome or subtle biases. It can make rest feel like a risk. Instead, some companies are shifting to collective rest models, structured, trust-based systems that prioritize equity and well-being. One alternative I’ve seen gaining traction in hybrid workplaces is “company-wide reset weeks” or seasonal shutdowns, where the entire organization takes time off simultaneously. These initiatives remove the ambiguity and competition of unlimited PTO and foster psychological safety by normalizing rest for everyone, not just the bold or burnout-resistant. This model supports all five elements of high-performing teams identified by Project Aristotle, Google’s Research on Effective Teams: 1. Psychological safety is boosted when everyone logs off at once, minimizing the fear of falling behind. 2. Dependability grows when teams can trust that their colleagues will take breaks and return replenished, not burned out. 3. Structure and clarity are enhanced when time off is explicitly defined and coordinated. 4. Meaning is reinforced as employees feel that their well-being is genuinely prioritized, not just promised. 5. And impact increases when people return from true rest more creative, collaborative, and focused. In today’s hybrid reality, where boundaries are already blurred, the future of time off needs to be as thoughtful and inclusive as our approach to work itself. Unlimited PTO may sound progressive, but the real innovation lies in creating policies that build trust, provide clarity, and prioritize collective wellbeing. Manuel Schlothauer, founder, HeyManuel.com Life Leave Balances Flexibility with Clear Expectations One of the most consistent challenges I’ve heard over many years of practice is that PTO policiesdespite their intended flexibilityoften lack clear structure and guidance. This absence of clarity can lead to uncertainty around what’s considered acceptable, making team members hesitant to fully utilize their time off. While teams appreciate the flexibility their companies provide, they also place high value on claritythey want to know what success looks like and how time away aligns with performance expectations. Unlimited PTO policies, in particular, tend to fall short in this regard. Though well-intentioned and often introduced to help companies elevate their total rewards, they can leave people wondering how much time is “too much,” which leads to underutilization and inconsistent experiences across teams. What’s especially challengingand somewhat counterintuitiveis that this happens despite our clear understanding that time off is critical to our team members’ ability to do their best work. We know it supports mental health, overall wellness, creativity, and long-term performance. Yet without the right structure, even the most flexible policies can miss the mark. In response, I’ve often implemented an approach called “Life Leave” that complements traditional PTO policies (e.g., vacation). This framework offers flexibility with intention. It empowers team members to take time off in ways that are personally meaningful to them, whether for rest, volunteering, professional development, cultural observances, or family responsibilities. What makes Life Leave most effective is its balance, as it supports individual needs while reinforcing clear expectations around performance and accountability. I’ve found it particularly impactful to provide explicit guidance on how much time is available, which helps create clarity and confidence for team members, leading to more usage and engagement. At the same time, it remains flexible enough to allow people to lean in when and how it makes sense for themand it evolves as the team’s needs evolve. Heidi Hauver, VP, Customer & People Experience, LearnExperts Structured Time Off Motivates Employees Better Unlimited PTO sounds like a great benefit on paper, but after working with several companies who were considering Unlimited PTO, I have firsthand seen why this policy does not usually work well in practice. There are several reasons, but by far, I believe the biggest reason for moving away from this policy is people’s behavior. That is, people are wired to want to know our “score,” by reacting to scarcity. For instance, when we see how many “lives” we have left on a video game, or how long a training program video runs, or how many more points until we earn a free taco, we tend to be more motivated to keep going, earn more, and utilize what we have earned. Marketing professionals know this and utilize it with “limited edition” runs of products to create demand. Unlimited PTO removes this “limited edition” mindset by removing the “scoreboard.” When people are unaware of how many days they have taken off or how many they have remaining, psychologically it makes them use less overall. Virtually every company I have experience with that has moved to unlimited time off has seen a drop in time off taken, not an increase. So if the purpose is less time, then it is working, but if the purpose is increased well-being and increased engagement, it is not working. The better solution, when you have people asking for either unlimited or simply more time, is to simply give more time. Yes, there is a balance sheet cost, but in reality, it is a very small cost compared to other benefits with a very high upside. Creative approaches like additional recognized company holidays, floating holidays so people can celebrate religious or family occasions that aren’t otherwise recognized, giving an extra day off in the month of your birthday or your company anniversary, and giving an extra week or two as an earned “sabbatical” every few years, all go far in employee appreciation without adding a large cost burden. Additionally, leading by example helps. People pay attention to what their leaders do. So when they see leaders not taking off their allotted time, they will do the same. Conversely, leaders I work with who use their time off have employees who do as well, and are healthier and more engaged as a result. Angela Heyroth, principal, Talent Centric Designs Mandatory Minimum PTO Protects Against Employee Burnout Data suggest that the popularity of these plans may be waning. Why? Job postings offering unlimited paid time off (PTO) have decreased by 50% from 2022 to 2024, according to Revelio Labs, from 3.1 per 1,000 to 1.5 per 1,000. Employee perception is also waning; companies offering unlimited paid time off (PTO) were rated 3.24% lower in work-life balance compared to those with traditional PTO policies. While unlimited PTO sounds like the ultimate perk, our research revealed that, when deciding whether to adopt this type of plan, employees generally take less time off than those with a traditional PTO plan. Research suggests that these policies are underutilized due to ambiguity surrounding acceptable usage and concerns about appearing less dedicated. We have instituted a “use-it-or-lose-it” PTO policy to encourage our team members to take their full time off to recharge and rejuvenate. Also, we award a paid week’s sabbatical every five years of service. As companies rethink traditional time-off models, flexible PTO and mandatory minimum PTO policies are emerging as more innovative alternatives to unlimited leave. Flexible PTO offers freedom with a light structure, appealing to organizations that trust employees to manage their well-being. Meanwhile, mandatory minimum PTO ensures employees take the time they need to reset, which protects against burnout and boosts long-term productivity. Increasingly, companies are realizing that spending time away from work is not enough to recharge their team. They have to design for it. Structured time-off policies backed by leadership modeling and clear expectations are proving far more effective than the “you figure it out” approach of early unlimited PTO experiments. Kristin Pardue, cofounder and CEO, Rve Consulting Flexible Scheduling Focuses on Job Performance Goals Unlimited PTO policies are losing popularity with both employees and employers. This is largely because the “logic” of such policies is faulty. For such policies to make sense, extremely accurate KPIs are required (both lagging and leading) to assess all aspects of the employees’ jobs. In theory, any employee who is performing at or above 100% of all job responsibilities with no risk of performance slipping should be supported in taking as much time off as they desire in exchange for continued performance. Unfortunately, it’s nearly impossible to identify highly accurate lagging and leading KPIs for every aspect or responsibility of any given job/employee. Moreover, it’s often difficult to track and report on all KPIs in a timely manner. Thus, employers and employees alike cannot be sure performance is truly where it should be in support of such policies. Consequently, Unlimited PTO policies have often caused conflict, which nobody likes. One alternative many companies are having success with is a fresh take on an old idea: Flexible Scheduling/Flexible Work. These policies often take the opposite approach, stating the job performance goals regardless of when or where the work is performed to achieve them, or how long it takes. These programs often do not distinguish between working versus nonworking hours or days of the week, or any amount of hours requiredjust satisfactory completion of the requirements. So, it’s just a different perspective to accomplish the same objective. Sometimes a different perspective changes everything. Joe Palmer, managing partner, Prosperity Partners Consulting, Inc. Scheduled Downtime Replaces Unlimited PTO Policy Unlimited PTO policies are fading because companies realize that offering unlimited time off doesn’t translate into employees taking enough breaks, especially high-performers focused on hitting deadlines. Instead of preventing burnout with a better work-life balance, getting rid of vacation minimums might lead to your best people leaving because they’re exhausted and feel too much pressure to take ample time. For us, it’s been much better to intentionally schedule downtime that fits in the company’s work rhythm. You have to actively plan for it by finding those natural lulls between projects or busy seasons and leaning into them. If you can’t manage full shutdowns, you can stagger these lighter periods across different departments so the business keeps running smoothly. Marketing teams can take a breather while engineering ramps up, or vice versa, for example. Unlike unlimited PTO, which puts the onus on employees who often feel they can’t step away from the work, scheduled downtime makes taking a break a normal and expected part of the job. It takes real effort to implement properl, and you need buy-in from every manager to actively champion and protect this downtime for their teams. We try to put this into practice by encouraging our team leads to actively schedule cooldown periods for their teams right after major projects wrap up or after particularly intense sprints. After our big Q1 product launch last year, the core product and engineering folks got a designated week immediately after with a lighter workload, very few meetings, and real encouragement to disconnect as much as possible before we started diving into Q2 planning. Many of our teammates tend to use vacation time then because they’re ready for a break, and work won’t pile up while they’re away. We’ve noticed less burnout reported after those crunch times, and people generally come back feeling more focused and recharged from that planned time off. Edward White, head of Growth, beehiiv Planned PTO Cycles Improve Operational Clarity It reduces operational clarity, to some degree at least. When time off isn’t formally accrued or budgeted, teams struggle with planning. They can’t accurately forecast bandwidth, coordinate coverage, or identify burnout risk if everyone is on an undefined schedule. Managers end up tracking PTO informally anyway, which then defeats the whole premise. Planned PTO cycles may hold the answer here. Instead of waiting for people to request time off, companies can preschedule rest into the calendar. This could involve two company-wide breaks a year (e.g., one week in summer, one in winter), plus a set number of flexible days. This approach works better because it removes the psychological barrier of “asking” and builds rest into the rhythm of the business. Teams recover together. No one returns to an overwhelming backlog, and clients learn to expect and respect the cadence. Adam Dayan, founder, Consumer Law Group, LLC Transparent Time-Off Calendars Enhance Team Planning There is a reason why Unlimited PTO policies aren’t as popular as they used to be. At first glance, they sound incredibly empowering”Take all the time you need!”but the reality often plays out very differently. What ends up happening is a lack of time-off visibility across the team. When everyone’s PTO is open-ended but not clearly communicated or tracked, people get caught off guard by surprise absences, especially during critical project phases. It’s not about “if” someone takes time off, but “when” and “how it affects the team.” That’s where things start to fall apart. What worked much better for us was moving to Transparent Time-Off Calendars that sync directly with our project management tools. Everyone can see who’s off and when, which helps with coverage and planning. But what really made the difference were the “soft limits” we introducedlike encouraging team members not to book extended time off during peak quarters or final sprint weeks unless discussed in advance. These aren’t hard rules, but they give the team a structure to work with. It reduces friction and prevents the kind of calendar chaos that was quietly undermining productivity under the Unlimited PTO model. In the end, it’s not about offering endless days offit’s about building a culture where taking time off is respected, communicated clearly, and planned thoughtfully so that no one feels like they’re carrying the weight when others are away. Ben Kruger, CMO, Event Tickets Center
Category:
E-Commerce
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