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News when you want it. With Bloomberg News now. I'm Karen Moscow, and I'm Alexis Christopher. Here are the stories we're following today. All right. I'd like to say began with the latest on US-China relations following the summit between Donald Trump and XI Jinping. The two countries detailed a plan to cut tariffs on about $30 billion of imports from each nation. The list for goods entering the U.S. contains 77 entries, including fireworks and toys, while more than 1600 goods are set to potentially enter China, such as meat and medical equipment.

We get more from Bloomberg Chief Asia correspondent Stephen Engle. It's putting some details to what they agreed on, on maybe the lower hanging fruit of trade disputes. There's still a lot more contentious issues, no doubt, including chips and other national security items. Bloomberg Stephen Engle says they expected tariff relief of $60 billion in bilateral trade is a fraction of the 415 billion in total goods exchanged between the world's largest economies last year.

And Karen, now the latest on the war in the Middle East. Iran is sticking to its seven day proposal for reopening the crucial Strait of Hormuz, saying it won't soften its conditions. While President Trump sent mixed signals about his willingness to reach a deal. We get more from Bloomberg Middle East correspondent Abeer Abu Omar. A lot of mixed signals over the weekend. President Trump had rejected this plan that Iran had laid out about a seven day ceasefire to reopen the Strait of Hormuz.

He did say that he might have agreed to the conditions that Iran had laid out a year ago, but Iran had overplayed its hand. Now, from the Iranian side, we also have heard from the foreign minister, Ambassador Kishi, who said that diplomacy is always on the table. Iran prefers diplomacy, prefers to go back to the negotiating table, but that he doesn't see a way for it. Middle East correspondent Abeer Abu Omar. Oil rising on those latest developments.

Right now we've got Brent crude nearing up 4% at 121 a barrel and WTI crude rallying 3.5% at 9557 a barrel. Alexis UK police are investigating a potential terrorism incident after five men were arrested near an airbase used in U.S. strikes on Iran. We go to London and get the very latest from Bloomberg's Nathan Hager. Nathan good morning. Well good morning, Karen and Alexis. So this was near RAF Fairford in the area of Gloucestershire in western England.

The US has been using it as a forward staging base for bombers in defensive strikes against Iran. Local police say they got a call around a 12:45 in the morning yesterday, local time, of three suspicious vans appearing to be headed toward the base. Armed police arrested five men, while dozens of residents were evacuated from a nearby village, and a bomb disposal unit came in to examine the vehicles. President Trump says the suspects were looking to do big damage, and his words, he suggested some of them may have been under surveillance, but he didn't give more details.

UK Defence Minister Wes Streeting told Bloomberg this morning it's too soon to link the Fairford incident with the Iran conflict, but a source tells Bloomberg police think they disrupted a serious attempted attack at a late stage in London. Nathan Hager, Bloomberg Radio. Thanks, Nathan. The arrests come as UK Prime Minister Andy Burnham goes into his first Labour Party conference as Britain's prime minister. Bloomberg's James Wilcock is covering the four day event and joins us from Liverpool.

Good morning. It's clear skies here in north west England and the UK Prime Minister wants to envision a brighter future. Bring back hope is the pitch here. But with bond yields at multi-decade highs, there are concerns there may be clouds gathering. Wes Streeting also told us the defence secretary there, that we know perfectly well that were out there making unfunded commitments, the markets price in risk and we face higher borrowing costs.

The UK chancellor makes his speech in just two hours and we'll be here covering it. In Liverpool James Wilcock, Bloomberg Radio. All right, James, thank you. Back here in the U.S., the northeast is still feeling the remnants of the nor'easter over the weekend. And the New York Area Coastal Flood Advisory is in effect until this afternoon. Begin more with Bloomberg meteorologist Craig Allen. The weather is still pretty nasty along 95, especially from northern new Jersey, New York City and Long Island on up to Boston and suburbs.

But the forecast is improving, and after more than 48 hours of wind driven rain and coastal flooding, the nor'easter is weakening. It is moving very slowly, though, just meandering, so it will take a while for drier air to arrive. Expect some gusts over 20mph today. Additional showers around. For our listeners in Washington, improvement will get underway today, but for the rest of the northeast, hang on until Tuesday.

Or even more so Wednesday as the sun returns. And as Bloomberg meteorologist Craig Allen, the storm caused chaos for some air travelers, but its worst impacts were coastal flooding and power outages. More than 100,000 homes and businesses were without power Sunday morning from Massachusetts to Virginia. Long Island was among the harder hit areas, with more than 24,000 customers still without electricity in Suffolk and Nassau counties.

And that's news when you want it with Bloomberg News now. I'm Alexis Kristoff for us. I'm Karen Moscow and this is Bloomberg.