Daily Recap: Business — 28 September 2026

Business news centers on policy-driven investment and trade. The Trump administration pairs a headline industrial project and looser auto-efficiency rules with broader trade bargaining with China, while companies pursue restructuring and dealmaking against that shifting backdrop....

President Donald Trump is set to announce plans for a $15 billion steel plant in Iowa to be built by Mesabi Metallics. The White House describes it as the largest steel plant in U.S. history, making it a marquee manufacturing investment as the administration emphasizes domestic industrial expansion.

The Trump administration finalizes a rollback of Biden-era fuel economy standards for passenger vehicles. The new rules lower the planned fleetwide average for model year 2031 to roughly 34.5 to 34.9 miles per gallon, easing compliance requirements for automakers compared with the previous trajectory.

China says it will cut tariffs on a wide range of U.S. agricultural products, while keeping an additional 10% duty on soybeans. The move follows discussions between Xi Jinping and Donald Trump and forms part of a reciprocal trade package covering roughly $60 billion in goods.

China says a two-month extension of its trade truce with the United States creates room for further tariff-cut talks. Beijing says the sides will use a new trade council framework to review implementation of their arrangement and discuss investment opportunities as well as barriers.

Tata Trusts proposes restructuring Tata Sons by merging Tata Electronics Systems Solutions and Tata Consulting Engineers into the holding company. The plan is designed to avoid a regulatory trigger that would require Tata Sons to list publicly, preserving its private structure.

BRC Group Holdings agrees to acquire Sangoma Technologies in a deal with an enterprise value of about $204 million. The companies say they have signed a definitive agreement, advancing consolidation in the communications and technology sector.

Dateline Resources shares jump after the company wins U.S. government backing in its legal push to restart the Colosseum gold and rare earths project in California. The support strengthens efforts to revive a mine tied to both precious metals and strategic mineral supply.

FBI Deputy Director Andrew Bailey says he is leaving the bureau after about a year in the job. His departure comes during a period of internal upheaval and follows his appointment after joining the Trump administration.