As the last tariff-free freighters pull into LA, China trade talks will begin on Friday

• In today’s CEO Daily: Diane Brady on the mood at the Milken conference.
• The big story: Trade talks between the U.S. and China have been scheduled.
• The markets: Asia is up but Western markets are down.
• Analyst notes from Wedbush on the movie tax, Ark Invest on SpaceX, Oxford Economics on services, and Macquarie on China.
• Plus: All the news and watercooler chat from Fortune.

Good morning. The mood at the annual Milken Institute Global Conference this year felt surprisingly emotional this year. There was founder Michael Milken’s keynote address, only his third since the gathering began in 1998. He spoke about investing in children, partnerships and the American dream. I moderated a conversation about creativity, innovation, and luxury in which  I saw architect/designer Thomas Heatherwick move at least one audience member to tears with his discussion of human-centered space while getting a little choked up himself by praise from hotel pioneer Ian Schrager. In another conversation with Middle East investors and leaders, I was struck by the panelists’ desire to invest in their own region and people.

Off stage, many talked to me about the stress and challenge of navigating this environment. There’s the business leader whose overseas vendors have halted production until they get clarity on tariff policy: “In terms of supply, this could be our worst holiday season in years.”  A fund manager is so angry at their Ivy League alma mater that they might skip a nephew’s graduation ceremony. A philanthropist has seen their work unravel as a public-sector partners scaled back. Some first-time delegates were inspired by models of giving that they now hope to replicate at home.

Meanwhile, the last ships filled with tariff-free goods were pulling into the port of Los Angeles, the busiest container port in North America. Tariffs are now causing a dramatic plunge in activity at U.S. ports.  When Trump came out of a meeting with Canadian Prime Minister Mark Carney yesterday, saying his administration “didn’t have to sign deals,” stocks dipped. Somebody, somewhere among this group of financiers might have decided it’s a good time to buy.

More news below.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This story was originally featured on Fortune.com