Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
President Barack Obama's budget proposal "reflects his value of middle-class economics," White House chief economics advisor Jason Furman told CNBC on Monday.
"We'd love to work together with Republicans to invest in infrastructure. We need to a way to pay for that infrastructure," Furman said on "Squawk Box, " shortly after the release of the president's $3.99 trillion budget for fiscal year 2016. The fiscal blueprint included a call for higher taxes on companies and the wealthy to boost the fortunes of middle-class Americans and overall economy.
Reviving a long-running debate about corporate tax avoidance, Obama is targeting a loophole that lets companies pay no tax on earnings held abroad. He wants a one-time, 14 percent tax on an estimated $2.1 trillion in profits piled up abroad over the years by U.S. multinational companies. The $238 billion raised from that one-time tax would fund improvements to roads, bridges, transit systems and freight networks.
"It's really an attempt to balance the need to make sure we're not eroding our tax base, but also make sure our companies are competitive as they operate around the world," said Furman, chairman of the White House Council of Economic Advisers.
"I think it's aggressive but not outside the range of reasonableness," said Dan Senor, former advisor to Republicans Mitt Romney, Rep. Paul Ryan, and George W. Bush. "I think it's going to be tough. But what I am stuck by is Ryan was signaling ... after the State of the Union there could be a discussion." The Wisconsin Republican Ryan is now the chairman of the powerful tax-writing House Ways and Means committee.
Steven Rattner, former head of the Obama administration's Auto Task Force, was more dubious—telling CNBC, "The probability of anything actually happening is approximately zero."
Currently, foreign earnings are supposed to be taxed at a 35 percent rate, but many companies avoid that through the loophole that defers taxation on active income that is not brought into the United States or repatriated. The president is also seeking to impose a 19 percent tax on U.S. companies' future foreign earnings.
"The 19 percent is actually in some ways more significant because what it means is for the first time we're going to tax foreign earnings whether they come back here or not," said Rattner, chairman of Willett Advisors, which manages the philanthropic assets of Michael Bloomberg.
"That is the lightning rod," Senor, co-founder of the Foreign Policy Initiative, told CNBC. "It just can't be a pinprick strike."
—Reuters contributed to this report.