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
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread 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
"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
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.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
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
U.S. government antitrust regulators are looking into claims about whether Apple's treatment of rival streaming music apps is illegal under antitrust law, according to three industry sources.
Apple recently launched a new music streaming service, Apple Music. It also provides the App Store platform for competing streaming services including Jango, Spotify, Rhapsody and others.
Apple takes a 30 percent cut of all in-app purchases for digital goods, such as music streaming subscriptions and games, sold on its platform.
While $9.99 has emerged as the going monthly rate for music subscriptions, including Apple's, some streaming companies complain that Apple's cut forces them to either charge more in the App Store than they do on other platforms or erode their profit margins.
The Federal Trade Commission is looking at the issue but has not begun a formal investigation, said the three industry sources, who requested anonymity. The agency has had meetings with multiple concerned parties, one source said. The agency meets with companies routinely, and a formal investigation may not materialize.
Antitrust lawyers interviewed by Reuters were divided on whether Apple's policies had the makings of an antitrust violation.
A spokeswoman for Apple declined to comment. The FTC also declined to comment.
As all-you-can-eat music subscriptions become more popular among listeners, a wave of companies have rushed in to cater to the demand. Apple has long been a leader in digital music through its iTunes Store, but it has been a relatively late entrant to on-demand streaming.
Streaming services' chief grievances with Apple stem from the company's 30 percent cut. To avoid it, customers can sign up for a streaming service through their Web browser, but the streaming industry sources argue that many consumers do not realize that is an option.
Tyler Goldman, CEO for North America of the music streaming company Deezer, said the bite that Apple takes out of his company's $9.99 U.S. subscription fee leaves little for Deezer.
"The margin in music is quite small, and the App Store diminishes the margin."
"It will be an issue for the industry going forward. You can either raise your prices and not be competitive with Apple's price, or you can have no margin," he said, adding that he was unaware of whether Deezer has talked to the FTC.
Two of the industry sources say that the antitrust concerns focus on restrictions in the App Store. These include a prohibition on advertising in the app that the company is on other platforms, a ban on marketing in the app that consumers can also buy directly from the company's website, and a ban on linking to a company's website from within the app. These restrictions apply to all apps, not just music streaming apps.
Although Google also offers a music subscription service and charges a 30 percent transaction fee in its app store, its policies for app sales have drawn less ire from rival streaming services. Industry sources say the company places fewer restrictions on those transactions.
Although Apple dominates the digital music business primarily through iTunes, its share of the global smartphone market is relatively small. Google's Android operating system accounts for 78.9 percent, with Apple's iOS system clocking in at 17.9 percent, according to research firm Gartner based on sales in the first quarter of 2015.
Antitrust lawyers knowledgeable about the tech industry were split on whether Apple's policies violated antitrust law. Apple is free to charge whatever fee it likes for transactions in the App Store, some argue, and companies do not have to sell their goods there.
It is legal to have a monopoly but it is not legal for monopolies to use their clout to hurt competitors, said Jeffrey Jacobovitz of the law firm Arnall Golden Gregory.
Apple's critics may be seeking to convince the FTC to use Section Five of the FTC Act, which prohibits "unfair or deceptive acts or practices," to pursue Apple, he said.
Since the Justice Department's successful prosecution of Apple for colluding with publishers to push up the prices of ebooks, the FTC may be inclined to take a closer look at Apple's involvement in the music business, said Jacobovitz.
Another antitrust lawyer dismissed most of the concerns as companies complaining about actions that were undoubtedly aggressive, but still legal.
"They're (Apple) tough business people," said the lawyer, who spoke on the condition of anonymity.