The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
In her prepared testimony released earlier, she said the U.S. has made progress, but labor market conditions are "not yet consistent" with maximum employment. Still, Yellen reiterated earlier comments that the Fed remains on track to raise rates this year—as long as the economy evolves as expected.
As the hearing began, Yellen was immediately put on the defensive. House Financial Services Committee Chairman Jeb Hensarling, R-Texas, called for more oversight and accused the Fed of flouting the law by ignoring requests for key documents. "The Fed's refusal to cooperate in a congressional investigation threatens both its reputation and its credibility. The Fed is not above the law," he said.
The most heated exchange of the day came when Rep. Sean Duffy, R-Wis., accused the Fed and Yellen of willfully quashing that Congressional leak probe. You can read about that here.
Here's CNBC's live coverage of Yellen's appearance: