President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
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
Lumber Liquidators pleaded guilty on Thursday in federal court to environmental crimes related to illegal importation of hardwood flooring, the Department of Justice announced.
The settlement is unrelated to the controversy over some of its laminate flooring from China, which CBS' "60 Minutes" has reported contains high levels of the carcinogen formaldehyde.
In total, Lumber Liquidators agreed to pay $13.13 million — including a $7.8 million criminal fine and more than $1.23 million in community service payments.
The plea had little effect on the company's stock: Shares traded at about 2 percent higher on the day around the time of the announcement. Lumber Liquidators announced earlier this month that it had reached a settlement related to Lacey Act violations, which would include the $7.8 million criminal fine.
"We are pleased to reach this agreement and resolve a legacy issue related to the Lacey Act," John M. Presley, the Lumber Liquidators chairman, said in a news release on October 7. "We will continue to focus on strengthening Lumber Liquidators across every area of the organization and executing on our value proposition to improve operational efficiencies and deliver value to our stakeholders."
The felony conviction says that Lumber Liquidators flooring was manufactured in China from timber that had been illegally logged in eastern Russia.
"Lumber Liquidators' race to profit resulted in the plundering of forests and wildlife habitat that, if continued, could spell the end of the Siberian tiger," Assistant Attorney General John C. Cruden for the Justice Department's environment and natural resources division, said in a press release on the guilty plea.
A joint statement of facts showed that Lumber Liquidators "repeatedly failed to follow its own internal procedures and failed to take action on self-identified 'red flags,'" including suppliers who couldn't provide legal documentation.
The DOJ also said that Lumber Liquidators falsely reported the kinds of wood it imported into the U.S. market. Those inaccurate statements on Lacey Act declarations lead to the felony charge of "Entry of Goods by Means of False Statements."
The Justice Department said Thursday's plea represents the first felony conviction for the import of illegal timber and the largest fine ever under the Lacey Act.
That law originally banned trafficking in illegal wildlife, but was later amended to include plants and plant products. It was the first ban in the world on trading in illegally sourced wood products, according to the Forest Legality Alliance.