American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead 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
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread 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
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
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread 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
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 deal could be the first agreement in 15 years between and non-OPEC countries to support the energy market.
Here's why the market doesn't think much of this deal:
In an oversupplied energy market, a supply freeze simply means much less than a production cut, particularly as Saudi Arabia and Russia pumped a record amount of oil in January.
Russia produced a post-Soviet Union record high of 10.88 million barrels a day last month, while Saudi Arabia's output was near its record high of about 10.2 million barrels, senior commodities editor at The Economist Intelligence Unit (EUI), Sebastien Marlier, said in a note.
Just released from Western sanctions, the oil-producer may refuse to join the freeze because it's keen to increase output to bolster its economy after years of trading curbs.
Iran, which was not present on Tuesday's meeting, had planned to increase output by at least 500,000 barrels a day this year.
On Wednesday, Iran's OPEC envoy told Shargh newspaper that it was "illogical " to ask Iran to freeze its oil production level, Reuters reported.
"Asking Iran to freeze its oil production level is illogical ... when Iran was under sanctions, some countries raised their output and they caused the drop in oil prices ... how can they expect Iran to cooperate now and pay the price?" Mehdi Asali was quoted as saying.
The non-OPEC producer doesn't have good track record when it comes to production agreements. In the 1990s, Russia failed to respect a similar agreement with OPEC, senior commodities editor at The Economist Intelligence Unit, Sebastien Marlier, pointed out.
In 2001, when the last OPEC and non-OPEC agreement was tabled, Saudi persuaded Mexico, Norway and Russia to contribute to production cuts. But Moscow never followed through and raised exports instead, Reuters reported.
Despite OPEC setting production ceilings and targets, the oil cartel's real production levels have always been a question mark, with compliance historically an issue for various member countries.
"Anybody who even thought there would be talk of a production cut have to know that the one thing [you] can know about OPEC is they cheat. They cheat on everything. Even if they had announced a production cut, nobody would have taken it seriously," said Dennis Gartman, founder and publisher of "The Gartman Letter".
There's also a theory that OPEC may already be over-reporting production already.
"Some people believe that Saudi Arabia et al have been over-reporting production and exports just so that when they go to the OPEC meeting they can say 'Oh yeah, we cut around here and here'," UBS Wealth Management's commodities and FX strategist Wayne Gordon told CNBC's "Street Signs " on Tuesday.
OPEC has consistently refused to cut production as kingpin Saudi Arabia sticks to its strategy of low-cost production to squeeze out higher-cost players like shale companies.
With a production freeze, oil prices may be boosted, which in turn could make it economic for shale producers to restart production, possibly taking traditional oil players back to square one.
Follow CNBC International on and Facebook.