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
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
"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
U.S. retail sales fell more than expected in August amid weak purchases of automobiles and a range of other goods, pointing to cooling domestic demand that could further diminish expectations of a Federal Reserve interest rate increase next week.
The Commerce Department said on Thursday retail sales declined 0.3 percent after an upwardly revised 0.1 percent gain in July. Retail sales in July were previously reported to have been unchanged.
Sales were up 1.9 percent from a year ago. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.1 percent last month after a downwardly revised 0.1 percent drop in July.
These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. They were previously reported to have been unchanged in July.
Economists had forecast overall retail sales slipping 0.1 percent and core sales climbing 0.3 percent last month.
Coming on the heels of reports showing a slump in manufacturing activity in August and a slowdown in job growth, the retail sales data temper hopes of a strong rebound in economic growth in the third quarter.
The report also suggests the Fed will leave interest rates unchanged at its Sept. 20-21 policy meeting. Fed Governor Lael Brainard said on Monday she wants to see stronger consumer spending data and signs of rising inflation before raising interest rates.
The Atlanta Fed is currently forecasting the economy growing at a 3.3 percent annualized rate in the third quarter.
Auto sales fell 0.9 percent last month and sales at service stations dropped 0.8 percent. Sales at online retailers slipped 0.3 percent and receipts at sporting goods and hobby stores decreased 1.4 percent.
There were also declines in sales at furniture and building material stores. Receipts at clothing stores, however, rose 0.7 percent. Sales at electronics and appliance outlets gained 0.1 percent and receipts at restaurants and bars rose 0.9 percent.