The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
The U.S. withdrawal from the Trans-Pacific Partnership (TPP) trade deal won't just leave the U.S. on the outside looking in, it will devastate American agriculture, a former U.S. Trade Representative told CNBC.
"We're now going to be competing against other countries who are going to reduce over 18,000 tariffs. Those tariffs will now stay in place for the U.S.," Ron Kirk, who was the U.S. Trade Representative (USTR) from 2009-2013, told CNBC's "Squawk Box" on Tuesday. "This is going to be devastating for American farmers and ranchers and businesses."
Newly inaugurated U.S. President Donald Trump on Monday formally pulled the U.S. out of the Trans-Pacific Partnership, or TPP, which would have created a 12-country free-trade bloc. The TPP, which was negotiated during President Barack Obama's term in office, hadn't yet been voted on or ratified by Congress.
Kirk, who is currently senior of counsel at law firm Gibson, Dunn & Crutcher, said it was difficult to understand the rationale of pulling out of TPP.
"It's the equivalent of building the largest duty-free shopping zone in the world and then declaring we don't want to participate," he said, noting that the deal was "the most modern state-of-the-art trade agreement," including enhanced intellectual property and anti-counterfeiting protection.
By exiting TPP, the U.S. has lost the ability to shape the direction of trade, Kirk said.
"First to market means something," he said. "The U.S. being in on the ground floor, along with Chile and Singapore and Brazil and New Zealand and Mexico and Canada and others, really put us in an advantageous position to have this agreement reflect our values and made sure it protected our workers and our businesses and gave us fair access to those markets."
Sending the deal to the circular file has meant that the other 11 participants in the deal can now adopt the deal without the U.S., he said.
"Short-term and long term I see this as not positive for U.S. interests economically and certainly not in terms of our prestige and our leadership in Southeast Asia," Kirk said.
In place of the TPP, Trump has said he planned to ditch multi-lateral trade deals in favour of negotiating bilateral agreements.
But Kirk noted that negotiating trade deals was already a difficult proposition and it's much more efficient to negotiate them on a multi-lateral, rather than a bilateral, basis.
It remains to be seen whether the Trump administration can negotiate more favorable terms with trade partners without slowing the cross-border flow of goods and services.
Analysts have serious concerns about how more protectionist policies could impact the U.S. economy.
For example, in a report dated Monday, Deutsche Bank estimated that if the U.S. introduced a "border adjustment" for imported products, that would increase the cost of the average vehicle by $2,300, reducing U.S. demand by 1.2 million units a year in the short term.
—John W. Schoen contributed to this article.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter