Chinese officials will be in Washington on Wednesday to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
The Trump administration appears to be granting Chinese banks dealing with North Korea a temporary reprieve from threatened U.S. sanctions to give Beijing time to show it is serious about enforcing new U.N. steps against Pyongyang, U.S. officials said.
The White House has also held off on much-anticipated trade action against China after Beijing backed U.N. Security Council sanctions passed on Saturday, although it is unclear how long President Donald Trump will delay this given domestic pressures to make good on campaign promises to crack down on unfair trade practices.
Washington has made clear it is reluctant, for the moment, to take steps that would antagonize China when its cooperation is needed to tighten the screws on its ally and neighbor North Korea over its nuclear and missile programs.
U.S. officials and U.N. diplomats say the threat of unilateral U.S. "secondary sanctions" against Chinese firms with North Korean ties and trade pressure from Washington helped persuade China to drop opposition to the new U.N. sanctions.
"It played an important role to get China on board," one diplomat said, speaking on condition of anonymity.
The 15 Security Council members voted unanimously on Saturday to impose the toughest U.N. sanctions yet on North Korea after it tested two intercontinental ballistic missiles (ICBMs) in July. The measures are designed to choke off a third of North Korea's $3 billion annual export revenue.
China, North Korea's main trading partner, has pledged to enforce the new sanctions but some critics are skeptical given what is widely seen as Beijing's lax policing of existing restrictions.
Influential Chinese state-run tabloid the Global Times, published by the ruling Communist Party's official People's Daily, said in a Wednesday editorial that sanctions would not stop Pyongyang's determination on its weapons' programs.
"The U.S. asks China for help when it cannot solve its problems with North Korea. Some U.S. elites even want to urge China to claim full responsibility for the issue or they will threaten to retaliate," it said.
"Moreover, those U.S. elites may not have considered the leverage China has over the U.S. What if China restricts the usage of iPhones and the number of Chinese students to the U.S., or imports fewer US agricultural products?"
Adding to the sense of urgency, Trump warned on Tuesday Pyongyang "will be met with fire and fury" if it threatened the United States. Earlier Pyongyang said it was ready to give Washington a "severe lesson" with its strategic nuclear force in response to any U.S. military action.
U.S. officials said they would be watching China's enforcement closely. The administration holds in reserve a list of Chinese banks and other firms the Treasury Department has been preparing to sanction for their alleged ties to North Korea's military programs.
"Right now, our focus is on carrying out the existing sanctions and ensuring compliance with the new U.N. Security Council resolution," a senior White House official told Reuters on Tuesday, adding there was "nothing imminent to announce" on secondary sanctions.
The Trump administration has also been preparing to launch a high-profile investigation of China for intellectual property violations. An announcement was initially planned for last Friday but was postponed, apparently after China softened its resistance to new U.N. sanctions, diplomats said. U.S. officials said Washington's patience with China would be limited, however, and it was important to show some progress on North Korea.
"This course of action cannot be sustained indefinitely," one U.S. official said. "With his approval ratings falling even with his base, Trump is trapped between the realities of dealing with China and his campaign promises to get tough on trade."
At the same time, U.S. officials acknowledge that even if the sanctions are properly enforced, there is no guarantee they will be any more effective than previous rounds, which have failed to halt steady progress in North Korea's nuclear and missile programs.
According to a new U.S. intelligence assessment reported by the Washington Post on Tuesday, North Korea has successfully produced a miniaturized nuclear warhead that can fit inside its missiles, crossing a key threshold. But U.S. intelligence officials told Reuters there was still no reliable evidence that North Korea had fully mastered the process.