Wall Street analysts think Facebook's cryptocurrency payments project will give the company a big boost.Marketsread more
Facebook's reported move into cryptocurrency could amount to the biggest catalyst for digital assets in their decade-long history, some crypto investors say.Bitcoinread more
In a 7-2 ruling, over dissents from Justices Ruth Bader Ginsburg and Neil Gorsuch, the justices affirmed the so-called "dual sovereignty" exception to the Constitution's...Politicsread more
A recent Fed survey showed that workers' confidence for finding a new job after losing their current position was at 61.5% in May.Economyread more
The Fed is expected to cut rates multiple times, but the reason behind those cuts could have vastly different implications for the market.Marketsread more
The "captive carry flight test" evaluates the mock weapon during flight and is the Air Force's latest step amid the budding hypersonic arms race between China and Russia.Politicsread more
"This is going to be the biggest thing that's happened to Facebook in years," says CNBC's Jim Cramer. "It will be vital."Investingread more
European aircraft manufacturer Airbus is betting travelers will want to fly long distances on smaller jets with the launch of its Airbus A321 XLR.Airlinesread more
The action reflects the evolving dynamic for U.S. companies that have done business with Huawei, which has been caught in the middle of growing U.S.-China trade tension.Technologyread more
The announcement comes after Trump blasted three countries because thousands of their citizens had sought asylum at the U.S. border with Mexico.Politicsread more
Deutsche Bank plans to dramatically reduce the size of its U.S. equities business, leaving only a skeleton operation in place to service corporate and high-net-worth clients,...Banksread more
Ross said the U.S. doesn't mind competition — but that it wants the race to be "on a fair and level playing field."
"That means not so much in the way of trade barriers, not so much in the way of protectionist activities, not so much in the way of impediments in the way of companies operating there, not so much in the way of forced technology transfers, things of that sort," Ross added.
The presidential administration of Donald Trump has taken aim at what it says are unfair trade practices and industrial policies by other countries that harm the U.S. economy and workers. China is one of the countries under the microscope.
The Commerce Department said earlier this month that the U.S.-China trade deficit hit an 11-month high in July.
Ross also slammed the World Trade Organization system as "archaic," as it was designed for the post-war trade world, not the modern trade world.
The United States made a policy decision after World War II to help Asia and European countries recover from that conflict, but that policy is no longer is as relevant as it once was, he said.
"It's very hard to say that China as now the world's second largest economy needs the same sort of preferential treatment that it might be justified to have decades ago," Ross said.
What the U.S. is seeking, is an "overall improvement in trade," Ross said.
"If you look at our trade balance, there's one geographic source of our imbalance and that's most importantly China," he added.
In terms of products, he pointed to automobiles as a source of imbalance, although he did not single out a country linked to that product.
"If you solve the geographic problem and if you solve the product problem, you've pretty well solved our trade problem," he said.
Despite Trump's early abandonment of the Trans-Pacific Partnership trade deal — which would have created the world's biggest free trade bloc — the United States is not isolating itself from the rest of the world, Ross said.
"That was never our intention to isolate ourselves. That's a fiction that the media had invented. The idea though was we didn't think TPP was an advantageous deal for the U.S. so we rejected the deal, not the geography," the commerce secretary said.
The fact that Vice President Mike Pence and Ross himself have been visiting Asia since Trump's inauguration indicates "quite visibly" that the U.S. is "not forsaking the region at all."
"The region is hugely important to us," he said.
Ross will visit Thailand and Laos after his trip to mainland China and Hong Kong.
Rejecting a particular trade agreement doesn't mean rejecting an entire region, Ross said.
"Take for example, NAFTA. We're certainly not rejecting Mexico and Canada. We're just saying we think the commercial arrangements with them need to be reformed."