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
Earlier, Tillerson denied a NBC News report that he came close to resigning this summer but was urged to stay in the job until the end of the year. Trump said he was "very honored" by the top U.S. diplomat's hastily scheduled Wednesday statement.
"Total confidence in Rex. I have total confidence," the president told reporters in Las Vegas, where he was meeting with first responders working the deadliest mass shooting in modern American history.
The NBC story, citing multiple high-level administration sources, said Tillerson referred to Trump as a "moron" in July following a meeting with the president's national security team. Tillerson did not personally deny that he used the term to describe Trump.
A State Department spokeswoman later said the secretary did not call the president a "moron."
Trump called the story "totally phony" and claimed NBC "just made it up." NBC, which shares a parent company with CNBC, stands by its reporting.
Since Tillerson took the post in February, mixed messages have repeatedly come out of the White House and the State Department. Trump has put less emphasis on the secretary of State's role than his predecessors did. The administration also proposed a major reduction in the agency's budget.
The apparent strain between the president and secretary of State comes amid major international crises, including a potential nuclear showdown with North Korea.
On Saturday, Tillerson said the U.S. had reached out to Pyongyang in an attempt to de-escalate tensions over its missile tests and nuclear explosions. But on Sunday, Trump tweeted that Tillerson is "wasting his time" trying to negotiate with North Korea.
Trump reportedly grew frustrated with Tillerson because of the slow pace in appointing staff at Foggy Bottom earlier this year. Tillerson elicited more of the president's ire when he was asked in August about Trump's values. The president had said some "very fine people" marched with the torch-bearing white nationalists in Charlottesville, Virginia.
"The president speaks for himself," Tillerson told Fox News at the time.
Disclosure: NBC and CNBC are owned by NBCUniversal, a division of Comcast.