The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
House Majority Leader Kevin McCarthy said Monday the federal government should not "punish people for being successful," responding to talk about a new, highest, fourth tax bracket.
"The simpler the better," McCarthy said in an interview with CNBC's "Squawk Box, " referring to the GOP's tax reform plan. "I don't think we should punish people for being successful. I think we should encourage that."
The current tax plan calls for collapsing the current seven personal tax brackets to just three: 12, 25 and 35 percent and nearly doubles the standard deduction. The GOP has reportedly considered a fourth.
On the possibility of the fourth, the California Republican refused to confirm or deny it, saying only that House tax writers are "still working."
"People can work out the details, look at the others," McCarthy said. "I will wait until [The Committee] on Ways and Means comes out. That's their role."
McCarthy described the Republicans' tax reform bill as "pro-growth" that will spark "fundamental change."
"When I look at the overall package ... people are going to keep more, there is going to be greater jobs, payroll is going to go up," McCarthy said.
House Republicans are expected to introduce their tax reform bill on Wednesday, a source told CNBC. The plan follows the House narrowly approving a Senate budget on Thursday, which was seen as crucial to GOP passing tax cuts later this year.
McCarthy said Monday arguments that the tax bill, as currently written, will not pay for itself are "not true."
"The argument that more people working with higher salaries, paying more revenue does not pay for itself — to me that's a Democratic point we've proved time and again," McCarthy said.