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
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
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
President Donald Trump is unlikely to change China's stance on North Korea when he visits Beijing this week, but he could well make some headway on trade deals between the two countries.
When Trump arrives in the capital Wednesday, he'll be meeting his Chinese counterpart possibly at the height of Xi Jinping's power. After the Communist Party Congress in October — when Xi consolidated his power base — the Chinese president has been projecting himself as a steady, stable leader with a set vision for the nation. Trump will be negotiating with China's most powerful leader in decades.
On the economy, Trump is expected to focus on the trade imbalance. After July's Comprehensive Economic Dialogue (an annual economic dialogue session in Washington), both countries expressed their interest in narrowing the U.S.'s trade deficit with China.
On the Chinese leg of his 12-day Asia visit, Trump will likely announce billions of dollars in deals to address the gap.
Based on the business delegation traveling with the U.S. president, the deals will likely center on China buying American energy and farm products, as well as aircraft and other machinery. Chief executives on his trip include those from Boeing, Cheniere Energy, Texas LNG Brownville, DowDuPont, and the U.S. Soybean Export Council.
Meanwhile, Goldman Sachs CEO Lloyd Blankfein is in the delegation along with insurers such as PartnerRe. That has raised speculation that China could announce a liberalization in the financial sector soon — though expectations for any significant structural moves are quite low.
"More complicated structural issues, such as the U.S. criticism of China's intellectual property practices and China's demand to boost its technology exports to the U.S. to address its deficit, are unlikely to make material headway in the upcoming meeting," ANZ research said in a recent note.
Despite the likely deliverables, many in the American business community are concerned that Trump's fixation on the deficit could distract from larger problems challenging U.S.-Sino relations such as market access and competition in the industries of the future.
"My concern is (the Trump administration) will come and trumpet a bunch of deals and MOUs (memorandums of understanding) that have a big number and Trump will tweet victory," James McGregor, China chair with APCO Worldwide, said.
"China will focus on a couple of tweetable deliverables and the very serious industrial policies will not get the attention they deserve," he added.
Others are more hopeful. William Zarit, chairman of the American Chamber of Commerce in China, told CNBC that his best case scenario is what he would call a "proactive, reciprocal treatment."
"That is the Chinese will see that it's in their interest to open up different industry sectors to foreign investment and to U.S. products that will actually help the Chinese people."
"My worst case scenario is that we don't have any opening up and that we might see some kind of reactive, reciprocal treatment on the side of the U.S., limiting investment, limiting Chinese exports, that's what we do not want to see," he added.