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
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
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread 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
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...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
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
While McConnell thinks the measure has the best chance to get signed into law, it is unclear whether any Democrats will support it and give it enough backing to pass the Senate. The proposal would enshrine legal protections for 1.8 million young immigrants brought to the U.S. illegally as children but restrict legal immigration — a concession the minority party in Congress opposes.
McConnell called the measure a "fair compromise" which includes a "compassionate resolution" for the immigrants protected by or eligible for the Obama-era Deferred Action for Childhood Arrivals program. Trump decided to end the program in September, with a phase-out date of March 5.
This week, the Senate will have an open debate on immigration legislation, and the Republican proposal is one of many lawmakers are expected to vote on.
"It's our best chance for producing a solution that can actually resolve these matters. … It has my support," McConnell said Monday on the Senate floor.
Trump has proposed a plan to protect the 1.8 million immigrants and create an eventual path to citizenship. He also seeks increased funding for border security, limits on family sponsorship for immigration to the U.S. and an end to the diversity visa "lottery" system.
The GOP proposal from several senators including Majority Whip John Cornyn of Texas and Chuck Grassley of Iowa seeks to mirror the terms set out by Trump.
Shortly after McConnell spoke, Senate Minority Leader Chuck Schumer showed little enthusiasm for the plan.
"Now is not the time nor the place to reform the entire legal immigration system. Rather, this is the moment for a narrow bill," the New York Democrat said.
A proposal from Sens. Lindsey Graham, R-S.C., and Dick Durbin, D-Ill., would enshrine protections for the young immigrants and boost border security funding. But it would not include the curbs on legal immigration Trump seeks.
However, the president flatly rejected the proposal last month in the lead up to a government shutdown that was partly due to the parties' inability to reach an immigration deal.
Democrats aim not to alienate an energized liberal base, which wants a quick resolution to DACA protections and opposes Trump's pledges to crack down on immigration. Many House Democrats, and some of the party's lawmakers in the Senate, held out on supporting a massive bipartisan budget deal last week because of immigration.
Trump, meanwhile, does not want to anger his supporters who cheered his push to limit immigration. Conservative House Republicans will also be reluctant to back a bill that does not include restrictions on legal immigration.