Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
The U.K. prime minister prepares to meet his German and French counterparts this week.Europe Politicsread more
Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Baidu is gearing up to release its second-quarter earnings on Monday with the market expecting a sharp decline in profit.Technologyread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia rose on Monday as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
President Donald Trump threatened to hit car exports from the European Union with a retaliatory tax, escalating a brewing global fight with U.S. trading partners triggered by newly announced 25 percent U.S. tariffs on imported steel and aluminum.
In a post on Twitter, Trump cited a "big imbalance" between the two countries, said if the 28-nation bloc insisted on imposing punitive taxes on U.S. goods, America would strike back on European car exports. It was an apparent response to European officials threatening policy changes of their own in the wake of Trump's sudden pronouncement on metal imports.
"If the E.U. wants to further increase their already massive tariffs and barriers on U.S. companies doing business there, we will simply apply a tax on their cars which freely pour into the U.S.," the president said on Twitter.
That could spell trouble for car manufacturers like Volkswagen and BMW, two of the most popular European brands sold in the U.S. The German luxury car maker also manufactures many of its cars in America, shipping billions of dollars worth abroad.
In 2016, the EU shipped more than 6 million cars abroad, and the U.S. — its largest market by far — absorbed more than 1 million of those, according to the European Automobile Manufacturers Association.
Each year, the U.S. imports more from Europe than the continent absorbs in American goods, to the tune of a trade deficit totaling more than $151 billion in 2017, according to U.S. Census data.
Trump's hasty decision to impose tariffs on steel imports has stoked talk of a brewing trade war, roiling both the political establishment and the global economic order. The move also prompted E.U. trade chiefs to weigh hitting a broad array of U.S. imports with a 25 percent tax, Reuters reported this week.
The president's full-throated backing of tariffs is in keeping with a campaign pledge to protect American workers from the vagaries of global trade. On Saturday, Trump renewed his criticism of U.S. trade policy, insisting that world leaders have "taken advantage of" the world's largest economy for years.
"The United States has an $800 Billion Dollar Yearly Trade Deficit because of our "very stupid" trade deals and policies," Trump tweeted.
"Our jobs and wealth are being given to other countries that have taken advantage of us for years," he said. "They laugh at what fools our leaders have been. No more!"
Trump's enthusiastic embrace of populist economic policy has set parts of his base against one another. Larry Kudlow, a former Reagan official and prominent Republican economist who is a regular CNBC contributor, blasted the tariff decision in an opinion piece published on Saturday.
According to a report in The Wall Street Journal, White House economic advisor Gary Cohn has privately told confidantes that Trump's move against steel imports could prompt his resignation. The president's decision reportedly touched off an internecine battle among his aides, with Cohn's camp ending up on the losing end.
Correction: This article has been updated to reflect that the U.S.-Europe trade deficit totaled more than $151 billion in 2017.