SoftBank founder Masayoshi Son speaks in futuristic terms about his company, but the success of his late-stage VC fund is still unknown.Technologyread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Reports of Tesla vehicles spontaneously catching fire could make customers wary of EVs just as the industry ramps up production plans.Autosread more
Amazon's large and flashy investments stand out from those of its tech peers over the past year.Technologyread more
Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Robert Smith announced that he and his family would set up a grant to pay off the nearly 400 graduating seniors' student loans. The total gift is estimated at $40 million.Educationread more
Trump's relationships with Deutsche Bank have drawn scrutiny in Congress and elsewhere. Trump sued the bank last month to prevent it from complying with Congressional...Financeread more
Consumer IPOs from Snap to Uber have been disappointing and serve as a reminder that private investors are making all the money.Technologyread more
China's currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it's signaling things aren't going well.Market Insiderread more
The outrage has even inspired a Change.org petition called "Remake Game of Thrones Season 8 with competent writers," with over half-a-million signatories and climbing.Entertainmentread more
The move comes after star runner Alysia Montaño's May 12 op-ed in the New York Times in which she detailed her experiences with Nike.Retailread more
The CEO of Standard Chartered said tariffs could be an "effective" opening gambit for trade negotiations, but ultimately would provide a negative if there were escalating tensions between China and the U.S.
"I think if there is really a sense that you can win a trade war, that will be more concerning," Bill Winters told CNBC when asked about the new tariffs from the U.S. administration. "Because I think the only thing that's clear is, as you ratchet up tariffs and other levels of protectionism, globally you lose."
Earlier this month, President Donald Trump announced steel and aluminum tariffs that upset traditional allies, such as Japan and the European Union. Both are trying to be excluded from the new metal tariffs but it is still unclear whether this will happen.
Meanwhile, Investors are monitoring an investigation into intellectual property rights in the U.S. fearing that its outcome will spark a trade war with China. The result of such a probe could find that China caused losses in the billions of dollars for the U.S. economy due to counterfeit goods and pirated software. As a result, Trump could reportedly announce new tariffs on Chinese imports as high as $60 billion.
"The tariff talk, the protectionism more broadly, of course, is a concern," Winter told CNBC. "We can hope that the policymakers on both sides (China and the U.S.) are able to come to terms because both have said that a trade war is a bad thing, no one wins a trade war … I am pretty sure you can't win a trade war," Winters told CNBC at a conference in Asia.
According to research from Citigroup on Monday, the recent trade actions by the U.S. administration increase the risks of a full-scale trade war. Analysts at the bank expect a "tightening in trade and investment rules with only modest macroeconomic consequences" but they also said that if tensions escalate into a trade war: "It would have stagflationary effects on the global outlook."
A great deal of Standard Chartered business takes place in Asia, but Winters said the bank is "not very exposed to a ramping up of the protectionism between those two parties."
If both countries entered into a trade war, Chinese firms would find other markets where they can sell their products they are currently selling to the United States, as well as finding other areas where they can buy the products they are now buying from the U.S., Winters said. He argued that it "actually plays to our strengths."