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
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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
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"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
Previous trade skirmishes "were always done in the framework of the WTO, within international rule of law," Stiglitz, a former World Bank chief economist, told CNBC on Saturday at the China Development Forum in Beijing.
"What makes things particularly of concern to me right now is that Trump has blocked the appointment of new judges at the WTO, and the WTO appellate body is getting hamstrung," Stiglitz continued, referring to the organization's seven-member panel that overlooks international disputes.
The body currently only has four members as Trump's administration blocks the selection process of new judges, accusing the 23 year-old organization of bias against the U.S.
The WTO has traditionally appointed new judges based on unanimity, said Stiglitz, who is currently a Columbia University professor. "They're reluctant to depart from that practice ... but it seems, to me, important for the world to do what they can to save our rules-based system."
Stiglitz called on Beijing to bring a trade case to the WTO "to show their commitment to the international rule of law," but he told CNBC he expects that China has a plan for hitting the U.S. with reciprocal tariffs that would hurt.
"You target where it hurts the most," he said, referencing how the European Union threatened tariffs on goods from the states that congressional leaders represented. "China has, I'm quite sure, a very good economic map with which they will target certain places in the United States where the pain will be maximized."
An escalating trade war, the Nobel laureate said, could have political ramifications for Trump — especially if trade partners' retaliations hit the pocketbooks of the president's base.
"If there is a broad range increase in tariffs, it would affect their cost of living, the inflation would lead the Fed to raise interest rates at a higher rate, it would certainly impose a risk to the return to the U.S. to robust economic growth, " he said. "This may be the one thing that actually does change this group of people who seem to have stuck with him even as he demonstrated bigotry, misogyny, support of people who [have a] Nazi background."
"They stood with him so far. The question is: When their pocketbook gets hit, will they still?"