Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
A trade war between the U.S. and China represents the greatest threat to the world economy, the chairman of J.P. Morgan Chase International said on Friday.
"I think it's the greatest danger today to the world economy," Jacob Frenkel told CNBC's Steve Sedgwick at the European House Ambrosetti Forum when asked about the rapidly mounting import tariffs being proposed by the Trump administration and Beijing.
"It's still not a trade war — I would say there were some skirmishes, and there are skirmishes," Frenkel said. "I think we should all remember the disaster of 1931 — always good intentions, to protect American jobs, and the result was a catalyst to the Great Depression. We should avoid it at all costs."
Frenkel's comments come amid an escalating trade tussle between the world's two largest economies that has dominated headlines for the past few weeks, kicked off by President Donald Trump's announcement of sweeping tariffs on all Chinese steel and aluminum imports in early March.
The continuing tit-for-tat battle saw Beijing on Wednesday unveil tariffs of 25 percent on 106 U.S. export products, amounting to $50 billion annually.
Trump raised the stakes on Thursday when he said he had instructed the United States Trade Representative to consider $100 billion in additional tariffs against China.
Frenkel was emphatic in his warning against an escalation of the economic dispute.
"A world that is so interdependent, so interconnected, cannot afford shooting each other," he said. "The world in which the rules of the game are an eye for an eye is a world in which there are many blind people."
Asked whether the Chinese would be willing to negotiate, Frenkel replied in the affirmative. "The Chinese are very rational," he said. "But any negotiations have to be respectful ... Not shooting, just talking."
Meanwhile, the banker, who also formerly served as an economic counselor at the International Monetary Fund, praised the Trump administration's domestic economic policies, in particular corporate tax cuts, repatriation of revenues kept abroad, and deregulation.
Frenkel said he was not going to be a spokesman for the U.S. administration but that the policy measures have been received very enthusiastically by the business sector.
"If you want real recovery, you have to have the business sector expanding their hiring and expanding their capital investments," he said, describing the performance of the world economy ten years after the financial crisis as "so balanced and so positive."