Normally, when the Fed starts loosening policy it does so amid clear-cut signs of economic weakness.Economyread more
Wall Street economists are anxiously awaiting Wednesday's FOMC meeting.Marketsread more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
All trains travelling in and out of New York Penn Station have been halted because of an Amtrak overhead wire issue, New Jersey Transit said Wednesday.Transportationread more
This just might be Fed Chair Jerome Powell's toughest meeting yet because whatever the outcome, odds are high that it will disappoint a large group.Market Insiderread more
American Airlines is ordering Airbus' new A321XLR, according to a source familiar with details of the agreement.Paris Air Showread more
Tesla shares are nearing Morgan Stanley's price target but the firm isn't sure how to tell investors to value Elon Musk's company.Investingread more
Companies are increasingly willing to pay for employees to go to the doctor. Uber is partnering with Grand Rounds, a start-up that sells into the employer channel, to make it...Technologyread more
But it's still unclear when the currently stalled trade negotiations between the two economic superpowers will restart, Lighthizer said.Politicsread more
Apple's iOS 13 update, which will be available in the fall for iPhones, will let Siri read your text messages to you through your AirPods. Here's how to set it up.Technologyread more
Target CEO Brian Cornell apologized to customers for a disappointing weekend after the company experienced outages that shut down its cash registers and credit-card processors...Retailread more
President Donald Trump's tariff threats appear to be doing more harm than good to the United States, former Treasury Secretary and Obama administration economic advisor Larry Summers told CNBC Friday.
"This is a policy that's in the 'Stop, or I'll shoot myself in the foot' category," he said on "Power Lunch. "
"This is the first time when we've started making threats that seem to be boomeranging against our own economy. The stock market suggests they're boomeranging against our own economy, the CEOs of major U.S. manufacturing say they're boomeranging against the U.S. economy," added Summers, who ran Treasury during Bill Clinton's presidency and was director of the National Economic Council under former President Barack Obama.
The escalating trade conflict between the U.S. and China is causing fear among investors about a possible trade war. Stocks fell sharply on Friday, with the Dow Jones industrial average closing down more than 550 points.
Trump's latest action came Thursday, when he threatened additional tariffs on $100 billion of China goods. China has promised to "immediately fight back with a major response."
Summers agrees there are "real problems" with China and more needs to be done to address issues such as China's intellectual property theft. However, he noted that the Europeans, Japanese and others also have the same issue.
"The right way to take those problems on is together with other nations, not in a way that is so truculent, so inconsistent with international norms that we drive the rest of the world to siding with China, which has been the effect of the approach that has been taken here," he said.
He also said it shouldn't be done in a way that "damages the interests of more American firms than are helped."
Alan Tonelson, founder of the public policy blog RealityChek, said while he'd like to see the U.S. work with other nations, he called it "the trade policy equivalent of the unicorn."
That's because the U.S.' major trading partners have cut their own deals with China and many directly or indirectly helped China divert a flood of steel into the U.S., he said on "Closing Bell. "
"We have no trade allies," said Tonelson.
Meanwhile, the stock market action isn't helping the U.S.' case, Summers argued.
"When every time we make a threat our own stock market collapses, it kind of seems unlikely that's going to be a lot of leverage against the Chinese."
Earlier Friday, Treasury Secretary Steve Mnuchin told "Power Lunch" the Trump administration is prepared for the chance the trade dispute with China escalates.
"Our objective is still not to be in a trade war with [China]," he said. "I'm cautiously optimistic that we will be able to work this out ... There is the potential of a trade war."
— CNBC's Tae Kim contributed to this report.