The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
Daniel Povey, a professor who was fired by Johns Hopkins University, said he will no longer go work at Facebook after the company asked him to work as a contractor while it...Technologyread more
But the two countries aren't exactly competing on a level playing field.
As the leader of the executive branch, Trump has broad abilities to impose tariffs and other trade barriers against countries. Trump, who has long railed against "unfair" trade deficits and advocated for more protectionist trade policies, is increasingly exercising that power during his second year in office.
Despite Trump's authority, however, he is bound by the political constraints of a democratic government, with a Constitution imposing presidential term limits, and securing the rights of Americans' free speech and association.
In March, China's mostly toothless parliament passed a series of constitutional amendments ceding significant power to Xi. The Chinese government removed presidential term limits as part of the package, effectively enabling Xi to remain in office indefinitely.
Trump, on the other hand, not only has to worry about his prospects for the 2020 presidential election, but also for the Republican Party's control of the legislative branch in the 2018 midterm elections.
And while congressional Republicans have largely been reluctant to criticize the president, who enjoys high approval ratings among large swaths of the party, lawmakers have shown no such restraint when it comes to trade.
When Trump announced tariffs of 25 percent on steel and 10 percent on aluminum in March, for instance, more than 100 Republicans in the House of Representatives signed a letter urging the president not to follow through on the plan, or at least dial back its scope. In the end, the tariffs were imposed by executive order, but were vastly watered down due to the outcry.
"Needless to say, this is not going to happen in China," said Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics. "That's a very important reason why China's likely to win if this does come down to a trade war."
The administration's newest proposal includes slapping tariffs of approximately $50 billion on Chinese products — a plan Trump shortly followed up on by floating additional tariffs of $100 billion on Chinese imports.
The signal that Trump is tripling down on punitive tariffs has already spurred leaders of the traditionally free trade GOP to voice their opposition.
Chinese public opinion on the trade skirmish is playing out in almost the opposite direction, said Mary Lovely, a professor of economics at Syracuse University.
For Xi's government, Lovely said, "This particular episode is going to play right into their ability to get people on their side because Trump is seen as the aggressor."
Trump and the U.S. trade representative have argued that the tariffs constitute an appropriate retaliation to China's alleged theft of U.S. intellectual property. China's foreign ministry has pushed back on the accusation, arguing that Trump was instigating a fight between protectionism and free trade.
"We feel America is very arrogant. They have taken a wrong action. The result is that they will hurt themselves. If they release the list of $100 billion tariffs, China is prepared. And will not hesitate," a Ministry of Commerce representative said Friday.
To be sure, China isn't without potential headwinds of its own as it retaliates against U.S. tariff threats. An increasingly powerful and affluent country, China is now "in a spot where they are trying to take a seat at the adult table" on global affairs, according to John Rutledge, chief investment officer of Safanad, a global principal investment house.
"It imposes certain constraints on them," Rutledge said. "They're doing things to actively curry support among other governments."
Still, Rutledge said the aggressive U.S. strategy is not playing well on the world stage.
"The point is, there's a widespread preference for trade," he said. "This is playing very badly for the U.S. in many parts of the world."