Facebook will also create a new subsidiary, Calibra, to build a digital wallet for people to store and exchange the currency using apps.Technologyread more
President Donald Trump went after European Central Bank President Mario Draghi on Tuesday for opening the door for more monetary stimulus in Europe, which would weaken the...Marketsread more
Experts expect Facebook's cryptocurrency venture to alleviate some security issues, while introducing new ones.Cybersecurityread more
European Central Bank President Mario Draghi defended the tools that the organization has available.Europe Newsread more
Trump's disruptive trade confrontations have sent shockwaves through the business world, while, insiders say, companies may wonder whether associating with the president could...Politicsread more
According to China's top economic planning body, some local companies are cutting back on their efforts to hire new university graduates.China Economyread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
German Chancellor Angela Merkel has presided over a tumultuous recent period, which for many, has left Europe on the brink.Commentaryread more
Wall Street has IPO fever, and Renaissance Capital principal Kathleen Smith says healthy demand for these upstarts should keep the market red-hot this year.ETF Edgeread more
Tensions between China and the U.S. are threatening to slow global trade further, threatening some Asian economies.Asia Economyread more
U.S. President Donald Trump's former campaign chairman Paul Manafort was transferred to a detention facility in Manhattan on Monday ahead of an expected arraignment on state...White Houseread more
Former Trump advisor Gary Cohn could care less about trade deficits.
"Look, I have always said a trade deficit doesn't matter," the ex-White House chief economic advisor said during a Washington Post interview Thursday. "In many respects, it's helpful to our economy."
Cohn's comments illuminate in part why he left a White House insistent on shifting the trade balance with key economic partners. Cohn defended the Trump administration's broader efforts to get allies to reduce their barriers to free trade, but he showed a clear intellectual divide with the president and some top administration advisors on deficits.
President Donald Trump has argued that trade deficits — where a country exports more goods and services to the U.S. than America exports in return — mean foreign countries are taking advantage of the U.S. He has described deficits with countries such as China as money "lost" to the trading partners.
"Last year, we lost $500 billion on trade with China," Trump said in March. "We can't let that happen."
Most economists dispute Trump's notion of a trade deficit. It is also unclear whether the imbalances have hurt the U.S. economy or job growth, as Trump contends.
In critical trade negotiations with China, Trump has insisted on Beijing importing more goods from the U.S. to reduce the deficit. Trump could decide whether to put tariffs on billions of dollars in Chinese imports this week as part of his push to change the trade balance with the world's second-largest economy.
Cohn resigned from the White House in March. He opposed the president's plan to impose tariffs on 25 percent and 10 percent on steel and aluminum imports, respectively. Cohn had suggested he planned to leave after Republicans passed their tax plan, which he helped to shepherd through Congress in December.
Trump's recent decision not to exempt allies Canada, Mexico, and the European Union from those metals tariffs ratcheted up global trade tensions and sparked retaliation. Cohn said Thursday he sees "a lot of friction" in the global trading system.