American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
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
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
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
Treasury Secretary Steven Mnuchin said Wednesday that the U.S. can prevent a company from forming a joint venture overseas if the firm is dealing in critical technologies.
"One of the problems of CFIUS before was we could block an acquisition [in the U.S.], but then a company could go form a joint venture and we couldn't block that," Mnuchin said on CNBC's ". " "If someone sets up a joint venture on critical technologies that would have been blocked, they will also be prohibited from transferring that technology through a joint venture."
"That is new and that's part of the legislation," he said. "Again that’s not just China. That’s anywhere."
The White House will rely on the newly strengthened Committee on Foreign Investment in the United States to deal with concerns about foreign purchases of sensitive domestic technologies, .
The changes will come through the Foreign Investment Risk Review Modernization Act, which passed the House by a wide margin. President Donald Trump in a statement Wednesday urged Congress to approve the legislation.
Wednesday's announcement contrasts with reports earlier in the week that the Trump administration was looking to block companies with 25 percent or more of Chinese ownership from buying certain U.S. tech-related companies.
The Commerce Department will oversee the joint venture aspect, Mnuchin said.
CFIUS has made it increasingly difficult for Chinese companies to invest in the U.S., citing national security concerns. Chinese acquisitions worth more than $2 billion in the first five months of this year have fallen apart, Rhodium Group's Thilo Hanemann said in a report last week.
Correction: This story has been updated to reflect the House passed the Foreign Investment Risk Review Modernization Act.