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
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
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
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
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
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
Wells Fargo will pay $2.09 billion in penalties for allegedly misrepresenting loan quality, according to the U.S. Attorney's Office for the Northern District of California.
The bank will pay the civil penalty after allegedly originating and selling tens of thousands of residential mortgage loans it knew contained misstated income information and didn't meet the quality that Wells represented, causing mortgage-backed bond investors to lose billions of dollars. Wells is not admitting to liability.
"Abuses in the mortgage-backed securities industry led to a financial crisis that devastated millions of Americans," said Alex G. Tse, acting U.S. attorney for the district, in a statement.
It is the latest legal blow for San Francisco-based Wells Fargo, which has been trying to emerge from a more recent issue concerning product sales. In April, the bank paid $1 billion to settle abuses in sales of products related to auto and mortgage loans. The mortgage-backed securities at the center of the agreement announced Wednesday date back more than a decade, to 2005 to 2007, and are not related.
"We are pleased to put behind us these legacy issues regarding claims related to residential mortgage-backed securities activities that occurred more than a decade ago," said Wells Fargo CEO Tim Sloan in a statement.