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
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
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
In Britain's strongest intervention yet on the issue, Hammond told Sky News the U.K. wanted to ensure taxation was fair for retail companies doing business the "traditional" way as well as for those conducting business online.
"If we can't get international agreement to do this we may have to look at temporary tax measures to rebalance the playing field until we can get international agreements," Hammond said.
When asked specifically which kinds of measures, he replied: "The EU has been talking about a tax on online platform businesses based on value generated … That's certainly something we'd be prepared to consider."
Hammond's comments come as department store House of Fraser was placed in administration on Friday, shortly before being bought by retailer Sports Direct for $115 million.
Earlier on Friday, Amazon faced intense criticism after it emerged the tech giant paid less corporation tax in the U.K. in 2017 than it did the previous year. Amazon refused to comment when contacted by CNBC Friday afternoon.