President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Apple's iPhone, umbrellas and shoes were some of the goods that made up the $505 billion worth of China-made products imported to the U.S. in 2017.
While many items imported to the U.S. are not taxed, American import duties totaled up to $33.1 billion that year — or about 1.4 percent of the total value of all imported goods, according to Pew Research Center. That percentage makes U.S. import tariffs among the lowest in the world, the Washington-based think tank said.
Still, many economists say increased tariffs would hurt not only the countries targeted by U.S. duties, but also the American economy itself.
"Any trade restriction is going to reduce trade and that's not going to be good for China and obviously not good for the U.S. in the long run," Hashem Pesaran, an economist at the University of Southern California, told CNBC.
A number of U.S companies have said increased tariffs hurt their businesses and increase prices for consumers.
"At the end of the day you become less efficient economically and therefore everybody will somehow suffer from it," Pesaran said.
However, many — including Pesaran — remain positive about the fate of global trade.
"I somehow am optimistic that it won't go that far," he said. "One thing we've learned as economists, is that trade is good for everybody."