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
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread 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
"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
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
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Burberry is to stop burning millions of dollars' worth of excess stock, it announced Thursday.
The British fashion house's annual report stated that it destroyed £28.6 million ($37.1 million) of goods for the year ended March 31, 2018, an increase on the £26.9 million in its 2017 financial year.
Now it will cease the practice and is likely to donate garments to charities such as Smart Works, a U.K. organization that provides interview clothes to unemployed women to help them get jobs.
The fashion brand will continue to work with companies such as Elvis & Kresse, a business that uses leather offcuts from Burberry products to create bags, belts and other accessories. It is also part of the Make Fashion Circular initiative that aims to make new clothes from renewable material and recycle old clothing.
The company also said it will no longer use real fur in its products. It currently sells products with fur trims, such as a wool trench coat with a fox fur collar listed at $2,195 on its U.S. site.
Burberry CEO Marco Gobbetti said in a statement emailed to CNBC: "Modern luxury means being socially and environmentally responsible. This belief is core to us at Burberry and key to our long-term success. We are committed to applying the same creativity to all parts of Burberry as we do to our products."
The announcement comes at a time of change for the 162-year-old company. Gobbetti is pushing for the firm to become a "higher luxury" fashion house, like Gucci or Hermes, and announced a 2 percent rise in full-year adjusted profit to £467 million ($604 million) in May.
Gobbetti, in charge since July 2017, hired Italian designer Riccardo Tisci as its creative director in March. Tisci replaced Christopher Bailey, who had been at the company for 17 years, and his debut collection will be shown at London Fashion Week on September 17. The company also revamped its logo, creating an interlocking TB pattern after founder Thomas Burberry, in August.
Burberry isn't the only company to destroy goods. Richemont, a maker of luxury jewelry and watches including the Cartier brand, was reported to have disposed of 481 million euros ($557.2 million) worth of goods in May to prevent them being discounted on the secondary, or "grey" market, which reduces their appeal.