Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
The Treasury Department refrained from calling China a 'currency manipulator,' a title that's been threatened by multiple U.S. administrations but not used since 1994.
In a report released Wednesday, Treasury said it has found no major trading partner met the criteria to be designated as intentionally manipulating its currency. But it kept China on a watch list along with Germany, Japan, Switzerland, Korea and India.
"The Treasury Department is working vigorously to ensure that our trading partners dismantle unfair barriers that stand in the way of free, fair, and reciprocal trade. Of particular concern are China's lack of currency transparency and the recent weakness in its currency. These pose major challenges to achieving fairer and more balanced trade, and we will continue to monitor and review China's currency practices, including through discussions with the People's Bank of China," said U.S. Treasury Secretary Steven T. Mnuchin.
The decision comes amid an escalating trade conflict with China that could ultimately result in U.S. tariffs on all Chinese exports before it is resolved.
President Donald Trump has also criticized China for weakening the yuan, which helps Chinese exporters and diminishes the impact of tariffs.
Last week, a U.S. official said the U.S. is concerned about the recent depreciation in China's currency, and planned to detail its concerns in a report.
The yuan has edged near 6.93 to the U.S. dollar, a level where it also was trading in August. The yuan, also known as the renminbi, has moved markedly lower since June, when trade tensions started to flare.
Strategists say while China has been criticized for letting the currency fall, it actually has worked to hold the currency back from falling further since it got close to the key 7 level. China's central bank sets a daily exchange rate for the yuan based on recent prices and allows trading against the dollar in a band that could be as much as 2 percent above or below that level.
Marc Chandler, chief market strategist at Bannockburn Global Forex, said China does not meet all of the criteria to be called a currency manipulator. Countries that qualify would have a large current account deficit; and would intervene to drive down their currency. China, he said, had a surplus this year and has been attempting to prevent its currency from weakening. A large trade deficit, however is an issue.
"The China data that came out last week showed record trade surpluses. It could be that's because of anticipated tariffs at the end of the month and U.S. corporates ordered a lot more Chinese supplies and their inventories rose as well. They might be gaming the tariffs," said Chandler.
Chandler noted that the Trump administration also plans to withdraw from a 144-year-old postal treaty, which has helped Chinese companies ship small packages into the U.S. at discounted rates, hurting U.S. competitors.
"This just illustrates to me that the Trump administration is pushing on a lot o levers to squeeze the Chinese," Chandler said.
Karen James contributed reporting.