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
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
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.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
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Tuesday's U.S. midterm elections are poised to create significant changes for how President Donald Trump can accomplish his domestic goals, but the results may not mean much for the country's trade policies.
Trump's 'America First' philosophy is unlikely to drastically deviate from its current course even with Democrats winning the House of Representatives, strategists said.
NBC News projected late on Tuesday that Democrats had taken a majority in the House while Republicans had retained control of the Senate. Both chambers make up Congress — the country's principal decision-making body — and approval from each is required to pass bills into law.
The as-expected outcome is set to challenge Trump on several areas such as military spending and his foreign business dealings, making it difficult for the commander-in-chief to pass major legislation. But on trade policy, one of the areas most relevant for the international community, Trump enjoys executive power and can set the terms regardless of whether Congress is divided or not.
That's because "Congress doesn't have much of an ability to control trade policy," analysts at RBC Capital Markets wrote in a recent note. Rather, "the Oval Office has wide reaching powers to act unilaterally," which means the president is likely to "keep pushing his trade agenda," they continued.
"On trade, it's going to be the same, if not worse, in terms of U.S.-China," Steven Okun, senior advisor at McLarty Associates, told CNBC as election results were trickling in.
Both Democrats and Republicans are believed to support a tougher stance on Chinese trade and intellectual property practices. As a result, the president may enjoy bipartisan support as he pushes for Beijing to reduce the bilateral deficit.
"There is less middle ground for practical trade policies than has been the case historically," David Adelman, former U.S. ambassador to Singapore and adjunct professor at New York University told CNBC before Tuesday's outcome. "Partisan Democrats traditionally have been the more protectionist party while Trump Republicans are extremely hawkish with regard to everything relating to China."
As a result, Adelman said the midterms would not impact Trump's protectionist policies. Only if the American economy starts to suffer from the country's tariff battles would Congress then take the White House to task, Adelman added.
"While trade is not necessarily a critical issue for the Democrats, it is unlikely they will support a trade war with traditional allies like the E.U," economists at ING said in a note published before Tuesday's result.
"Withdrawal from the WTO is unlikely to get a lot of support from Democrats, so overall Congress is likely to put up more resistance regarding trade policy than it did previously," they continued.