Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
President Donald Trump on Tuesday threatened to strip General Motors of a tax credit that makes its electric vehicles more affordable for car buyers, escalating a dispute with the automaker over its plan to halt production at several American plants.
There's just one problem with the threat: GM is on the verge of losing the tax credit anyhow.
The IRS offers car buyers a tax credit of $2,500 to $7,500 when they purchase an electric vehicle for use in the United States. However, after an automaker sells 200,000 electric vehicles, that manufacturer gets phased out of the program over the course of about a year.
GM expects to hit the 200,000-vehicle threshold by the end of this year. Once it hits that mark, buyers can still claim the full credit through the end of the following quarter, according to a breakdown of the program from InsideEVs.
Assuming GM does hit the ceiling by year end, its customers would still qualify for a credit of $7,500 for the Chevrolet Bolt electric vehicle and Chevy Volt hybrid through March. The credit then shrinks to $3,750 during the following six months, and then to $1,875 for the following six months before ending entirely. By that schedule, GM would no longer qualify for the credit after the first quarter of 2020.
That said, GM still has skin in the game. The company, along with Tesla, has lobbied U.S. lawmakers to lift the cap. Sen. Dean Heller, Republican of Nevada, has proposed legislation that would lift the 200,000-unit limit and phase out the program for all manufacturers in 2022, Reuters reported last month.
Trump's threat would face an uphill battle on Capitol Hill. Democrats will soon be the majority in the House, and Congress extended the EV tax credit last year, even with Republicans in control of both chambers.