May had failed to win a parliamentary majority on Britain's withdrawal from the European Union.Europe Politicsread more
Facebook's founder Mark Zuckerberg has held talks with the Winklevoss twins, his old rivals, about the social media giant's developing digital currency, the Financial Times...Bitcoinread more
Analyst Michael Olson says he has "a high degree of confidence" that Amazon shares can reach the level without "significant changes to the business."Investingread more
House Judiciary Committee Chairman Jerry Nadler says Mueller told the committee he would make his opening statement before the public.Politicsread more
The retailer is under pressure as shoe companies, like Nike, have worked to sell directly to its customers, bypassing retailers all together.Footwearread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
A downgrade from BMO analysts led to an unsavory drop in Chipotle's stock, and some analysts are advising waiting out the weakness.Trading Nationread more
Breaking up the social network won't lead to better data protection, said former Facebook executive Chris Kelly.Technologyread more
Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
Sears opens its first Home & Life stores and plans to open more as it looks for a fresh start after bankruptcy.Retailread more
New orders for U.S.-made capital goods fell more than expected in April, further evidence that manufacturing and the broader economy were slowing.Economyread more
Trump's tough trade tactics have ruffled feathers around the globe, but Burns said this case is different.
"He has the silent support, not so much public, of a lot of governments around the world who are also victims of Chinese trade practices," Burns said on "Closing Bell. "
The highly anticipated dinner between the two leaders, set for Saturday, will occur on the sidelines of the G-20 summit in Argentina.
"I bet a lot of those leaders around the table at the G-20 might be whispering to Donald Trump, 'Strike a hard bargain with the Chinese,'" Burns said.
The U.S. and China have been engaged in escalating tariffs. In September, the White House announced its latest duties on $200 billion of Chinese goods. If the two nations don't reach a truce by 2019, the tariffs will jump from 10 percent to 25 percent. It's part of the administration's plan to obtain what it sees as more favorable trade deals for the U.S.
Trump has already fired the first round in negotiations, said Burns, who served as U.S. ambassador to NATO and was the State Department's third-ranking diplomat during George W. Bush's presidency.
The president told The Wall Street Journal earlier this week that he expects to move ahead with the 25 percent tariffs and also suggested he could place a 10 percent tariff on iPhones and laptops imported from China.
"He's a cagey negotiator," said Burns. "He's trying to put the ball in China's court and see the amount he can get from China, from Xi Jinping, across that table on Saturday night.
He expects China to offer a guarantee that they will import a certain level of U.S. exports per year. However, the administration is more interested in structural changes to China's predatory trade practices, he added.
"It's a cat-and-mouse game between two very strong-willed leaders, strong governments," Burns said.