Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
United Airlines' second-quarter profit tops estimates but questions about the 737 Max linger.Airlinesread more
Charles Evans spoke Tuesday at CNBC's @Work Human Capital + Finance Conference in Chicago. The Fed president said he is worried about low inflation and several other issues.At Workread more
But it's important to separate this very real threat from Thiel's specific allegations about Google, which were presented without proof, and from his claims that Google has...Technologyread more
In prepared remarks for a congressional hearing, Facebook says Instagram and WhatsApp have had a greater chance to thrive after merging.Technologyread more
The speech comes as market participants are strongly anticipating a rate cut at the July 30-31 Federal Open Market Committee policy meeting.The Fedread more
The electric car company is making price cuts to some of its vehicles and announced updates to its lineup.Technologyread more
U.S. President Donald Trump said China had agreed to cut import tariffs on American-made cars, buoying shares in BMW and Daimler who manufacture in the United States for export to the world's biggest auto market.
Shares of Chinese car dealers also perked up on hopes that such a move could revitalize the domestic auto market that is poised for its first annual sales contraction in decades amid cooling economic growth and a debilitating U.S.-China trade war.
Trump, fresh from agreeing a 90-day cease-fire in his trade war with China at the meeting of the G20, said on Twitter "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%".
The move, if realized, would bolster U.S. carmakers who were hit hard when China ramped up levies on U.S.-made cars in July as part of a broad package of retaliatory tariffs amid the sprawling trade war between Washington and Beijing.
"If they cancel the extra 25 percent tariff on U.S.-made cars, then we will see positive signs for imported cars," Wang Cun, director of the China Automobile Dealers Association's import committee, told reporters in Beijing.
Beijing raised tariffs on U.S. auto imports to 40 percent in July, forcing many carmakers to hike prices in a major hit to the roughly $10 billion worth of passenger vehicles the United States sent to China last year.
That put U.S.-made car brands like Tesla and Ford's Lincoln at a major disadvantage as the move came soon after China slashed auto import tariffs for the wider market to 15 percent from 25 percent.
Trump's tweet did not give any further detail about the tariff cuts, such as when the deal had been reached or a new level for the Chinese levies.
The White House and U.S. Trade Representative's (USTR) office did not immediately respond to a request for comment late on Sunday. China's commerce and finance ministries did not respond to requests for comment on Monday.
In early European trade on Monday, shares in Germany's BMW, Volkswagen, and Mercedes-Benz parent Daimler rose between 4 percent to 7 percent.
In China, listed car dealers such as Grand Automotive, Pangda Automobile Trade, and Sinomach Automobile climbed on the news, with some local carmakers falling back.
After a 2-1/2 hour dinner with Xi on Saturday in Buenos Aires, Trump agreed to postpone an increase in the tariff rate on $200 billion worth of Chinese imports to 25 percent from 10 percent that was scheduled for Jan. 1. China agreed to resume purchases of some U.S. farm and energy commodities.
The two sides also agreed to negotiate in the next 90 days over "structural changes" to China's policies on technology transfers, intellectual property protection, non-tariff barriers, cyber intrusions and theft, services and agriculture.
Major U.S. automakers said they were unaware of the lower tariffs on exports to China.
The automakers have a previously scheduled meeting with USTR on Monday, two people briefed on the matter told Reuters.
The lower tariffs would be a boost to automakers exporting vehicles to China, including Ford and German carmaker BMW, which exports U.S.-built luxury vehicles to China.
It would also be good news for Tesla that has been hit hard by increased tariffs on the electric cars it imports to China.
The U.S. firm, led by billionaire Elon Musk, has said it will cut prices to make its cars "more affordable" and absorb more of the hit from the tariffs. Tesla is also building a local plant in Shanghai to help it avoid steep tariffs.
The United States currently charges tariffs of 27.5 percent on Chinese vehicles. On Wednesday, U.S. Trade Representative Robert Lighthizer said Trump had directed him to examine all available tools to raise U.S. tariffs on Chinese vehicles to the level that China is charging.