Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
The White House is delaying a second round of payments from a $12 billion aid package for farmers stung by a trade dispute between China and the United States, amid optimism China will soon resume buying U.S. soybeans, three sources familiar with the matter told Reuters.
U.S. President Donald Trump's Office of Management and Budget at the White House is holding up approval of the payments due to concern over the cost of the program, and wants to see if the trade issues with China get resolved, the sources said, asking not to be named because the matter had not yet been made public.
"It has been no secret that OMB has not been terribly excited about the trade aid package," a source familiar with the matter said. The source added, however, that the payment will likely eventually be approved after some "back and forth."
The U.S. Department of Agriculture in July had authorized up to $12 billion in aid for farmers and ranchers hit by the fall-out from Trump's escalating trade war with China, a major buyer of American agricultural products, and the agency outlined payments for the first half last August.
Agriculture Secretary Sonny Perdue said on Dec. 3 that OMB was deliberating on a second round of trade aid, and that it could be outlined by the end of that week.
USDA spokesman Tim Murtaugh told Reuters on Tuesday the agency was still in the "final stages" of the process of approving the second tranche of payments.
"We are in discussions with the White House and anticipate that the second payment rates for the Market Facilitation Program will be published before the end of the year," Murtaugh said in an emailed statement.
Officials at the White House and OMB did not immediately respond to requests for comment.
The sources said the White House was delaying its approval mainly on hopes China will soon resume purchases of soybeans, something that has raised questions over what extent of aid will be necessary.
Perdue said earlier this month China will probably resume buying American soybeans around Jan. 1, after talks between Trump and Chinese President Xi Jinping about a potential trade ceasefire. (Full Story) (Full Story)
Trump in late May had announced tariffs on steel and aluminum imports, prompting retaliation from top trading partners like China that spilled into agriculture markets.