Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Food and Drug Administration Commissioner Scott Gottlieb warned on Friday that if the partial government shutdown persists, it will force the FDA to make "hard decisions" on preserving key functions of the agency.
The FDA cannot accept any new funding during the shutdown, which entered its 28th day on Friday. That has forced the agency to stretch its remaining funding to last roughly five more weeks. In prepared remarks for delivery at a hearing Friday, Gottlieb said the shutdown has represented one of the "most significant operational challenges" in the FDA's recent history.
"We've had to make hard decisions in the last month to preserve key functions to maintain our critical consumer protection role," Gottlieb said. "As our user fee programs begin to run out of money, we have many hard decisions ahead of us."
The timeline for when the agency runs out of funds, which came in part from application fees paid by drug and device makers, could change, the FDA said earlier this week. But the agency added that the change wouldn't be more than "plus or minus a week."
Gottlieb said Friday the FDA will maintain its critical safety functions and preserve as much of its review functions as possible. "We are in uncharted territory. This is a watershed moment in the life of this agency," he added.
The shutdown has left some pharmaceutical companies in the dark regarding the submission of their drug applications with the FDA for potentially life-saving and profitable treatments.
Applications typically take months to review. Any possible delays from the agency could have huge consequences for the balance sheet of drugmakers, especially those who may be scrambling to push new, innovative drugs to the market to stay in business. Delays could also create a backlog for the agency because some drugmakers may be waiting to file applications after the shutdown ends.
The shutdown has already created consequences for one drugmaker, Aimmune Therapeutics, a California-based biotech company that develops treatments for food allergies.
Aimmune submitted an application and transferred the money needed to pay for the review for its experimental immuno-therapy for peanut allergies the day before the shutdown began. But the company disclosed in a regulatory filing this week that the FDA would not start a review for its treatment until the "shutdown and lapse in appropriations" ended.