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
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread 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
"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
Supreme Court Justice Ruth Bader Ginsburg has completed a three-week course of radiation therapy for cancer, the top court said in a statement Friday.Politicsread more
Oil prices fell on Friday after China unveiled retaliatory tariffs against about $75 billion worth of U.S. goods, marking another escalation of a protracted trade dispute...Energy Commoditiesread more
The president tweeted Friday morning that he was ordering "our great American companies" to "immediately start looking for an alternative to China."Marketsread more
Yields slipped after Powell said the central bank will continue to act as appropriate to sustain the economic expansion.Bondsread more
Multinationals that rely on the supply chain from China are tumbling after President Donald Trump ordered them to find alternatives to their Chinese operations.Marketsread more
Semiconductor stocks and shares of Apple slid on Friday after President Donald Trump said U.S. companies should "immediately start looking for an alternative" to their...Technologyread more
France's finance minister expressed his disappointment at a recent EU decision to block a major rail merger, calling for competition rules to be changed to enable European firms to become stronger on the global stage.
"Let's have a look at reality — we are facing a huge challenge with the rise of the Chinese industry. What do we do — shall we divide the European forces, or try to merge the European forces from the industrial point of view?" Bruno Le Maire told CNBC's Hadley Gamble at the World Government Summit in Dubai on Sunday.
His comments come after the European Union blocked a rail deal between Alstom and Siemens on Wednesday, citing competition concerns. The merger proposal between the French and the German companies planned to create a European rail champion with revenues of about 15 billion euros ($17 billion). The merger proposal referred only to the companies' transport services and would have combined them into one new firm, solely controlled by Siemens.
Speaking on a panel at the same event, Siemens CEO Joe Kaeser said Monday that the decision was based on out-of-date legislation.
"If it had been decided in the UAE I assure you it would have been different," he told CNBC after praising what he described as the Gulf country's pragmatic and efficient approach to business. "We must not confuse antitrust laws with industrial policies, we need to respect that. But if the future of the world's mobility is being determined with law that is 30 years old, that may have to be revisited — for the future, not for the past."
The EU's competition authority specified that the proposed merger would have created an "undisputed" market leader in several mainline signaling markets, as well as reducing the number of suppliers by removing one of the two largest manufacturers of very high-speed rolling stock.
Both the German and French governments had supported the merger, believing the deal would've been a good counter to the economic rise of China.
"I think it was a mistake from the EU commission to refuse that merger between Alstom and Siemens," Le Maire added.
"I strongly believe that the right solution is not more division, but more cooperation among French, German and other European companies. That's exactly what we proposed with the merger between Alstom and Siemens ... The Commission took that decision, of course we will abide by that decision, but we will make very strong proposals to change the rules of competition and to allow European industrials to merge and to be stronger," he said.
In Wednesday's ruling, the European Commission said it considers it "highly unlikely that a new entry from China would represent a competitive constraint."
—CNBC's Silvia Amaro contributed to this article.