On Saturday, Trump said he would impose additional sanctions against Iran in a bid to prevent the country obtaining nuclear weapons.World Politicsread more
The major indexes have stretched to all-time highs and are riding one of their best first halves in decades.Trading Nationread more
Tensions between the U.S. and Iran will likely escalate in the near future, a former adviser to the Iranian government said on Monday.Energyread more
Millennial stocks are looking fly this month, and one name could be on the verge of exploding in the next year.Trading Nationread more
Chinese vice commerce minister said Monday that Beijing would like the U.S. to cancel "inappropriate" actions against Chinese companies.China Economyread more
Eldorado Resorts has agreed to merge with Caesars Entertainment in a cash and stock deal that values its peer at about $17.3 billion including debt.Casinos and Gamingread more
A decisive win for Turkey's main opposition party in a re-run of a mayoral election in Istanbul this weekend has prompted hopes for economic and political change.Europe Politicsread more
Sixteen Asia Pacific countries have been negotiating the Regional Comprehensive Economic Partnership since 2013, with India's reluctance to open up its markets a major...Asia Economyread more
The secretary of State said he was traveling to Saudi Arabia and the United Arab Emirates to make sure that the U.S. is "strategically aligned" with its allies.Politicsread more
FedEx heads into earnings this week well off its highs, but one technical analyst says the worst could be over for the delivery company.Trading Nationread more
Experts say Facebook's cryptocurrency project Libra has been a catalyst for the price of bitcoin going higher.Technologyread more
Alibaba co-founder Joseph Tsai told CNBC on Tuesday that the "structural issue" of the United States' trade gap with China will reverse itself as the Chinese ramp up imports.
The trade deficit will shrink once the Chinese government begins purchasing $40 trillion worth of goods as promised over the next 15 years, he said. Even though President Donald Trump placed tariffs on imports in part to close the deficit, China's surplus topped $323 billion in 2018, the highest since 2006.
"With regards to the trade war, I would say this … if you look at the long term, the trade deficit itself will reverse," he said on "Closing Bell." "I talk about [the] 300 million middle-class consumers that will continue to buy more from all over the world."
China's economy is being powered by consumers, he said, and the Chinese middle-class consumer base could nearly triple by 2030. Tsai said there is a "symbiotic relationship" between American businesses with ties to China and vice versa.
Alibaba, the online marketplace in China, has been cashing in on the industry where last quarter it outgrew total e-commerce by "several percentage points," Tsai said. He pointed out that the platform carries a number of U.S. imports, such as juice from Ocean Spray and apples from Washington state. Last November, the executive chairman warned that a full-blown trade war between the countries would hurt many U.S. businesses that have ties to China.
The U.S. has tariffs on $250 billion worth of Chinese goods, while China has targeted duties on $110 billion worth of imports.
U.S. officials have indicated that negotiations have been productive but that a number of issues still need to be worked out.
Trump signaled on Tuesday that he would consider delaying his promise to hike tariffs on $200 billion worth of goods if a trade deal is not yet reached.
"We're always glass half full. We're in business, so we always hope for a benign environment," Tsai said. "We remain optimistic that there's going to be a resolution at some point."