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
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
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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
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia 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
Billionaire entrepreneur and philanthropist Richard Branson said Thursday that taxing the rich "makes sense," arguing the extremely affluent have a responsibility to tackle some of the biggest problems in the world, including wealth disparities.
"People like myself are incredibly fortunate," the Virgin Group founder told CNBC's Morgan Brennan in an interview. "I suspect there should be higher taxes for the wealthy around the world and I don't think they would object to that."
Branson — with a net worth of $4.1 billion, according to Forbes — is part of the growing circle of elite business leaders questioning wealth disparity in the world. He said that governments need to get taxes from "somewhere" while helping the middle class and poor.
During the Milken Institute Summit in Abu Dhabi earlier this week, Branson expressed similar views. "We have to try and do everything we can to lift the vast majority of people up, when for the last few years the vast majority have not seen their living standards improve," he told an audience on Tuesday evening.
On Capitol Hill, Democrats such as Massachusetts Sen. Elizabeth Warren and New York Rep. Alexandria Ocasio-Cortez are pushing the wealthy to pay their "fair share of taxes." Warren — who on Saturday formally launched her 2020 Democratic run for president — is proposing an additional 2 percent tax every year on households with assets over $50 million and 3 percent on households with assets over $1 billion. Ocasio-Cortez, the freshman firebrand, wants a 70 percent marginal tax rate on income above $10 million.
Among the wealthy business leaders who agree with Branson is Bill Gates — known for starting Microsoft and giving billions of dollars away to charity. In an interview this week with The Verge, Gates said he supports "more progressive" taxes on the rich, but proposals targeting high income brackets, like a plan from Ocasio-Cortez, are too narrow. It appears Gates is more closely aligned to Warren's proposal.
Debate around taxing the rich has the GOP, and the wealthy themselves, jittery. Former Rep. Jeb Hensarling — a Republican who represented Texas from 2003 until the new Congress was seated this year — said on CNBC Tuesday, "I am fearful of it because in America we do not traditionally vilify success. We celebrate success." Hensarling's sentiments were also voiced last month among the gathering of global titans at the World Economic Forum in Davos, Switzerland.