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
Federal Reserve Chairman Jerome Powell said before the U.S. Senate Tuesday that conflicting federal and state laws on the sale of marijuana and other cannabis products put bank supervisors in a "very difficult place."
Asked by Sen. Robert Menendez, D-N.J., about the Fed's thoughts on the cannabis space, the leader of the U.S. central bank said further regulatory guidance would be helpful for bank overseers.
"I think it would be great to have clarity," Powell said from Capitol Hill. "It puts financial institutions in a very difficult place and puts the supervisors in a difficult place, too. It would be nice to have clarity on that supervisory relationship."
Cannabis has proven a puzzling topic for both Washington and Wall Street, which is discovering a unique set of hurdles as it explores the burgeoning marijuana and hemp markets, ranging from lending restrictions to disagreeing local laws. Marijuana remains illegal on a federal level in the United States, but 10 states and the District of Columbia have allowed its use for recreational purposes. Michigan became one of the latest to OK marijuana in November.
New Jersey legislators are also considering the legalization of recreational marijuana.
That's put marijuana retailers and banks within those jurisdictions in a tough position. To accept deposits or loan to cannabis businesses could put a financial institution at odds with the Department of Justice and the Food and Drug Administration, which prohibits companies from adding active ingredients that are drug products in foods and drinks.
Some of that uncertainty was cleared up late last year, when the recent U.S. farm bill removed hemp from the federal government's list of controlled substances and opened up nascent markets in CBD, cannabidiol. Hemp, a plant related to marijuana minus the psychoactive drug THC, is said to ease a wide range of medical ailments, including epilepsy and arthritis.
Questions remain, however, for those who want to sell or bank money from the marijuana business. A flurry of federal regulations currently deter banks from working with legal dispensaries in the U.S. and mandate that banks and other financial firms file "suspicious activity reports" to help monitor money laundering. Others have brought the just-say-no attitude to Wall Street, steering clear of any services related to the marijuana business for fear of federal prosecution.