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
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US 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
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
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
With strains showing up in the relationship between the U.S. President Donald Trump and his Trade Representative Robert Lighthizer, one expert has expressed concerns that Trump would settle for an "inadequate" and "weak" deal with China.
The comment by Niall Ferguson, senior fellow at the Hoover Institution at Stanford University, came after several public disputes between the president and Lighthizer on matters related to the U.S.-China trade war.
Last week, Trump and Lighthizer sparred in front of journalists — and Chinese representatives led by Vice Premier Liu He — over whether "memorandum of understanding" is the right phrase to term the agreement that the U.S. and China are negotiating.
The two sides were reportedly drawing up six MOUs which would form the building blocks of a final deal. But Trump objected to the use of the term, arguing that "they don't mean anything." Lighthizer gave in after some back-and-forth with his boss and opted to use "trade agreement" instead.
"I think the big question ... is whether or not President Trump is going to overrule Robert Lighthizer and take a deal that Lighthizer would regard as inadequate, as weak. I very much hope he doesn't do that because Robert Lighthizer has been doing an excellent job driving a very hard bargain and when Lighthizer says we're not there yet, I take that very seriously," Ferguson told CNBC's "Closing Bell" on Wednesday.
"We saw just the other day the president has the power to overrule [Lighthizer], even in the terminology of the deal ... Robert Lighthizer had to very quickly drop that phrase and get on with the Trumpian language like a 'trade deal,'" he added.
On Wednesday, Lighthizer told the House Committee on Ways and Means that "much still needs to be done both before an agreement is reached" — that's a contrast to Trump's earlier claim that a trade deal with China was already in "advanced stages."
Lighthizer, who's leading U.S. negotiations with China, is known for his hard-line views on trade. Before the recent public disputes with Trump, the trade representative appeared mostly supportive of the president's policies.
The U.S. and China, the two largest economies in the world, were locked in a tit-for-tat tariffs fight for much of last year over disagreements on issues such as Chinese industrial subsidies and alleged forced transfer of technology from American firms to their Chinese partners.
Trump over the weekend announced that he's delaying the implementation of additional tariffs on Chinese goods initially planned for early-March. The president said both sides made "substantial progress" in their trade negotiations.