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The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
The United States has cleared the final procedural hurdle in order to impose tariffs on billions of dollars of European products later this month.World Economyread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
Chinese President Xi Jinping warned on Sunday that any attempt to divide China will be crushed.China Politicsread more
White House economic adviser Larry Kudlow on Sunday acknowledged that the Chinese do not directly pay tariffs on goods coming into the U.S., contradicting President Donald Trump's claims that China will pay for tariffs imposed by the U.S.
Kudlow said that "both sides will suffer on this," but argued that China will suffer significant GDP losses as export markets are hit. The blow to U.S. GDP, on the other hand, won't be substantial since the economy is "in terrific shape," he said.
Fox News' Chris Wallace pressed Kudlow about Trump's claims.
"It's not China that pays tariffs," Wallace said. "It's the American importers, the American companies that pay what, in effect, is a tax increase and oftentimes passes it on to U.S. consumers."
"Fair enough," Kudlow replied. "In fact, both sides will pay. Both sides will pay in these things."
Kudlow added, however, that China doesn't actually pay the tariffs, but that their GDP will suffer "with respect to a diminishing export market."
"This is a risk we should and can take without damaging our economy in any appreciable way," Kudlow said.
The most recent round of trade talks, which ended on Friday with no final agreement, followed Trump's decision to more than double tariffs on $200 billion of Chinese goods.
Trump said on Saturday that China should "act now" to wrap up a trade deal with the U.S, warning that "far worse" terms would be offered to them in what he predicted would be his second term as president.
Trump also suggested that the U.S. was "collecting" big tariffs from China.
"Would be wise for them to act now, but love collecting BIG TARIFFS!" he tweeted.