Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
With Amazon and Walmart facing regulatory hurdles in India, Reliance's Mukesh Ambani isTechnologyread more
Japan's Panasonic said on Thursday it has stopped shipments of certain components to Huawei Technologies to comply with U.S. restrictions on the Chinese company.Technologyread more
Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a trip to Beijing to resume trade negotiations has not been scheduled yet, reducing hopes of a speedy resolution...Asia Marketsread more
Research analyst Adam Jonas, a long-time Tesla bull, said it's extremely unlikely that big tech firms like Apple or Amazon would buy it.Technologyread more
The disclosures come as a federal judge ruled Wednesday that two other banks — Deutsche Bank and Capital One — can give financial documents to Congress, NBC News reports.Politicsread more
Shares of L Brands, the owner of Victoria's Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and...Retailread more
Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for...Politicsread more
The same week U.S. President Donald Trump announced sweeping increases on tariffs against Chinese goods, Chinese buyers dropped orders for 3,247 metric tonnes of U.S. pork - the biggest cancellation in more than a year, according to U.S. Department of Agriculture data released on Thursday.
The cancellation came during the week ended May 9, a blow to the $6.5 billion export market for American pork, vital to the burgeoning U.S. meat industry.
Prior to the trade war, China and Hong Kong combined were the second largest export market for U.S. pork.
For months, the U.S. farm sector - which has been among the hardest hit by the trade war between the world's two largest economies - has been banking on China increasing its U.S. pork purchases due to African swine fever (ASF).
But the trade war, and China's tariffs against U.S. pork, is showing signs of slowing China's willingness to load up on the meat, say industry analysts.
Earlier this year, China canceled sales of 53 metric tonnes in the week ended Feb. 28, sales of 999 metric tonnes in the week ended March 21, and 214 metric tonnes in the week ended April 18, according to USDA data.
Market analysts said the cancellation news on Thursday weighed on the lean hog futures market.
"It's just disappointing that this trade war could drag on for months and that means more tariffs on pork," said Dennis Smith, commodity broker with Archer Financial Services. "This should not be happening. We should be selling a lot of pork to China, because of ASF."
African swine fever kills almost all pigs infected, though it is not harmful to people. The disease has spread rapidly across China, the world's top pork producer. In neighboring Vietnam the government said it will mobilize its military and police forces to combat an outbreak.
USDA said on Thursday that it will soon begin testing sick and dead pigs for the hog virus that has killed herds across Asia in an effort to minimize devastation if the disease enters the United States.