More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Wayfair employees plan to walk out tomorrow, after no action was taken in response to their opposition to the company supplying border detention camps with beds for children.Retailread more
Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.Technologyread more
Omarosa Manigault Newman, who had been a senior advisor to President Donald Trump before her firing, was sued for allegedly failing to file required financial disclosures.Politicsread more
San Francisco on Tuesday became the first city in the country to ban e-cigarettes after city officials voted in favor of an ordinance that prohibits the sale of any...Health and Scienceread more
See which stocks are posting big moves after the bell on June 25.Market Insiderread more
Apple's iOS 13 is coming this fall, but you can already try it on your iPhone with the new public beta. Here are some of the best hidden features.Technologyread more
President Donald Trump stands a chance of creating a new economic world order in his fight with China over alleged unfair trade practices, American intellectual property theft and the possibility of cyberspying, economist Mohamed El-Erian said on CNBC Monday.
"I think we should not underestimate something 'Reaganesque,'" said El-Erian, chief economic advisor of Allianz, likening the current situation to how former President Ronald Reagan was able to change the global geopolitical landscape after winning the Cold War against Russia.
As El-Erian spoke in a "Squawk Box" interview, U.S.-China trade talks have stalled, and the two nations have stepped up tariffs on each other's imports. In addition, the U.S. has effectively blacklisted Chinese telecom giant Huawei over claims of national security concerns. (Alphabet's Google followed the Trump administration's lead and suspended business with Huawei.)
El-Erian has handicapped three scenarios, listing the chances of a "short-term" trade deal between the U.S. and China at 65%, a "Reagan moment" at 15%, and a full-blown trade war at 20%.
"I think what you're seeing is the status quo is coming down. And the possibility of the other two are going up," he said. "If the U.S. goes full-blown with this as about national security, it can actually change the economic dynamics on a global scale. It really can."
No matter the resolution, it won't come quickly, and Wall Street is going to have to deal with the uncertainty in the meantime, he added.
However, El-Erian said the U.S. stock market is better positioned to weather the trade storm than are Chinese equities.
"We win a relative trade war. In absolute terms we suffer. But we win relative to others, " he said. "I think the markets have understood that the U.S. is in a better place than the rest of the world."
As of Friday's close, which marked two straight weekly losses for the , the broad-based measure of the U.S. stock market had still surged about 14% this year. Despite all the recent trade-induced turmoil, the index was only about 3% off record high close on April 30. Chinese stocks in the Shanghai Stock Exchange Composite Index have lost about 10% in 2019.
"The realization in the U.S. is that this is the time. If not now, when?" he said.