Stocks fell to their lows of the day on Friday on news that Chinese trade officials are cutting short their visit to the U.S.US Marketsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Canadian trade union Unifor said roughly 4,500 of its members have been temporarily laid off because of the GM strike so far.Autosread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
The wearables company has reportedly retained advisers to consider exploring a sale of the business.Technologyread more
Roku shares have more than quadrupled this year, but the stock has had some rocky days of late as more players jump into streaming.Technologyread more
Walmart is the latest to pull back from the industry. Federal regulators said they will soon ban flavored e-cigarettes while some nations have outlawed the products...Health and Scienceread more
Legal experts say that California, which has pledged to sue, has a strong case that the administration's move is unlawful.Politicsread more
Solomon launched Payback Records last year as his music career was picking up.Financeread more
A group of 23 states on Friday sued to undo the Trump administration's determination that federal law bars California from setting stiff tailpipe emission standards and...Transportationread more
U.S. officials, including Secretary of State Mike Pompeo, have accused Iran of orchestrating devastating strikes on Saudi oil installations over the weekend.Politicsread more
U.S. business groups are considering suing the White House over the Trump administration's new tariffs on Mexican imports.
The powerful U.S. Chamber of Commerce is mulling its legal options in response to the duties, the group's senior vice president of international affairs, John Murphy, told reporters Friday. Murphy said the group has no choice but to look into every option to push back against the tariff policy.
Business groups more broadly are discussing the possibility of suing the White House, a source told CNBC. A decision on how to proceed is expected by Monday.
While top business organizations have repeatedly slammed tariffs Trump levied on trading partners such as Mexico, Canada and China, a lawsuit would mark a major escalation in their opposition to White House trade policy.
A White House spokesman said in a statement that Trump is "taking action within his authority to protect our national security."
"Industry should be in communication with their counterparts in Mexico to encourage the Mexican government to work with the administration and stave off the dangerous crisis at our southern border as quickly as possible," the spokesman added.
On Thursday night, the president announced the U.S. would put 5% tariffs on goods from Mexico starting June 10. The Trump administration says it hopes the duties will force America's southern neighbor to curb illegal immigration — though Trump cited manufacturing jobs and trade deficits as motivation for the tariffs in Friday tweets. The White House said the duties would gradually rise to 25% by October 2019.
The surprise announcement Thursday sent U.S. stock markets tumbling Friday. Major U.S. indexes were down 1% in midday trading.
The tariff plan also raised fears about whether the U.S., Mexico and Canada can ratify the United States-Mexico-Canada Agreement. Trump sees the replacement of the North American Free Trade Agreement as a top political and economic priority ahead of his 2020 reelection bid.
The duties could damage key U.S. industries such as auto manufacturing, and crucial 2020 electoral states such as Arizona, Michigan and Texas could feel particularly sharp pain from the tariffs.
The Chamber of Commerce's Murphy said the tariffs are a new obstacle for ratification of the USMCA.