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
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread 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
"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
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
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
FedEx announced on Friday that it decided not to renew its express U.S. shipping contract with Amazon. The company said in a statement that it was a "strategic decision" and that the change won't affect other existing contracts with Amazon, including international shipping.
Amazon's contract with FedEx Express only affects air services, which means FedEx will continue to serve as a carrier and last-mile delivery partner.
FedEx added that Amazon was not a huge customer, only accounting for roughly 1.3% of its total revenue in 2018. FedEx stock dropped less than 1% on the news, while Amazon stock did not budge.
Amazon's representative said in an email statement, "We respect FedEx's decision and thank them for their role serving Amazon customers over the years."
The change comes at a time when Amazon is aggressively investing in its own in-house network of shipping and delivery services. It recently launched a new program called Delivery Service Partners, which lets entrepreneurs run their own local delivery truck business with Prime logos.
The company has also been buying up cargo planes and trucks, while creating new services that streamline its truck deliveries. In its 2018 annual financial filing, Amazon listed "transportation and logistics services" among its group of competitors for the first time.
FedEx has often downplayed the competitive risk from Amazon. During a call with analysts in September, FedEx's executive vice president, Rajesh Subramaniam, said Amazon's new delivery service "should not be confused as competition with FedEx." In 2016, as media reports suggested Amazon was getting serious about building its own delivery service, FedEx's former executive vice president, T. Michael Glenn, said it would be a "daunting task requiring tens of billions of dollars" to build and replicate FedEx's existing delivery network.