Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead 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
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Russian President Vladimir Putin believes the global economic model is in a state of crisis.
Speaking at the plenary session of the St. Petersburg International Economic Forum (SPIEF) on Friday, Putin highlighted the imbalance across the world and called on international institutions like the G-20 and United Nations to fix it.
"The current model of economic relations is unfortunately in crisis mode and this crisis is of a comprehensive nature," Putin said.
"Problems here have been accumulating over the recent decades and these issues are of a far greater scale and magnitude than we thought before," Putin said. This according to a translated version of his speech.
The plenary included Chinese President Xi Jinping, Bulgarian President Rumen Radev, Armenian President Nikol Pashinyan, Slovakian President Peter Pellegrini and Secretary-General of the United Nations Antonio Guterres.
"What are the sources of this crisis?," Putin asked the audience.
"I believe the main reason is that the globalization model which was put forth at the end of the 20th century is less and less relevant to the emerging new economic reality," he said.
Russia began its annual business conference on Thursday, an event at which it will try to boost its appeal to international businesses and investors.
Russia and China appear to be intent on strengthening their alliance and fostering deeper cooperation in the face of increased political and economic hostility from the U.S. That bid to strengthen bilateral ties continues this week with Xi attending the forum as part of a three-day state visit to Russia, where he called President Vladimir Putin his "best friend. "
China's commerce ministry reportedly said Thursday that Beijing and Moscow had signed more than $20 billion of deals to boost economic ties in areas such as technology and energy during the visit.
The meeting of the two prominent global powers comes as Russia's relations with the U.S. are at a low ebb amid continuing U.S. sanctions on the country (mainly related to Ukraine, the annexation of Crimea and U.S. election interference), and China's relationship with the U.S. is fraught with trade war tensions.
Their traditional economic models — for Russia the export of energy products and for China the export of goods — looks increasingly uncertain.
Both Putin and Xi have vowed to fight protectionist policies, an accusation leveled at their U.S. counterpart. Remarking on the trade relationship, Xi told RIA Novosti this week that trade between the two nations is "especially valuable given the current complex environment of sluggish global trade and investment and surging protectionism in the world."
- CNBC's Holly Ellyatt contributed to this report.