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
President Donald Trump said China has given itself a "tremendous competitive" advantage by weakening its currency, and the playing field needs to be leveled.
Trump, during a telephone interview with CNBC's "Squawk Box, " said the ability of Chinese President Xi Jinping to directly impact monetary policy is an unfair advantage. Trump made the comments as the Chinese yuan traded near its low of the year against the U.S. dollar.
"We should be entitled to have a fair playing field ... because our Fed is very, very disruptive to us," he said. "Even without a fair playing field, we're winning because the tariffs are putting us at a tremendous competitive advantage."
Trump said the U.S. decided not to call China a currency manipulator, but he added there are some who say China has offset its tariffs by letting the currency fall.
"Don't forget, the head of the Fed in China is President Xi. He's the president of China. ... He can do whatever he wants. They devalue, they loosen or you would just say they pump a lot of money into China, and it nullifies to an extent, not fully, it nullifies the tariffs," Trump said.
Trump has repeatedly voiced his frustration with the Federal Reserve for raising interest rates last year, and now for not cutting them. However, many Fed watchers are now forecasting two rate cuts this year, possibly as soon as July.
The Chinese yuan on Monday was near its low of the year, edging closer to 7 to the dollar. That level has become a line in the sand for markets around the world, and if broken, some strategists say it could trigger a negative reaction in risk markets globally, as investors move to price in a bigger impact from a longer, more contentious trade war.
The offshore currency, or CNH, which trades in Hong Kong and is more impacted by international traders, hit a low of 6.946 to the dollar. The onshore yuan, CNY, more controlled by the Chinese central bank, was just above 6.93 Monday, its lowest since November.
Analysts say China had steadied its currency, as talks proceeded with the U.S., but since talks broke down, the currency has weakened more.
"They devalue their currency. They have for years. It's up to them at a tremendous competitive advantage, and we don't have that advantage because we have a Fed that doesn't lower interest rates. We have a Fed that raises interest rates the day before a bond issue goes out, so we have to pay more money," said Trump.
The president did say that China is disadvantaged by the cheaper currency on the global market when it buys things like oil.
On Friday, People's Bank of China Governor Yi Gang told Bloomberg the central bank has refrained from aggressive intervention, and that there is no specific level for the yuan that is important.
"I think the Chinese seem to be accepting a weaker RMB but they're not causing it," said Marc Chandler, Bannockburn Global Forex chief market strategist. The Chinese currency is also known as the Renminbi, or RMB.