The U.S. wants to negotiate trade issues with the European Union and China despite the fact that they ignored, for more than a year, Washington’s constant warnings about unacceptably large surpluses on their American trades. In doing so, China and a Germany-led EU have put themselves in an economically and […]
CNBC News
Tell us what you think: How do you view stocks this Easter?
Global markets sold off last week after investors became concerned that the tit-for-tat rhetoric from Beijing and Washington may lead to an all-out trade war between the world’s two economic powerhouses. On Friday, the Dow Jones industrial average closed in correction, down 11.6 percent from its 52-week high. The sell-off […]
Remington, the oldest gun maker in the United States, files for bankruptcy
After 202 years in business, America’s oldest gun manufacturer, Remington, has filed for Chapter 11 bankruptcy protection. The filing by Remington Arms Company and its parent, Remington Outdoors, was disclosed late Sunday night on the website of the United States Bankruptcy Court in Delaware. Details of the filing were not […]
US-China trade deficit is set to keep on rising, Yale’s Stephen Roach says
Washington’s trade imbalance with Beijing — the stated motivation behind President Donald Trump’s punitive tariffs — will continue expanding in the years ahead, according to Yale University’s Stephen Roach. America’s trade deficits with China and other countries fundamentally reflect “the fact that we don’t save enough,” said Roach, a former […]
China is a ‘tremendous’ opportunity, says Manulife chief
China presents a major opportunity for global insurers as the rapidly growing economy opens up amid low insurance penetration rates, Manulife’s president and CEO said on Monday. The world’s second-largest economy is at “a very nascent stage of its development as it relates to the industry that we operate in: […]
Former defense secretary: I’m skeptical about Trump-Kim Jong Un meeting
There are good reasons to be skeptical about a bilateral meeting that’s supposed to take place between the U.S. and North Korea, Cohen said. U.S. President Donald Trump made the surprise decision earlier this month to accept an invitation to meet with North Korean leader Kim Jong Un by May, […]
US exempts South Korea from steel tariffs, but imposes import quota
The United States agreed to exempt South Korea from steel tariffs, but imposed a quota onsteel imports, South Korea’s trade ministry said on Monday. Meanwhile, South Korea gave ground on automobile trade regulations by agreeing to changes in an existing bilateral free trade deal between the two countries, the ministry […]
The US is said to have sent China a to-do list to solve trade frictions
The U.S. administration last week sent a letter to Chinese economic overseer Liu He seeking a tariff cut on U.S. autos to help cut China’s trade surplus with the United States, the Wall Street Journal said, citing unnamed sources. In the letter, U.S. Treasury Secretary Steven Mnuchin and U.S. Trade […]
China’s new oil benchmark jumps more than 6 percent
Shanghai crude oil futures opened up more than 6 percent on Monday with almost 20million barrels of the most-active September contract changing hands in the first 25 minutes as China debuted its oil benchmark. The launch of China’s yuan-denominated oil futures marked the culmination of a decade-long push by the […]
‘Economic crisis’ and ‘chaos’: Nobel-winner Shiller issues a warning on Trump’s trade offensive
A ramp up in U.S.-China trade tensions — which many are predicting in the wake of a new round of tariff threats from both sides — would immediately result in an economic crisis, according to Nobel Prize-winning economist Robert Shiller. The Yale economist criticized U.S. President Donald Trump during a […]