The United States and China traded blows in an unrestrained economic conflict Monday that sent stock markets plunging and threatened to inflict significant damage on a weakening global economy.
Major stock indexes dropped dramatically on Wall Street on Monday, their worst loss of the year, after China countered President Donald Trump’s latest tariff threat by letting its currency weaken to the lowest level in more than 10 years.
U.S. stocks nosedived in morning trading Monday as China’s currency fell sharply and stoked fears that the trade war between the world’s two largest economies would continue escalating.
A biofuel deal between the two nations would come as a relief for the U.S. ethanol industry, which has been beset by a supply glut and the weakest margins in more than 15 years.
President Donald Trump intensified pressure on China to reach a trade deal by saying he will impose 10% tariffs Sept. 1 on the remaining $300 billion in Chinese imports he hasn’t already taxed. The move immediately sent stock prices sinking.
President Trump and senior administration officials met with CEOs from Alphabet Inc.’s Google, Broadcom Inc., Cisco Systems Inc., Intel Corp., Micron Technology Inc., Western Digital Corp. and Qualcomm Inc. on Monday.
Indiana Lt. Gov. Suzanne Crouch is set to be part of a delegation of agriculture and tourism leaders that will head to Mexico to develop economic partnerships and strengthen agricultural ties.
The broad rally came after the world's two biggest economies agreed over the weekend to resume negotiations.
U.S. tariffs will remain in place against Chinese imports while negotiations continue. Additional trade penalties President Trump has threatened against billions worth of other Chinese goods will not take effect for the “time being.”
U.S. officials said President Donald Trump was focused above all on securing real structural reforms in China to address U.S. complaints about intellectual property theft and the widespread use of industrial subsidies among other things.
The U.S. Supreme Court declined to question President Donald Trump’s imposition of more than $4 billion in steel tariffs, turning away an appeal that challenged his use of national security as the legal justification for his trade agenda.
Financial markets greeted the news with relief Tuesday. The Dow Jones Industrial Average closed 1.4% higher, adding 353 points.
About 320 U.S. company and trade association representatives are set to appear over seven days of hearings starting Monday on President Donald Trump’s latest proposed tariffs on Chinese goods.
Vice President Mike Pence is on a quiet mission to advance the administration’s top legislative priority for the year—the troubled trade deal—and, with it, just maybe hold together a fraying Republican coalition.
President Donald Trump's aggressive and wildly unpredictable use of tariffs is spooking American business groups, which have long formed a potent force in his Republican Party.
The Department of Homeland Security announced Wednesday that U.S. Border Patrol apprehensions of migrants illegally crossing the border hit the highest level in more than a decade in May: 132,887 apprehensions.
Mexican Foreign Secretary Marcelo Ebrard said immigration, not tariffs, was the main focus at the White House meeting, which included Secretary of State Mike Pompeo, Vice President Mike Pence and other U.S. officials.
American whiskey producers like Louisville-based Brown-Forman face stiff retaliatory tariffs in the European Union, the industry’s biggest export market, as part of the Trump administration’s trade disputes.
Despite pushback from U.S. business, Mexico and Capitol Hill, President Donald Trump is doubling down on his threat to slap a 5% tariff on Mexican imports.
The threat to use China's rich supply of so-called rare earths as leverage in the conflict has contributed to sharp losses in U.S. stocks and sliding long-term bond yields.
