trade war

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Profits Plunge for Exxon Mobil

But the Texas oil giant still reported over $3B in profits for the third quarter

(Newser) - Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas, the AP reports. The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year.... More »

Chile Cancels Summit Where US, China Hoped to Sign Deal

White House says it wants to sign first phase of deal anyway

(Newser) - The White House says it wants to sign the first phase of a new China trade deal next month even though the summit where it was to have happened has been cancelled. President Trump was to travel to Santiago, Chile, in November to sign the preliminary agreement with China's... More »

China and Trump Exchange Goodwill Gestures on Tariffs

President postpones increase for two weeks

(Newser) - At China's request, President Trump said Wednesday that the increase in tariffs on $250 billion in Chinese exports will be moved from Oct. 1 to Oct. 15. Trump said the request was made "due to the fact that the People's Republic of China will be celebrating their... More »

Trump: China Called, and 'They Want to Make a Deal'

President praises 'very positive development' in trade war

(Newser) - President Trump is beginning the new week with positive words about China and leader Xi Jinping, after last week ended with acrimony and market tumult. Trump told reporters at the G-7 summit that Chinese officials called and "they want to make a deal," reports the Wall Street Journal ... More »

Trump: I Have 'Second Thoughts About Everything'

But White House says he has no regrets about trade war

(Newser) - While America was sleeping, the Group of Seven summit in France was continuing down its head-spinning trajectory, with matters like an escalating trade war between planet Earth's two biggest economic powers, talks with rogue aspiring nuclear powers, and a no-deal Brexit taking up much of the oxygen. A look... More »

Trump: I Can Legally Enforce My China Ban

The president threatens to wield the International Emergency Economic Powers Act

(Newser) - President Trump is threatening to use the emergency authority granted by a powerful, but obscure federal law to make good on his tweeted "order" to US businesses to cut ties in China amid a spiraling trade war between the two nations, the AP reports. China's announcement Friday that... More »

Chamber of Commerce Not Wowed by Trump's Order

Rebuffs president's demand that US companies get out of China

(Newser) - President Trump jolted the markets Friday, and possibly China, when he demanded that US companies immediately start looking for alternatives to their operations in that country. The US Chamber of Commerce, however, isn't sold on the idea, reports Reuters . "While we share the President’s frustration, we believe... More »

Dow Plunges Anew After Trump Tweets on China

Index falls more than 600 points

(Newser) - Stocks sank on Wall Street Friday after President Trump demanded that US companies with operations in China consider moving them to other countries—just hours after Beijing announced new tariffs on $75 billion in American goods. The Dow fell 623 points, or 2.3%, to 25,628; the S&P... More »

Trump: US Firms 'Hereby Ordered' to Find China Alternatives

President also ratchets up criticism of Fed chief to a new level as markets wobble

(Newser) - It's another volatile day on Wall Street, with the Dow down about 500 points at midday. Renewed friction between the US and China is to blame, as President Trump unleashed a series of angry tweets on that subject as well as Fed chief Jerome "Jay" Powell. After Beijing... More »

US Gives Chinese Tech Giant a Reprieve

Huawei gets another 90 days to do business with US companies

(Newser) - The US will give Chinese telecommunications giant Huawei another 90 days to buy supplies from American companies. It's the second extension for Huawei, a company the US sees as a national security risk. Commerce Secretary Wilbur Ross revealed the new reprieve on Fox Business News Monday morning, and the... More »

Trade War Brings Bonus Food to Schools

USDA is buying, giving away food to help farmers

(Newser) - School lunch menus already have Meatless Mondays and Taco Tuesdays. Now some may get Trade Mitigation Thursdays. This fall, some US school cafeterias are expecting shipments of free food, one little-known consequence of President Trump's trade disputes. The products are coming from the Department of Agriculture, which is giving... More »

Dow Closes Down 767 Points After China's 'Breaking 7' News

The yuan has dropped to the 7-per-dollar level

(Newser) - By late afternoon local time Monday, one Chinese yuan was worth 14.2 cents. It hasn't been that low since February 2008, and that puts it "below the politically sensitive" seven-per-dollar level. The "breaking seven" news garnered comments from President Trump and triggered Wall Street's worst... More »

China's Growth Slumps Amid Trade War With US

It's now at its lowest level in at least 26 years

(Newser) - Chin a's economic growth sank to its lowest level in at least 26 years in the quarter ending in June, adding to pressure on Chinese leaders as they fight a tariff war with Washington . The world's second-largest economy grew 6.2% over a year ago, down from the... More »

In Trump-Xi Meeting, a 'Surprising Move' by Trump

President says trade talks are back on, appears to reverse ban on US companies selling to Huawei

(Newser) - What had been dubbed a "most suspenseful meeting" between President Trump and Chinese leader Xi Jinping on the sidelines of the G20 summit is now over, and by Trump's account, the meeting went well. So well, in fact, that trade talks between the US and China are now... More »

China Will Make Big Demand of Trump

Xi Jinping reportedly wants tariffs nixed and Huawei ban lifted to jump-start trade talks

(Newser) - There's a sliver of hope trade talks may resume between the US and China and that a trade war could soon be over, but China has some demands first. The Wall Street Journal reports Robert Lighthizer, the chief US trade representative, is set to meet with his Chinese equivalent... More »

600 Companies Tell Trump: End Trade War 'Both Sides Will Lose'

Appeal to president predicts long-lasting damage

(Newser) - Walmart, Costco, Target, and hundreds of other companies and trade groups told President Trump on Thursday that tariffs on China will cost jobs and harm American consumers. It's a battle that "both sides will lose," CNN reports the letter to the White House says. The administration increased... More »

Trump Threatens China

China talks are slated to resume in Washington this week

(Newser) - President Trump turned up the pressure on China on Sunday, threatening to hike tariffs on $200 billion worth of Chinese goods, the AP reports. Trump's comments, delivered on Twitter, came as a Chinese delegation was scheduled to resume talks in Washington on Wednesday aimed at resolving a trade war... More »

Why Russia Is Stockpiling Gold, Dropping US Dollars

Does he see where the world is headed?

(Newser) - Russia is dumping US dollars and snapping up gold in an effort to move away from American assets, Bloomberg reports. Vladimir Putin has been amassing gold for a decade now, quadrupling the nation's bullion reserves, but 2018 marked a record as the country bought 274 tons of bullion worth... More »

Behind Trade Move Against India: Dispute on Knee Implants

India, Turkey will no longer be awarded zero-tariffs status on some goods

(Newser) - Amidst America's trade battle with the world's most populated country comes a new move against the nation that occupies the No. 2 slot on that list. The US on Monday night announced that within 60 days, India will lose the preferential trade status that allowed it to export... More »

Farm Debt Hits Levels Not Seen Since 1980s Crisis

Perdue says demand for loans is at a high

(Newser) - American farmers are in debt to the tune of $409 billion, up from $385 billion last year and reaching levels of the 1980s agriculture crisis, the agriculture secretary told Congress Wednesday. And loan demand among farmers is "historically high," Sonny Perdue added, per Reuters . Low interest rates and... More »

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