Wall Street tumbled on Friday after the U.S.-China trade war escalated in dramatic fashion, with President Donald Trump demanding that American companies seek alternatives to doing business with China after Beijing announced its own slate of retaliatory measures.
U.S. Federal Reserve Vice Chairman Richard Clarida said on Friday the global economic outlook has worsened since July.
The owner of the only U.S. rare earths mine is going on a hiring spree as it looks to significantly boost production, part of a strategy to build out American refining capability after China raised tariffs on the minerals amid an escalating trade war.
The US-China Business Council on Friday said millions of U.S. citizens will be harmed by the increased trade tensions between the United States and China, the world's largest economies, following the latest salvos in the U.S.-China trade war.
U.S. President Donald Trump said on Friday he has ordered American companies to exit China after Beijing unveiled retaliatory tariffs on $75 billion worth of U.S. goods, in a new twist in the bitter trade war between the world's two largest economies.
The two new top executives at Citgo Petroleum PDVSAC.UL disclosed this week that net income in the second quarter slid to less than half its level a year earlier, hit by a broad slump for the refining industry as well as complications from U.S. sanctions on Venezuela and Citgo's split with state-run oil company PDVSA.
China's threat on Friday to slap a 5% tariff on U.S. oil imports could further soften demand for physical crude at hubs along the U.S. Gulf Coast, where exporters already have taken to shipping crude overseas without firm buyers, traders said.
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.
"As the year is progressing, it's getting harder to find those bright spots," Gita Gopinath tells CNBC.
General Dynamics Corp has been awarded a $1.1 billion contract for expeditionary sea base ships, the Pentagon said on Friday. The vessels are partially submersible logistics platforms for large-scale naval operations.
The U.S. Trade Representative's office on Friday said it would hold a public comment period before raising tariffs on $250 billion in Chinese imports on Oct. 1 from 25% to 30% after China announced what the U.S. considers "unjustified tariffs."
FedEx Corp , United Parcel Service Inc and the U.S. Postal Service said on Friday they are already working to stop traffickers from using their services after U.S. President Donald Trump ordered delivery firms to refuse packages of the powerful painkiller fentanyl from China.
Lockheed Martin has been awarded a $2.4 billion contract for spare parts for F-35 joint strike fighters purchased by the Air Force, Navy and Marine Corps as well as foreign militaries, the Pentagon said on Friday.
President Donald Trump said on Friday the United States would subject Chinese imports to an additional 5% tariff in response to what he called a politically motivated move by China to impose tariffs on $75 billion worth of U.S. exports.
Stocks, the dollar and oil prices fell on Friday while safe havens rose after U.S. President Donald Trump threatened to further escalate his trade war with China "this afternoon," following a new round of retaliatory tariffs from Beijing.