The U.S. economy is expected to grow by about 3 percent in 2018 but could face "more substantial" effects in the coming months from the administration's recent moves on tariffs, the Congressional Budget Office said Monday.
Banking & Finance
The latest coverage of the banking and financial sectors.
By Associated Press
Turkish President Recep Tayyip Erdogan said Tuesday his country will boycott U.S.-made electronic goods amid a diplomatic spat that has helped trigger a Turkish currency crisis. Published August 14, 2018
President Trump said Friday the U.S. will double tariffs on steel and aluminum for Turkey, noting the relationship between the two states "are not good at this time!"
As Congress and the Trump administration announce sanctions and tariffs on just about every country in the world, it should be noted that this will be the last time the U.S. can use its hegemony over global financial markets to achieve foreign policy goals.
Tribune withdrew Thursday from its $3.9 billion buyout by Sinclair and it's filing a lawsuit against it, citing breach of contract.
China said Wednesday it will impose a 25-percent tax on hundreds of U.S. products, the latest retaliation in a trade war that's raising anxiety among American farmers and other businesses about their prospects for the rest of the year.
The Trump bump continues, and Main Street appears to be very much intact. U.S. small-business owners are more optimistic now than at any point in the 15-year history of the Wells Fargo/Gallup Small Business Index.
The U.S.-China trade war continued to escalate Wednesday, when the Chinese government announced it will slap a 25 percent retaliatory tariff on $16 billion worth of U.S. imports, CNBC reported.
The FBI arrested Rep. Chris Collins Wednesday on charges of insider trading after the Securities and Exchange Commission accused him of passing on secret information about a failed clinical test to his son, who dumped 1.3 million shares of stock in a pharmaceutical company.
Western business has lusted after the Chinese consumer market for hundreds of years. The dream of a billion or two Chinese consumers buying one's products is as intoxicating today as when British textile makers yearned for the Chinese to keep their mills humming forever, but until recently the Chinese consumer market existed more in their dreams than in reality.
The New York-based nonprofit Conference Board reports that its monthly Employment Trends Index is on the upswing.
Sixteen bipartisan senators wrote a letter to the Trump administration about their alarm that Pakistan could soon request an International Monetary Fund (IMF) bailout loan to repay China for a series of "predatory Chinese infrastructure financing" projects.
The tariffs against China by the Trump administration are not just for economic reasons, although economics plays a major part in the reasoning behind them. The main reason for the tariffs is just what President Trump said: national security.
Facebook has reportedly approached several of the biggest U.S. banks, asking them to share their customers' financial data with the social-media giant.
Secretary of State Mike Pompeo said renewed U.S. sanctions on Iran will be rigorously enforced and remain in place until the Iranian government radically changes course.
Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers' eligibility for mortgage modifications.
The Trump administration imposed new sanctions Friday on a Russian bank, two North Korean companies and one North Korean citizen for illegal financial activity.
China on Friday announced a $60 billion list of U.S. goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat.
Prior to becoming a congressman in a special election two years ago, I spent 15 years starting, acquiring and growing manufacturing companies. I have experienced bad trade policy firsthand. Consequently, when Donald Trump campaigned on promises to fix our broken trade deals, like most of my colleagues in manufacturing, I was energized.
The number of companies in Russia that 'mine' digital cryptocurrencies, like Bitcoin, increased by 15 percent the first quarter of this year, according to Russia's top digital currency association.
President Trump on Thursday called Charles Koch's tariff criticism "ridiculous" for defending foreign workers, and Mr. Trump suggested the conservative donor hasn't backed that many politicians.
The economy is delivering for Donald Trump, but the liberal media and economists have taken to trashing his performance as a sleight of hand or mirage.
Elections have consequences is a maxim that's as true as ever, but it's a maxim that has lost some of its punch in a "can-you-top-this?" culture. The punditry insists, as always, that every election is the most important one of everybody's lifetime. It's hyperbole, of course, but it's also true that the 2018 midterms are very, very important. "It's the economy, stupid," is giving way to a maxim waiting for someone to coin: Immigration determines what kind of nation we'll be, and most Americans like the nation we already have.
It took Brendan Mulvaney only seven years of life to run afoul of New York state regulators.
China warned the U.S. against "blackmailing" Beijing amid reports Wednesday that President Trump is considering higher tariffs to force the Chinese back into trade negotiations.
China's media are warning that U.S. families may soon be calling President Trump the Grinch who made Christmas more expensive -- and far less festive.
Iran's currency plummeted to a record low Monday, a week before the United States restores sanctions lifted under the unraveling nuclear deal, giving rise to fears of prolonged economic suffering and further civil unrest.
It might seem a pipe dream straight from one of the left-wing darlings of the moment: a guaranteed regular paycheck from the government. But universal basic income (UBI) has its fans on the right as well.
The U.S. economy grew at a strong pace of 4.1 percent in the second quarter, propelled by consumer spending in another win for President Trump's policies of lower taxes and fewer regulations.
Robert E. Lighthizer, the U.S. Trade Representative, on Thursday said it could take some time before the administration achieves its desired goals from an escalating standoff over tariffs with China.
Commerce Secretary Wilbur Ross said Thursday the administration's preparations for tariffs on European autos will continue despite President Trump's deal with European Union leaders to suspend any new tariffs.
The erosion in the value of Facebook as it is perceived on Wall Street involves some staggering numbers. In midday trading Thursday, the company's market value (the number of outstanding shares multiplied by the value of a single stock), fell by more than $122 billion.
American producers and manufacturers are bearing the brunt of the costs, as the trade actions that President Trump has taken have resulted in painful retaliatory tariffs from China, Mexico, Canada and the European Union. The president is being led down this unsuccessful path by Peter Navarro, director of the White House National Trade Council.
Placing Judge Kavanaugh on the Supreme Court would be good for personal liberty and the economy. He demonstrates great skepticism of the "administrative state" and the penchant in recent decades for presidents and federal agencies to impose regulations on issues where Congress has been silent or simply disagrees with the president.
President Trump laid a zero-tariff deal on the table as he opened a tense trade talk Wednesday with top European Union officials.
President Trump's top economic adviser was upbeat Wednesday about avoiding a tariff war over cars when the president meets with European Union Commission President Jean-Claude Juncker.
President Trump doubled down on his tariff tactics on Wednesday, arguing that without tariffs the country and farmers would "continue to be ripped off."
South Africa's trade minister has opened a summit of the BRICS emerging economies with a warning that the world's trading system is enduring "enormous turbulence."
Some people will remember reading about Alexander Hamilton in their history books due to his fatal July 11, 1804, duel with Vice President Aaron Burr. Others will instantly recall the award-winning Broadway musical "Hamilton," which dealt with aspects of his life and career through song and dance.
Some key farm-state lawmakers criticized President Trump's proposed $12 billion bailout plan Tuesday for farmers hurt by his tariff wars.
Sen. Elizabeth Warren found herself yet again denying claims that she is anti-capitalist amid rumors that she may run for president in 2020.
Federal agencies are finally submitting their spending data to a special public database so taxpayers can see where the money is going -- but a majority of the numbers are little more than junk, according to a new government report Tuesday.
In June 2010, when Barack Obama was a year-and-a-half into his presidency, the unemployment rate stood at 9.5 percent. For June 2018, a year-and-a-half into President Donald Trump's administration, unemployment stands at 4 percent. Any questions?
Innovation is the United States' most valuable economic export and the cornerstone of our international competitive advantage. We are not the world's largest manufacturing nation, but we are the world's leading creator of technology and innovation, with innovative enterprises contributing to more than a third of our entire economy.
Treasury Secretary Steven Mnuchin doubled down on the Trump administration's tough talk on trade over the weekend even as his international counterparts warned U.S. tariffs could stunt global growth and usher in a new era of job-killing protectionism.
President Trump offered European nations and other countries a zero-tariff deal as a way out of an escalating trade war, but so far he has no takers despite a zero-tariff agreement signed last week between the European Union and Japan.
Once upon a time, work for welfare was a pretty accepted notion. In 1996, Bill Clinton signed a strict workfare bill that was so popular, it helped him get re-elected. A Brookings Institute study by welfare scholar Ron Haskins proved those reforms moved more than half of those on welfare (mostly young single moms) into the workforce, and millions eventually gained economic self-sufficiency.
President Trump criticized China and the European Union over tariffs and trade barriers Friday morning, accusing both of manipulating currencies and interest rates.
A jobs boom has driven unemployment to record lows and bolstered the president's pro-worker agenda, but tariff wars and a likely Federal Reserve interest rate hike are darkening the horizon for the Trump economy.
President Trump signed an executive order Thursday creating a National Council for the American Worker to spur job retraining for workers to gain new skills for a rapidly changing economy.
President Trump said Thursday that the European Union's record $5 billion fine on Google was part of the trade bloc's anti-U.S. policies.
Auto workers protested President Trump's proposed tariffs on imported auto parts Thursday, ahead of the Department of Commerce's hearing on the issue.
Japanese prosecutors charged major steelmaker Kobe Steel Thursday with violating laws overseeing competition in a massive faking of product quality data.
The California Supreme Court on Wednesday blocked an initiative to split the state into three amid questions about whether the measure violates the state constitution.
The White House said Wednesday that any U.S. market disruption from President Trump's get-tough trade policy would be short-lived.
President Trump amped up the trade fight Wednesday with the European Union, vowing "tremendous retribution" if they can't settle the standoff over automobile imports next week when the EU commission president visits the White House.
European Union regulators slapped Google with a record fine of 4.34 billion euros on Wednesday for antitrust violations involving its Android mobile operating system.
China's ambassador to the U.S. warned the Trump administration Wednesday that tariffs on China will backfire and Washington will "only end up hurting itself and the world".
The European Union and Japan signed a landmark deal on Tuesday that will eliminate nearly all tariffs on products they trade.
The Windy City may soon experiment with giving its citizens cash windfalls via a universal basic income pilot program.
Goldman Sachs said Tuesday that Lloyd Blankfein, the firm's chief executive officer and chairman for the last 12 years, will retire later this year.
Recent Opinion Columns
This past week, Alexandria Ocasio-Cortez, a self-proclaimed socialist, won the Democratic primary for a congressional seat in New York. Why would a sane person advocate a political movement that was responsible for well over a hundred million deaths in the last century, as well as untold misery? By her comments, Ms. Ocasio-Cortez revealed a couple of things about herself. The first is an ignorance of history — because it is unlikely that she really meant to be an advocate for a cause that often results in mass death and destruction — and that she is unable to think beyond stage 1, or the first order effect of a policy.
The left is quickly running out of excuses for why President Trump's economic policies have caused a boom — rather than the bust they predicted with such great certainty.
In the early days of the Internet, Despair.com came up with a popular series of "demotivational posters" that spoofed the motivational posters supposed to inspire office workers throughout the 1990s. (Like the kitten who just needs to "hang in there!")
For all the talk of America's decline, the United States offers the world one product that no country seems able to replicate — universally accepted money. If a multinational needs cash to drill for oil in Nigeria or rich Indians want to import BMWs, the dollar is often the currency contracted for payment.
Despite liberal hysterics, Republicans' recent tax cut raised top earners' share of America's tax burden. This seemingly "squared circle" is simply due to a fact true before the legislation and even truer after: Middle- and upper-income earners shoulder the overwhelming tax load. Equally obvious: Even so large a share is not enough for an insatiable left.
Freedom of the seas is critical to America's economic and political security, enabling the transportation of goods manufactured in the United States to other places around the world, and enabling Americans to obtain things otherwise unobtainable here, like bananas every day of every year. What would life be without the freedom to enjoy an occasional banana split?
President Trump is delivering a powerful message to global elites like the World Economic Forum. America First is about unmasking the cynical con the most privileged have played on ordinary working folk.
From The Vault
Pot is hot -- the legal marijuana market in the U.S is expected to hit $11 billion in consumer spending by the end of 2018, and over $23 billion by 2022, according to projections from a new survey released Thursday.
On Wednesday, the U.S. Patent and Trademark Office (USPTO) marked the granting of the nation's 10 millionth patent. Patent filings and issuances are at historically high levels, with more than 2.8 million active patents in the United States, which is both good and troubling news.
The White House said Tuesday night that President Trump will sign into law a sweeping overhaul of bank regulations "as soon as possible" to help boost the economy by spurring more lending from community banks to small businesses.
The Supreme Court decided in favor of employers Monday, ruling that they can enforce arbitration clauses in contracts and head off employees' attempts at class-action lawsuits.
A majority of Americans give President Trump credit for the strong economy, according a new poll published on Sunday.
Sen. John Barrasso credited President Trump and Republicans on Tuesday for changing policies to get the economy moving.
The federal government took in a record tax haul in April en route to its biggest-ever monthly budget surplus, the Congressional Budget Office said, as a surging economy left Americans with more money in their paychecks -- and this more to pay to Uncle Sam.
The Senate on Thursday approved former CIA Director Mike Pompeo to be the nation's next secretary of state, overcoming heavy resistance once again from Democrats to a top Trump nominee.
President Trump confirmed Thursday that Larry Kudlow will be his new economic adviser.
U.S. employers went on a hiring binge in February, adding 313,000 jobs, the most in any month since July 2016, and drawing hundreds of thousands of people into the job market.
In "Hamlet," Shakespeare pens one of the most familiar lines — and best advice — ever written. Before Laertes leaves for Paris, his father, Polonius, tells him: "Neither a borrower nor a lender be "
The federal government will run a $5 trillion deficit three decades from now, the Congressional Budget Office predicted Thursday, saying nearly 30 percent of the country's economy will be consumed by Washington's spending.
Leading Wall Street regulator Ben Lawsky, who heads up the New York Department of Financial Services, warned that the United States should be preparing for a massive cyberattack on banks -- that it's inevitable, and looming.