 | | | | 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. | | | | | | Federal Reserve Chair Jerome Powell said the central bank would "act as appropriate" to keep the U.S. economy healthy, stopping short of committing to rapid-fire rate cuts and drawing fire from President Donald Trump. | | | | | | 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. | | | | | | Oil prices fell on Friday after China unveiled retaliatory tariffs against about $75 billion worth of U.S. goods including crude oil, another escalation of a protracted trade dispute between the world's two largest economies. | | | | | | President Donald Trump on Friday pressured U.S. companies to leave China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, stoking fears their escalating trade war will tip the global economy into recession. | | | | | | 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. | | | | | | FedEx Corp and United Parcel Service Inc said on Friday they already work closely with law enforcement to stop illegal shipments from entering the country after U.S. President Donald Trump ordered delivery firms to refuse packages of the powerful painkiller fentanyl from China. | | | | | |
