There's a good chance 'sanity will prevail' in US-China tariff battle, says UBS chairman


CNBC—Washington and Beijing are not likely to undo a lot of the positive benefits that each country experienced due to globalization, Axel Weber, chairman of UBS, told CNBC at the annual Singapore Summit.

China says it will strike back after latest US tariffs. China is getting ready to fire back at the United States after President Donald Trump ramped up the trade war with his biggest wave of tariffs yet. The Chinese Commerce Ministry said Tuesday that it will take "countermeasures" in retaliation for the Trump administration's announcement that it will impose new tariffs on $200 billion worth of Chinese goods, starting at a rate of 10 percent and rising to 25 percent at the end of the year. The new tariffs will affect thousands of products, ranging...