
President Donald Trump plans to nominate Patrick Shanahan, a former Boeing Co executive, as his defense secretary, the White House said on Thursday, breaking with tradition by choosing someone who made a career at a top defense company as Pentagon chief.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.

US President Donald Trump spoke with Argentina's leader Mauricio Macri on Wednesday and voiced support for the country's economic reforms, the White House said in a statement.

Asian markets once again fell into the red on Thursday as investors anxiously await the start of high-stakes trade talks between China and the United States. After several rounds of negotiations, the two-day meeting in Washington, which kicks off later in the day, has taken on huge significance after Donald Trump threatened to ramp up tariffs on Chinese goods from Friday blaming backsliding by Beijing.

US President Donald Trump's businesses lost a total of more than US$1 billion from 1985 to 1994, according to the New York Times, which said it obtained printouts from Trump's official Internal Revenue Service tax transcripts.

JPMorgan could become the first foreign company to own a majority stake in its Chinese mutual fund business, after its joint venture partner put a crucial 2% of the business up for sale that analysts expect the Wall Street bank to lap up.

A red wave swept across Asia trading floors on Wednesday as investors grow increasingly concerned that the China-US trade deal, which appeared all by ready to sign, could fall through.

Top US trade officials said on Monday that China had backtracked on previous commitments made in talks, and that this reversal was what prompted President Donald Trump’s earlier announcement that the United States would raise tariffs on billions of Chinese goods next Friday.

The US central bank warned on Monday of persistent risks to the financial system posed by elevated stock prices and historically high corporate debt loads as well as the impact of President Donald Trump's trade wars.

The US Treasury will not hand President Donald Trump's tax returns over to Democratic lawmakers, defying a demand from Congress, US Treasury Secretary Steven Mnuchin said on Monday.