U.S. Recognizes Venezuelan Opposition as Leader
BRIGGS: All right. A country more than 30 million in crisis and relations between the U.S. and Venezuela may be building toward a flash point at blazing speed. Starting less than 24 hours ago when the Trump administration recognized Venezuelan opposition leader Juan Guaido as the nation's president.</s>MIKE PENCE, VICE PRESIDENT OF THE UNITED STATES: Today freedom broke out in Venezuela with the recognition of the new interim president. Maduro is a dictator are with no legitimate claim to power.</s>BRIGGS: The U.S. move a major blow to Nicolas Maduro whose election last year was condemned around the world as a fraudulent power grab. Over just a few years Venezuela has fallen into a deep crisis despite immense oil wealth. Corruption and failed socialist policies have crashed the economy leading to hyperinflation, widespread hunger and disease. Now the crisis has deepened. Huge protests yesterday left 10 people dead. Maduro gave U.S. diplomats 72 hours to leave the country, but a senior administration official dismissed that order as, quote, "meaningless." Stefano Pozzebon reporting for CNN from Caracas.</s>STEFANO POZZEBON, JOURNALIST: Yes, Christine, Dave, historic moments we have witnessed here in Caracas yesterday when Juan Guaido swore himself in as the new president of Venezuela in order to call for free and fair elections as soon as possible. And right now, there are two people claiming to be the president of Venezuela and the White House -- the United States -- are throwing their support behind Juan Guaido, behind the Venezuelan opposition, with all the implications that that support mean, implications in the economic sphere, in the political sphere. Let's talk about the economics. There is of course a lot of trade especially oil trade going on between Caracas and Washington. President Trump has said that all options are on the table when it comes to restore the Venezuelan democracy. Nicolas Maduro has reacted to the support by the United States to Guaido by cutting down and breaking all political and diplomatic relationships with Washington and the United States are so far stood firm and say they still recognize Guaido and are still waiting for democracy to be restored here in Caracas -- Christine, Dave.</s>ROMANS: All right. Thank you so much for that. China's economy is slowing and it will still overtake the United States as the world's top retail market for the very first time. Retail sales in China will reach more than $5.6 trillion this year, about 100 billion more than in the United States. $5.6 trillion. The Chinese population is growing wealth and the rapid development of online sales have driven this retail boom. Almost $2 trillion of retail spending in China will be online this year. Compared with just 11 percent in the U.S. But Chinese consumers are feeling the effects of the country's slowing economy and the ongoing trade war. Retail sales growth is expected to weaken to 7.5 percent. That's still really big growth, but that is weaker. This year overall China's economy expected to pass the United States overall now by 2030. And many economists say once China overtakes the U.S. as retail market and as overall economy, that will be it. I mean, it will always be the stronger and bigger.</s>BRIGGS: They'll never reverse.</s>ROMANS: It'll never -- the United States will never recover that.</s>BRIGGS: All right. Ahead, as Netflix gets more expensive, Hulu gets cheaper. CNN Business has the details next.