President Donald Trump said Tuesday he’s optimistic about the prospects of inking a trade deal with India despite moves by both sides that created doubt about the ability to reach an agreement. Trump emerged from a pair of meetings with Indian Prime Minister Narendra Modi citing progress toward a deal but offering no details. Trump had made clear before the trip that hammering out a long-sought trade deal with India was unlikely during the two-day trip.
The UK will allow “high-risk vendors” like Huawei to supply equipment for its 5G network infrastructure, the government announced today. The announcement outlining the limitations imposed on high-risk vendors was made after weeks of speculation about the company’s role in the UK’s 5G infrastructure. All four of the UK’s major operators are already using the company’s equipment in their 5G networks.
Huawei Technologies Co. founder Ren Zhengfei shrugged off the threat the U.S. will impose even stricter sanctions against his company, saying he was confident China’s largest tech company can survive further attacks from Washington. Tighter restrictions on the sale of American technology to the telecommunications giant — something the White House is considering — will not have very significant impact on Huawei, the billionaire chief executive said.
President Donald Trump and Chinese Vice Premier Liu He signed phase one of a hard-fought trade deal Wednesday, capping a bitter 18-month battle between the world’s two largest economies that has roiled markets and slowed economic growth worldwide. “President Trump has shown us that tough negotiation as the means to the end works,” said Larry Kudlow, the White House senior economic adviser.
The US has reversed its decision to brand China a currency manipulator as the two countries prepare to wind down their trade war. The US said it made the change because China had agreed to refrain from devaluing its currency to make its own goods cheaper for foreign buyers. Washington and Beijing are expected to sign that “phase one” pact this week.
The embattled Chinese telecommunications company Huawei says “survival” is its first priority after announcing sales were hit hard by a boycott from western countries. Eric Xu, the company’s chairman, said estimated sales revenue would reach 850bn yuan for 2019 (US$121bn) – up roughly 18% from the previous year. In January this year, the company, which was banned from working with American firms over national security fears, forecast sales revenue of US$125 billion.
President Donald Trump is preparing to cancel tariffs scheduled to take effect Sunday on $160 billion worth of Chinese goods and roll back existing duties on billions of dollars of other imports as officials said the two countries are moving closer to a “Phase One” trade deal. The tariff relief appears to signal an easing of tensions between the world’s two largest economies.
The US has slapped 25% tariffs on European Union goods including single-malt Scotch whisky, French wine and Italian cheese. German coffee and EU-produced pork sausage and other pork products, other than ham, will also be hit. The Speciality Food Association said there were 14,000 US specialty food retailers that would be affected by these tariffs as well as over 20,000 other food retailers.
US tariffs on $34 billion worth of Chinese goods began on Friday prompting China to retaliate by immediately implementing tariffs on some US imports, escalating the trade war. The Trump administration argued the tariffs are necessary to pressure China into abandoning unfair practices. The US may ultimately impose tariffs on Chinese goods worth $500 billion.
President Trump criticized Harley-Davidson on Tuesday, saying the company ‘surrendered’ in the trade war with Europe by shifting production out of the US and warned it will ‘be taxed like never before.’ CEOs from energy companies Chevron and Exxon said on Tuesday they worry the trade war could destabilize the global economy.