The US will block a range of Chinese products it says are made by forced labor in the Xinjiang region, including from a center it branded a “concentration camp” for Uighur minorities. Washington’s move came as the EU urged Beijing to let independent observers into Xinjiang and warned China must make concessions if it wants to agree a major investment deal with the bloc.
The US is to increase restrictions on Huawei to try to cut off all access to American technology for the Chinese company. Huawei’s access to US components and technology, including Google’s music and other smartphone services, was cut off last year. Those penalties were tightened in May when the White House barred vendors worldwide from using US technology to produce components for Huawei.
The Trump administration has determined that top Chinese firms, including telecoms equipment giant Huawei Technologies and video surveillance company Hikvision (002415.SZ), are owned or controlled by the Chinese military, laying the groundwork for new U.S. financial sanctions, according to a document seen by Reuters on Wednesday. Washington placed Huawei on a trade blacklist last year over national security concerns.
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.
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.