The Trump administration and China have reportedly come to an agreement that would allow USA firms to sell crucial components to Chinese telecoms giant ZTE. That could have had a major impact on the US wireless market, considering companies like Qualcomm derive significant revenues from sales of chipsets and other components to ZTE, and carriers like AT&T sell the company's phones in the prepaid market.
The department ordered the seven-year ban after the company admitted to lying to it about punishing employees who broke sanctions against Iran and North Korea. "Trade consensus between China and the USA, the two major economies in the world, is welcome news to all". "We will see what happens", said Mr. Trump told reporters at a meeting with South Korean President Moon Jae-in. That's an intangible victory for China too, in that it shows the United States will treat national security policy as a subject of trade negotiation.
"The release of hostage ZTE will be the start of China and the U.S.to implement their trade agreements", Hu Xijin, editor in chief of the Chinese state-backed Global Times tabloid, said on his Twitter account after news of the deal.
Not everybody is happy about the outcome, and Republican Senator Marco Rubio is one of the most vocal critics of Trump's decision to save ZTE. The measures have forced the firm, which relies on U.S. parts to make smart phones and network equipment, to suspend major operations.
American companies provide an estimated 25 percent to 30 percent of components in ZTE's equipment, which includes smartphones and gear to build telecommunications networks.
China will cut tariffs on most imported cars to 15 percent from July 1, the finance ministry said on Tuesday following a thaw in trade tensions with the United States.
Earlier Thursday, Trump had blamed the U.S. neighbors to the north and south for being "difficult" in talks to renegotiate the pact. That still would be higher than the 2.5 percent US tariff on imported autos but less than the 25 percent charged by Washington on imported pickup trucks. Negotiations are now behind closed doors, so it's unlikely we'll learn much more about this deal before it is settled.
Oil hits $80 a barrel for the first time since November 2014
Thus, this Thursday has reached 72.30 dollars per barrel, its maximum amount since November 2017. The oil price is moving higher again Thursday after a minor dip earlier this week.
Kroger Turns to UK Online Grocer to Lift Its Digital Business
The good news for OCDGF stock is that the company is now the exclusive grocery delivery service for Kroger in the U.S. As part of this agreement, KR is increasing its investment in the company by 5%.
Israeli embassy in NZ declares Israel's rights to protect its borders
The United States has defended Israel's actions in Gaza and will very likely veto the resolution if it is put to a vote. The Arab League also called for an global investigation into the killings at an emergency meeting in Cairo on Thursday.
In the dispute with USA allies over tariffs on steel and aluminum that Trump imposed in March, the administration has argued that a reliance on imported metals posed a threat to US national security.
Technology stocks also came under pressure, with Facebook losing 0.4 per cent.
But he didn't get into many details, saying, "I don't like to talk about deals until they're done".
Mr Trump on Monday said the potential agreement could be "one of the best things" to happen to farmers, an important part of his base that has been anxious about Chinese retaliation. This spring, regulators said they would relax rules for auto and aircraft makers as well.
The US-China trade dispute has never been just about trade - the White House also wants China's help to curb North Korea and its nuclear ambitions.
But China, which is anxious about the health of its financial sector, started to discuss its intentions past year, before the tensions heated up this spring.