Published: Sun, June 30, 2019
Global News | By Blake Casey

President Trump says U.S. companies can trade with Huawei

President Trump says U.S. companies can trade with Huawei

President Donald Trump says U.S. companies can continue selling products to Chinese tech giant Huawei, which appeared to contradict a Commerce Department rule that says they can't make those sales without a government licence.

Abe has placed importance on deepening the Japan-U.S. alliance and since U.S. President Donald Trump took office in 2017 he has put his energy into building a close relationship with the often unpredictable leader on a more personal level.

Update: The Washington Post reports that Trump said he will be meeting with USA officials in order to ease pressure on Huawei.

Trump said both nations would issue statements later Saturday about the talks, though officials had telegraphed they expected the leaders to agree to reboot stalled trade negotiations. "We're holding on tariffs, and they're going to buy farm product", he said. It's very complex. Highly scientific. What we've done in Silicon Valley is incredible, actually and nobody has been able to compete with it, and I've agreed and pretty easily, I've agreed to allow them to continue to sell that product. In May, Trump signed an executive order blocking United States companies from doing business with Huawei.

As far as resolving the overall issue of Huawei, which the USA government wants to bar from the country's planned 5G cellular telephone networks, "we agreed to leave that to the end" of trade negotiations between Washington and Beijing.

It also quoted Xinhua News Agency as saying "the two sides have agreed to restart trade negotiations that broke down last month".

China has said the United States is making unreasonable demands and must also make concessions.

Other disagreements that caused talks to break down include how to enshrine the Chinese reforms demanded by the USA, over intellectual property theft and industrial subsidies, and when and how to lift the tariffs that Trump has come to view as his most powerful economic tool. Then again, we should be hearing more updates regarding the issue next week.

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According to Kirkbi chief executive Soren Thorup Sorensen, the deal has been unanimously recommended to the shareholders. As Merlin Entertainments will now merge into Blackstone, the former will no longer be available on the stock market.

Huawei has come under mounting scrutiny for over a year, led by USA allegations that "back doors" in its routers, switches and other gear could allow China to spy on U.S. communications.

The United States says China has been stealing American intellectual property for years, forces USA firms to share trade secrets as a condition for doing business in China, and subsidizes state-owned firms to dominate industries.

Xi also called out the US over Huawei and said the G20 should uphold the "completeness and vitality of global supply chains".

How has the US-China trade dispute escalated?

Essentially, the Fed doesn't want to get caught cutting rates in July then raising them later in the year or early 2020 if there is a quick end to the trade dispute, and a fast recovery on the USA economy.

Following the agreement, Trump told reporters the meeting with China went well.

Trump offered an olive branch to Xi on Huawei Technologies Co, the world's biggest telecom network gear maker.

The final statement signed by the leaders flags the intensification of geopolitical and trade tensions but does not include any mention of growing protectionism, in the context of the growing trade tensions between the US, China and other countries. "And by the way, since tariffs have been on, our market has gone through the roof, if you know what I'm talking about".

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