Published: Mon, July 01, 2019
Global News | By Blake Casey

United States steps back from Huawei ban

United States steps back from Huawei ban

"We're talking about equipment where there's no great national security problem with it", the U.S. President said.

'The extremely important issue of intellectual property protection continues to be a concern for the U.S., and there is no amount of tractors or combine harvesters that China can buy to make that issue disappear, ' said David Madden, market analyst at CMC Markets.

The sideline meeting in Osaka, Japan, was the first time Trump and Xi met in person since December previous year at a G-20 gathering in Buenos Aires, Argentina. U.S.

Following talks on the sidelines of the G20 summit, Trump confirmed that negotiations to resolve the standoff between the world's two biggest economies were "back on track" and threatened new levies on Chinese goods would be held off.

He said a ban wasn't fair to United States suppliers, who were upset by the move.

The White House has yet to reveal details of Trump's arrangement with Xi, leaving uncertainty about how the two countries will proceed.

With the ban in place, companies couldn't sell USA technology to Huawei as the Trump administration said the Chinese company "engaged in activities that are contrary to U.S. national security or foreign policy interest".

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White House economic adviser Larry Kudlow insisted on Sunday Donald Trump is not backing off national security concerns, despite agreeing to allow United States companies to sell some components to Chinese telecommunications giant Huawei. The ban on Huawei meant that the U.S. companies were unable to do business with the Chinese firm, which posed risks of incurring losses for the American firms.

Trump's remarks were taken by some tech bloggers to mean that Google would be able to restore Huawei's access to Play Store and apps.

Shares of chipmakers - among the biggest contributors to the MSCI Asia Pacific Index - have been embroiled in the US and China trade conflict for more than a year.

"Asia markets will have the trade truce to cheer at the start of the fresh week following the Trump-Xi meeting on Friday", said Jingyi Pan, market strategist with IG in Singapore. "Are you closer, do you think after that meeting, to a trade deal?" China hit back with its own tariffs on American exports.

"Some Fed officials curbed easing views recently and the data will help the market get a clearer picture of whether the Fed stands poised to cut rates this month", said Koji Fukaya, director at FPG Securities.

"As Trump did with ZTE, it appears he's willing to accept a fistful of dollars while trading away our security", U.S.

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