After years of promises, Trump again sounds dire about China trade pact

Tugboats manuever a container ship at a port in Qingdao in eastern China's Shandong province

Tugboats manuever a container ship at a port in Qingdao in eastern China's Shandong province

President Donald Trump said last week that he still wants businesses that make non-sensitive products to trade with Huawei.

The ongoing trade war between the world's top two economies has sent shockwaves through global markets as a trade deal remains highly elusive.

He also announced the United States is cutting all ties to Huawei, the giant Chinese telecommunications company that Beijing considers one of its industrial champions but the Trump administration contends is a national security threat. "We're not ready to make a deal - but we'll see what happens", Trump said. "What China is doing is by depressing their currency and by pouring tremendous amounts of money into this system, they're paying for it". China found backing from former US Treasury Secretary Lawrence Summers, who in an op-ed in The Washington Post wrote that China did not "come close to fitting this template [of currency manipulation]' and highlighted that China's "interventions in the past couple of years have been to prop up its currency rather than to drive it down".

The Dow fell 105 points, or 0.4%, to 26,273 as of 1:15 p.m.

Caught in the middle of the massive war on trade between the United States and China, mobile phone company Huawei is seeing the brunt of the drama.

After moving modestly higher early in the session on Friday, treasuries moved back to the downside over the course of the trading day. Trump's big headache in the trade war is the pain inflicted on USA farmers, as they are key voters in swing states such as Iowa, Ohio and Wisconsin.

China's central bank then intervened to stabilize the exchange rate to prevent it from falling further.

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President Trump's decision to halt the creation of a license that would allow Huawei to work with American companies is likely due to the fact that China recently vowed to stop buying American agriculture.

Huawei's position on the entity list severly affects Huawei's mobile and computer hardware business that runs on United States software, like Google's Android and Microsoft's Windows.

Mr Trump offered to ease some of the restrictions during a meeting with Chinese President Xi Jinping in Japan in late June in exchange for greater Chinese purchases of USA agricultural commodities while the two countries resumed trade talks.

In May, the Trump administration prompted the Commerce Department to ban Huawei from importing USA products by placing it on its Entity List.

Trade negotiators are now scheduled to meet again in Washington in September. If that is cut off, we could see a monumental pullback in technology stocks, many of which depend on rare earth elements for smartphones, electric vehicles, and military equipment.

In an effort to offset the effects of USA tariffs, China recently devalued its currency.

Huawei did not respond to request for comment.

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