The United States Trade Representative will place a second round of tariffs on roughly $200 billion of imports from China, effective September 24, though it looks like Apple is passing through unscathed for the moment.
An open letter signed by a US Senator and three members of Congress to Google CEO Sundar Pichai suggests the internet giant should end its relationship with Huawei on the grounds of national security.
The US Senate has voted 85 to 10 in favour to reinstate penalties on ZTE, despite President Trump’s attempts to ease pressure on the business and effectively save it from extinction.
The last couple of weeks have seen President Trump try to get back on the good side of Chinese authorities by saving ZTE, but confirmation of trade tariffs on Chinese goods is another contradictory twist in the on-going saga.
Senators are planning to derail President Trump’s plans to ease pressure on ZTE, potentially removing the ban on US exports, pointing out the law cannot be bent and ignored to satisfy political objectives.
US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have reportedly laid the groundwork for a deal which would end escalating tensions between the two nations and save the fast falling ZTE.
A joint-statement released by the US and Chinese government has calmed the stormy waters but vague promises, imprecise objectives and notable omissions have opened the door for criticism.
ZTE employs 75,000 people and sold $17 billion of gear last year, but seems to have been wiped out with one stroke of a US regulatory pen. That’s scary.
If ZTE has acted in violation of US trading regulations there is no question it should be punished, but investor reaction to the ZTE ban perhaps shows US companies depend more on China than vice-versa.
Despite winning him a significant number of votes, if Trump starts a trade war with China it won’t be a happy ending for anyone involved.
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