A new truce between the USA President Donald Trump and the China President Xi Jinping was found during the G20 summit last weekend, pressions over Huawei were easied.
Washington promised to keep unchanged tariffs over the other $325 billion of Chinese goods imported in USA.
Trump eases the ban against Huawei, “We send and sell to Huawei a tremendous quantity of goods that they use in their products and I said it’s ok to keep selling these resources” said Trump during the summit.
“I like our companies selling things to other people, so I allowed that to happen,” he said.
It was not clear how long the exemption would last. Trump said he had agreed with Xi to wait until the very end of trade talks to resolve broader issues around Huawei, including Washington’s lobbying campaign against allies buying its 5G equipment.
“Huawei is a complicated situation,” Trump said. “We’re leaving Huawei toward the end. We’ll see where we go with a trade agreement.”
If President Trump has agreed to reverse recent sanctions against #Huawei he has made a catastrophic mistake.
It will destroy the credibility of his administrations warnings about the threat posed by the company,no one will ever again take them seriously. https://t.co/jEhHcblsVG
— Marco Rubio (@marcorubio) June 29, 2019
China is happy of this solution and this will be the first step forward to new agreements.
Futures react positively, Topix Index open with a +2%, while Shangai rises to +1.9%. Dropped gold, Yen and T-Bonds.
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