More than 130 U.S. companies have reportedly applied to sell to Huawei, but the Commerce Department has approved none of them – gpgmail


Trump said in July that some U.S. suppliers would be allowed to sell to Huawei while it remains blacklisted, but so far no vendors have been allowed to do so. Reuters reports that more than 130 applications have been submitted by companies that want to do business with Huawei, but the U.S. Commerce Department has not approved any of them yet.

Huawei has served as a bargaining chip in the U.S.-China trade war, which escalated again last week when Trump said he would adds tariffs to $550 billion worth of Chinese imports, after China said it would impose duties of $75 billions on U.S. goods. Trump’s mixed signals during this weekend’s G7 summit also created confusion on Wall Street.

When both presidents met at the G20 Summit in June, Donald Trump told Chinese leader Xi Jinping that he would allow some American companies to sell to Huawei, even though it remains on the Commerce Department’s Entity List. Secretary of Commerce Wilbur Ross said the Commerce Department would begin accepting applications again, requiring companies to prove that the tech they sell to Huawei would not pose a national security risk.

But one of the reasons no licenses have been granted yet is because the Commerce Department is unclear about what it is supposed to do. Former Commerce department official William Reinsch told Reuters that “nobody in the executive branch knows what [Trump] wants and they’re all afraid to make a decision without knowing that.”

In addition to providing telecom equipment, Huawei is an important customer for many U.S. tech firms, including Qualcomm, Intel and Micron. Out of the $70 billion in parts it bought last year, $11 billion of that went to U.S. suppliers. The U.S. claims Huawei is a national security risk, a charge the company has repeatedly denied.


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Chinese tariff retaliation, presidential tweets and market unease sends exchanges plummeting – gpgmail


After a week of modest gains, major stock indexes plummeted on Friday as China retaliated against U.S. tariffs by imposing $75 billion worth of tariffs on U.S. goods coming into the country.

China’s foreign ministry said that it would resume tariffs on U.S. imports of automobiles and auto parts and place an additional 5% or 10% tariff on agricultural and food products like soybeans, coffee, whiskey and seafood.

The trouble was exacerbated by statements on President Donald Trump’s Twitter account, which called for the U.S. to “immediately start looking for an alternative to China.” The president also accused China of stealing “our Intellectual Property at a rate of Hundreds of Billions of Dollars a year.”

The attacks sent markets into a tailspin. The Dow Jones Industrial Average fell by as much as 700 points before closing the day slightly down only 623 points at 25,628.60. Meanwhile the S&P 500 Index fell 75.84 points to end the day at 2,847.11 and the Nasdaq dropped 239.62 points to close at 7,751.77.

The declines come on top of a dismal week of economic reports for the U.S. Earlier, the number of jobs the country had added over the past year was revised downward by 500,000. Meanwhile, the national debt is ballooning at a faster rate than expected, with the U.S. deficit expected to hit $1.2 trillion by 2020.




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