Chip stocks fall after Commerce Dept bars 5 more Chinese companies from buying US parts

Trump says ‘we were cocked & loaded’ but ‘in no hurry’ to attack…President Trump says he called off the strike 10 minutes before it was scheduled to happen after a general told him it could result in 150 deaths. Politicsread more


Trump says ‘we were cocked & loaded’ but ‘in no hurry’ to attack…President Trump says he called off the strike 10 minutes before it was scheduled to happen after a general told him it could result in 150 deaths. Politicsread more
Chip stocks fall after Commerce Dept bars 5 more Chinese companies from buying US parts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: yun li
Keywords: news, cnbc, companies, buying, strike, scheduled, hurry, trump, parts, companies, commerce, chip, minutes, chinese, general, fall, happen, told, dept, result, bars, stocks, loaded


Chip stocks fall after Commerce Dept bars 5 more Chinese companies from buying US parts

Trump says ‘we were cocked & loaded’ but ‘in no hurry’ to attack…

President Trump says he called off the strike 10 minutes before it was scheduled to happen after a general told him it could result in 150 deaths.

Politics

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Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: yun li
Keywords: news, cnbc, companies, buying, strike, scheduled, hurry, trump, parts, companies, commerce, chip, minutes, chinese, general, fall, happen, told, dept, result, bars, stocks, loaded


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Don’t expect the US and China to make any trade progress at G-20, short seller Carson Block says

Investors shouldn’t get their hopes up for the U.S. and China to make any progress on the trade front at the G-20 summit next week, short seller Carson Block said Friday. The Chinese media seems to be digging in and not softening its tone,” Block, founder of Muddy Waters Research, told CNBC’s “Squawk on the Street. ” Block lived in China for six years and gained recognition by shorting several Chinese stocks, including Sino-Forest. China and the U.S. have been engaged in a trade war for more tha


Investors shouldn’t get their hopes up for the U.S. and China to make any progress on the trade front at the G-20 summit next week, short seller Carson Block said Friday. The Chinese media seems to be digging in and not softening its tone,” Block, founder of Muddy Waters Research, told CNBC’s “Squawk on the Street. ” Block lived in China for six years and gained recognition by shorting several Chinese stocks, including Sino-Forest. China and the U.S. have been engaged in a trade war for more tha
Don’t expect the US and China to make any trade progress at G-20, short seller Carson Block says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: fred imbert
Keywords: news, cnbc, companies, huawei, progress, think, block, trade, china, summit, chinese, countries, g20, short, expect, carson, commercial, seller, dont


Don't expect the US and China to make any trade progress at G-20, short seller Carson Block says

Investors shouldn’t get their hopes up for the U.S. and China to make any progress on the trade front at the G-20 summit next week, short seller Carson Block said Friday.

“I don’t think we’re going to have any rapprochement here. The Chinese media seems to be digging in and not softening its tone,” Block, founder of Muddy Waters Research, told CNBC’s “Squawk on the Street. ” “They’re preparing, I think, for a long geopolitical battle with the West.”

Block lived in China for six years and gained recognition by shorting several Chinese stocks, including Sino-Forest. More recently, he compared Chinese after-school operator Tal Education to Enron.

China and the U.S. have been engaged in a trade war for more than a year. In that time, the two countries have slapped tariffs on billions of dollars worth of each other’s goods, tightening trade conditions and dampening the U.S. economic outlook.

President Donald Trump and his Chinese counterpart, Xi Jinping, are scheduled to meet at next week’s G-20 summit in Japan. The two leaders are expected to discuss trade, with the possibility of reaching an accord.

Still, Block does not expect a deal to be reached. He also said China has figured out how to use the open markets and economies of the West against Western countries through its influence on Chinese companies.

“At the end of the day, there can be no business that is based in mainland China that can be assured of acting independently of the government and just for commercial reasons,” Block said. “Huawei and ZTE built themselves because they were strategic priorities of the Chinese government. When Ericsson and Nokia were laying off employees, Huawei was hiring them in Sweden and Norway not because it was a good commercial decision, but because of the long-term vision” of the Chinese government.

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Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: fred imbert
Keywords: news, cnbc, companies, huawei, progress, think, block, trade, china, summit, chinese, countries, g20, short, expect, carson, commercial, seller, dont


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China’s Xi Jinping arrives in North Korea on a visit ‘big on symbolism’

Chinese president Xi Jinping holds talks with North Korean leader Kim Jong Un in Dalian on May 7-8 2018. Ju Peng | Xinhua | Getty ImagesChina’s President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. The meeting between Xi and North Korean leader Kim Jong Un is more out of “convenience” and “pragmatism” than true comradeship, he said. Xi’s entourage includes high-level diplomats such as Chinese Foreign Mini


Chinese president Xi Jinping holds talks with North Korean leader Kim Jong Un in Dalian on May 7-8 2018. Ju Peng | Xinhua | Getty ImagesChina’s President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. The meeting between Xi and North Korean leader Kim Jong Un is more out of “convenience” and “pragmatism” than true comradeship, he said. Xi’s entourage includes high-level diplomats such as Chinese Foreign Mini
China’s Xi Jinping arrives in North Korea on a visit ‘big on symbolism’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: grace shao
Keywords: news, cnbc, companies, pyongyang, arrives, north, president, trade, state, visit, korea, jinping, xi, chinese, china, chinas, symbolism, big


China's Xi Jinping arrives in North Korea on a visit 'big on symbolism'

Chinese president Xi Jinping holds talks with North Korean leader Kim Jong Un in Dalian on May 7-8 2018. Ju Peng | Xinhua | Getty Images

China’s President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move is both symbolic and significant. The visit — which comes days before Xi is set to meet with U.S. President Donald Trump at the G-20 summit — will be “big on symbolism and big on substance,” said John Park, director of the Korea Project at Harvard Kennedy School. Washington and Beijing are currently locked in a protracted trade war that started last year and investors are hoping for some progress during the G-20 meeting. Xi’s visit to Pyongyang also comes as nuclear talks between the U.S. and North Korea have reached a stalemate, after the leaders from both countries walked away from the negotiating table during a February summit in Hanoi. Tom Rafferty from the Economist Intelligence Unit told CNBC on a phone interview that the visit shows that both China and North Korea “are engaged in a bit of messaging to the U.S.”

Xi’s trip is partly an effort to remind Trump of the key role that China plays on the North Korean nuclear issue. Michael Hirson Eurasia Group

Nonetheless, it is important to note the significance of having such a high-level Chinese state-visit, Rafferty said, adding that it doesn’t mean there are no problems between the neighboring countries. The meeting between Xi and North Korean leader Kim Jong Un is more out of “convenience” and “pragmatism” than true comradeship, he said. Xi’s entourage includes high-level diplomats such as Chinese Foreign Minister Wang Yi and head of the state economic planner, He Lifeng, according to Chinese state media Xinhua.

North Korea dependency

“The economic dimension is crucial and in many respects — the 1%, the elites in North Korea … (have) already migrated into the Chinese market place,” Park told CNBC on Thursday. He highlighted that the meeting between the two leaders is a “further elevation” and “rebuilding of this party-to-party dynamic.” About 90% of North Korea’s external trade is with China, and that includes the import of food and energy supplies. Although China has been staying within the the guidelines of the United Nations sanctions on North Korea, Park said that an “easing” of sanctions by Beijing toward Pyongyang can be expected. Fundamentally, he said, China is a “lifeline for Pyongyang.”

US-China trade


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: grace shao
Keywords: news, cnbc, companies, pyongyang, arrives, north, president, trade, state, visit, korea, jinping, xi, chinese, china, chinas, symbolism, big


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Jim O’Neill: China could globalize the yuan in a challenge to the US dollar’s dominance

Former Chairman of Goldman Sachs Asset Management, Jim O’Neill, said China could use its currency to gain an edge over the U.S. — but not by devaluing the yuan. Beijing can consider expanding the role of the yuan globally to challenge the dominance of the U.S. dollar, he told CNBC’s Tanvir Gill in an interview which aired Thursday. While the greenback — the reserve currency of the world — is dominant today, the “only way that can ever change” is if there’s a genuine, “long-term alternative” to t


Former Chairman of Goldman Sachs Asset Management, Jim O’Neill, said China could use its currency to gain an edge over the U.S. — but not by devaluing the yuan. Beijing can consider expanding the role of the yuan globally to challenge the dominance of the U.S. dollar, he told CNBC’s Tanvir Gill in an interview which aired Thursday. While the greenback — the reserve currency of the world — is dominant today, the “only way that can ever change” is if there’s a genuine, “long-term alternative” to t
Jim O’Neill: China could globalize the yuan in a challenge to the US dollar’s dominance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: weizhen tan
Keywords: news, cnbc, companies, jim, trade, china, challenge, oneill, chinese, dollars, yuan, saidchina, dominance, selling, traded, bonds, currency, globalize


Jim O'Neill: China could globalize the yuan in a challenge to the US dollar's dominance

Former Chairman of Goldman Sachs Asset Management, Jim O’Neill, said China could use its currency to gain an edge over the U.S. — but not by devaluing the yuan.

Beijing can consider expanding the role of the yuan globally to challenge the dominance of the U.S. dollar, he told CNBC’s Tanvir Gill in an interview which aired Thursday.

While the greenback — the reserve currency of the world — is dominant today, the “only way that can ever change” is if there’s a genuine, “long-term alternative” to the U.S. currency, O’Neill said.

China has already made some strides in internationalizing the use of its currency.

Chinese A-shares — those traded in mainland China — were included in index provider MSCI’s global and regional indexes. The A-shares, as well as Chinese bonds in the Bloomberg Barclays index, are traded in yuan.

As Chinese assets are increasingly traded in global markets, more foreigners will need to trade in the yuan, which is the intent of the internationalization drive.

“Some people would say, of course, the ultimate weapon would be for China to start selling very large numbers of U.S. bonds … but it would probably hurt, of course, the value of Chinese investments, ” O’Neill said.

China is currently the largest holder of U.S. government debt, owning roughly $1.12 trillion in U.S. Treasury bonds. Analysts have debated on whether Beijing will consider the so-called “nuclear option” in its trade fight with the U.S. — defined as selling off its holdings of U.S. Treasurys and triggering a rise in interest rates, which could hurt the American economy.


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: weizhen tan
Keywords: news, cnbc, companies, jim, trade, china, challenge, oneill, chinese, dollars, yuan, saidchina, dominance, selling, traded, bonds, currency, globalize


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US Trade Representative Robert Lighthizer says he will meet with Chinese counterpart ahead of Trump-Xi meeting at G-20

U.S. Trade Representative Robert Lighthizer said Wednesday that he will be speaking with a Chinese official before President Donald Trump meets with Chinese President Xi Jinping at the upcoming G-20 summit. But it’s still unclear when the currently stalled trade negotiations between the two economic superpowers will restart, Lighthizer said. Talks between the U.S. and China on a new trade agreement ground to halt in May amid disagreements between negotiators — including Lighthizer’s counterpart,


U.S. Trade Representative Robert Lighthizer said Wednesday that he will be speaking with a Chinese official before President Donald Trump meets with Chinese President Xi Jinping at the upcoming G-20 summit. But it’s still unclear when the currently stalled trade negotiations between the two economic superpowers will restart, Lighthizer said. Talks between the U.S. and China on a new trade agreement ground to halt in May amid disagreements between negotiators — including Lighthizer’s counterpart,
US Trade Representative Robert Lighthizer says he will meet with Chinese counterpart ahead of Trump-Xi meeting at G-20 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: kevin breuninger
Keywords: news, cnbc, companies, meet, robert, representative, g20, chinese, china, trumpxi, counterpart, trump, meeting, xi, tariffs, summit, president, lighthizer, trade


US Trade Representative Robert Lighthizer says he will meet with Chinese counterpart ahead of Trump-Xi meeting at G-20

U.S. Trade Representative Robert Lighthizer said Wednesday that he will be speaking with a Chinese official before President Donald Trump meets with Chinese President Xi Jinping at the upcoming G-20 summit.

But it’s still unclear when the currently stalled trade negotiations between the two economic superpowers will restart, Lighthizer said.

“I have a conversation set up with my counterpart on the telephone in the next day and a half, and then I expect to meet with him with [Treasury Secretary Steven] Mnuchin in Osaka before the president meets” with Xi, Lighthizer testified before the House Ways and Means Committee.

Trump announced in a tweet Tuesday that he would have an “extended meeting” with Xi at the summit, which is scheduled for June 28-29 in Osaka, Japan. Xi confirmed the plans to Chinese state media soon after.

Talks between the U.S. and China on a new trade agreement ground to halt in May amid disagreements between negotiators — including Lighthizer’s counterpart, Chinese Vice Premier Liu He. The U.S. alleges China reneged on prior commitments made over the course of the discussions.

“When actual negotiations begin again, I can’t say at this point,” Lighthizer told the Democrat-led committee.

“We’re talking, we’re going to meet, and, you know, we have the same objective that you and the other members have. And that is that if we can resolve these issues in a way that improves this relationship, preserves the competitive advantage of the United States, we have an obligation to do that, and hopefully we’ll get to that point,” he said.

Asked by the committee’s ranking member, Rep. Kevin Brady, R-Texas, if the U.S. would be ready to engage with China if they returned to the negotiating table, Lighthizer said, “Absolutely, we are ready to engage.”

The U.S. and China have slapped punitive tariffs on hundreds of billions of dollars of imports of each other’s goods. In May, Trump hiked tariffs on $200 billion in Chinese imports, and threatened to slap duties on another $300 billion after talks stalled out that month.

Trump said last week that he will also meet with Russian President Vladimir Putin at the G-20 summit. Xi met with Putin earlier in June, and heaped praise on the Russian leader.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: kevin breuninger
Keywords: news, cnbc, companies, meet, robert, representative, g20, chinese, china, trumpxi, counterpart, trump, meeting, xi, tariffs, summit, president, lighthizer, trade


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Hopes for a trade deal rise in China as Trump and Xi prepare to meet at the G-20

Chinese President Xi Jinping (L) holds a grand ceremony to welcome U.S. President Donald Trump outside the Great Hall of the People in Beijing, China on Nov. 9, 2017. BEIJING – As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides’ expectations regarding a deal remains wide. Chinese President Xi Jinping broke his silence on Tuesday with state media announcing he is willing to discuss trade issues with Trump at next week’s G-20 meeting. The reports


Chinese President Xi Jinping (L) holds a grand ceremony to welcome U.S. President Donald Trump outside the Great Hall of the People in Beijing, China on Nov. 9, 2017. BEIJING – As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides’ expectations regarding a deal remains wide. Chinese President Xi Jinping broke his silence on Tuesday with state media announcing he is willing to discuss trade issues with Trump at next week’s G-20 meeting. The reports
Hopes for a trade deal rise in China as Trump and Xi prepare to meet at the G-20 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: evelyn cheng
Keywords: news, cnbc, companies, meet, rise, g20, prepare, jinping, chinese, china, sides, hopes, trump, deal, meeting, xi, tariffs, president, trade


Hopes for a trade deal rise in China as Trump and Xi prepare to meet at the G-20

Chinese President Xi Jinping (L) holds a grand ceremony to welcome U.S. President Donald Trump outside the Great Hall of the People in Beijing, China on Nov. 9, 2017.

BEIJING – As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides’ expectations regarding a deal remains wide.

Analysts with ties outside China see major obstacles, notably on how both sides can come to terms over the treatment of Chinese telecom giant Huawei. But after a tumultuous few weeks of increased tough talk from Beijing, the calculus of some with ties to the Chinese government is that President Donald Trump is ready to move toward an agreement.

Chinese President Xi Jinping broke his silence on Tuesday with state media announcing he is willing to discuss trade issues with Trump at next week’s G-20 meeting. The reports came less than 20 minutes after Trump tweeted that he “had a very good telephone conversation with President Xi of China” and the two would have an “extended meeting” during the gathering.

“Xi Jinping emphasized, on the issue of trade, that both sides should resolve the problem through fair dialogue; the important thing is to protect the rational concerns of both sides,” state news agency Xinhua reported, according to a CNBC translation of the Chinese-language article. “We also hope the U.S. will fairly treat Chinese enterprises.”

U.S. and Chinese stock indexes jumped, partly in anticipation that the world’s two-largest economies will reach an agreement in the trade dispute that has lasted for over a year.

“The best we can hope for from this meeting is an agreement not to raise tariffs,” Tom Rafferty, principal economist for China at The Economist Intelligence Unit, said in a phone interview Wednesday.

The key will be finding the right language that balances U.S. and Chinese interests, he said. “The risk of this falling apart and the U.S. proceeding with tariffs is quite high.”

Warding off additional tariffs and cancelling ones applied during the last 18 months have been a priority for Beijing in the trade dispute.

Earlier this month, Trump threatened tariffs on an additional $300 billion Chinese goods if Xi didn’t attend the G-20 meeting.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: evelyn cheng
Keywords: news, cnbc, companies, meet, rise, g20, prepare, jinping, chinese, china, sides, hopes, trump, deal, meeting, xi, tariffs, president, trade


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Condoleezza Rice: China hurt itself by saying it wanted to dominate the tech world

China made a risky choice revealing ambitions to dominate the tech world, Condoleezza Rice told CNBC on Wednesday. Chinese smartphone and networking giant Huawei finds itself at the center of Trump administration concerns about how closely companies are tied to the government. Shortly after President Donald Trump on May 15 declared a national emergency over threats against American technology, the Commerce Department, effectively, blacklisted Huawei from conducting business with U.S. companies.


China made a risky choice revealing ambitions to dominate the tech world, Condoleezza Rice told CNBC on Wednesday. Chinese smartphone and networking giant Huawei finds itself at the center of Trump administration concerns about how closely companies are tied to the government. Shortly after President Donald Trump on May 15 declared a national emergency over threats against American technology, the Commerce Department, effectively, blacklisted Huawei from conducting business with U.S. companies.
Condoleezza Rice: China hurt itself by saying it wanted to dominate the tech world Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, technology, president, dominate, rice, tech, national, condoleezza, hurt, saying, huawei, trump, summit, think, wanted, chinese, china, told, world


Condoleezza Rice: China hurt itself by saying it wanted to dominate the tech world

China made a risky choice revealing ambitions to dominate the tech world, Condoleezza Rice told CNBC on Wednesday.

“The Chinese, I think, made a bit of a mistake when they went out and said we’re going to surpass the U.S. in quantum computing and AI [artificial intelligence] by 2030, ” said Rice, who was secretary of State and national security adviser under former President George W. Bush.

“I told some of my Chinese friends that it was a big mistake” because the U.S. and other nations were already nervous about how China might use technology for spying, she told CNBC’s Becky Quick on “Squawk Box ” from the KPMG Women’s Leadership Summit in Minnesota.

Chinese smartphone and networking giant Huawei finds itself at the center of Trump administration concerns about how closely companies are tied to the government. Huawei has maintained that it is independent.

Shortly after President Donald Trump on May 15 declared a national emergency over threats against American technology, the Commerce Department, effectively, blacklisted Huawei from conducting business with U.S. companies. About a week later, the agency put a 90-day hold on the move.

“I think any Chinese company is going to do what the Chinese government tells them to do,” said Rice, former Stanford provost and now a professor at the university’s graduate school of business. Whether in surveillance, so-called social credit, or promoting national interests, Rice said she thinks “it’s very clear that China is going to use these tools in ways that, I think, would make us all uncomfortable.”

As Washington and Beijing head into trade negotiations at next week’s G-20 summit in Japan, Rice said she’s hoping the countries can negotiate a deal on intellectual property protections and market access to end the punitive tariffs they have levied on each other.

On Tuesday, Trump announced plans to sit down with Chinese President Xi Jinping for an “extended meeting” at the summit where the two leaders are expected to discuss their ongoing trade war and technology disputes. Shortly after Trump’s tweet, Chinese state media said Xi hopes to talk about the fair treatment of Chinese companies by the U.S., in perhaps a reference to the Huawei ban.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, technology, president, dominate, rice, tech, national, condoleezza, hurt, saying, huawei, trump, summit, think, wanted, chinese, china, told, world


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Trump says he and China’s Xi spoke, will have ‘extended meeting next week’ at G-20

President Donald Trump said Tuesday that he and Chinese President Xi Jinping “will be having an extended meeting next week at the G-20 in Japan.” Trump told Fox News’ “Fox & Friends” last week that “it doesn’t matter ” if Xi attends the G-20 or not. “If he shows up, good, if he doesn’t — in the meantime, we’re taking in billions of dollars a month [in tariffs] from China,” Trump told Fox. Trump told CNBC last week that he would immediately impose the additional $300 billion in tariffs if Xi didn


President Donald Trump said Tuesday that he and Chinese President Xi Jinping “will be having an extended meeting next week at the G-20 in Japan.” Trump told Fox News’ “Fox & Friends” last week that “it doesn’t matter ” if Xi attends the G-20 or not. “If he shows up, good, if he doesn’t — in the meantime, we’re taking in billions of dollars a month [in tariffs] from China,” Trump told Fox. Trump told CNBC last week that he would immediately impose the additional $300 billion in tariffs if Xi didn
Trump says he and China’s Xi spoke, will have ‘extended meeting next week’ at G-20 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: kevin breuninger
Keywords: news, cnbc, companies, tariffs, trump, trade, week, extended, meeting, spoke, summit, chinas, xi, told, g20, chinese


Trump says he and China's Xi spoke, will have 'extended meeting next week' at G-20

President Donald Trump said Tuesday that he and Chinese President Xi Jinping “will be having an extended meeting next week at the G-20 in Japan.”

In a tweet, Trump said that he and Xi “had a very good telephone conversation,” and that “our respective teams will begin talks prior to our meeting.”

Chinese state media reported shortly following the announcement that Xi had agreed to meet with Trump at the summit, scheduled for June 28-29 in Osaka.

Xi said he hoped that the U.S. treats Chinese companies fairly, according to Chinese media — a possible reference to Huawei, the Chinese telecommunications giant that faces a ban because of what the U.S. calls national security issues.

China had kept mum about whether Xi would agree to a face-to-face meeting with the U.S. president at the summit while the two economic superpowers remain locked in a heated trade dispute.

Trump has said he expected that meeting to occur at the high-profile summit, but had recently downplayed the impact that it could have on forging a trade deal with Beijing. Trump told Fox News’ “Fox & Friends” last week that “it doesn’t matter ” if Xi attends the G-20 or not.

“If he shows up, good, if he doesn’t — in the meantime, we’re taking in billions of dollars a month [in tariffs] from China,” Trump told Fox.

The White House said that Trump and Xi “discussed the importance of leveling the playing field for U.S. farmers, workers, and businesses through a fair and reciprocal economic relationship” during the Tuesday morning call.

They also discussed “regional security issues,” the White House said.

Trump’s top economic advisor, Larry Kudlow, told reporters later Tuesday that the call was mostly about “scheduling a very important talk” and was not that “deep.”

The Chinese embassy in Washington did not immediately respond to CNBC’s request for comment on Trump’s tweet.

Trump and China have slapped punitive tariffs on hundreds of billions of dollars of imports of each other’s goods. In May, Trump hiked up tariffs on $200 billion in Chinese imports, and threatened to slap duties on another $300 billion after talks stalled out that month.

Trump told CNBC last week that he would immediately impose the additional $300 billion in tariffs if Xi didn’t attend the G-20 summit.

Current and former Trump administration officials and trade advisors have cautioned that a potential meeting with Xi is not likely to yield a trade agreement on its own, but could help clear the path to a deal.

Trump’s tweet came shortly before U.S. Trade Representative was scheduled to testify before the Senate Finance Committee about the president’s 2019 trade policy agenda. Lighthizer was expected to focus mainly about the trilateral trade deal to replace NAFTA, called the U.S. Mexico Canada Agreement, or USMCA, which was agreed upon by the three allied nations but has yet to make it through Congress.

But Lighthizer is likely to face questions about how the Trump administration’s next steps on the negotiations with China, where Democrats and some Republicans have harshly criticized the president’s use of tariffs.

Trump met with Xi at the prior G-20 in Buenos Aires, Argentina, last December. The two leaders discussed the trade dispute and tariffs, as well as the U.S. opioid crisis.

While that summit was in full swing, Huawei CFO Meng Wanzhou was arrested in Canada and charged in Vancouver over allegations that the company defrauded banks by concealing payments from sanctioned Iran.

–CNBC’s Tucker Higgins contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: kevin breuninger
Keywords: news, cnbc, companies, tariffs, trump, trade, week, extended, meeting, spoke, summit, chinas, xi, told, g20, chinese


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Trump ‘perfectly happy’ to slap further tariffs on China if no deal is reached, Wilbur Ross says

Secretary of Commerce Wilbur Ross testifies during the House Oversight and Government Reform Committee hearing on the census on Thursday, Oct. 12, 2017. President Donald Trump is ready to proceed with tariffs on the remaining $300 billion in Chinese goods in the absence of a trade deal, according to U.S. Commerce Secretary Wilbur Ross. Trump unexpectedly accused China of reneging on a deal early last month and announced that tariffs on $200 billion worth of Chinese goods would increase to 25% fr


Secretary of Commerce Wilbur Ross testifies during the House Oversight and Government Reform Committee hearing on the census on Thursday, Oct. 12, 2017. President Donald Trump is ready to proceed with tariffs on the remaining $300 billion in Chinese goods in the absence of a trade deal, according to U.S. Commerce Secretary Wilbur Ross. Trump unexpectedly accused China of reneging on a deal early last month and announced that tariffs on $200 billion worth of Chinese goods would increase to 25% fr
Trump ‘perfectly happy’ to slap further tariffs on China if no deal is reached, Wilbur Ross says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: elliot smith
Keywords: news, cnbc, companies, trade, slap, ross, wilbur, chinese, worth, billion, reached, china, perfectly, happy, deal, tariffs, secretary, trump


Trump 'perfectly happy' to slap further tariffs on China if no deal is reached, Wilbur Ross says

Secretary of Commerce Wilbur Ross testifies during the House Oversight and Government Reform Committee hearing on the census on Thursday, Oct. 12, 2017.

President Donald Trump is ready to proceed with tariffs on the remaining $300 billion in Chinese goods in the absence of a trade deal, according to U.S. Commerce Secretary Wilbur Ross.

Speaking to CNBC’s Phil LeBeau at the Paris Airshow Monday, Ross said enforcement would be the most important element of any potential deal between the world’s two largest economies.

“We will eventually make a deal, but if we don’t, the president is perfectly happy with continuing the tariff movements that we’ve already announced, as well as imposing the new ones that he has temporarily suspended,” Ross said.

Trump unexpectedly accused China of reneging on a deal early last month and announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10% on May 10. Beijing retaliated, raising levies on $60 billion worth of U.S. products. Releasing a much-anticipated white paper in early June, China said the global trade problems were started by the United States and claimed Washington had been unreliable during talks.

Ross played down the prospect of an agreement being reached at the G-20 meeting in Osaka on June 28-29, where Trump and Chinese President Xi Jinping are expected to be in attendance.


Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: elliot smith
Keywords: news, cnbc, companies, trade, slap, ross, wilbur, chinese, worth, billion, reached, china, perfectly, happy, deal, tariffs, secretary, trump


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US chipmakers are reportedly quietly lobbying to ease Huawei ban

Huawei’s American chip suppliers, including Qualcomm and Intel, are quietly pressing the U.S. government to ease its ban on sales to the Chinese tech giant, even as Huawei itself avoids typical government lobbying, people familiar with the situation said. The ban bars U.S. suppliers from selling to Huawei, the world’s largest telecommunications equipment company, without special approval, because of what the government said were national security issues. “For technologies that do not relate to n


Huawei’s American chip suppliers, including Qualcomm and Intel, are quietly pressing the U.S. government to ease its ban on sales to the Chinese tech giant, even as Huawei itself avoids typical government lobbying, people familiar with the situation said. The ban bars U.S. suppliers from selling to Huawei, the world’s largest telecommunications equipment company, without special approval, because of what the government said were national security issues. “For technologies that do not relate to n
US chipmakers are reportedly quietly lobbying to ease Huawei ban Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-17
Keywords: news, cnbc, companies, trade, ban, chinese, suppliers, reportedly, ease, quietly, security, intel, lobbying, chipmakers, selling, huawei, situation, technology


US chipmakers are reportedly quietly lobbying to ease Huawei ban

Huawei’s American chip suppliers, including Qualcomm and Intel, are quietly pressing the U.S. government to ease its ban on sales to the Chinese tech giant, even as Huawei itself avoids typical government lobbying, people familiar with the situation said.

Executives from top U.S. chipmakers Intel and Xilinx attended a meeting in late May with the Commerce Department to discuss a response to Huawei’s placement on the black list, one person said.

The ban bars U.S. suppliers from selling to Huawei, the world’s largest telecommunications equipment company, without special approval, because of what the government said were national security issues.

Qualcomm has also pressed the Commerce Department over the issue, four people said.

Chip makers argue that Huawei units selling products such as smartphones and computer servers use commonly available parts and are unlikely to present the same security concerns as the Chinese technology firm’s 5G networking gear, according to three people.

“This isn’t about helping Huawei. It’s about preventing harm to American companies,” one of the people said.

Out of $70 billion that Huawei spent buying components in 2018, some $11 billion went to U.S. firms including Qualcomm, Intel and Micron Technology Inc.

Qualcomm, for example, wants to be able to continue shipping chips to Huawei for common devices like phones and smart watches, a person familiar with the company’s situation said.

The Semiconductor Industry Association (SIA), a trade group, acknowledged it arranged consultations with the U.S. government on behalf of the companies to help them comply and brief officials on the impact of the ban on the companies.

“For technologies that do not relate to national security, it seems they shouldn’t fall within the scope of the order. And we have conveyed this perspective to government,” said Jimmy Goodrich, vice president of global policy at SIA.

The ban came soon after the breakdown of talks to end the months-long trade spat between China and the United States, spurred by U.S. allegations of Chinese corporate espionage, intellectual property theft and forced technology transfer.

Google, which sells hardware, software and technical services to Huawei, has also advocated so it can keep selling to the company, Huawei Chairman Liang Hua told reporters in China earlier this month.


Company: cnbc, Activity: cnbc, Date: 2019-06-17
Keywords: news, cnbc, companies, trade, ban, chinese, suppliers, reportedly, ease, quietly, security, intel, lobbying, chipmakers, selling, huawei, situation, technology


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