The Trade War back and forth continues ….
Now is China’s turn…..
That has driven down the America stock market today…
The Dow Jones Industrial Average plunged 375 points, or 1.4 percent, in the opening hour of trading Thursday morning, amid fears that President Trump’s trade war with China is escalating.
The dip follows comments by Chinese Commerce Ministry spokesman Gao Feng, who said that trade negotiations would not continue until the U.S. corrects its “wrong actions.”
“If the United States wants to continue trade talks, they should show sincerity and correct their wrong actions. Negotiations can only continue on the basis of equality and mutual respect,” Feng said during a weekly briefing, according to multiple reports.
Trump has imposed tariffs on $250 billion of Chinese imports and threatened tariffs on another $300 billion of imports.
China has countered with its own retaliatory tariffs, including raising the rates on $60 billion on U.S. exports to China, which will go into effect June 1…..
The effects of Trump’s lock out of the top Chinese telecommunication company Huawei from essentially the rest of the world is sending that company downward…
Democrats actually agree with the Trump admin action against the company….
The Trade War escalates…
has been dealt a series of massive blows this week that could halt the company’s global consumer tech ambitions. At first it was Google pulling Huawei’s Android license, then came an Intel and Qualcomm ban, and finally the news that ARM had halted all business with Huawei. Assuming the executive order that caused these issues isn’t rescinded, Huawei will now have to create its own operating system and processor designs to be able to build working smartphones and laptops in the future. Huawei appears to be ready and prepared to at least tackle the software side, but I think it’s doomed to fail outside of China….