Published: Sat, August 10, 2019
Markets | By Erika Turner

China charters first USA crude cargo since newest Trump tariff threat

China charters first USA crude cargo since newest Trump tariff threat

Trump blacklisted Huawei in May, but granted US technology companies "timely licensing decisions" that allowed them to sell to Huawei. Commerce Secretary Wilbur Ross previously said decisions on the more than 50 license applications the department has received could begin this week. China stopped buying agricultural products from the U.S.

The U.S. resolution rattled shares, bonds, currencies, and even soybean prices around the world. Chipmaker Micron Technology lost 1.6% and TripAdvisor fell 1.2%.

"We're doing very well with China", Trump said Friday. But that promise was contingent upon China beefing up its purchases from American farmers, which Trump has complained the country has failed to do.

Last week, US President Donald Trump announced new tariffs on another $300 billion in Chinese imports and formally branded Beijing a currency manipulator, in response to a drop in value of the yuan.

The trade tussle - which has expanded beyond just trade, with the Trump administration formally dubbing China a currency manipulator - has rattled US and global markets. Since then, the status of Huawei's trade blacklist status has been uncertain.

The White House had no immediate comment, and the Commerce Department declined to comment.

"We firmly support the relevant Chinese companies in taking up legal weapons to safeguard their legitimate rights and interests", she said in an online statement.

Lightning struck a house and caused the toilet to explode
So far this year, there have been 10 lightning strike-related deaths this year, according to the National Weather Service . A Florida woman's toilet exploded at a Port Charlotte home after her septic tank was struck by lightning over the weekend.

Technology and communications companies were among the biggest losers in early trading. According to Bloomberg, Trump is also suspending the licensing system put in place to allow US firms to work with Huawei.

The pound traded near a two-year low versus the euro after a media report said new Prime Minister Boris Johnson is preparing to hold an election after the October 31 deadline for Britain to leave the European Union.

Inside the White House, hawks have been pushing for a direct intervention in currency markets by the Treasury by pointing to a slowdown in USA manufacturing, which many economists have blamed on tariffs imposed by Trump and uncertainty surrounding his trade war with China.

Fears rose in global financial markets and sparked greater vulnerability since the previous week, as the United States made a decision to impose tariffs on another $300bn of Chinese goods starting on 1 September. China customs is due to report its July rare earth export data on Thursday.

There are growing concerns the rapid deterioration in U.S.

Beijing has yet to place any restrictions on its rare earth supplies to the U.S.

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