Tag: Trade War

China urges US to stop interference, outlines plan to reset | Incredible Solutions Tech

Wang Yi calls on Washington to stop meddling in its internal affairs, lift restrictions on trade and people-to-people contacts. Chinese Foreign Minister Wang Yi has outlined Beijing’s vision for improving ties with the United States, urging Washington as a first step to stop meddling in its internal affairs, including...

US reintroduces bill to ban forced-labour products from | Incredible Solutions Tech

The bill allows the United States to take action against goods produced with forced labour and will allow President Joe Biden’s administration to sanction traffickers of Uighurs and other Muslim minorities. The United States House of Representatives on Thursday reintroduced a bipartisan bill that would ban imports from China’s...

As Chinese film goers pivot to local content, Hollywood loses | Incredible Solutions Tech

With China’s box office takings expected to return to near pre-pandemic highs in 2021, the world’s largest movie market is becoming more attractive — and more tricky — for Hollywood studios. Ticket sales from movie theaters in China, which has largely contained the coronavirus, may jump to 60 billion...

TikTok sale to Walmart, Oracle put on ice by Biden team: | Incredible Solutions Tech

The WSJ reported the sale of the popular video-sharing app has been delayed indefinitely as the Biden administration reviews actions taken by Trump administration vis-a-vis Chinese tech firms. TikTok’s forced sale to Walmart Inc. and Oracle Corp. has been shelved indefinitely as the Biden administration takes on a broad...

Ngozi Okonjo-Iweala poised to become first woman to lead WTO | | Incredible Solutions Tech

The incoming chief of the World Trade Organization has a reputation for shaking up the guardians of wealth and power that will come in handy in her new role. During Ngozi Okonjo-Iweala’s effort to root out corruption during her first stint as Nigeria’s finance minister, opponents of her plans...

US annual trade deficit largest since 2008 financial crisis | | Incredible Solutions Tech

The gap in the trade of goods and services widened to $678.7bn in 2020 from $576.9bn in 2019, the US Department of Commerce said. The U.S. last year posted its biggest annual trade deficit since 2008 as the global health crisis depressed export markets for American companies. The gap...

Huawei CFO case: Judge rejects Meng’s request to nix security | Incredible Solutions Tech

Prosecutors for the Canadian government argued Meng Wanzhou should be considered a flight risk. Huawei Chief Financial Officer Meng Wanzhou’s request to loosen the bail terms set during her release from jail in 2018 was rejected a Canadian judge on Friday, as she continues to fight extradition to the...

Biden’s Commerce nominee promises ‘aggressive’ action on China | Incredible Solutions Tech

US Commerce Secretary-nominee Gina Raimondo echoes other Biden officials who have indicated they would continue some of Trump’s tough-on-China policies. The U.S. must take “aggressive” steps to combat China’s “unfair” trade practices while also investing in American manufacturing to return production to the country, said Gina Raimondo, President Joe...

In parting shot, Trump halts supplies to China’s Huawei: | Incredible Solutions Tech

The Trump administration notified Huawei suppliers, including United States-based chipmaker Intel, that it is revoking certain licences to sell to the Chinese company and intends to reject dozens of other applications to supply the telecommunications firm, people familiar with the matter told the Reuters news agency. The action –...

In last China swipe, Trump hits officials, firms with US bans | Incredible Solutions Tech

In its waning days, the administration of US President Donald Trump has taken another swipe at China and its biggest firms, imposing sanctions on officials and companies for alleged misdeeds in the South China Sea and imposing an investment ban on nine more firms. The moves will further increase...

US-China trade war cost up to 245,000 jobs: Study | Business | Incredible Solutions Tech

The United States-China trade war was launched by Trump on the premise of shielding US jobs, but a study published on Thursday found it actually cost the US up to 245,000 jobs. United States President Donald Trump’s trade war with China has caused a peak loss of 245,000 US...

Cheat sheet: MIT professor charged with hiding work for China | Incredible Solutions Tech

MIT professor Gang Chen did not disclose his connections to China as is required on federal grant applications, US authorities said. A Massachusetts Institute of Technology (MIT) professor was arrested and charged Thursday with hiding work he did for the Chinese government while he was also receiving United States...

‘Gathering storm’: EU firms say US-China decoupling is hurting | Incredible Solutions Tech

Rivalry between US and China in tech is the biggest source of concern, European business groups say in a new report. Digital decoupling between China and the United States could severely affect European companies in China and they should “prepare for the worst,” EU business groups said, adding that...

Trump scraps plan to ban China’s Alibaba, Tencent, Baidu: | Incredible Solutions Tech

Senior US officials had been considering plans to add the firms to a list of alleged Chinese military companies, which would have subjected them to a US investment ban. The administration of United States President Donald Trump has scrapped plans to blacklist Chinese tech giants Alibaba, Tencent and Baidu,...

US bans all cotton, tomato products from China’s Xinjiang | Incredible Solutions Tech

United States Customs and Border Protection alleges the goods are made with forced labour from detained Uighur Muslims. The United States is imposing a region-wide ban on all cotton and tomato products from China’s western Xinjiang region over allegations that they are made with forced labour from detained Uighur...