US-China relations

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Profits Plunge for Exxon Mobil

But the Texas oil giant still reported over $3B in profits for the third quarter

(Newser) - Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas, the AP reports. The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year.... More »

Chile Cancels Summit Where US, China Hoped to Sign Deal

White House says it wants to sign first phase of deal anyway

(Newser) - The White House says it wants to sign the first phase of a new China trade deal next month even though the summit where it was to have happened has been cancelled. President Trump was to travel to Santiago, Chile, in November to sign the preliminary agreement with China's... More »

Mike Pence Slams Nike, NBA in China Speech

VP says NBA is acting like a 'wholly owned subsidiary' of Beijing

(Newser) - Vice President Mike Pence took a swipe at Nike and the NBA on Thursday in a speech criticizing communist China's record on trade and human rights, saying American corporations have been too willing to ignore censorship and repression in pursuit of profits. Pence singled out the shoe company for... More »

Markets Jump After US-China Trade Thaw

Trump says 'phase one deal' is secured as Dow jumps 319

(Newser) - The markets seem pretty happy with newly reported progress in US-China trade talks. President Trump on Friday declared that the US has agreed on a "very substantial phase one deal" with Beijing, reports CNBC . And earlier, he tweeted that "good things are happening at China Trade Talk Meeting"... More »

House Wants Files on Pence's Ukraine Meeting

Panels cite reports an aide listened to Trump call

(Newser) - House investigators want Vice President Mike Pence to give them documents that could shed light on whether he helped President Trump pressure Ukraine to investigate Joe Biden. In a letter to Pence on Friday, the Democratic chairmen of three House committees cite reports that a Pence aide may have listened... More »

US-China Trade War May Mean Higher Prices

Tariffs of 10% and 5% apply to various goods imported from China

(Newser) - The US and China on Sunday put in place their latest tariff increases on each other's goods, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer items before the holiday shopping season, the AP reports. President Donald Trump said US-China trade talks were still... More »

Trump: China Called, and 'They Want to Make a Deal'

President praises 'very positive development' in trade war

(Newser) - President Trump is beginning the new week with positive words about China and leader Xi Jinping, after last week ended with acrimony and market tumult. Trump told reporters at the G-7 summit that Chinese officials called and "they want to make a deal," reports the Wall Street Journal ... More »

Chamber of Commerce Not Wowed by Trump's Order

Rebuffs president's demand that US companies get out of China

(Newser) - President Trump jolted the markets Friday, and possibly China, when he demanded that US companies immediately start looking for alternatives to their operations in that country. The US Chamber of Commerce, however, isn't sold on the idea, reports Reuters . "While we share the President’s frustration, we believe... More »

Trump: US Firms 'Hereby Ordered' to Find China Alternatives

President also ratchets up criticism of Fed chief to a new level as markets wobble

(Newser) - It's another volatile day on Wall Street, with the Dow down about 500 points at midday. Renewed friction between the US and China is to blame, as President Trump unleashed a series of angry tweets on that subject as well as Fed chief Jerome "Jay" Powell. After Beijing... More »

US Gives Chinese Tech Giant a Reprieve

Huawei gets another 90 days to do business with US companies

(Newser) - The US will give Chinese telecommunications giant Huawei another 90 days to buy supplies from American companies. It's the second extension for Huawei, a company the US sees as a national security risk. Commerce Secretary Wilbur Ross revealed the new reprieve on Fox Business News Monday morning, and the... More »

Trump: Tariff Move Made for the 'Christmas Season'

Slew of tariffs will now kick in Dec. 15 instead of Sept. 1

(Newser) - The Trump administration on Tuesday announced it is punting on some of the tariffs it has announced against China. "We're doing this for the Christmas season," President Trump told reporters, a reference to fears that the import taxes could depress holiday sales, reports Reuters . The AP reports... More »

Dow Closes Down 767 Points After China's 'Breaking 7' News

The yuan has dropped to the 7-per-dollar level

(Newser) - By late afternoon local time Monday, one Chinese yuan was worth 14.2 cents. It hasn't been that low since February 2008, and that puts it "below the politically sensitive" seven-per-dollar level. The "breaking seven" news garnered comments from President Trump and triggered Wall Street's worst... More »

Trump Makes New Threat Amid Slow China Talks

The US will slap a tariff on $300B in Chinese goods, Trump says

(Newser) - President Trump says the US will apply a new tariff of 10% on about $300 billion worth of products from China on Sept. 1, the AP reports. Trump tweeted Thursday amid slow-moving talks with China that negotiations will continue. But he blamed China for not following through on stopping the... More »

In Trump-Xi Meeting, a 'Surprising Move' by Trump

President says trade talks are back on, appears to reverse ban on US companies selling to Huawei

(Newser) - What had been dubbed a "most suspenseful meeting" between President Trump and Chinese leader Xi Jinping on the sidelines of the G20 summit is now over, and by Trump's account, the meeting went well. So well, in fact, that trade talks between the US and China are now... More »

That Wasn't Suppression in Tiananmen Square, China Says

But US State Department calls 1989 violence a massacre

(Newser) - Hundreds or possibly thousands of people were killed 30 years ago next week when Chinese troops opened fire on demonstrations led by students in Tiananmen Square. China has never released a death toll. On Thursday, a Defense Ministry spokesman objected when asked if the military would mark the anniversary of... More »

China Issues New Threat in Trade War

Supply of rare earth minerals could be cut off

(Newser) - Facing new trade sanctions and a US clampdown on its top telecommunications company , China issued a pointed reminder Wednesday that it has yet to unleash all its weapons in its trade war with the Trump administration. Chinese state media warned that Beijing could cut America off from exotic minerals that... More »

Walmart: Always Low Prices... Unless Tariffs Increase

Higher tariffs = higher prices, Walmart warns

(Newser) - Walmart warned on Thursday that higher tariffs on imports from China will mean higher prices, the AP reports. The comments came after the nation's largest retailer reported its best sale performance at its established US namesake stores for the fiscal first quarter in nine years. It marked 19 straight... More »

The US Response to China's Tariff Move? Go Bigger

US Trade Representative's Office targets $300B of goods from China that could be hit

(Newser) - Retaliation is coming fast and furious: After China on Monday announced tariff hikes on $60 billion of American goods, US officials put out a list of $300 billion of Chinese goods that could be subject to a tariff hike—on top of the $200 billion of imports that will see... More »

Dow Plummets 700 Points After China Makes Its Move

Beijing announced $60B in tariffs on US goods on Monday

(Newser) - Investors around the world were waiting to see how China would respond to the new US tariffs put into place last week, and Monday morning brought the answer: Beijing will raise tariffs on about $60 billion worth of imports from the US, reports the Wall Street Journal . The move came... More »

Trump Hits China Again as Markets Tumble

Beijing 'should not retaliate,' warns president

(Newser) - Will China retaliate? Uncertainty over what happens next in the US-China trade dispute took a toll on markets Monday in both Asia and Europe, reports the Wall Street Journal . Dow futures, meanwhile, suggested the American index would follow suit and open about 250 points in the red, per CNBC , with... More »

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