Economy

China, US: White House Delays Decision to Issue Huawei Licenses

China, US: White House Delays Decision to Issue Huawei Licenses

Nonetheless, Trump stated last week there were no plans to reverse the choice he made in Japan to permit extra gross sales by US suppliers of non-delicate merchandise to Huawei.

Meanwhile, the US hit China with new import duties Thursday on more than $4 billion in imported wooden cabinets and vanities, after finding manufacturers there benefit from unfair subsidies.

The Trump administration is delaying a decision on handing out licenses for USA companies to resume shipping to China's Huawei as the trade conflict continues, Bloomberg reported on Friday.

On Wall Street, the Dow Jones Industrial Average fell 95.08 points, or 0.36%, to 26,283.11, the S&P 500 lost 14.75 points, or 0.50%, to 2,923.34 and the Nasdaq Composite dropped 58.01 points, or 0.72%, to 7,981.14. This comes after Beijing said it was halting purchases of US farming goods, according to a Bloomberg report.

The yen rose on Friday as U.S. -China relations will place additional strain on an already fragile global economy.

Trump said the United States would not do business with Huawei for the time being, although that might change with a trade deal.

"Worries about trade war and currency policies will keep market volatility elevated".

The yen gained 0.2% to 105.82 yen per dollar, not far from a seven-month high of 105.5 earlier this week.

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The offshore yuan was stable versus the dollar in early trade after an alarming early week slide, but it will be closely watched as traders eye Beijing's response to escalating trade tensions.

With the trade war between the United States and China intensifying by the day, .

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.

The ban on Chinese tech firms comes amid a heated dispute between the two economic powers over worldwide trade rules.

The dollar index =USD , which measures it against a basket of six major currencies, slipped to 97.545 .DXY and remained on course for its biggest weekly decline since June 21.

The pound was last quoted at 92.21 pence per euro, down 0.1% on the day, and was traded against the dollar at $1.2138, steady on the day.

Oil jumped more than 2 per cent yesterday on expectations that falling prices could lead to production cuts.

Brent crude retreated 0.1% to $57.32 per barrel and U.S. West Texas Intermediate (WTI) crude eased 0.1% to $52.50. Gold XAU= rose back above $1,500 on Friday, its highest in more than six years, en route to its best week since April 2016.