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Added: Jospeh Talamantez - Date: 07.02.2022 23:25 - Views: 42640 - Clicks: 7944

Mr Trump earlier in the day ed an executive order barring US companies from using telecommunications equipment made by firms deemed to pose a national security risk. China said on Thursday May 16 said it strongly opposed other countries imposing unilateral sanctions on Chinese entities. He also said China would take "relevant countermeasures" to protect the rights and interests of Chinese firms abroad. He did not elaborate. Huawei on Thursday criticised what it said were "unreasonable restrictions" by the United States.

Federal Communications Commission FCC chairman Ajit Pai, who has called Huawei a threat to US security, said on Wednesday that, "given the threats presented by certain foreign companies' equipment and services, this is a ificant step towards securing America's networks".

The order directs the director of US National Intelligence to produce an assessment by late June on the risks to the US and critical infrastructure "from information and communications technology or services deed, developed, manufactured, or supplied by persons owned by, controlled by, or subject to the jurisdiction or direction of a foreign adversary". In January, US prosecutors charged two Huawei units in Washington state , saying they conspired to steal T-Mobile US Inc trade secrets, and also charged Huawei and its chief financial officer with bank and wire fraud on allegations that the company violated sanctions against Iran.

While the big wireless companies have already cut ties with Huawei, small rural carriers continue to rely on both Huawei and ZTE switches and other equipment because they tend to be cheaper. Speaking in a US Senate Appropriations subcommittee hearing earlier, Mr Mnuchin characterised two days of high-level talks with Chinese officials in Washington last week as constructive.

Mr Trump also urged China to buy more US farm products. Mr Mnuchin said the US was close to resolving a dispute over steel and aluminium tariffs imposed on Canada and Mexico last year as the three countries renegotiated the North American Free Trade Agreement Nafta. The three countries have not yet ratified the new deal. After her meeting with Mr Lighthizer, Ms Freeland declined to say whether the two countries were close to a deal. But she told reporters later that ratification of the agreement would be difficult as long as the tariffs remain in place. Three Trump administration officials told Reuters that Mr Trump was expected to delay a decision on imposing tariffs on imported cars and parts by up to six months, avoiding opening yet another front in his global trade battles.

The tariffs of up to 25 per cent on cars and parts could have a devastating impact on Japan and countries in the European Union, particularly Germany. Global stock markets, which have swooned in the past week over the rising trade tensions, gained on Wednesday after reports of the planned delay. Another escalation could disrupt global supply lines and damage a slowing world economy.

Beijing is vowing not to succumb to US pressure. But on Wednesday, China reported surprisingly weaker growth in its retail sales and industrial output in April. Data out of the US, meanwhile, showed retail sales falling in April as households cut back on purchases of motor vehicles and other goods, pointing to a slowdown in economic growth after a boost from exports and inventories in the first quarter.

Other data showed a drop in US industrial production. The US Congress is uneasy about the potential consequences of tariffs on the economy. Consumer spending s for more than two-thirds of US economic activity. ST's Telegram channel here and get the latest breaking news delivered to you. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Until we resolve the issues, subscribers need not log in to access ST Digital articles. But a log-in is still required for our PDFs. Washington believes equipment made by Huawei could be used by the Chinese state to spy.

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