Trump says U.S. won't do business with Huawei

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Trump previously said his administration would make "timely licensing decisions" but has reportedly chose to delay the decisions in response to China halting its purchases of us agricultural products. The ongoing impasse highlights a lack of trust between both sides, which will likely further complicate the process to reach an agreement.

"If there was any doubt, President Trump has clearly moved from trade wars to currency wars", said Harvinder Kalirai, chief fixed income and FX strategist at Alpine Macro, in a note.

Companies corresponding to Xilinx Inc. and Micron have publicly mentioned they've utilized for licenses and known as on the U.S.to permit them to renew doing enterprise with Huawei.

"We're not going to be doing business with Huawei", President Donald Trump told reporters on Friday, according to Bloomberg.

Mr. Hu, the Macquarie economist, said as the domestic economy faces more downward pressure later this year, Beijing will have to step up stimulus measures and consider softening its stance on trade issues.

Trump also indicated he is "not ready" to make a trade deal with China, suggesting the US could skip the next round of trade talks in September.

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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. However, that decision was made in June as part of a trade truce that has since been broken, leaving its future in question - especially now that China has curtailed its U.S. farm product imports, a business that brought in $5.9 billion a year ago.

In the past week tensions have escalated further as Trump said he would impose a 10 percent tariff on $300 billion of Chinese imports as of September 1, and his Treasury Department formally labeled China a currency manipulator.

The countries have imposed tariffs on $360 billion in two-way trade, and with the new round announced by Trump all Chinese goods would be subject to punishing duties.

However, optimism was dented by the Bloomberg report, which added to concerns that deterioration in U.S.

Ann Lee, a specialist at New York University in China's economic relations, said that the renminbi's fall is not currency manipulation but the exact opposite.

Yi Gang, the PBOC governor, reiterated in a statement on 5 August that China will not pursue a competitive devaluation of the yuan and will not use exchange rates as a means for competition or coping with trade disputes.

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