Following his accusation this morning that China violated its preliminary trade deal with the U.S., President Trump reiterated the statement in the Oval Office during a press conference with Tesla (TSLA) CEO Elon Musk. Additionally, Trump said that he will speak with China President Xi Jinping, adding that “Hopefully we’ll work that out.”
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U.S.-China Trade Tensions Rise
Trump’s comments come as trade tensions rise between the two world powers. Trump’s initial accusation did not specify how China violated the agreement, although U.S. Trade Representative Jamieson Greer said that the country was moving too slowly in removing tariff countermeasures and opening up its flow of critical rare earth minerals.
Furthermore, the U.S. could soon impose sanctions on subsidiaries of Chinese technology companies included in the Entity List, per Bloomberg. The list consists of foreign companies that the U.S. deems a threat to national security.
The S&P 500 (SPX) is trading lower on Friday as the market digests the implications of an extended trade war, which would be detrimental to companies on both sides of the playing field.
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