Business

The interview with the high-ranking US official comes after Huawei was placed on an entities list in May by the Trump administration, which blacklisted the Chinese tech giant and 70 affiliates, as well as blocking it from buying and selling to US companies, including providing IT equipment for the US government.

The pound sterling has experienced a significant drop since Boris Johnson was elected prime minister on 24 July 2019, with the Bank of England warning in early August that Britain has a 33 percent chance of plunging into recession by 2020.

The dispute between the Chinese flagship tech giant and Washington has been escalating for months, with the US government barring Huawei from dealing with its American partners. Despite reprieves, the tensions had slashed the Shenzhen-based company’s growth to 8.3% by the second quarter of this year.

Gold bullion hit a six-year high in August on low rates, a sluggish economy and heightened geopolitical tensions, with investors plowing into the precious metal.

On 14 August, European economic powerhouse Germany recorded a shrinking economy when the quarterly gross domestic product figures were published, with data showing GDP had dropped by 0.1 percent in the second quarter of 2019. The UK’s indecisive EU exit and US-China trade war are believed to be among the factors impacting developments.

Senior White House officials are reportedly discussing the possibility of a temporary payroll tax cut in an effort to boost the economy as it faces a potential slowdown.

BRUSSELS (Sputnik) - Chinese technology giant Huawei on Monday criticized the United States for adding extra 46 subsidiaries of the company to its blacklist, saying the decision was politically motivated.

Concerns regarding the prospects of a recession were sparked last week, when the yield curve in the US bond market inverted – often an indicator signalling an impending recession or significant slowdown in economic growth.

On Saturday, Reuters reported that the US Commerce Department was looking to extend its waiver for Huawei for another 90 days, allowing the Chinese tech giant to purchase technology from American enterprises.

Ever since Russia dropped out of the list of the 30 largest holders of US bonds in May 2018, it has been moving towards a gradual reduction of its investment in them.

The US Commerce Department blacklisted Huawei and about 70 of its affiliates from purchasing American technology and doing business with US companies in May amid a severe trade war between Washington and Beijing.

The news comes after two pilots were fired for joining the illegal protests, which Beijing has repeatedly slammed as Western interference from the US and UK.

The US reinstated harsh sanctions against Tehran following Washington’s unilateral withdrawal from the Iran nuclear deal in May 2018. The White House then slapped restrictive measures on Venezuela in January 2019, when opposition leader Juan Guaido declared himself interim president of the South American country.

Construction for Tesla’s Gigafactory plant began in January, where the automaker aimed to produce its 'budget-friendly' Model 3 electric vehicles (EVs) for sale in China—the world’s largest auto market—despite the ongoing US trade war against Beijing, with local production helping to avoid the worst impacts of damaging tariffs.

The news comes as the UK steelmaker received several bids to take over the business in the past few weeks. British Steel continues to trade and supply its customers as normal, the Insolvency Service’s Official Receiver (OR) said in a press statement.

Russia began to significantly reduce its investments in US national debt in the spring of 2018, in efforts that came amid Moscow’s drive to increase its gold reserves.

The announcement comes as Huawei defends itself from the US government’s trade war on China, with US president Donald Trump delaying bans on contracts for the embattled telecoms company.

In late July, the British government postponed its decision over whether to include Huawei in its 5G infrastructure. The Chinese telecoms giant, in turn, warned of far-reaching economic consequences should the UK refuse to provide Huawei with access to its next-generation network.

Earlier, US President Donald Trump said that he may delay the introduction of new 10 percent tariffs on some of the remaining $300 billion in Chinese imports not yet taxed, saying he didn't want to hurt US shoppers ahead of the Christmas holidays.

The US-China trade spat further escalated earlier this month when President Donald Trump slammed Beijing’s move to devalue the yuan, calling it "currency manipulation” as the Chinese currency plummeted to an 11-year low against the dollar, causing financial market turmoil.