The trade war moves to internet apps

Banning of internet apps TikTok and WeChat in the US

Banning of internet apps TikTok and WeChat in the US.

US President Donald Trump has signed two executive orders prohibiting transactions with Chinese internet apps TikTok and WeChat for 45 days from now, citing the risk of exposing the personal data of Americans, according to Bloomberg.

This move coincides with Trump’s push to sell the popular video app TikTok to Microsoft (NASDAQ: MSFT). Transactions penalized by the US could include purchases of in-app ads and agreements to make TikTok or WeChat available in app stores, a person familiar with the matter has reported to Bloomberg.

We recall that US Secretary of State Mike Pompeo rekindled the controversy with statements in which he urged US companies to stop using or doing business with applications of Chinese origin.

On the other hand, US regulators have said that stock exchanges should establish new rules that could trigger the delisting of Chinese companies, after growing concerns that investors are exposed to fraud.

The President’s Task Force on Financial Markets notes that to trade on a US exchange, companies must give US regulators access to their audit working documents. “The group has not determined how to enforce the guidelines, but the final sanction would be the exclusion of US exchanges,” details Bloomberg.

These factors could negatively impact trade relations between the two countries. Representatives of both powers will meet on August 15 with the aim of monitoring compliance with the Phase 1 trade agreement.

In fact, the Chinese state newspaper Gobal Times has collected the statements of the Foreign Ministry about these actions.

“It is the US regulators who are unwilling to cooperate on cross-border supervision and address the issues, and instead choose to force Chinese publicly listed companies to delist, which will hurt interests. of US investors ”, the media publishes on its Twitter account.

“Estados Unidos utiliza con frecuencia la seguridad nacional como excusa para abusar del poder estatal y tomar medidas drásticas sin fundamento contra empresas relacionadas, un acto de hegemonía descarado. China se opone rotudamente a esto”, recoge el medio.

Hu Xijin, editor jefe de Global Times, destaca en su cuenta personal de Twitter que “sin cooperación, China y Estados Unidos se encaminarán hacia la confrontación, seguida del riesgo de guerra”.

 

In his speech on Friday, the president of the Federal Reserve of the United States, Jerome Powell admitted that, although Read more

The Chinese delegation that was to go to the US to continue negotiating a possible trade agreement is already releasing Read more

The JOLTs survey corresponding to the month of September 2019 has been published today. The job offers and staff turnover Read more

A partial agreement between the US and China was announced yesterday. Agreement that must still be signed but that has Read more

Data published today for China's foreign trade in September show a decline. Imports fell 8.5% and imports fell 3.2%. These Read more

I found this CNN article in Spanish, in my opinion very successful that I repeat here and talk about second Read more

On October 18, tariffs on European products authorized by the World Trade Organization (WTO) entered into force. These tariffs were Read more

Chinese Deputy Prime Minister Han Zheng promised to further reduce tariffs and eliminate non-tariff barriers for global investors, the official Read more

The German economy shows signs of weakness again. The signals that are received on the progress of the German economy Read more

The UK Government Minister, Michael Gove, announced on Sunday that Brexit will be held on October 31, despite British parliamentarians Read more

Leave a Reply