China

The New York Stock Exchange has twice reversed course in the past week over whether to remove three Chinese telecommunications as it tries to comply with a Nov. 12 executive order banning transactions with companies deemed to be affiliated with the Chinese military, illustrating the confusion surrounding how U.S. businesses can ensure they are in compliance, according to trade lawyers.

President Trump on Tuesday signed an executive order that will ban transactions made with eight Chinese applications, including WeChat Pay, Alipay and Tencent QQ, saying they pose a national security threat because they can be used to collect private user data in bulk. 

The Biden administration will need time to consult with allies on a strategy to address egregious Chinese trade practices before it can decide on the fate of the tariffs imposed by the Trump administration, the president-elect's national security adviser, Jake Sullivan, said on Sunday.

Several industry groups on Tuesday urged the Office of the U.S. Trade Representative not to impose tariffs on Vietnam in response to alleged currency undervaluation, arguing the rising U.S. trade deficit with Vietnam is the result of Section 301 tariffs on China and warning that new tariffs would harm U.S. interests and consumers.

The Trump administration is hindering efforts to ensure a smooth transition of power, President-elect Joe Biden said on Monday, citing briefings from transition officials about the “critical early investment” needed to ensure the U.S. can rebuild alliances to take on key threats – including China.