China

The Commerce Department will allow U.S. companies to sell to Chinese telecom giant Huawei for another 90 days even though the company remains on the Bureau of Industry and Security’s Entity List, pushing back a deadline that was seen as key to U.S.-China trade negotiations.

Chinese goods already en route to the U.S. will not be spared from duties slated to take effect on Sept. 1, according to a notice issued on Thursday by the Office of the U.S. Trade Representative.

The U.S. on Thursday objected to the adoption of a World Trade Organization Appellate Body report in a countervailing duty dispute with China, arguing at a Dispute Settlement Body meeting that the decision reflects a host of concerns the U.S. has raised over the body’s functioning.

Four countries, three of which are openly opposed to renewing the World Trade Organization moratorium on duties on electronic transmissions, would lose more in gross domestic product than they would gain in tariffs if the moratorium were lifted, according to a new study.

USTR convenes the hearings to inform annual reports to Congress.

Asked whether the decision was related to the stock market, which took a dip on Monday, Ross said it had been “planned quite a while before.”

Agriculture organization leaders this week denounced White House trade adviser Peter Navarro’s claim that the Trump administration’s trade aid package is making farmers “whole.”

U.S. stocks dropped again on Monday due to concerns over a trade war with China, adding to the uncertainty over whether the two sides have any realistic shot at a deal soon.

“In our baseline policy scenario, we now estimate a peak cumulative drag on the level of GDP of 0.6%, including a 0.2% drag from the latest escalation.”