Trade war, Italy and Brexit worries drive Europe lower

Jeannie Matthews
August 10, 2019

"We firmly support the relevant Chinese companies in taking up legal weapons to safeguard their legitimate rights and interests", she said in an online statement.

US stock futures did not look much brighter either.

U.S. chipmakers such as Intel, Qualcomm, and Broadcom sent their chief executives to meet with President Trump in July in a bid to accelerate the process of obtaining licenses to sell to Huawei.

President Donald Trump said Friday that the next round of trade negotiations between the USA and China could be canceled.

Huawei said it would challenge the move in federal court.

Trade talks between the US and China are not looking any better. "We're not ready to make a deal - but we'll see what happens", Trump said before departing for fundraisers on Long Island, New York.

President Donald Trump stunned financial markets last week by vowing to impose even more levies from September 1, which would extend tariffs to almost all of the Chinese goods the USA imports.

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The ease on restrictions was regarded as a goodwill gesture to China after Trump met with Chinese President Xi Jinping. "Twenty-five years of abuse - I'm not ready so fast, so we'll see how that works out." the president added.

"I really made the decision".

The Bloomberg dollar index, which measures the US currency against a basket of peers, briefly jumped following Trump's comment on the greenback, before slipping back to be little changed from where it was. The risk of US action rose further in the eyes of some analysts this week after the yuan plunged to a decade-low and the Trump administration formally named China a currency manipulator. Markets received another jolt on Monday when China retaliated by letting the value of its currency fall to the lowest level since 2008, raising fears of a currency war between the world's two biggest economies.

The comments Friday capped off a week of dramatic escalations in the yearlong economic dispute between the USA and China, which has together led to more than $350 billion worth of tariffs and weighed on global trade flows.

Benchmark indexes started lower Friday, and the losses accelerated after President Donald Trump suggested a meeting on trade with China next month may not take place.

It's been nearly three months since the U.S. first announced that Huawei had been placed on an "entity list" in May, which banned USA companies form doing business with Huawei.

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