China is reportedly urging the US to reverse its “discriminatory” measures following guidance from the Commerce Department that using Huawei’s Integrated Circuits (chips) could be interpreted as a violation of American export controls.
The guidance warned the public that using Huawei’s Ascend chips without authorization could result in substantial criminal and administrative penalties.
Chinese officials now say that the guidance undermines trade conversations in Geneva, Switzerland, earlier this month, Reuters reports.
Says the Chinese ministry,
“The U.S. has been abusing export control measures, imposing stricter restrictions on Chinese chip products under unfounded accusations… China firmly opposes this…
Trying to trip others won’t make oneself run faster.”
China also reportedly vowed resolute measures if the US continues to “substantially” harm its interests, according to Reuters.
China sold off billions of dollars worth of US Treasuries between February and March, according to new government data.
An update from the Treasury Department shows China’s US Treasury holdings dropped $18.9 billion in one month, while most other countries increased their holdings.
The data also shows that the UK has overtaken China and is now the second-biggest foreign holder of USTs in the world.
Macro investor Luke Gromen warns that the countries buying more USTs won’t be able to simultaneously buy more American-manufactured goods, further hurting America’s trade deficit that President Trump has promised to address.
Says Gromen,
“Foreign UST holdings rose $133 billion Mar vs. Feb.
UK, Caymans, and Canada were $86 billion of that $133 billion; China sold $19 billion.
UK surpassed China as the 2nd biggest US foreign creditor for 1st time ever in March.
Cayman Islands (pop. ~73,000) is now the fourth biggest US foreign creditor at $455 billion…
How are they going to buy both USTs and more goods from America going forward?”
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