The President of the United States of America, Donald Trump has made a few crucial and surprising announcements with regards to the entire US-Huawei saga at the G20 summit today.
Just in case you have not been updated with what is happening with regards to the ban; let us refresh your memory.
Leaving aside the political and economic concerns, it all finally comes down to major losses and setbacks incurred by all sides.
Hence it resulted in backlash, following which there were bargaining and delays and pretty recently there were legal loopholes all with the aim of maintaining the economic balance between the US and China.
The President is said to have finally understood the gravity of the entire scenario and the depth of the operation with China and the US, with regards to patents and technology.
Trump has stated that there will be further deliberations on a possible trade agreement with Huawei a bit later. This could most likely happen next Tuesday. Until then nothing can be said with certainty.
If Huawei is taken off the much dreaded “entity list”, it would mean that the controversial trade restrictions are lifted off.
All this would need the backing of a US-Huawei trade deal. Trump has stated that he will discuss all this with the Commerce Department either tomorrow or on Tuesday.
The next step from here would be to negotiate with China and directly with President Xi Jinping.
This crucial economic aspect will be directly dependent on the smooth negotiations between Trump and Xi Jinping.
As per sources, as far as the tariffs in question go, they amount to a whopping $300 billion, which Trump had threatened to impose on goods imported from China.
The US and China economic turmoil is based on this aspect and has come under a lot of fire. Taxes and transfer of increased costs that are very much likely to impact customers are the main concerns that have been raised.
We will be watching this entire situation very closely.