China agreed to buy more farm products after Trump quietly put a currency deal with the Chinese in play, and he pulled the October 15th tariff increase off the table for now. Trump calls the agreement phase one of a multi-phase agreement.
In phase one of the trade agreement, China will buy tons of farm products right away. According to the New York Times, China will buy 30 tons of soybeans going forward. China is in the process of buying pork and wheat, and Chinese importers will continue sourcing those products from the U.S. But the U.S. will have to make some price concessions if Brazil decides it wants to keep the soybean business China gave them when Trump started his tariff war on the world, according to the New York Times.
Phase one doesn’t include the Huawei debacle or banning of Chinese tech companies from the stock market. Even though Trump has a hard-on for Huawei, and other Chinese giants like Alibaba, China’s e-commerce sector is in the same league as Amazon and Apple in terms of being global innovators, according to Forbes.
Other Chinese companies like China’s search engine Baidu, and DJI, the drone maker, were on the top ten global innovators list. Google, Microsoft, Airbnb, Facebook, and Netflix also made the list. Plus, the survey also named Ren Zhengfei and Lei Jun, the CEO and co-founder of Xiaomi the Chinese smartphone maker, global visionaries. Google’s Pichai also made the list, and so did Elon Musk. Musk is Space X and Tesla’s top executive.
The survey concluded Huawei’s CEO is still a force to reckon with despite Trump’s quest to put him out of business. But with 60 new 5G contracts from countries around the world and $100 billion in 2019 revenue, Trump’s bullying stings, but it won’t stop Huawei from being one of the top smartphone makers as well as Ai and facial recognition companies in the world.
Social media apps like Facebook, Twitter, and Instagram were top picks for tech executives. But China’s WeChat didn’t make the list even though WeChat has more than a billion users.
Germany left the door open for Huawei to help build-out the country’s 5G network. German decided not to bar any vendor from throwing their hat in the 5G game. Trump and Pompeo tried to pressure Germany and other European countries to throw Huawei to the tech curb, but most of those countries gave them the finger.
