Tuesday, September 22, 2020

US sanctions on China will trigger more job losses in US – Veterans Today

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Beijing may target Apple, Boeing & other US tech giants in retaliation for Huawei ban

[ Editor’s Note: The Trump regime, to look tough on China, is pushing the button on technology sanctions on China. While there will be a one day media splash about this move, there will be a delayed cost.

China will certainly retaliate with its own counter sanctions on US suppliers that will throw American workers out of precious permanent jobs, undermining the attempt to recover from the huge coronavirus economic hit. Boeing will take a hit.

Will anyone in the Trump regime care, especially if they lose in November? I would guess, hardly. So we will have another hair-brained, boomerang Trump foreign policy screw up, for a slight media bump.

Politico was already reporting last week that new unemployment figures will be showing growth in the loss of permanent jobs versus temporary ones, as companies close their doors after bearing all the losses that they could.

Closed business mean more permanent unemployment and less tax revenues for local governments, which spirals the economy down into a recession. Why am I suspicious that if Trump was certain of his defeat in November, he would want to leave a destroyed a country behind if possible?

After all, he spent his business career stiffing subcontractors to add to his bottom line. I am viewing Pompeo’s delusion as the heir apparent for the next Republican candidate as just that…a dream.


Biden does not look to be an eight year candidate by any means, but Pompeo will never be able to get the Trump stink off him; and the Republican party might need to banish the Trump legend to rebuild itselfJim W. Dean ]

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Pompeo

– First published … August 08-08-20

China has reportedly picked US targets to strike back at in response to new restrictions on its telecom giant Huawei, as Washington attempts to cut the firm off from global semiconductors supplies.

As tensions continue to escalate between the world’s two biggest economies, the US Commerce Department announced on Friday that it was amending an export rule and the Entity List to “narrowly and strategically target Huawei’s acquisition of semiconductors that are the direct product of certain US software and technology.”

Chinese state media was quick to react to the new restrictions on key technological supplies for domestic companies. According to the Global Times, Beijing is ready to put US companies on the so-called “unreliable entity list,” as well as launch investigations against Qualcomm, Cisco and Apple under Cybersecurity Review Measures and anti-monopoly law.

The report added that the firms may face some restrictions, without elaborating on the scale of the measures. Additionally, China can suspend its purchases of Boeing aircraft, which could be a huge blow to the aerospace firm as it faces massive losses over the coronavirus crisis.

The latest restrictions from the US Commerce Department require foreign semiconductor manufacturers that use US software and technology to obtain a license from US officials before shipping products to Huawei. At the same time, the ban targets chips designed for Huawei, requiring a similar license.

Huawei has long been targeted by the US for alleged links to the Chinese government, a charge which the company has repeatedly denied. Washington has deemed the company a threat to national security and has been pushing its allies to ditch Huawei technology, especially when it comes to 5G networks.

Last year, the Trump administration barred US companies from doing business with Huawei, but has been granting temporary licenses to facilitate support for existing hardware with software updates since then.

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