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Read previewTensions between the Philippines and China have heightened around contested waters in the South China Sea in recent months. In recent months China has engaged in increasingly aggressive operations against the Philippines around the disputed islands of Sabina Shoal, Escoda Shoal, and Second Thomas Shoal in the South China Sea. Chinese Coast Guard holding knives and machetes as they approach Philippine vessels in the disputed South China Sea on June 17, 2024. A Chinese Coast Guard firing a water cannon at a Philippine Navy-chartered vessel resupplying troops stationed at Second Thomas Shoal in March 2024. AdvertisementSpeaking at a conference, he said that the "escort of one vessel to the other is an entirely reasonable option within our Mutual Defense Treaty."
Persons: , Collin Koh, Thomas Shoal, Second Thomas, Jay Tarriela, Timothy Heath, Heath, Koh, Shoal, Ezra Acayan, Samuel Paparo, Alexander Lopez, Sari Arho Havrén Organizations: Service, Institute of Defence, Strategic, Singapore's Nanyang Technological University, Business, coastguard, Mutual Defense Treaty, RAND Corporation, Coast Guard, Armed Forces, AP, Congressional Research Service, China, Philippine Navy, Navy, Air Force, Pacific Command, Mutual Defense, Philippine National Maritime Council, RAND, Royal United Services, Democrats, Republicans Locations: Philippines, China, South, Sabina, South China, Philippine, Second, Sabina Shoal, Asia, Ukraine, Israel
An expansion rate surpassing America'sKFC, run by Shanghai-headquartered Yum China, has historically enjoyed the lion's share of the country's fast-food cravings. Hopes for a new middle class in ChinaCities in China are unofficially grouped into tiers according to their status, size, and wealth. Chinese KFC has nearly doubled its menu itemsExpanding during a sluggish economy might make sense for fast food brands, which are often classified as recession-proof as consumers downgrade their spending. Advertisement"Now, they are doubling down further on this strategy by expanding into the inland regions of China, especially Tier Three and Tier Four cities with a growing middle class," they told BI. Yum China has also been expanding aggressively in the country's burgeoning coffee scene, establishing a popular spin-off called KCoffee.
Persons: , It's, McDonald's, Shaun Rein, Rein, Allison Malmsten, Malmsten, Cui Nan, Wang Gang, Jonathan Bernstein, Bernstein, Kung Fu, Daxue, it's, They've Organizations: Service, Thursday, Business, McDonald's, Tier, China Market Research Group, KFC, LONG, Future Publishing, Getty Images, China, US, Yum China, Daxue Consulting, Publishing, China News Service, Getty, Analysts, Yonder Consulting Locations: China, Kentucky, Weibo, Hangzhou, China's, Shanghai, China Cities, Beijing, Guangzhou, Shenzhen, Chengdu, Chongqing, Nanyang, Suqian, Jiangsu, London, Asia, Shanghai thronged
iPhone sales are expected to reach $38.64 billion and decline more than 2% year over year as the company grapples with a stretch of stagnant growth. Long also echoed concerns the new iPhone won't be enough to fuel a "meaningful" upgrade cycle to support the premium. AI-fueled upgrade cycle Apple's September quarter is expected to include about a week of new iPhone sales. Wall Street will also keep a close watch on China sales following an 8% decline during the second quarter. "While Greater China sales remain sluggish, mainland China iPhone sales have been stronger than expected and we are encouraged by iPhone demand picking up in emerging markets," said Raymond James analyst Srini Pajjuri.
Persons: ISI's Amit Daryanani, Tim Long, Long, iPhones bottoming, Evercore, bode, Bernstein's Toni Sacconaghi, tailwinds, JPMorgan's Samik Chatterjee, Baird's William Power, Raymond James, Srini Pajjuri Organizations: Apple Intelligence, Barclays, Apple, Verizon, Huawei Locations: China
Typhoon Gaemi is expected to strengthen into a super typhoon before making landfall on Taiwan’s northeastern coast Wednesday evening. Heavy rain hit Taiwan ahead of the storm’s landfall on Wednesday, with the island’s mountainous areas already reporting rainfall approaching 200 millimeters (8 inches). Typhoon Gaemi is strengthening in Pacific waters that have been at their warmest temperatures on record. Images show roads and streets in Manila flooded by rains brought by Typhoon Gaemi, as people wade through knee-deep water. Torrential rainfall hit southern, central and eastern parts of the country and led to major emergency response efforts in a flood season that has started some two months ahead of its typical schedule.
Persons: Gaemi, Han, Sun Li, fiang, Typhoon Gaemi, Ferdinand Marcos Jr, Organizations: Taiwan CNN, Typhoon Warning, Central Meteorological Agency, CMA, Taiwan Railways, China Airlines, Starlux Airlines, Philippine Stock Exchange, Taiwan Locations: Taipei, Taiwan, Fujian, Hualien county, chipmaking, Hsinchu, Kaohsiung, China, Hualien ., Philippines, Manila, Luzon, Philippine, Zhejiang, Jiangxi, Henan, Shanxi, Hebei
Here's a rapid-fire update on all 34 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Costco : While Costco gets nearly 7% of its sales from China, Jim said it's unlikely its business would be threatened by geopolitics given the company's popularity in the country. Constellation Brands : There's no doubt that the Modelo and Corona parent is a less attractive stock under Trump compared with Biden. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer's, Jim, Donald Trump, Abbott's, Reckitt Benckiser, we're, there's, it's, Biden, Dupont, Trump, Walt Disney, Nelson Peltz, Jim said, Estee Lauder, Eaton, Honeywell's, Washington that's, Eli Lilly, Roche, Eli Lilly's, Lilly, Sen, J.D, Vance of, Morgan Stanley, ChatGPT, chipmaker, Laxman Narasimhan, Stanley Black, Decker, rightsizing, Wells, Wynn, he's, Jim Cramer, Brendan McDermid Organizations: Jim Cramer's Charitable Trust, CNBC, Trump, Abbott Laboratories, AMD, Broadcom, VMWare, Costco, Coterra Energy, White, Bloomberg, Federal, Motors, Ford, GE Healthcare, Big Tech, Honeywell, Air Products, Linde, Meta, Microsoft, Investors, OpenAI, Republican, Palo Alto Networks, Palo, Procter & Gamble, Biden, Constellation Brands, Modelo, The, TJX, Wynn Resorts, Club, Jim Cramer's Charitable, Traders, New York Stock Exchange Locations: China, Dover, U.S, Washington, Vance of Ohio, Meta, Taiwan, Israel, Gaza, Corona, Wells Fargo, Macau, New York City
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina likely to 'undershoot' its GDP growth target for 2024 at current pace: EconomistLouise Loo, lead economist for China at Oxford Economics, says "we are expecting … consumer sentiment to stay quite weak, and what that means is that there is no sign of a visible turnaround for the second half of this year."
Persons: Louise Loo Organizations: China, Oxford Economics Locations: China
TM Roh, head of Samsung's mobile business, talks about Galaxy AI at the Galaxy Unpacked event in Paris, France. On Wednesday, Samsung launched two new foldable smartphones with new AI features as it continues to build up capabilities. PARIS — Samsung is developing its suite of artificial intelligence features known as Galaxy AI specifically for the Chinese market, the company's mobile chief told CNBC, as it looks to regain market share that has been decimated by local players. But China, the world's biggest smartphone market, has been a struggle for Samsung over the last few years. Foreign firms looking to launch AI features in China likely need to partner with local companies.
Persons: Roh, Roh didn't, Ernie chatbot, Francisco Jeronimo, Jeronimo Organizations: Galaxy, Samsung, CNBC, Huawei, Baidu, Samsung's, Apple, Apple Intelligence, IDC, Xiaomi Locations: Paris, France, PARIS, China, Europe, East, Africa
China lifts ban on five Australian beef exporters
  + stars: | 2024-05-29 | by ( ) edition.cnn.com   time to read: +2 min
Sydney —China has lifted bans on imports from five major Australian beef processing facilities, the Australian government said on Thursday, in the latest sign of improving relations between the two nations. The bans applied to certain abattoirs but did not affect others, which meant Australia was still able to ship beef to China. China was Australia’s second-biggest beef export market last year, receiving 240,000 tons worth around $1.6 billion, Australian trade data shows. They said China’s trade impediments at their height impacted Australian exports worth 20.6 billion Australian dollars ($13.6 billion). The reasons China gave for suspending the Australian beef processors were issues over labeling or contamination or cases of COVID-19 among their workers.
Persons: , Matt Dalgleish, Dalgleish, , Penny Wong, Don Farrell, Murray Watt Locations: Sydney — China, Beijing, China, Australia, Canberra, United States
China has mandated that local businesses leave the door open for cash payments as it tries to attract foreign investment and tourism after the pandemic. AdvertisementHungry for foreign business, China has rushed to bridge the gap. Major payment platforms Alipay and WePay started allowing visitors to link their international bank cards to their Chinese accounts. It's illegal in China to reject cash for purchases, and the central government's crackdown has intensified in the last several years. Investor relations for Yum China, which operates KFC in China, did not immediately respond to a request for comment sent by Business Insider.
Persons: , WePay Organizations: Service, KFC, People's Bank of China, Business, China Post, New China Life Insurance, PICC, Regulators, Yum Locations: Beijing, Wuxi, Jiangsu, Mongolia, China, Gansu, New, Shanghai, Tourism, Yum China
Microsoft has reportedly asked China-based cloud computing and artificial intelligence operations employees to consider relocating out of the country, as Washington cracks down on Beijing's access to the advanced technology. One source told WSJ that Microsoft had made the offer to about 700 to 800 people in total who were involved in machine learning and other work related to cloud computing. In a statement shared with CNBC, a Microsoft spokesperson confirmed that the company had "shared an optional internal transfer opportunity with a subset of employees" without supplying details on the number and affiliation of staff affected. Microsoft employs roughly 7,000 engineers for its Asia-Pacific research-and-development group, with most of this workforce based in China, the WSJ reports. The move comes amid U.S. efforts to prevent China from developing cutting-edge AI technology, which could be used for military purposes.
Organizations: Microsoft, Street Journal, CNBC Locations: China, Washington, U.S, Ireland, Australia, New Zealand, Asia, Pacific
Wells Fargo reiterates Nvidia as overweight Wells increased its price target on Nvidia to $1,150 per share from $970. Jefferies upgrades Boston Beer to buy from hold Jefferies said in its upgrade of the beverage company that it sees "multiple expansion." Bank of America reiterates Apple as buy Bank of America said it's sticking with its buy rating on shares of Apple. JPMorgan upgrades Planet Fitness to overweight from neutral JPMorgan said in its has increased confidence in Planet Fitness' growth. JPMorgan upgrades Vtex to overweight from neutral JPMorgan said it sees an attractive entry point for the software-as-a-service company.
Persons: Tesla, Goldman Sachs, Goldman, it's, Wells, ests, Jefferies, Beer, Roth, Morgan Stanley, GXO's, Baird, Oppenheimer, Edwards Organizations: Barclays, Oncology, Fulcrum Therapeutics, ISI, Nvidia, Jefferies, Boston Beer, GXO Logistics, Bank of America, Apple, HSBC, Citi, Weatherford, Energy, JPMorgan, LT, Fortrea Holdings, Edison International, RBC, North, Deutsche Bank, Amazon, Deutsche, Western Digital, Seagate Locations: China, North America
A new report says China's $229 billion military budget in 2022 was actually equivalent to $711 billion. AdvertisementIn June 2023, Sen. Dan Sullivan of Alaska warned Congress that China's military was catching up to America's faster than previously imagined. That makes Beijing's spending in 2022 "nearly equal" to the US defense budget of about $740 billion that year, wrote Eaglen, a senior fellow at AEI. Using that factor, Eaglen wrote that it's highly likely China's spending on personnel that year was worth $293 billion of US military spending. US military spending is also often cited as higher than the actual defense budget.
Persons: , Sen, Dan Sullivan, Mackenzie Eaglen, Sullivan, Eaglen, haven't Organizations: AEI, Service, Republican, American Enterprise Institute, Pentagon, Beijing, United Nations, Labor, US Army, People's Armed Police, Liberation Army's, Publishing, Getty, China's, Guard Locations: Alaska, Beijing, Washington, China, Nanning, South, Guangxi Zhuang Autonomous, United States
GE Healthcare shares sank Tuesday after the company's first-quarter sales and profits fell slightly short of the Wall Street consensus. GE Healthcare Why we own it : GE Healthcare is the global leader in medical imaging, diagnostics, and digital solutions in health care. That's what we have to say about this GE Healthcare quarter. This contributed to some of the softness in the first quarter quarter. The GE Healthcare scanner is called the Revolution CT. Martin Schutt | picture alliance | Getty Images
Persons: didn't, GE Healthcare's, , it's, Peter Arduini, Jim Cramer's, Jim Cramer, Jim, Martin Schutt Organizations: GE Healthcare, LSEG, General Electric, Philips, Siemens, GE Healthcare YTD, GE, Management, Alzheimer's, CNBC, Getty Locations: China, Covid, Jena , Germany
Our guide has everything you need about where to watch a free China F1 live stream. How to watch free China F1 live streams with a VPNSign up for a VPN if you don't have one. How to watch F1 China live stream in the USESPN covers Formula 1 racing throughout the season. Shop at SlingHulu + Live TV Hulu + Live TV includes over 90 channels, along with Hulu's on-demand library and access to Disney Plus and ESPN Plus. Shop at HuluHow to watch China F1 live stream in the UKWant a free option?
Persons: Verstappen, Perez, Alonso, Will, Max, we've, you'll, ServusTV, ExpressVPN, It's, Hulu's, it's Organizations: Business, Sprint, Red Bulls, China, RTL2, AWST, ESPN, Hulu's, Disney, Hulu, Disney Plus, Sky Sports, Sky, Premier League Locations: Shanghai, Miami, China, Japan, ORF1, Austria, Belgium, Luxembourg, TV's
AdvertisementElon Musk has postponed his trip to India amid the ongoing chaos at Tesla. The Tesla CEO was expected to visit India early next week to meet with Prime Minister Narendra Modi. Musk wants to build a new factory in India, where the EV market is tiny but gaining steam, thet outlet reported. BI reported in early April that Musk's Tesla has struggled to compete in China's EV market as rival companies make "aggressive price cuts." Musk wrote on X that Tesla was unaware of any "injuries or accidents" related to the problem.
Persons: Elon, Tesla, Cybertruck, , Elon Musk, Narendra Modi, Musk, Antonio Masiello, Musk's Tesla, Justin Sullivan Organizations: Service, Getty, Reuters, EV, Business Locations: India, China
Huawei's official website in China listed details of the Huawei Pura 70 series. The Chinese technology giant took the wraps of the Pura 70 series, which replaces the "P series" of devices that the company first launched in 2012. Huawei's latest phones are its latest challenge to Apple, which is the dominant foreign smartphone brand in China. The Pura 70 series as four devices — the Pura 70, Pura 70 Pro, the Pura 70 Pro Plus and the Pura 70 Ultra — according to Huawei's official website. Here are the starting prices in China for each:Pura 70: 5,499 yuanPura 70 Pro: 6,499 yuanPura 70 Pro Plus: 7,999 yuanPura 70 Ultra: 9,999 yuanApple's iPhone 15 in China starts at 5,999 yuan, while the iPhone 15 Pro Max starts at 9,999.
Persons: Max Organizations: Huawei Pura, Huawei, U.S, Pura, Apple, Research, Pro, Android, CNBC Locations: China, Washington, Kirin
China will lift anti-dumping and anti-subsidy tariffs on Australian wine from March 29, the Chinese commerce ministry said on Thursday, ending three years of punitive levies and offering long-awaited relief to Australian wine producers. "We welcome this outcome, which comes at a critical time for the Australian wine industry," the Australian government said in a statement. "Since 2020, China's duties on Australian wine effectively made it unviable for Australian producers to export bottled wine to that market. When the tariffs on Australian wine were levied in 2021, Canberra urged the WTO to arbitrate in the dispute. "Today's announcement is a significant positive not only for Treasury Wine Estates, but also for the Australian wine industry and wine consumers in China," CEO Tim Ford said in a statement.
Persons: Australia's, Tim Ford Organizations: World Trade Organisation, WTO, Wine, Treasury Wine Estates Locations: Chirnside Park, Victoria, Australia, China, Canberra, Beijing
In a sign of easing tensions between Australia and China, China said Thursday that it would lift the tariffs it placed on Australian wine more than three years ago. The tariffs, which were first imposed in 2020 amid a nasty diplomatic spat between Australia and China, had all but vaporized the country’s biggest overseas market, worth 1.2 billion Australian dollars or around $800 million at its peak. The decision to lift the tariffs was announced by China’s Ministry of Commerce. “That’s going to take some time to be depleted,” said Lee McLean, the chief executive of Australian Grape & Wine. “And China is not going to solve that on its own.”
Persons: Anthony Albanese, “ That’s, , Lee McLean Organizations: China’s Ministry of Commerce, Rabo Bank, Australian Locations: Australia, China
The decision scraps duties as high as 218% on Australian wine exports to China, its largest overseas market once worth more than 1 billion Australian dollars ($653 million). The Australian government said it welcomed Beijing’s decision “which comes at a critical time for the Australian wine industry.”“Since 2020, China’s duties on Australian wine effectively made it unviable for Australian producers to export bottled wine to that market,” the statement read. “There are a lot of people in the Australian wine industry who will be reaching out for a good glass of wine tonight and feeling a whole lot happier about their future,” Bruce Tyrrell, managing director of Tyrrell’s Wines in New South Wales, told CNN. Annual wine production hit its lowest point in more than 15 years during 2022-2023, Wine Australia said. Lee McLean, head of national association of grape and wine producers Australian Grape & Wine, said industry groups were working with the Australian government to “ensure a coordinated re-entry” into the market.
Persons: , , that’s, ” Bruce Tyrrell, Lee McLean, ” McLean, Anthony Albanese’s, Albanese, Wang Yi, Penny Wong, Yang Hengjun, Wong Organizations: Sydney CNN, China’s Ministry of Commerce, Canberra, World Trade Organization, Tyrrell’s, CNN, Wine Australia, Global, Wine, China’s Foreign, Anthony Albanese’s Labor, China’s, Ministry, Australian Locations: Hong Kong, Sydney, China, Australia, Beijing, New South Wales, Wine Australia, United Kingdom, Europe, China’s
China ambassador says Australia wine tariff review on track
  + stars: | 2024-03-11 | by ( ) www.cnbc.com   time to read: +1 min
China's review of tariffs on Australian wine is progressing well, Chinese Ambassador Xiao Qian said on Monday, but he stopped short of confirming an Australian government claim the dispute would be resolved this month. China's review of tariffs on Australian wine is progressing well, Chinese Ambassador Xiao Qian said on Monday, but he stopped short of confirming an Australian government claim the dispute would be resolved this month. "Currently, Chinese authorities are reviewing and investigating our tariffs on Australian wine and things are moving on the right track, in the right direction," Xiao told the Australian Financial Review Business Summit. A day earlier, Australia's trade minister said China would complete its review into the years-long wine tariffs by the end of March. The standoff over China's tariffs of up to 218% on Australian wine remains unresolved.
Persons: Helen, Joey, Xiao Qian, Xiao Organizations: Australian Financial, Business, Australian, World Trade Organization Locations: Shiraz, Yarra, Greater Melbourne, Australia, China, Beijing
China's crashing stock market could be the breaking point for foreign investors, Atlantic Council's Jeremy Mark said. AdvertisementThe decline of China's stock market may have scarred it for the long-term, as foreign investors likely aren't coming back, the Atlantic Council wrote on Friday. China's property market is the leading concern, considering the sector accounts for around a quarter of the nation's GDP. Foreign investors have been disenchanted by Beijing's slow response, while the government's 2020 crackdown on the tech sector provided another incentive to move out of Chinese markets, Marks noted. "Even if the economy and property market bottom out in 2024, there are worrying signals about the government's intentions for stock investors.
Persons: Jeremy Mark, , Mark, Beijing's, Marks, It's Organizations: Service, Atlantic Council Locations: Atlantic, China, Beijing
CNN —Grab your camera and slap on something flame resistant, it’s time to witness one of China’s most incredible displays – the fire dragon dance. Dragon dances have been documented at ceremonial events since the Han Dynasty (202 BCE to 220 CE), while fire dragon dances began appearing in records during the Qing Dynasty (1644-1911) and in the Republican era (1912-1949). Some historians say fire dragon dances date back even further, to the Ming Dynasty (1368-1644). Puzhai Fire Dragon, Fengshun County, GuangdongEntertainers perform a fire dragon dance to celebrate the Lantern Festival in Puzhai town, in China's Guangdong province. Tongliang Fire Dragon, ChongqingVideo Ad Feedback See a dragon dance with molten iron fireworks 00:56 - Source: CNNThe Tongliang Fire Dragon in Chongqing province is undoubtedly one of the grandest fire dragon dance performances of them all.
Persons: , Kwok Kam Chau, Kwok, We’ve, Liu Long Organizations: CNN, Republican, Hong Kong Baptist University, China’s, Steel Locations: Fengshun County, Guangdong, Puzhai, China's Guangdong province, Imaginechina, China, Hunan, China’s, Miao Autonomous Prefecture, Hunan province, Huanglongxi, Sichuan, Chengdu, China's Sichuan province, Chongqing, Chongqing province, majestically, Qicaimeng, Guizhou, Dafang County, Guizhou province
Working with Chinese rappers like the popular Higher Brothers, he has always interspersed English song lyrics with a catchy Chinese chorus. On his latest album, “Love for you,” Phoenix apologizes to Higher Brothers for saying they were not speaking in support of Black Lives Matter. Phoenix's criticism led to a rift with Higher Brothers that hasn't healed. He also served as a moderator for a panel about Asian American support for Black Lives Matter. Again, he spoke of Black and Asian solidarity, and of seeing everyone as human first.
Persons: Bohan, Phoenix, , , , couldn’t, George Floyd, ” Phoenix, hasn't Organizations: Associated Press, Phoenix, Brothers, U.S Locations: BANGKOK, China, Phoenix, U.S, New York, Harlem, Chengdu . Phoenix, West
Hong Kong CNN —As Ukraine scrambles to keep international support with Russia’s invasion grinding into a third year, its leader has made clear one country he would like to see join his push for peace: China. There, Zelensky told reporters he would “very much like China to be involved” in Ukraine’s peace plan. “China thinks it is already playing an important role in moving toward peace. There is even less reason for China to ‘advance a fair peace as advocated by the West and Ukraine,’” she said. But when it comes to how Beijing may maneuver toward brokering peace in Gaza, China likely doesn’t see itself as yet having captured the opportunity “to present itself as a conflict mediator,” according to Sun.
Persons: Ukraine scrambles, , Volodymyr Zelensky, Zelensky, Li Qiang, Zelensky –, It’s, , Yun Sun, Xi Jinping, ’ ”, Li, Wang Yi, Wang, Xi, Alex Gabeuv, Israel, , Svitlana Organizations: Hong Kong CNN —, Economic, Stimson, Kyiv, Sun, West, CNN, Arab League, Palestine, Global, Carnegie Russia Eurasia Center, China’s, Ministry Locations: Hong Kong, Ukraine, China, Beijing, Switzerland’s Davos, Interfax, Russia, Washington, Moscow, Davos, Gaza, Russia’s, CNN China, Cairo, Africa, Israel, Palestine, United States, that’s, Berlin, Global, Switzerland, Saudi Arabia, counterbalancing, Kyiv, London
China had a gene sequence of COVID-19 weeks before sharing it with the world, US lawmakers said. AdvertisementChina likely obtained COVID-19's first known gene sequence weeks before publicly releasing it, contrary to Beijing's claim that it immediately shared the information, the US House Energy & Commerce Committee said on Wednesday. Related storiesThe committee said this contradicted China's repeated claims that it released the gene sequence as soon as it obtained the information. The House committee said this example shows that China has been forthcoming with sharing vital medical information for fighting COVID-19. AdvertisementThe committee also raised concerns that the NIH had received a COVID-19 gene sequence but "apparently had no idea."
Persons: , Lili Ren, Ren, China's, Biden, Cathy McMorris Rodgers, Morgan Griffith, Brett Guthrie Organizations: Service, US, Energy, Commerce, National Institutes of Health, EcoHealth Alliance, of Health, Human Services, World Health Organization, CCP, NIH, HHS, Energy & Commerce Committee, Oversight, Rep Locations: China, Washington, Virginia, Brett Guthrie of Kentucky, Washington , DC
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