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☆ Harris’ economic stance in spotlight as jobs data stirs concerns
▼ + stars: | 2024-08-02 | by ( Kayla Tausche | ) edition.cnn.com time to read: +8 min

The data also points a spotlight on the economic platform of Vice President Kamala Harris, who is poised to accept the Democratic presidential nomination this month amid signs of a slowing economy. But her economic views are less defined, maintaining broad references to strengthening the middle class, even as her record investigating Wall Street and her farther-left 2019 primary campaign platform have executives and investors on edge. According to those close to Harris, advisers and administration officials, Harris’ economic views were described as “pragmatic,” “centrist,” and even “pro-business,” with a goal of leveraging private-sector friendships for better outcomes at the ground level. Personnel as policyHarris has two staffers who manage economic and domestic policy issues, and she was briefed by staff on the most recent jobs data. “He is as close to Harris and the second gentleman as almost anyone in the administration,” said an official close to Harris.

Persons: Harris, Kamala Harris, ”, Mike Pyle, Don Graves, David Turk, Wally Adeyemo, Janet Yellen, Pyle, Brian Deese, Rohini Kosoglu –, Brian Nelson, Nelson’s, Nelson, “ That’s, Jason Furman, Barack Obama, Rohit Chopra, Massachusetts Sen, Elizabeth Warren, Biden, Vermont Sen, Bernie Sanders, –, “, she’s, Tom Vilsack, Vilsack, Ray McGuire, Lazard, Blair Effron, Jamie Dimon, “ She’s, Lina Khan, Harris “, Lina Organizations: CNN, Biden, Federal Reserve, Democratic, National Security Council, National Economic Council, ”, Commerce, Energy, Consumer Financial, Bureau, Vermont, Democratic Party, White, Commerce Department, Department of Agriculture, Wall Street, Centerview Partners, JPMorgan Chase, Naval Observatory, Meta, Target, Citigroup, eBay, Federal Trade Commission Locations: Massachusetts, Columbus , Ohio, Syracuse , New York, Georgia, Central America, Columbia, California

☆ South Korea asks US to resolve chip trade issues
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSEOUL, Sept 22 (Reuters) - South Korea on Friday said it has asked the United States to resolve uncertainties regarding U.S. export controls in the chip sector and subsidies for chip investment. The waiver allowed the South Korean pair to supply equipment for their chip production facilities in China without additional licensing requirements. Bang has sought "active cooperation" from the U.S. Department of Commerce to resolve issues relating to export controls, South Korea's Ministry of Trade, Industry and Energy said in a statement without elaborating. Samsung Electronics has NAND flash memory production in Xian, China whereas SK Hynix has DRAM chip production in Wuxi and NAND Flash production in Dalian. The companies together control nearly 70% of global DRAM and 50% of NAND flash markets as at June-end, showed data from TrendForce.

Persons: Florence Lo, Commerce Don Graves, Bang, Joyce Lee, Heekyong Yang, Christopher Cushing Organizations: REUTERS, Rights, Industry, U.S, Commerce, Samsung Electronics, SK Hynix, U.S . Department of Commerce, Korea's Ministry of Trade, Energy, TrendForce, Samsung, Thomson Locations: Rights SEOUL, South Korea, United States, Seoul, China, U.S, Korea's, Xian , China, Wuxi, Dalian, Texas

☆ US imposes export controls on companies assisting Russia's military
▼ + stars: | 2023-04-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, April 12 (Reuters) - The U.S. Commerce Department said on Wednesday it is imposing export controls on more than two dozen companies in China, Turkey and other countries for supporting Russia’s military and defense industries. Five Chinese entities, two Russian and two Turkish companies were named for attempting to evade export controls and acquiring, or attempting to acquire, U.S.-origin items in support of Russia’s military. The Chinese companies named include STK Electronics, Wynn Electronics Co, ETC Electronics Ltd, Avtex Semiconductor Limited, Yongli Electronic Components and Newsuntech Electronics Limited. "Export controls have hampered Russia’s ability to sustain, repair, and resupply its weaponry," the department said in February. Other companies named are based in Singapore, Spain, Syria, Turkey, the United Arab Emirates, and Uzbekistan.

☆ Biden administration adds 14 Chinese firms to unverified list
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

Being added to the list can potentially start a 60-day clock that could trigger much tougher penalties. ECOM International and HK P&W Industry Co Ltd were among those added to the list. They and the Chinese Embassy in Washington did not immediately respond to requests for comment. “Enforcing our export controls is a crucial part of protecting American national security,” U.S. Deputy Secretary of Commerce Don Graves said in a statement following the announcement. Reporting by Alexandra Alper and Karen Freifeld; Editing by Chizu Nomiyama and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ US restricts 6 Chinese companies tied to airships and balloons
▼ + stars: | 2023-02-11 | by ( Brian Rokus | ) edition.cnn.com time to read: +2 min

CNN —The US Commerce Department is restricting six Chinese companies tied to the Chinese army’s aerospace programs from obtaining US technology without government authorization. US fighter jets shot down the balloon, which American officials have since claimed is part of an extensive surveillance program run by the Chinese military. The six companies are: Beijing Nanjiang Aerospace Technology; China Electronics Technology Group Corporation 48th Research Institute; Dongguan Lingkong Remote Sensing Technology; Eagles Men Aviation Science and Technology Group; Guangzhou Tian-Hai-Xiang Aviation Technology; and Shanxi Eagles Men Aviation Science and Technology Group. The inclusion of the companies on the Commerce Department’s “Entity List,” sends “a clear message to companies, governments, and other stakeholders globally that the entities on the list present a threat to national security,” the statement said. “Today’s action makes clear that entities that seek to harm US national security and sovereignty will be cut off from accessing US technologies.”CNN has reached out to the companies involved and the Chinese government for comment.

The suspected Chinese spy balloon drifts to the ocean after being shot down off the coast in Surfside Beach, South Carolina, U.S. February 4, 2023. The U.S. slapped sanctions against six Chinese aerospace companies that it said supported the Beijing's reconnaissance balloon program, adding them to a list of companies the U.S. considers a significant national security threat. We will not hesitate to use the Entity List and our other regulatory and enforcement tools to protect U.S. national security." Last weekend, a high altitude Chinese surveillance balloon was shot down off the coast of South Carolina. "Today's action makes clear that entities that seek to harm U.S. national security and sovereignty will be cut off from accessing U.S.

REUTERS/Florence Lo/IllustrationWASHINGTON, Jan 31 (Reuters) - An American official on Tuesday made the most direct comments by a U.S. authority to date acknowledging the existence of a deal with Japan and the Netherlands for those countries to impose new restrictions on exports of chipmaking tools to China. "But you can certainly talk to our friends in Japan and the Netherlands." The United States in October imposed sweeping export restrictions on shipments of chipmaking tools to China, seeking to hobble Beijing's ability to supercharge its chip industry and enhance its military capabilities. For the restrictions to be effective, though, Washington needed to bring on board the Netherlands and Japan, home to chipmaking powerhouses ASML (ASML.AS) and Tokyo Electron (8035.T), among others. The Commerce Department said in an email it will continue to coordinate on export controls with allies.

☆ U.S.-Africa Leaders Summit kicks off under China's long shadow
▼ + stars: | 2022-12-13 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

Trade between Africa and China last year surged to $254 billion last year, up about 35% as Chinese exports increased on the continent. “We are not interested in the views of any other countries on China’s role in Africa,” Qin said at the Semafor forum. Asked whether Biden administration officials would directly approach U.S. concerns about Chinese involvement in Africa during this week’s meetings, officials bristled. Those include Africa, South America and the Middle East, where China is eyeing military and economic expansion. U.S. officials have also expressed concerns that China is looking to establish a military base on the western coast of Africa.

☆ South Korea, U.S. in 'intense conversation' over EV tax credits, trade ambassador says
▼ + stars: | 2022-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

SAVANNAH, Ga. – South Korean officials are working closely with the U.S. government to adjust restrictive regulations on electric vehicles under the recently passed Inflation Reduction Act, according to the county's trade ambassador Tuesday. "We are in very intense conversation at the moment," Cho said Tuesday following the groundbreaking of a $5.5 billion electric vehicle plant by Hyundai Motor Group near Savannah, Georgia. Under the IRA, plug-in electric vehicles much be produced in North America to qualify for the tax incentives. U.S. Deputy Secretary of Commerce Don Graves during the event on Tuesday called South Korea a strong trade partner, but did not comment on the Inflation Reduction Act. Last week, U.S. Trade Representative Katherine Tai spoke with Korea's Minister for Trade Ahn Dukgeun about the IRA.

☆ Biden admin officials consider discouraging U.S. companies from expanding business ties with Saudi Arabia
▼ + stars: | 2022-10-18 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Carol-Lee-Circle-Byline-Template.Jpg | Carol E. Lee | ) www.nbcnews.com time to read: +8 min

WASHINGTON — Biden administration officials are considering trying to discourage American companies from expanding business ties with Saudi Arabia as part of a U.S. response to a recent Saudi-led push by oil-producing countries to cut global production, said three current and former U.S. officials familiar with the discussions. The Trump administration sent the treasury secretary to the conference, whereas last year the Biden administration sent Deputy Commerce Secretary Don Graves. “That’s going to be a key test, that OPEC meeting,” the senior administration official said. Early last year Riyadh announced that starting in 2024 only international companies with regional headquarters in Saudi Arabia could do business with the Saudi government. Before the OPEC+ decision this month, U.S. and Saudi officials spent hours discussing the future of oil prices, according to administration officials.

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