Trump supports Hong Kong protestors, but doesn't appear to derail 'phase one' deal
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump and his administration with this weekly recap compiled by The Fly:
1. 'FINAL THROES': On Tuesday, President Trump said that the U.S. and China are near an agreement on the first phase of a trade agreement after top negotiators from both sides spoke by telephone and agreed to keep working on remaining issues, Reuters' Andrea Shalal and Kevin Yao reported. Trump said that the White House was in the "final throes" of work on a pact that would defuse a 16-month trade war with China, but also underscored Washington's support for protesters in Hong Kong, possibly a major sore point with Beijing, the authors said.
2. HONG KONG SUPPORT: On Wednesday night, the White House released a statement that President Trump has signed into law the S. 1838 amendment - the "Hong Kong Human Rights and Democracy Act of 2019" - supporting Hong Kong protesters and defying the opposition from China. President Trump also states: "I signed these bills out of respect for President Xi, China, and the people of Hong Kong. They are being enacted in the hope that Leaders and Representatives of China and Hong Kong will be able to amicably settle their differences leading to long term peace and prosperity for all."
3. STILL ON TRACK: On Friday, The Wall Street Journal's Lingling Wei, Philip Wen and Chao Deng noted that China has held off from retaliating against the U.S. after President Trump signed the bill supporting Hong Kong's anti-Beijing protesters. Chinese officials said that trade negotiations are still on track and as long as the U.S. president doesn't implement any of the law's measures and they view Trump's signing statement as clearly signaling that the president has given himself room to back off, the report added.
4. PROGRESS SEEN TOWARD USMCA: At a meeting in Ottawa with Canadian Prime Minister Justin Trudeau, Mexico's chief trade envoy for North America, Jesus Seade, said he's optimistic that U.S. negotiations will produce an improved North American free-trade pact, reported The Wall Street Journal's Paul Vieira. "I think we are getting there and I can tell you, honestly, that what was a very good agreement is getting to be a much better," Seade said, according to Vieira. House Speaker Nancy Pelosi has raised "valid" issues regarding the revised trade pact, now known as USMCA, added Seade, while Trudeau was quoted as having said "there's still a little more work to do."
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.