House approves restricting Chinese companies on U.S exchanges, Trump threatens veto without Section 230 action
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. CHINESE COMPANIES ON U.S. EXCHANGES: The U.S House of Representatives moved forward with legislation that may restrict Chinese companies and potentially lead to those companies getting "kicked off U.S. exchanges if Washington regulators aren't allowed to review their financial audits," wrote Bloomberg's Daniel Flatley and Benjamin Bain. The legislation, which represents a culmination of a bitter dispute between China and the U.S, passed the Senate in late Spring and won bipartisan support in the House. It now goes to President Donald Trump, "who is expected to sign it," the authors added. "In addition to requiring companies to allow U.S. inspectors to review their financial audits, the bill... requires firms to disclose whether they are under government control," noted Bloomberg's story.
2. DEFENSE ACT: President Trump said via Twitter, "Section 230, which is a liability shielding gift from the U.S. to 'Big Tech' (the only companies in America that have it - corporate welfare!), is a serious threat to our National Security & Election Integrity. Our Country can never be safe & secure if we allow it to stand... ...Therefore, if the very dangerous & unfair Section 230 is not completely terminated as part of the National Defense Authorization Act (NDAA), I will be forced to unequivocally VETO the Bill when sent to the very beautiful Resolute desk. Take back America NOW. Thank you!" Names in the social media space that could be impacted to changes to Section 230 include Twitter (TWTR) and Facebook (FB).
3. APPLE ASKS FOXCONN TO MOVE SOME PRODUCTION: Apple (AAPL) has asked manufacturer Foxconn (HNHPF) to move some iPad and MacBook assembly to Vietnam in an effort to diversify its production lines, Reuters' Yimou Lee reported Friday, citing a person with knowledge of the plan. The development comes as the outgoing administration of President Trump encourages U.S. firms to shift production out of China.
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
Keywords: Week in Review, Trump, politics, social media, China