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US-China Trade War: the US Continues To Fuel The Rivalry By Blacklisting 28 More Chinese Companies

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US-China Trade War the US Continues To Fuel The Rivalry By Blacklisting 28 More Chinese Companies

In the wake of the US-China trade war that has seen such technology companies as Huawei, Google, Hikvision, Megvii Technology, Tesla, iFlytek Co, NVIDIA, SenseTime, Dahua Technology, Intel Corp alongside a host of others experiencing a breach in trade due to the international trade restrictions.

And even though the trend of events that follows afterward may be detrimental to both nations on a long term basis including the global economy at large. The governments of the two largest economies in the world seem to be adamant towards admonishing the trade rift between them.

In furtherance, Donald Trump’s administration seems to be at the forefront of fueling the trade dispute since it bears the burden of initiating the tariff that started the trade war. In a press release on Monday, President Donald Trump accused Hong Kong of getting involved in anti-human practices against the Muslim community – particularly the Uighurs and other minority Muslims. By means of illegal surveillance feeds from top surveillance hardware companies as Hikvision and Dahua Technology, China was able to detain over a million Muslims. 

In light of this, Trump claims that the events in Xinjiang could pose a threat to countries involved in trade with the aforementioned companies, therefore the 28 list ban. Furthermore, the US imposed restrictions on China to the tune of over $360 billion in tariff on Chinese commodities as well as various other constraints on Chinese investments in the United States. With talks about limiting exportation services to China if they are not forthcoming, Trump added that;

“I think they’re coming to make a deal, It’s got to be a fair deal.”

In the ensuing trade-war, the US State Department also issued a visa embargo on some Chinese officials that Washinton termed as ‘committing acts that are unacceptable’. Following the course of these happenings, the US went on to amend the Export Administration Regulations (EAR). By increasing the number of Chinese entities banned from engaging in whatever form of trade with any company registered in the US as of Tuesday, 8th October. Hence the entity list was updated with 28 Chinese companies in addition to the six companies already present on the list.

Accordingly, Ted Bauman – An Economist and Expert Analyst at Banyan Hill Publishing, pinpoints these moves as a strategy employed by the US bureau towards subjecting the Chinese Government to utter pressure on multiple levels. From Bauman’s point of view, this comes as a notice to the upcoming trade talks between the two nations in Washington later this week. In addition, he added that the Chinese Government is ready and prepared to stretch the trade wars to greater lengths, asserting that;

“The latest blacklist announcement is consistent with the Trump administration’s strategy of seeking new sources of leverage in the ongoing trade negotiation. I don’t think it’s a coincidence that this announcement came hard on the heels of leaked reports that they are considering limiting U.S. investor capital flows to Chinese companies. It’s as if the administration has realized that the Chinese are not going to back down in the face of increased U.S. tariffs, so they are casting around for other ways to threaten the Chinese.” 

This new development has discouraged the trust that once existed in the trading sector on a global scale. Given that it has the potential to trim company return margins in both nations. As it subsequently encourages the Chinese Government to deter funding of Chinese companies by US Investors.

Even though the US seems to be nonchalant towards a conclusive detente, it is evident that the economic state of the country has been posed with more threatening effects than that of the Chinese. And as such the Xi Jinping administration recently aired its indifference with regards to the trade talks as it is not phased by whatever the outcome may be.

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Alibaba Registers $38.4 Billion During Its Singles’ Day Sales

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Alibaba Registers $38.4 Billion During Its Singles' Day Sales
Photo: GettyImages

A record-breaker As It Nets $1 Billion In Just 68 Seconds.

Alibaba, the number one Chinese online market registered a whopping sum of $38.4 Billion during its ‘Singles’ Day’ sales today. An amount equivalent to ¥268.4 billion in the native Renminbi currency of China. And displacing its previous record of $30.7 billion haul from last year, which was the highest sales to be recorded on any e-commerce platform prior to now. Hitting a $1 billion mark a little after the first minute. It went on to report over $12 billion in sales within the hour, which surmounted to $22 billion by the next 8 hours.

Tagged ‘Double 11’ due to its November 11th (11/11) date, this event turns out to be the world’s biggest online shopping event in recent times. The ‘Singles’ Day’ kickstarted with a 24-hour shopping blitz headlined by renowned pop-star – Taylor Swift on Sunday night at Shanghai stadium. This year’s countdown also featured a Livestream on Tmall by Kim Kardashian for her fragrance line as well as local celebrities such as Jackson Yee. Aside from the obvious, the fortuity of the ceremony also indicates continuous progress for Alibaba as it marks the first Singles’ Day without its former boss and Founder – Jack Ma.

Earlier today, the online shopping retail store reported tremendous patronage like never seen before. Enjoying more than half a billion visitors from all over the world with well over 200,000 participating brands. Although introduced by Alibaba in 2009, the event also included other Chinese e-commerce companies. Alibaba, therefore, established an online trading consortium that jointly agrees to offer a tremendous discount to the Chinese crowd over the 24-hour period. Subsequently gaining more traction outside of China, including Singles Day discounts by Alibaba’s subsidiary – Lazada in Singapore, Malaysia, Indonesia, Thailand, and Vietnam. And even in the far west, such as NIKE and Brooks Brothers in the US.

Photo: Forbes

Although a similar event has been hosted in the US, such as the five-day span ‘Black Friday’, ‘Cyber Monday’ and ‘Prime Day’. The Single’s Day festival is far more lauded than its American counterparts, hence the involvement of a handful of American brands in the event. Yet, following a survey by AlixPartners, 80% of the Chinese shoppers precluded plans to boycott the 400 US retailers looking to run promotions for Singles Day. Regarded as the Chinese’s informal shopping holiday. And according to Forbes, the outcome of the one-day event last year, eclipses that of the US celebrated Thanksgiving, Black Friday, Cyber Monday and Amazon’s Prime Day – combined.

Another data analytics platform – Adobe Analytics, forecasts a colossal increase in the US shopping events this year aggregating $143.7 billion. Further proposing that Cyber Monday might amount to $9.4 billion in total sales while Thanksgiving could generate an estimated $29 billion this year.

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Google Acquires Smart Watch Maker Fitbit For $2.1 Billion

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Google Acquires Smart Watch Maker Fitbit For $2.1 Billion
Image Via Mashable

According to a recent announcement by Google’s Parent Company – Alphabet. It was gathered that the world’s fifth-largest technology company has officially finalized the terms of purchase towards the biggest independent wearables company – Fitbit for $2.1 billion. Even though this development has been speculative for quite a while now, it was however confirmed today following a press release by both companies.

In a statement released on Google’s Blog by Rick Osterloh – Senior Vice President Devices & Services, who disclosed that the company is proud of the partnership agreement. Osterloh also pointed out that collaborating with Fitbit would integrate the best of Google’s smartwatch platforms and health applications together. Similarly, the CEO of Fitbit – James Park highlights the advantages to be garnered from both ends. In his words, Park asserts that;

“With Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster and make health even more accessible.”

This expansion nonetheless comes with regards to the deteriorating sales witnessed by Fitbit in late happenings. Which had created an opportunity for other competitors in the wearable technology market to take full advantages of such as Apple and Xiaomi. Hence in a bid to alleviate the completion and take back its stand Fitbit has decided to sell off its patent rights to the proprietors of Google. Therefore, the once most foremost wearable brand would be incorporated as one of Google’s hardware subsidiaries.

Evidently, this merger would leverage on Fitbit’s long term goal of providing its Consumers with a more healthier and active life. This could be further achieved through Google’s WearOS and Google Fit outlets which are already well acquainted with the fitness and health merchandise. And agreeing to a press release by Sameer Samat – Vice President, Product Management, Android, Google Play & Wear OS, this association would combine Fitbit’s established wearable hardware together with Google’s advanced software to furnish a more flexible platform.

In addition, Osterloh added that;

“By working closely with Fitbit’s team of experts, and bringing together the best AI, software and hardware, we can help spur innovation in wearables and build products to benefit even more people around the world.“

Despite being a subsidiary of Alphabet,  Google divulged that it would only collect Fitbit health and wellness data for other promotional and development purposes other than ads. On the other hand, Fitbit yet reveals that it would not only work with Google’s WearOS as it would also be working extensively with iOS and Android in the future.

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