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The US government is extending a temporary license that will allow US companies to continue doing business with Chinese tech giant Huawei Technologies Co for another 45 days.

The US Federal Reserve signaled an open attitude toward rate cuts this week, as factors including the escalating global trade tensions added to the anxiety over the sustainability of US economic expansion.

The US top diplomat was in Beijing for a visit to prepare for US President Donald Trump's state visit to China later this year. He met with Chinese President Xi Jinping and Chinese State Councilor Yang Jiechi and held talks with Chinese Foreign Minister Wang Yi.

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The US has a list of European goods valued at billion for possible tariffs, and the EU has countered with a list of billion of US exports it could selectively target.

The US side said it expected to develop constructive, result-oriented relations with China, and to strengthen cooperation so that the relationship will continue to yield fruit, according to the press release from the Chinese delegation.

The US is highly dependent on imports from China, especially consumer goods and industrial parts, said Liang Ming, director of the foreign trade research center at the Chinese Academy of International Trade and Economic Cooperation, affiliated with the Ministry of Commerce.

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The US has run a trade surplus with Hong Kong for years. The US recorded a trade surplus of .8 billion with Hong Kong in 2018 despite Sino-US trade tensions.

The United States has reported almost 6 million COVID-19 cases and more than 180,000 deaths, accounting for nearly one fourth and over one fifth of the world total respectively.

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The US sent a letter to the UN Security Council on Thursday requesting to initiate the "snapback" mechanism, which allows a participant to the Joint Comprehensive Plan of Action (JCPoA) to seek the reimposition against Iran of the multilateral sanctions lifted in 2015 in accordance with resolution 2231, adopted by the UN Security Council.

The US tax reform and associated fiscal stimulus are expected to temporarily raise US growth, with favorable demand spillovers for US trading partners-especially Canada and Mexico-during this period, according to the WEO report.