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The US should recognize China's developmental economic model, and China should open its market much more, while establishing a fair business environment in which foreign companies can compete, suggested Kuhn. He acknowledged China's efforts in protecting intellectual property and its pledges not to require US companies to transfer technology.

The US economy contracted 4.8 percent in the first quarter, the first decline since 2014 and the largest since the financial crisis of 2008, the Commerce Department reported Wednesday.

The UK market has been an important country in Huawei's global strategic layout. Huawei has continuously increased its investment in the UK since it established its first office in the UK in 2001.

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The US Federal Reserve Board building on Constitution Avenue, Washington, U.S., March 19, 2019. [Photo/Agencies]

The US government said on Monday that it will give Huawei another 90 days to buy from US suppliers. The move, an extension of the license through mid-November, is expected to allow the Chinese tech giant to serve its existing telecom customers and smartphone users.

The UK now faces the dire prospect of exiting the EU without a deal, as the nation concurrently hurtles toward what the Bank of England predicts will be its worst recession in three centuries. This is all in the context of the Huawei ban, which will cause an estimated two-year delay to the UK rollout of 5G services and all the supplementary benefits that technological milestone will bring.

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The United Kingdom's Wine and Spirit Trade Association, known as the WSTA, has signed an agreement with China's baijiu maker Kweichow Moutai Company with the aim of building a "strategic" cooperative partnership between Britain and China.

The US Commerce Department released its final ruling on Nov 13 on the anti-dumping and countervailing investigations against plywood imported from China, setting a 183.36 percent dumping margin and a subsidy range for Chinese companies of between 22.98 percent and 194.90 percent. A dumping margin is the amount by which the normal value is determined to exceed the export price of merchandise.

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The US Senate on Saturday morning narrowly passed the Republican bill to overhaul the tax code, moving one step closer to the first major legislative victory of the Trump administration and congressional Republicans.

The US tax-cut reform, if it passes, is expected to cause more US trade deficits with China and other countries.