The blacklisting essentially denied U.S. companies from trading hardware and software with Huawei and resulted in great losses for both sides. It first targeted Huawei in May for national security reasons, and last month added 28 more companies including artificial intelligence giants SenseTime Group Ltd., Megvii Technology Ltd. and Hangzhou Hikvision Digital Technology Co.
Commerce secretary Wilbur Ross said on Sunday that these "will be forthcoming very shortly", according to Bloomberg.
Bloomberg also said, citing Ross, that licenses are due "very shortly" that would allow U.S. firms to sell components to Huawei. The company is said to be the key to many U.S. companies, and it too purchased almost $11 billion in American products. "So the safe thing for these companies would be to assume denial, even though we will obviously approve quite a few of them". "Because once it's created, it will compete with us around the world", Smith said.
Ross spoke about auto tariffs and they may not be necessary after holding "good conversations" with automakers in the European Union, Japan and elsewhere about investing in the US.
"But whether it will slip a little bit, who knows".
The first phase of the deal would require China to buy more agricultural products, stabilize its currency and open financial services markets to USA firms.
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In September, the Trump administration reached an agreement with Japan to continue suspending auto tariffs while talks continued.
Contentious issues remain and the terms aren't yet known, but RCEP would at least partly fill a trade gap left by Trump's 2017 withdrawal from the Trans-Pacific Partnership.
Until a more general deal with China is agreed, companies like Huawei and U.S. companies that want to work with them will need these licenses in order to work together.
Huawei has become a pawn in the larger US-China trade war.
Huawei is the world's largest telecommunications company, second largest smartphone maker and a key customer for many United States companies.
Those tariffs, Ross said, had induced other countries to take similar action against dumping.