Stock Selloff Continues Amid Worries Over U.S.-China Tensions

The Chinese Embassy in Canada has issued a statement over the arrest of Meng Wanzhou

The escalating trade war is threatening world economic growth and has set global investors on edge.

In London, the stock market plunged by more than three percent.

Hu Xijin, editor-in-chief of the Global Times (one of China's most hawkish state-run newspapers), commented on his Twitter account that "The U.S. can't beat Huawei in the market". Under Trump and his predecessor, former President Barack Obama, Washington has pressured European countries and other allies to limit their business with Huawei, alleging the company's technology aids China's spy operations. Huawei has repeatedly insisted Beijing has no influence over it.

The main catalyst for the continuation of this week's selloff was the arrest in Canada of Sabrina Meng Wanzhou, the chief financial officer of Huawei and the daughter of company founder Ren Zhengfei. Trump and Xi had dined in Argentina on December 1 at the G20 summit. For example, a management company that was controlled by Huawei's parent company in 2007 held all of Skycom's shares, and Meng at the time was that management firm's company secretary, Reuters reported.

Huawei says the US requested Meng's arrest and it is unaware of any wrongdoing.

She was detained when she was transferring flights in Canada, it added.

A Chinese foreign ministry spokesman Geng Shuang reiterated Beijing wanted the USA and Canada "to clarify the grounds for the detention, to release the detainee and earnestly safeguard the legitimate rights and interests of the person involved", Bloomberg reported.

"She was in transit though Vancouver".

The Chinese government said Meng had broken no United States or Canadian laws and demanded Canada "immediately correct the mistake" and release her.

"We are full of confidence that China and the USA can reach an agreement within 90 days", the spokesman said Thursday.

Mourners Pay Tribute to President George HW Bush at US Capitol
Vice President Mike Pence said "President Bush was a great leader who made a great difference in the life of this nation". The law was just one point of intersection for Bush and Dole, now 95, who was one of its leading advocates in the Senate.

Trade Talks With China To End On March 1 Unless Extended
That's because companies must either absorb the higher costs created by tariffs or pass them on to their customers. Shepherdson worries that the president's fondness for tariffs might itself be enough to further suppress growth.

Trump calls trade truce with China a big step forward
Duties of 10 per cent now on most of those goods are set to rise on January 1 to a whopping 25 per cent if a deal isn't reached. Trump also offered some positive thoughts before the " very important meeting ", noting that the talks would focus on trade.

"I believe that China's government will use maximum force to fight for freedom and justice for Meng Wanzhou".

-China trade talks, even after the arrest of a prominent Chinese tech executive that some fear could derail a trade truce between Washington and Beijing.

"You can play hardball with a small country but you can't do it with the USA", he said.

Benchmark U.S. crude lost $1 to $51.89 a barrel in electronic trading on the New York Mercantile Exchange.

He also said Meng's legal rights must be ensured, adding that neither Canadian nor American officials had so far responded to China's concerns. -China trade negotiations weighed on big exporters Thursday.

Jia Wenshan, a professor at Chapman University in California, said the arrest "runs a huge risk of derailing the U.S".

One report in the New York Times said the United States commerce and treasury departments had subpoenaed the firm over suspected violation of sanctions against both Iran and North Korea. "The US has identified that China has found a backdoor to enter the US market through venture capitalists and private investors but those are also now shutting down gradually".

"Already anxious about the economic effects of trade wars, investors are now concerned that this will move beyond the realms of tariffs and into much broader economic and diplomatic conflict, with dire implications for global economic growth".

Huawei overtook Apple earlier this year to move into the No. 2 spot, according to Business Insider. "Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws".

Canadian authorities arrested a high-profile executive from Chinese technology giant Huawei on Thursday, a move nearly certain to inflame tensions between Washington and Beijing.

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