China to Cut Tariffs by Roughly 50 Percent; Economic Impact of Coronavirus Remains Unclear
China has announced that it would soon reduce retaliatory tariffs on $75 billion worth of U.S. imports. In related news, U.S. Treasury Secretary Steven Mnuchin says he isn’t overly worried about the coronavirus having a negative effect on the pending “phase one” trade deal.
“China on Thursday announced that it will halve tariffs on hundreds of U.S. goods worth about $75 billion. Retaliatory tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance,” write Weizhen Tan and Evelyn Cheng of CNBC. “The cuts apply to about $75 billion worth of imports from the U.S. that was slapped with tariffs on Sept. 1, 2019, according to a separate statement on the ministry’s website.”
Mnuchin tempered his optimism, however, adding that the U.S. is keeping a close watch on the coronavirus epidemic. In response to the outbreak, Foxconn announced it would quarantine iPhone workers for 14 days to limit the potential spread of the coronavirus. Foxconn is Apple’s key manufacturing partner in China.
Tesla Shares Crash on News of Delays Related to Coronavirus Outbreak in China
Markets surged dramatically on Wednesday, but the rising tide didn’t prevent Tesla shares from dropping sharply on news of expected delays related to the impact of the coronavirus in China.
Tesla “saw its stock price dive by just over 17% on Wednesday after the brand announced that Chinese-built Model 3s that were initially promised for February would be delayed, thanks to the coronavirus outbreak,” writes Kyle Hyatt of CNET. “Of course, coronavirus isn't only throwing a wrench in Tesla's works. It's causing massive headaches for nearly every multinational corporation doing business in China, thanks to the government's mandatory shutdowns. Uber even shut suspended 240 accounts in Mexico over fears that some drivers who came in contact with infected people might have spread it to passengers.”
Twitter Joins Battle Against Deepfakes
Twitter has joined the ranks of social media titans attempting to mitigate the potential damage caused by deepfakes. YouTube, TikTok and Facebook have already announced their intent to target deepfakes for labeling or removal.
“As tech platforms prepare for the 2020 presidential election, Twitter (NYSE:TWTR) said it will begin labeling tweets containing synthetic or deceptively edited forms of content and will remove any manipulated media likely to cause harm,” writes Yoel Minkoff in Seeking Alpha.
Twitter shares rose Thursday after reporting strong user growth and beating revenue estimates, according to CNBC.