FT News Briefing Tuesday, July 23
Jul 23, 2019
The U.S. reaches a critical agreement to raise its borrowing limit, avoiding a default ahead of the next election. Donald Trump promises tech companies expedited support for Huawei amidst trade tensions. Washington imposes sanctions on a major Chinese oil firm for trading Iranian crude. Meanwhile, Starbucks invests in a restaurant tech startup. Boris Johnson emerges as a frontrunner for UK Prime Minister, but faces significant challenges in leadership decisions and a tumultuous Brexit strategy.
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US Debt Ceiling Deal
- The White House and Democratic leaders reached a deal to raise the U.S. debt ceiling.
- This avoids default but raises concerns about fiscal discipline due to increased spending and tax cuts.
Trump's Huawei Promise
- Donald Trump promised quick decisions on US tech companies supplying Huawei after meeting with tech CEOs.
- This aims to appease Beijing amid trade talks but complicates US foreign policy.
US Sanctions on Chinese Oil Company
- The U.S. sanctioned a Chinese oil company for transporting Iranian crude, despite waivers ending.
- China continues importing Iranian oil, defying U.S. attempts to force exports to zero.