FT News Briefing US steps up sanctioning powers against China, Moderna vaccine early results, US banks braced for loan losses
Jul 15, 2020
Tensions rise as the U.S. tightens sanctions against China, impacting international relations and tech companies. Meanwhile, Moderna’s early vaccine trials show promising immune responses. In the banking sector, major institutions prepare for potential loan losses, setting aside nearly $28 billion amid uncertain economic conditions. Despite strong trading gains, experts question the sustainability of these profits as they navigate a volatile financial landscape.
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US-China Tensions Rise
- Tensions between the U.S. and China escalated as President Trump signed the Hong Kong Autonomy Act.
- This act allows for sanctions against Chinese officials involved in Hong Kong's freedom reduction.
Policy Reversals and Sanctions
- Trump revoked Hong Kong's special trade status.
- The administration also reversed its decision on international students having to leave if classes are online-only.
Tech Giants Resist Data Sharing
- Tech companies like Google, Amazon, and Microsoft refuse to share Hong Kong customer data.
- This refusal follows China's new security law and concerns over privacy obligations and potential US sanctions.