Both countries announce an initial deal where new tariffs to be mutually imposed on December 15 would not be implemented. China says it "will buy more high quality of American agricultural products", while the United States says it will halve the existing 15% tariffs.
The U.S. Federal Communications Commission (FCC) unanimously votes to label Chinese telecommunications giants Huawei and ZTE as national security risks, thereby disqualifying them from the Universal Service Fund. In a separate vote, the FCC mandates that national wireless carriers remove both companies' products from their existing networks. The companies have 30 days to appeal.
China lets its currency drop to its lowest reported level since 2008 and also asks its state-owned companies to halt imports of U.S. agricultural products. In response the U.S. Treasury Department designates China as a currency manipulator.
A spokesman for the Taiwan Affairs Office of People's Republic of China says Taiwan is barred from observing this year’s World Health Assembly because current President Tsai Ing-wen has not endorsed the Beijing view that both sides belong to a single China under the One-China policy; the spokesman further said that the health of people in Taiwan is not being put at risk by Taiwan's inability to attend.
North Korea vows to accelerate its nuclear weapons programme to “maximum pace” and test a nuclear device “at any time” in response to U.S. President Donald Trump's aggressive stance towards the regime. [https:--www.theguardian.com-world-2017-may-02-north-korea-launches-salvo-of-rhetoric-threatening-nuclear-test-at-any-time ("The Guardian")]North Korea–United States relations
Seven out of 57 countries defer joining the China-dominated bank. While most of them cite temporary procedural constraints at home, political reasons are involved with the case of the Philippines amid a territorial dispute with China in South China Sea.