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.
The European Union, Australia, India, Malaysia, Singapore, and Turkey ground all Boeing 737 MAX 8 jets. This means 40% of the global fleet is now grounded, with Indonesia, China and several airlines grounding their aircraft yesterday. Boeing states they will issue a software update for the model within weeks.
American electronics maker Apple warns that iPhone sales are slowing significantly and the product is in weak demand, blaming trade tensions with China. The company says that it has lowered its expected fiscal earnings for the first quarter as a result, citing disappointing holiday sales figures, and that it could lose $9 billion due to the decline.