The U.S. has revoked licenses that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies. The move comes after the release last month of Huawei’s first AI-enabled laptop, the MateBook X Pro powered by Intel’s new Core Ultra 9 processor. The Commerce Department confirmed it has revoked some licenses but did not name the companies. The move is seen as a response to the pressure from Republican lawmakers to take tougher action against Huawei.
US retail sales rose 0.7% in September, exceeding expectations. The increase was driven by higher purchases of motor vehicles and spending at restaurants and bars. On a year-on-year basis, retail sales were up 12.2%. Despite the challenges faced by consumers, including high interest rates and credit card delinquencies, consumer spending remains strong due to a tight labor market. This report analyzes the retail sales data and its impact on the overall economy.
The government has removed the 20% additional duty on apples and walnuts imported from the US. This move, resulting from the settlement of trade disputes, will not harm domestic producers as customs duties remain in place. Commerce and industry minister Piyush Goyal clarified that only the additional duty has been eliminated. The government has also implemented measures like customs duty and Minimum Import Price to protect domestic producers and ensure the entry of apples that meet the required standards.
