US official: The measure against WeChat does not block other Tancent transactions
|While clarifying the market confusion over US President Donald Trump’s executive order over the banning of Chinese apps, the White House official said, as per Bloomberg, that not all the transactions with the Tech giant will be blocked in the next 45 days.
Also Read: S&P 500 Futures: Drop to lows after US Pres. Trump signs executive orders against WeChat, TikTok
Key quotes
The measure against WeChat blocks all transactions related to WeChat with the app’s owner or its subsidiaries, but not other transactions.
The measure would apply to any transaction over which the U.S. could have jurisdiction, and sanctions would be defined by the U.S. Commerce Secretary.
Transactions subject to punishment could include purchases of ads on the apps and agreements to make TikTok or WeChat available in app stores.
Market implications
The news adds to the market’s disappointment over the US stimulus deadlock and drags the S&P 500 Futures further downside below 3,300 while losing near 0.50% on a day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.