US official: The measure against WeChat does not block other Tancent transactions

Anil Panchal FXStreet

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.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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