WeChat users filed a complaint at the federal court in San Francisco Friday in an attempt to block the Trump administration from imposing a ban on the app, saying it would violate their rights. Senior administration officials are deliberating over the scope of the ban ordered by Trump, one of the people said, and the president could ultimately overrule anything they decide.Įven if corporations are permitted to do business with WeChat, individuals may still face restrictions on using the app in the U.S. Still, risks remain until details of the executive order are finalized. Apple’s shares fell on fears the action could hurt sales of iPhones in its largest market after the U.S. US president Donald Trump moved to ban transactions with Chinese payment applications including Alipay, WeChat Pay and Tencent’s QQ Wallet on Tuesday, stoking tensions with China with. Confusion reigned as investors grappled with the sweeping language of Trump’s order - which bars “transactions” with the Chinese company - that leaves the door open for the administration to extend it well beyond the service in America. Trump ignited a furor after signing the order to ban U.S. Spreads on Tencent’s dollar bond due 2030 tightened 2 basis points, according to credit traders in Hong Kong Monday morning, the most since August 11. The January Trump order directed officials to ban transactions with eight Chinese apps including Ant Group’s Alipay and Tencent Holdings Ltd’s QQ Wallet and WeChat pay no bans have been. The sales impact on Tencent from President Donald Trump’s WeChat ban may be minimal as the administration appears to be narrowing the scope of the order to protect U.S. businesses such as Walmart, General Motors, Best Buy and Target reinforces the indispensability of WeChat for reaching consumers in China. President Donald Trump signed an executive order Tuesday effectively banning Ant Group’s Alipay, WeChat Pay, Tencent QQ and other popular Chinese apps in the U.S., ratcheting up tensions. Intense lobbying by representatives of U.S. The executive order goes into effect in 45 days. and TikTok owner ByteDance Ltd., had erased roughly $66 billion from Tencent’s value, though today’s rebound means the stock has recouped all but $22 billion of those losses. The other apps are CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay, and WPS Office. The ban, which came amid efforts by the White House to curtail the rise of Chinese-owned technology giants like Huawei Technologies Co. 6 may apply only to WeChat’s overseas operations. technology, retail, gaming, telecommunications and other industries, according to the people.Ĭompany management earlier this month sought to reassure investors that the executive order signed by President Donald Trump on Aug. In recent days, senior administration officials have been reaching out to some companies, realizing that the impact of an all-out ban on the popular app could be devastating for U.S. that they can still do business with Tencent’s WeChat messaging app in China. The WeChat owner jumped as much as 4.2% in Hong Kong Monday after people familiar with matter said the Trump administration is privately seeking to reassure U.S.
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