The daily business briefing: July 10, 2019

Ross says the U.S. will authorize some trade with Huawei, Volkswagen's iconic Beetle ends its eight-decade run, and more

A 1960s Beetle
(Image credit: Hulton Archive/Getty Images)

1. Ross says U.S. will issue licenses for some trade with Huawei

Commerce Secretary Wilbur Ross said Tuesday that the Trump administration would issue licenses to U.S. companies to do business with Chinese tech giant Huawei "where there is no threat to national security." The move, which another official said would let chip makers keep selling to Huawei, marked a concrete step to follow up on President Trump's announcement last month that his administration would dial back restrictions on the Chinese telecommunication gear and smartphone maker as part of an effort to restart trade talks with China. Trump made the promise after meeting with Chinese President Xi Jinping just weeks after his administration placed Huawei on a U.S. black list due to fears its products could be used by Beijing for spying.

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