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If China and the United States decoupled, it would harm both sides as well as the world, Chinese Premier Li Keqiang said on Thursday (May 28) as he urged both countries to find a way to work together.

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The United States said on Friday it would add 33 Chinese firms and institutions to an economic blacklist for helping Beijing spy on its minority Uighur population or because of ties to weapons of mass destruction and China’s military.

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Huawei must be relieved the U.S. Department of Commerce has extended the company’s temporary license for another 90 days. Many had predicted that there would be no more extensions.

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On Jan. 15, it seemed like the U.S. and China had avoided a quick descent into a new Cold War.

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Top officials from the U.S. and China held a phone call late Thursday Eastern time to discuss trade matters including the “phase one” deal that was signed in January.

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U.S. President Donald Trump said on Thursday his hard-fought trade deal with China was now of secondary importance to the coronavirus pandemic and he threatened new tariffs on Beijing, as his administration crafted retaliatory measures over the outbreak.

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THE TRUMP administration is said to be trying to avoid reducing tariffs on medical imports from China amid the coronavirus pandemic.

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Throughout his campaign and the early years of his presidency, Donald Trump promised to fundamentally reshape US–China trade policy. The conclusion of the ‘phase one’ trade deal, agreed to by the two countries in mid-January, provides an opportunity to assess what has been achieved so far.

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President Donald Trump’s phase one deal could move the world closer to free trade and ultimately save the World Trade Organization.

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The U.S. goods will be exempt for one year starting Feb. 28

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