May 17, 2018

House Appropriations Committee rejects Trump's stance on ZTE

ZTE's building in Shanghai, China. Photo: VCG/VCG via Getty Images

The House Appropriations Committee on Thursday unanimously agreed to include a measure in an appropriations bill that would continue sanctions against Chinese phonemaker ZTE, reports Politico.

Why it matters: The move comes as a staunch rebuke to President Trump, who signaled his intention earlier this week to attempt to reverse the effective shutdown of the company in an attempt to save Chinese jobs. The Commerce Department banned American companies from selling parts to ZTE for seven years because the Chinese company violated U.S. sanctions by selling equipment made with American parts to Iran and North Korea.

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Wall Street notches worst week for stocks since 2008

Traders work on the floor of the New York Stock Exchange. Photo: Scott Heins/Getty Images

Stocks closed down about 1% on Friday, ending the worst week for Wall Street since the financial crisis.

Why it matters: The stretch of declines came after a spike in coronavirus cases around the world earlier this week. The steep losses prompted questions about the fate of the record-long economic expansion, as well as a rare statement from the Federal Reserve.

Go deeper: The growing coronavirus recession threat

Federal Reserve: Coronavirus poses "evolving risk" to the economy

Federal Reserve chairman Jerome Powell. Photo: Sarah Silbiger/Getty Images

Federal Reserve chairman Jerome Powell took the rare move Friday of issuing a statement meant to reassure investors, one that opened the door to a possible interest rate cut.

Why it matters: The Fed rarely issues statements like this outside of policy meetings and scheduled public appearances. It came as the stock market continues its steep decline this week. Stocks briefly pared some losses after the 2:30 p.m. EST statement came out.