Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alphabet    GOOGL

ALPHABET

(GOOGL)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Proper U.S.-China trade deal more important than timing - U.S. Commerce chief

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/04/2019 | 04:53am EST
U.S. Secretary of Commerce, Wilbur Ross, speaks during an interview in New York

U.S. Commerce Secretary Wilbur Ross on Tuesday rejected any deadlines on a trade deal with China and launched a fresh attack on telecoms giant Huawei, further dimming hopes for an end to a 17-month trade war that has slowed global growth.

Ross told Reuters in an interview that it was more important to reach a trade deal with China that is favorable to the United States than to rush through a deal by the end of this year, or even next year.

The U.S. Commerce chief said the world's two largest economies still needed to work out details about China's purchases of farm products, some structural issues and an enforcement mechanism in order to ink an interim trade agreement that President Donald Trump had hoped to complete last month.

Trump, speaking in Europe on Tuesday, said an interim trade deal with China could slip until after the U.S. presidential election in November 2020, sending financial markets lower.

"The point he was trying to make is we need a proper deal, and whether it comes this December, or it's next December, or some other date is much less important than getting a proper deal," Ross said in a wide-ranging interview during a visit to New York.

"The important thing is to get a deal that works," he said. "Because let's face it, if we don't make a deal with China now, it's going to be a long, long time before there is a deal," he said. Very few other presidents would be willing to "put up with the stresses and strains" of negotiating with China, Ross added.

He said he expected Trump to win the 2020 presidential election. But if Trump lost and no deal had been reached with China, the issue would be "somebody else's problem."

Final approval would be up to Trump and Chinese President Xi Jinping, Ross noted. "We get to recommend. We don’t get to be the final decision maker."

He also took aim at Huawei, saying the Chinese company that was blacklisted by the U.S. government in May had been encouraging its suppliers to violate U.S. law by telling them to move operations offshore in a bid to avoid U.S. sanctions.

AUTO TARIFFS STILL A POSSIBILITY

Ross dismissed threats by the European Union to retaliate against threatened U.S. tariffs against French cheese and other products over a digital services tax, and other European products over a long-running aircraft subsidy case.

"Europe has always had a hair trigger against the United States and that’s nothing new," he said.

Europe had more protectionist policies than the United States, Ross said, with 17 of the top 21 products traded between the two blocs facing higher tariffs in Europe.

"There already has been a tariff war. The only thing is we haven’t been defending ourselves. We’ve been accepting the lopsidedness of things," he said.

Ross underscored the continued importance of tariffs as leverage against other countries that Washington says are taking unfair advantage of outdated global trading rules and making it difficult for U.S. companies to compete.

He said the Trump administration has not ruled out imposing tariffs on imported autos, after letting a review period end in November with no action.

"We've been having negotiations with the individual companies. We've had some very good benefits from that," Ross said. "It may or may not turn out that there is any need for the tariff."

Trump did not announce any new tariffs after a six-month, self-imposed review period expired in mid-November following a Commerce Department investigation into whether imported autos pose a national security threat. He has threatened to tax them by as much as 25%.

Asked if there was a new deadline, Ross referred to a White House statement last month that did not include a new deadline.

FRENCH DIGITAL TAX "VERY RADICAL"

Ross also dismissed as "very radical" France’s proposed 3% digital tax, which he said was aimed squarely at U.S. companies, and said European countries should focus on developing their own technology rather than penalizing U.S. companies.

The tax applies to revenue from digital services earned by firms with more than 25 million euros ($27.86 million) in French revenue and 750 million euros (644 million pounds) worldwide.

The U.S. Trade Representative’s office on Monday threatened to slap tariffs on French Champagne and other products after concluding the French tax violated international tax policy and would unduly burden U.S. companies, such as Alphabet Inc’s Google, Facebook Inc, Apple Inc and Amazon.com Inc.

By Andrea Shalal, David Shepardson and Alexandra Alper

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET 0.10% 1344.25 Delayed Quote.28.64%
AMAZON.COM 0.55% 1748.72 Delayed Quote.15.80%
APPLE INC. 0.85% 270.77 Delayed Quote.70.20%
FACEBOOK 0.69% 202.26 Delayed Quote.54.29%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ALPHABET
12/11Australia tells Facebook and Google to commit to competition rules, or else
RE
12/11Self-driving car firms rooted in U.S. government competition
RE
12/11CEO of GM's Cruise driverless vehicle unit hints at offering low-cost shared ..
RE
12/11CEO of GM's Cruise driverless vehicle unit hints at offering low-cost shared ..
RE
12/11HSBC gets out of US trouble, Alphabet targeted by the DoJ…
12/11Self-driving car firms rooted in U.S. government competition
RE
12/10U.S. attorney general says Big Tech probes to be completed next year
RE
12/10FACEBOOK : Barr Sees Big-Tech Probe Wrapping Up by Next Year
DJ
12/10U.S. Justice Department to review Google's deal for Fitbit
RE
12/10Indonesia e-commerce executives say new rules may choke booming online growth
RE
More news
Financials (USD)
Sales 2019 163 B
EBIT 2019 35 064 M
Net income 2019 32 307 M
Finance 2019 121 B
Yield 2019 -
P/E ratio 2019 29,0x
P/E ratio 2020 24,9x
EV / Sales2019 4,96x
EV / Sales2020 4,16x
Capitalization 927 B
Chart ALPHABET
Duration : Period :
Alphabet Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ALPHABET
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 45
Average target price 1 455,28  $
Last Close Price 1 344,25  $
Spread / Highest target 26,5%
Spread / Average Target 8,26%
Spread / Lowest Target -7,01%
EPS Revisions
Managers
NameTitle
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
Sector and Competitors
1st jan.Capitalization (M$)
ALPHABET28.64%927 377
BAIDU, INC.-26.63%39 771
NAVER CORP--.--%21 299
Z HOLDINGS CORPORATION45.49%16 472
YANDEX51.59%13 297
SOGOU INC.-6.10%1 898