Corporate America worries WeChat ban could be bad for business: WSJ

U.S. companies whose fortunes are linked to China are pushing back against the Trump administration's plans to restrict business transactions involving Tencent Holdings Ltd's WeChat app, the Wall Street Journal reported on Thursday.

FILE PHOTO: The messenger app WeChat is seen in between China flags in this illustration picture taken August 7, 2020. REUTERS/Florence Lo/Illustration/File PhotoREUTERS: U.S. companies whose fortunes are linked to China are pushing back against the Trump administration's plans to restrict business transactions involving Tencent Holdings Ltd's WeChat app, the Wall Street Journal reported on Thursday.

More than a dozen major U.S. companies raised concerns in a call with White House officials on Tuesday about the broad scope and impact of Trump's executive order targeting WeChat, set to take effect late next month, the report added.The companies said action against the app could undermine their competitiveness in the world's second-biggest economy, according to the report.

Apple Inc, Ford Motor Co, Walmart Inc and Walt Disney Co were among those participating in the call, the Journal reported citing people familiar with the situation. Other participants in the call included Procter & Gamble Co, Intel Corp, MetLife Inc, Goldman Sachs Group Inc, Morgan Stanley, United Parcel Service Inc, Merck & Co Inc and Cargill Inc.Source: Reuters

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tencent says US executive order only affects WeChat, not its other businessesTencent's chief financial officer said on Wednesday that the firm understood that the U.S. executive order was focused on its WeChat app in the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Explainer: How the US could block WeChat and TikTok from AmericansPresident Donald Trump has threatened to ban the short-video app TikTok and messaging service WeChat by late September on grounds that the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tencent profits up as gamers stay home but WeChat ban loomsHONG KONG: Chinese tech firm Tencent, the parent company of social media giant WeChat, said Wednesday its revenue jumped 28 per cent in the first ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Goldman Sachs, Barclays among bidders for GM's credit card business: WSJGoldman Sachs Group Inc is looking to buy General Motors Co's credit card unit, which has about US$3 billion in outstanding balances, the Wall ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China to raise issues surrounding WeChat, TikTok in trade talks with US - BloombergTrade negotiators from the United States and China will discuss the implementation of the phase one trade deal in the coming days, with China ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China to raise issues surrounding WeChat, TikTok in trade talks with US: ReportTrade negotiators from the United States and China will discuss the implementation of the phase one trade deal in the coming days, with China ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »