China to reduce tariffs on $75B worth of American-made goods

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump and his administration with this weekly recap compiled by The Fly:

1. CHINA TO REDUCE TARIFFS: On Thursday, China said it would reduce tariffs on $75B worth of American-made goods, CNBC's Weizhen Tan and Evelyn Cheng reported. Retaliatory duties on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China's Ministry of Finance. The adjustments will take effect from 1:01 p.m on February 14, it said. The statement said the move was made in order to "advance the healthy and stable development of China-U.S. trade."

2. TRUMP 'APOPLECTIC' WITH UK'S JOHNSON OVER HUAWEI: President Trump vented "apoplectic" fury at Boris Johnson in a tense phone call over Britain's decision to allow Huawei a role in its 5G mobile phone networks, Financial Times' Sebastian Payne and Katrina Manson wrote, citing officials in London and Washington. The British Prime Minister spoke to the U.S. President after announcing his decision to allow the Chinese manufacturer to participate in the U.K.'s next-generation cellular network, the report notes.

Late last month, Huawei said it was still open to using Google (GOOG; GOOGL) services after being barred from including such services on devices last year, the Verge's Chris Welch reported. The statement comes in contrast to comments from Huawei's Fred Wangfei, who told Der Standard that the company does not currently have plans to return to using Google's mobile services even if the U.S. government opts to lift the trade ban that forced the company to come up with its own alternatives, Welch noted. "Our first choice is the open Android ecosystem, including GMS (Google Mobile Services) - that was what helped us become number two in the world for smartphone shipments," a Huawei spokesperson told The Verge by email.

3. BARR FLOATS IDEA OF U.S. INVESTMENT IN NOKIA, ERICSSON: On Thursday, Reuters' Mark Hosenball, David Brunnstrom and Chris Sanders reported that U.S. Attorney General William Barr said the U.S. and its allies should consider investing in Nokia (NOK) or Ericsson (ERIC), or both firms, to counter Huawei's dominance in next generation 5G telecoms technology. "We and our closest allies certainly need to be actively considering this approach," Barr said in a speech to a Washington think tank conference on China, according to the report.

Huawei suppliers include Micron Technology (MU) and Western Digital (WDC), while makers of optical components, including Oclaro (OCLR), Acacia Communications (ACIA), NeoPhotonics (NPTN), Lumentum (LITE), and Finisar (IIVI), have previously reacted negatively to headlines regarding U.S. enforcement actions and allegations against China's Huawei.

On Friday, in an interview with CNBC's Wilfred Frost, U.S. VP Mike Pence said, "The United States is very disappointed that the United Kingdom has decided to go forward with Huawei for a portion of their information technology...We just don't believe that utilizing the assets, the technology of Huawei is consistent with the security or privacy interests of the UK, of the United States, and it remains a real issue between our two countries."

When asked about AG Bill Barr's remarks that the U.S. should invest in companies like Ericsson and Nokia to catch up with Huawei and whether that was realistic in the short-term, the VP said, "We believe the best way forward is what Ajit Pai announced just over the last several days. The FCC has a plan for dealing with the spectrum that we think is going to make 5G much more rapidly available across the country and that's the plan the president has endorsed and we will be carrying forward. We can expand 5G especially expand 5G to rural areas of this country by using the power of the free market and American companies. The United States and our allies around the world can meet those needs ourselves."

4. TRUMP ACQUITTED IN SENATE: The Republican-led Senate acquitted President Trump of charges stemming from his efforts to pressure Ukraine to announce investigations that would benefit him politically.