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Futures Slide After Trump Opens A “Most Unwelcome Can Of Worms” With TikTok, WeChat Executive Order

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World stocks ended a four day rally overnight that pushed the MSCI World index to green for the year, after U.S. President Trump cranked up simmering tensions with China after late on Thursday has signed orders to ban Americans from transactions involving China’s ByteDance (TikTok’s parent) and WeChat (owned by Tencent), taking effect in 45 days. Furthermore, Trump’s Working Group on Financial Markets recommended that Chinese companies currently listed on US exchanges should be delisted if they do not become compliant with US accounting standards.

Tencent Holdings slumped 5% in Hong Kong after plunging as much as the 10% limit earlier.

Trump’s decision to take aim at WeChat, the world’s most-used messaging app, has the potential to upend the international businesses of companies from Apple Inc. to Walmart Inc.

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