Trump says US is not going to do business with Huawei, not ready to make a trade deal with China

For Goldman, the move heightens the risks it faces launching a credit card during the latter stages of a decade-long U.S. expansion.

President Donald Trump speaks to members of the press before departing from the White House en route to Dayton, Ohio and El Paso, Texas on August 7, 2019 in Washington, DC.President Donald Trump said Friday the U.S. will cut ties with Chinese telecom giant Huawei, but that could change if there's a trade deal with China.

The move on Huawei came after China halted buying American agricultural products in retaliation for Trump's surprise tariffs threat last week. It also allowed its currency, the yuan, to drop against the dollar to a key level unseen since 2008.

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