Billionaire Johnson Family's VC Fund to Exit China Tech Holdings
A venture capital fund backed by Fidelity Investments ' billionaire Johnson family plans to unload its Chinese technology holdings amid heightened tensions between Beijing and Washington, according to people familiar with the matter.
Eight Roads, Abigail Johnson's family firm that was an early investor in China's internet sector, began exploring the sale of all its investments in about 40 Chinese tech companies earlier this year, the people said, asking not to be identified discussing a private matter.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
15 minutes ago
- Bloomberg
Asian Markets Await More Details on US-China Trade Talk Progress
Asia's traders mostly shrugged off news of a preliminary US-China trade deal, with most looking for more details from the accord before making investment plans. Initial market reaction was minimal with US equity futures edging lower while the offshore yuan little changed. The yen drifted higher.
New York Times
21 minutes ago
- New York Times
Federal Court Agrees to Allow Trump's Tariffs as Appeal Gets Underway
A federal appeals court agreed on Tuesday to allow President Trump to maintain many of his tariffs on China and other U.S. trading partners, extending a pause it granted shortly after another panel of judges ruled in late May that the import taxes were illegal. The decision, from the U.S. Court of Appeals for the Federal Circuit in Washington, delivered an important but interim victory for the Trump administration. The government still must convince the judges that the president appropriately used a set of emergency powers when he implemented the centerpiece of his economic agenda. The decision came as negotiators from the United States and China agreed to a framework intended to extend a trade truce between the two superpowers. The Trump administration had warned that those talks and others around the world would have been jeopardized if the appeals court had not granted a stay while arguments proceeded. At the heart of the legal wrangling is Mr. Trump's novel interpretation of a 1970s law that he used to wage a global trade war on an expansive scale. No president before him had ever used the International Emergency Economic Powers Act, or IEEPA, to impose tariffs, and the word itself is not even mentioned in the statute. But the law has formed the foundation of Mr. Trump's campaign to reorient the global economic order. He has invoked its powers to sidestep Congress and impose huge taxes on most global imports, with the goal of raising revenue, bolstering domestic manufacturing and brokering more favorable trade deals with other countries. A group of small businesses and a coalition of states in April each sued the Trump administration in the U.S. Court of International Trade, claiming that they faced financial hardship from the president's illegal actions. The trade court agreed, finding late last month that Mr. Trump had greatly overstepped the bounds of the emergency powers law. The judges ordered the White House to halt many of its tariffs, including those imposed on China, Canada and Mexico. But the Trump administration immediately appealed the ruling, and judges on the appeals court initially granted the government a temporary stay. That allowed the president's tariffs to remain in place, while the court began to evaluate the government's request for a longer-term pause on original ruling. It granted that motion on Tuesday, allowing the court to turn next to the legal arguments at the heart of the case — and the extent to which Mr. Trump possesses the sweeping trade powers that he claims.
Wall Street Journal
30 minutes ago
- Wall Street Journal
Appeals Court Keeps Trump's Sweeping Tariffs in Place for Now
A federal appellate court on Tuesday granted the Trump administration's request to keep the president's far-reaching tariffs in effect for now but agreed to fast track its consideration of the case this summer. The U.S. Court of Appeals for the Federal Circuit extended its earlier temporary pause of a trade court decision that found Trump exceeded his powers in imposing the tariffs.
