Canada Markets closed

Trump administration has ‘a lot of interest’ in input from companies affected by trade war

Adriana Belmonte
Associate Editor

The U.S.-China trade war has certainly had its effects on the economy — whether it be through agriculture, machinery, or technology.

In a recent interview, Yahoo Finance asked Qualcomm (QCOM) CEO Steve Mollenkopf whether he was satisfied with how the government has communicated with his company regarding those trade tensions. The chipmaker is heavily exposed to China, and when it last reported earnings Mollenkopf said it was lowering its sales outlook for smart devices in 2019 due in part to the trade war.

“For certain companies, and we’re certainly in this category, [there is] very high bandwidth communication,” Mollenkopf said. “In terms of how it works, I go [to the White House] a lot.”

Qualcomm CEO Steve Mollenkopf has been in contact with the White House in regards to the trade war. (Photo: AP Photo/Isaac Brekken)

“We’ve been there, along with others,” he said. “The way to think about that is there’s a lot of interest on the part of the administration to get input from the people who are impacted. I think that surprises people to some degree, but it is absolutely true.”

Mollenkopf shared these comments with Yahoo Finance Editor-in-Chief Andy Serwer on an episode of “Influencers with Andy Serwer,” a weekly interview series with leaders in business, politics, and entertainment.

The race to 5G

In the race to 5G, Qualcomm has encountered numerous hurdles, including Chinese company Huawei, which has found itself at the center of many trade talks due to allegations of espionage. The Trump administration placed Huawei on the entity list, meaning U.S. companies can’t deal with them without getting special permission. The Mollenkopf-led company provides Huawei with components for its smartphones, like processors and modems.

“We get a lot of interest in getting our perspective, and then separate from I’d say the executive branch, on the Hill, tremendous interest to understand the ramifications of 5G and how laws and policy should evolve in order to make sure that we’re successful,” he said. “As a result, a lot of them come and ask us what to do.”

Signs of Qualcomm and 5G are pictured at Mobile World Congress (MWC) in Shanghai, China June 28, 2019. REUTERS/Aly Song

In July, Mollenkopf joined tech leaders from Google (GOOGL), Cisco (CSCO), Intel (INTC), Micron (MU), Western Digital (WDC), and Broadcom (AVGO) at the White House to discuss the Huawei ban. President Donald Trump assured them that “his administration would make ‘timely’ decisions about whether to allow American firms to continue selling products to Huawei,” the New York Times reported.

“I spend a lot of time trying to make sure that people are educated,” Mollenkopf said. “Part of the responsibility of a company that has a strong position in a technology is you can’t complain about the laws and policy that people are making unless you’re there helping to educate the people that make it. And there’s a lot of desire for that to occur, and we’re happy to do it.”

Adriana is an associate editor for Yahoo Finance. Follow her on Twitter @adrianambells.

READ MORE:

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.

  • Trump Holds South Carolina Rally as Virus Fears Roil Markets
    Finance
    Bloomberg

    Trump Holds South Carolina Rally as Virus Fears Roil Markets

    (Bloomberg) -- President Donald Trump went ahead with a campaign rally in South Carolina on Friday, even as his administration struggles to reassure Americans that they aren’t threatened by the coronavirus outbreak.“So far, we have lost nobody to coronavirus in the United States. Nobody,” Trump told

  • Harley-Davidson CEO Steps Down After Five-Year Sales Slump
    Finance
    Bloomberg

    Harley-Davidson CEO Steps Down After Five-Year Sales Slump

    (Bloomberg) -- Harley-Davidson Inc.’s Chief Executive Officer Matt Levatich stepped down Friday after failing to arrest a chronic sales slump, leaving the iconic American motorcycle maker midway through a multiyear makeover.Levatich will be replaced on an interim basis by Jochen Zeitz, a board member

  • Hedge Funds Finally Do Their Job Amid Chaos of Stock Tumble
    Finance
    Bloomberg

    Hedge Funds Finally Do Their Job Amid Chaos of Stock Tumble

    (Bloomberg) -- At long last, beleaguered hedge fund managers may be having their moment.After a decade of mostly mediocre returns -- at least compared with the red-hot stock market -- hedge funds this month appear to have survived the worst drubbing for equities since the financial crisis. Some even

  • Feds reject removal of 4 US Northwest dams in key report
    Finance
    The Canadian Press

    Feds reject removal of 4 US Northwest dams in key report

    PORTLAND, Ore. — A long-awaited federal report out Friday rejected the idea of removing four hydroelectric dams on a major Pacific Northwest river in a last-ditch effort tosave threatened and endangered salmon, saying such a dramatic approach would destabilize the power grid, increase overall greenhouse

  • Agency: 2nd US case of person who got virus from community
    Finance
    The Canadian Press

    Agency: 2nd US case of person who got virus from community

    SAN JOSÉ, Costa Rica — THIS IS A BREAKING NEWS UPDATE. AP'S EARLIER STORY IS BELOW:Health officials have confirmed the second case of novel coronavirus in the United States believed to have been transmitted to a person who didn’t travel internationally or come in close contact with anyone who had

  • Finance
    Bloomberg

    What the Coronavirus End Game Will Look Like

    (Bloomberg Opinion) -- Pandemics come and pandemics go.In the grip of a new infection spreading around a planet with no natural immunity, it can feel like the sky is falling. Over the coming months, it’s likely that a significant share of the world’s population will experience some of the dread of the

  • The Fed’s Response to the Coronavirus Doesn’t Go Far Enough
    Finance
    Bloomberg

    The Fed’s Response to the Coronavirus Doesn’t Go Far Enough

    (Bloomberg Opinion) -- Both the Federal Reserve and the White House are considering emergency measures to combat the economic fallout from the coronavirus. These are the right responses, but they don’t go far enough.To be clear, the coronavirus is first and foremost a public-health threat. The full resources

  • Outbreak starts to look more like worldwide economic crisis
    Finance
    The Canadian Press

    Outbreak starts to look more like worldwide economic crisis

    NEW YORK — The coronavirus outbreak began to look more like a worldwide economic crisis Friday as anxiety about the infection emptied shops and amusement parks, cancelled events, cut trade and travel and dragged already slumping financial markets even lower.More employers told their workers to stay home

  • California Reports Second Case of Unknown Origin: Virus Update
    Finance
    Bloomberg

    California Reports Second Case of Unknown Origin: Virus Update

    (Bloomberg) -- California had its second case of coronavirus infection from an unknown origin. The U.S. raised its travel advisory for Italy, the epicenter of the outbreak in Europe. Federal Reserve Chairman Jerome Powell said the U.S. central bank is prepared to cut interest rates.Amazon.com Inc. warned

  • U.S. moves high-level U.S. meeting on China tech, possible new Huawei curbs to March: sources
    Finance
    Reuters

    U.S. moves high-level U.S. meeting on China tech, possible new Huawei curbs to March: sources

    NEW YORK/WASHINGTON (Reuters) - Trump administration officials have rescheduled for March 11 a critical meeting to discuss potential new U.S. restrictions on sales of technology to Huawei and China, people familiar with the matter said. Commerce Secretary Wilbur Ross, Defense Secretary Mark Esper, Secretary

  • Wall Street has worst week since 2008 as S&P 500 drops 11.5%
    Finance
    The Canadian Press

    Wall Street has worst week since 2008 as S&P 500 drops 11.5%

    Stocks sank around the globe again Friday as investors braced for more economic pain from the coronavirus outbreak, sending U.S. markets to their worst weekly finish since the 2008 financial crisis.The damage from the week of relentless selling was eye-popping: The Dow Jones Industrial Average fell 3,583

  • New Designs Should Be in a Familiar Format, Says Designer Robert Brunner
    Finance
    Bloomberg

    New Designs Should Be in a Familiar Format, Says Designer Robert Brunner

    Feb.28 -- Robert Brunner, Ammunition Group founder & partner, discusses his company's outlook and the changing nature of retail on "Bloomberg Technology."

  • Finance
    Bloomberg

    Blackstone’s Top Three Get $803 Million Pay, Dividends in 2019

    (Bloomberg) -- Blackstone Group Inc. co-founder Steve Schwarzman and his top two executives collected a combined $802.6 million in compensation and dividends last year.Schwarzman’s haul consisted of $452 million in dividends and around $53.5 million in carried interest, the New York-based private equity

  • California voting changes raise concerns for 'Super Tuesday'
    Finance
    The Canadian Press

    California voting changes raise concerns for 'Super Tuesday'

    SAN FRANCISCO — Major changes to the way people vote have election advocates on edge as Californians cast ballots in a high-profile primary that was moved up from June so the state could have a bigger say in picking presidential nominees.More than 2.7 million of a record nearly 20.7 million registered

  • Trump tries to shift blame as virus outbreak rattles markets
    Finance
    The Canadian Press

    Trump tries to shift blame as virus outbreak rattles markets

    WASHINGTON — As global markets plunged amid growing fears about the coronavirus outbreak, President Donald Trump and his allies pulled from a familiar playbook Friday and blamed others for the slide. It's a challenging sell for a president who has lashed his fate to Wall Street like no other.The

  • How Trump's Facebook Ads Strategy Differs From Dem Candidates
    Finance
    Bloomberg

    How Trump's Facebook Ads Strategy Differs From Dem Candidates

    Feb.28 -- Rebekah Tromble, George Washington University media professor and Jessica Alter, Tech for Campaigns co-founder discuss Trump's digital ad campaign on "Bloomberg Technology."

  • Finance
    Bloomberg

    Jared Kushner Divests From Startup Cadre Over Future Conflict Concerns

    (Bloomberg) -- Jared Kushner has divested from Cadre, the real estate technology startup he co-founded, according to a person familiar with the matter, after the business attracted investment offers that could pose conflicts of interest for the White House aide.Kushner, who is President Donald Trump’

  • The Wildest Elements of This Week's Global Meltdown in Markets
    Finance
    Bloomberg

    The Wildest Elements of This Week's Global Meltdown in Markets

    (Bloomberg) -- How do we put a remarkable week for markets into historical context?On almost any basis, this was the most extreme sell-off in global stocks since the aftermath of the downgrade of U.S. sovereign debt in August 2011. Meanwhile, the rush into the safety of bonds was unprecedented: the 30

  • Harley-Davidson CEO to leave struggling motorcycle maker
    Finance
    The Canadian Press

    Harley-Davidson CEO to leave struggling motorcycle maker

    MILWAUKEE — Harley-Davidson CEO Matthew Levatich is leaving the struggling motorcycle maker.The Milwaukee company announced Friday that Levatich will leave his post and seat on Harley's board of directors.Board member Jochen Zeitz will become acting president and CEO while a board search committee

  • Finance
    The Canadian Press

    Most actively traded companies on the TSX

    TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (16,263.05, down 454.39 points.)Bombardier Inc. (TSX:BBD.B). Industrials. Down 16 cents, or 14.3 per cent, to 96 cents on 38.1 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Down

  • SNC shares jump as company puts criminal case behind it, commits to new strategy
    Finance
    The Canadian Press

    SNC shares jump as company puts criminal case behind it, commits to new strategy

    MONTREAL — Despite a rout on North American stock markets Friday, SNC-Lavalin Group Inc. shares jumped 11 per cent or $3.08 to close at $31.20 on the Toronto Stock Exchange following the release of its quarterly financial results.CEO Ian Edwards said the Montreal-based engineering and construction giant

  • TSX flirts with correction territory, posts worst week since 2008
    Finance
    The Canadian Press

    TSX flirts with correction territory, posts worst week since 2008

    TORONTO — Canada's largest stock index flirted with correction territory Friday after plunging for a sixth-straight day, capping off its worst week since the global financial crisis of 2008.The S&P/TSX composite index was down as much as 821 points after a technical problem forced an early end to

  • Mexico Has Two Coronavirus Cases, Health Officials Say
    Finance
    Bloomberg

    Mexico Has Two Coronavirus Cases, Health Officials Say

    (Bloomberg) -- A 35-year-old man was confirmed as the first coronavirus case in Mexico, the country’s deputy health minister said on Friday. A second case was verified by a state health official.The first patient has a mild case and has been put in quarantine along with family members in the country’

  • Finance
    The Canadian Press

    Business Highlights

    ___Wall Street has worst week since 2008 as S&P 500 drops 11.5%NEW YORK (AP) — Stocks sank again Friday after another wild day on Wall Street, extending a rout that handed the market its worst week since October 2008 at the height of the financial crisis. The market clawed back much of its intraday losses

  • Coronavirus-driven sell-off puts Fedspeak in focus
    Finance
    Yahoo Finance

    Coronavirus-driven sell-off puts Fedspeak in focus

    A recap of all Fedspeak from this week's wild market sell-off, spurred by Coronavirus fears.