General Motors and other foreign automakers are selling fewer cars and losing lots of money in China, where domestic electric and hybrid cars have taken off.
New rules prohibit the sale of certain types of chips and equipment to China, in an effort to close loopholes and cement the Biden administration’s legacy in countering the U.S. rival.
Data on spending this week shows consumers are being drawn to discounts. Online Black Friday sales picked up at a faster pace this year than in-store shopping, Mastercard reported.