Thursday, 19 July, 2018

Xi has strong words for Trump: 'In our culture, we punch back'

China and Europe warn trade war could trigger global recession Trump planning new curbs on Chinese investment in the US - WSJ
Elsie Buchanan | 26 June, 2018, 12:45

Tariffs on $34 billion worth of Chinese goods, the first of a potential total of $450 billion, are due to take effect on July 6 over U.S. complaints that China is misappropriating USA technology through joint venture rules and other policies.

"Statement will be out not specific to China, but to all countries that are trying to steal our technology", Mnuchin wrote, playing down the impact new restrictions will have on the trade relationship with China.

European Commission Vice President Jyrki Katainen said unilateral action by US President Donald Trump in disputes over steel, China's technology policy and other issues highlighted the need to modernise the World Trade Organisation to reflect developments in the world economy. Last week, Chinese President Xi Jinping told a group of American and European multinational chief executives that his country was planning to strike back against the latest trade actions by the US, according to the Wall Street Journal.

The so-called FANG stocks, which have led momentum in US stocks, were lower after having hit record intraday highs last week.

The recent imposition of import tariffs by the USA, and counter-measures by other countries, are also starting to affect global production and supply chains.

Harley-Davidson fell 6 percent after it said it will start building some motorcycles bound for Europe in factories overseas in response to tariffs by the EU. Caterpillar stock lost 3.7 percent and Boeing fell 7.7 percent on Monday. "Trade must be fair and no longer a one way street!"

The conflicting signals on trade policy from the Trump administration reflect deep divisions among policymakers over how hard to push China on demands for changes in trade, technology transfers, and industrial policies.

Canada passes legislation legalizing marijuana, sales expected within 12 weeks
On the opposite end of the spectrum, marijuana availability will only be provided in 40 state-run shops in Ontario. The overall North American index, which includes United States stocks, was up 2.3%.


He said investors should be bullish on the USA economy, claiming Trump's aggressive trade maneuvers had created new domestic investment.

This was seen by many as an attempt to reassure China that it was not being singled out.

"A trade war means lower global GDP".

"China is not going to yield to outside pressure and eat the bitter fruit", an unnamed senior official said in the Journal report.

Spokespersons for the Treasury and the Commerce Department did not respond to requests for comment on their investment and export control plans.

China and the European Union will exchange offers related to market access at an upcoming summit in July, Liu said on Monday.

The administration could declare an economic emergency, or IEEPA, to justify the restrictions, according to the report.

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