USA 'firing at itself' with trade measures: China

USA 'firing at itself' with trade measures: China

USA 'firing at itself' with trade measures: China

In meetings in Brussels, Berlin and Beijing, senior Chinese officials, including vice-premier Liu He and top diplomat Wang Yi, have proposed an alliance between the two economic powers and offered to open more of the Chinese market in a gesture of goodwill.

Instead, the summit is expected to produce a modest communique, which affirms the commitment of both sides to the multilateral trading system, and promises to set up a working group on modernising the WTO, EU officials said.

Chinese state media has promoted the message that the European Union is on China's side.

The past two summits ended without a statement due to disagreements over the South China Sea and trade.

"We put a halt on all investment, not just because we will be losing money, but because we don't know if growing in the U.S. is the right move if we won't be an exporting country", Ken Maschhoff, co-owner of the country's largest family-owned pork producer, told CNBC.

"Dollar demand burden arising from trades with China would be lifted from our forex reserves", they said, adding that initial yuan trades could be small.

It now runs a large trade deficit with China, its biggest trading partner. "We do not want to fight it, but in order to safeguard the interests of the country and the people, we have no choice but to fight", said Gao Feng, spokesman for China's commerce ministry.

Several countries, including China and Canada, have expressed similar concerns.

Both Chinese and US business sources in China said there appeared to be little hope that the tariffs could be averted.

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It also adds a ban on travelers from the Democratic People's Republic of Korea (DPRK) and government officials from Venezuela. Supreme Court decision upholding President Donald Trump 's ban on travel from several mostly Muslim countries.

Still, China's stance is striking given Washington's deep economic and security ties with European nations.

Steep American tariffs on Chinese goods worth tens of billions of dollars are due to take effect when the clock strikes twelve on Thursday night, as US President Donald Trump fires the first salvo in a trade war between the world's top two economies.

It also underscores China's new boldness in trying to seize leadership amid divisions between the United States and its European, Canadian and Japanese allies over issues including free trade, climate change and foreign policy.

China has warned that it won't yield to Trump's pressure. "It was never comfortable with the West being one bloc", said a European official involved in EU-China diplomacy.

Gao noted that most of those exports are actually made by U.S. and global companies in China. "Security personnel have detained and/or deported USA citizens for sending private electronic messages critical of the Chinese government".

Just days ago the president enacted tariffs on steel and aluminum imports, which he said could lead to duties on foreign-made auto parts.

"The fundamentals of the Chinese economy at present are good", he said.

The administration settled last week on a less draconian plan: It would back an effort in Congress to strengthen reviews of foreign investment under the existing Committee on Foreign Investment in the United States, or CFIUS. "To put it simply, the opening fire on the entire world, including itself", he said.

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