Daily Trends Now
Daily Trends Now


China Says Washington Trade Actions Will Hurt American Workers

China Says Washington Trade Actions Will Hurt American Workers

The disagreements were also about USA tariffs on $34 billion worth of Chinese goods that are scheduled to go into effect on July 6, which China said would trigger retaliation involving its imports of American soybeans and motor vehicles.

"The leaker either doesn't exist or know the subject very well".

Despite US Treasury Secretary Steven Mnuchin later saying the plans were "not specific to China, but to all countries that are trying to steal our technology", the move was widely seen as aimed at Beijing.

Trump has threatened to impose tariffs of 10 percent to 25 percent on up to $450 billion of Chinese goods.

Trump administration officials have said they are considering the use of the 1977 International Emergency Economic Powers Act to impose new restrictions on China, an act widely used to freeze assets after the 9/11 attacks in 2001.

However, his confusing interview to CNBC did little to clarify the situation, as he said the administration was "not singling out China" but also that Treasury would release a report on Friday on the issue of investment restrictions on China.

"We need more than just talk, we need to demonstrate adherence to worldwide trading rules", said Katainen, proposing reforms to develop new rules for a "global level playing field" in key areas such as "industrial subsidies".

The steel and aluminium tariffs are probably seen by many as the sparking point of the trade tangle the global economy now finds itself in, and what has caused the most tension between the U.S., its allies, and China. "It's something you could only dream about".

Stocks fell in midday trading Monday, with the Dow Jones industrial average down as much as 446 points, amid reports of protectionist policy pushes by the Trump administration that would ramp up trade tensions on multiple fronts.




Earlier policymakers in China moved quickly to temper any potential impact on economic growth from Beijing's trade dispute with the United States.

Rhodium linked the sharp drop to tougher scrutiny of Chinese acquisitions by U.S. regulators and China's own restrictions on outbound investment. The measures have bipartisan support and the backing of top Trump administration officials.

But US authorities have also been looking into investment restrictions.

CFIUS is also poised to become even more powerful.

The newspaper, citing unidentified sources, said the initiatives were aimed at preventing Beijing from moving ahead with plans to develop companies able to compete globally in technologies including biotech and electric vehicles. Cohn, a former president of Goldman Sachs Group Inc., warned this month that trade disputes could wipe out the benefits of Republican tax cuts passed in December.

President Xi Jinping's top economic adviser - said China and the European Union had agreed to defend the multilateral trading system, following talks Monday in Beijing. That could include holding goods in ports or hold up approvals.

Beijing then followed through in April with 178.6% antidumping duties on sorghum imports from the U.S., although these were ended in May after trade negotiations with the US.

The decision of the government to take a direct hand in corporate investment decisions under the pretext of national security is "a radical departure from the way we have engaged in economic governance", Chorzempa said.

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