Trump planning new curbs on Chinese investment in the US

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As well, USA motorcycle maker Harley-Davidson said on Monday that it would move some production overseas to avoid European tariffs, potentially affecting "China and the European Union firmly oppose trade unilateralism and protectionism and think these actions may bring recession and turbulence to the global economy".

After talks over the issue broke down this spring, the USA and China said they would both apply new tariffs to billions of dollars worth of goods from each other's country on 6 July.

The meeting between economic decision makers from the European Union and China took place after the United States government threatened to impose several types of tariffs on products from China and the European Union over the past few weeks. The action is part of the Trump administration's responses to China's alleged intellectual-property theft, as laid out in a report that followed an eight-month investigation by the Office of the U.S. Trade Representative.

Trump on Tuesday once again hit out at countries that had placed tariffs on USA goods, and threatened to impose even more tariffs.

"All we're doing here with the president's trade policy is trying to defend our technology when it may be threatened", Navarro said. Caterpillar stock lost 3.7 percent and Boeing fell 7.7 percent on Monday.

US and Canadian stocks suffered their worst one-day decline in several months on Monday, amid rising global trade tensions and their potential impact on the world economy.

A late in the day appearance by Peter Navarro, Trump's senior trade adviser, appeared to turn things around.

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The beef ban was imposed over a decade ago as Beijing started closing off its markets to all European imports, and later to United States beef imports, in the wake of the "mad cow" disease scare. "It's bad for growth", he said.

Bloomberg's report is titled "US plans curbs on Chinese investment, citing security risk" and cites eight people familiar with the plans.

Meanwhile, later this week, the Treasury Department is due to unveil a proposal on investment and export restrictions. The administration could expand the existing authority of the Committee on Foreign Investment in the United States, or CFIUS, which is led by the Treasury and which already has blocked Chinese investments, in ports and semiconductors.

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

The government official said the Treasury would invoke the International Emergency Economic Powers Act of 1977 (IEEPA) to devise the restrictions.

The Dow Jones Industrial Average closed at 24,252.80, down 328.09 points or 1.3 per cent. Its central bank said on Sunday it would cut the amount of cash some banks must hold as reserves by 50 basis points to spur lending to smaller firms.