American officials worry USA industrial leadership will be eroded by Chinese plans to create tech champions in fields including robotics, biotech and artificial intelligence. The administration is also weighing auto import tariffs and restrictions on Chinese investment in USA technology. The president said USA tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks. If that were to persist, it could potentially disrupt imports of key products such as pork and soybeans.
Chinese Commerce Ministry spokesman Gao Feng said that the proposed USA tariffs would hit many American and foreign companies operating in China and disrupt their supplies of components and assembly work.
The US-China trade war has become a reality after multiple rounds of failed talks, still, gold, a classic safe-haven asset, is reporting marginal losses at the time of writing.
Companies worry the spiraling dispute could chill global economic growth, but Asian financial markets took Friday's developments in stride.
The Shanghai Composite Index fell about 0.3 percent after flirting with two-year lows. "We have been in trade deficits with almost every country across the globe for years, and the President wants to ensure that that doesn't continue".
The ruling Communist Party has insisted on making changes at its own pace while sticking to a state-led industrial strategy seen as the path to prosperity and global influence. Beijing has announced reforms this year including ending limits on foreign ownership in its auto industry, but none directly addresses complaints that are fueling its conflict with Washington.
A 25% tariff is now being applied to $US34 billion worth of Chinese goods entering the United States.
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Chinese officials reject accusations they steal or force foreign companies to hand over technology. "It is not only because of China's large market size, but it is also because the Chinese market is stable, rational, and committed to the rule of law".
"So we have 50 plus 200 plus nearly 300", Trump said, adding "It's only on China".
"This is a potential concern for the outlook of corporate investment and consumption around world", said Hui.
Also China Daily: "The Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China".
The Washington Post reported on Wednesday that U.S. companies had already felt Beijing's sting "in the form of stalled product approvals, worker visas and licensing applications".
Forecasters say a full-blown conflict could knock up to 0.5 per cent off global economic growth through 2020 if Washington and Beijing impose tariff hikes on $250 billion of each other's goods. But after three rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump chose to go ahead with the tariffs. Mary Lovely, economics professor at Syracuse University, says that roughly 60 percent of U.S. It said US companies want fairer treatment but will be hurt by US-Chinese tensions. "The marked increase in new trade restrictive measures among G20 economies should be of real concern to the global community", Mr. Azevedo said, adding that more restrictions had been put in place in the weeks after the period under review ended.