China's Back To Shouting About A Trade War With The US

China's Back To Shouting About A Trade War With The US

China's Back To Shouting About A Trade War With The US

"The malicious practices of the United States are like opening Pandora's Box, and there is a danger of triggering a chain reaction that will spread the virus of trade protectionism across the globe", the spokesman emphasized. Consequently, the recent summit between the Chinese and North Korean leaders implies a significant difficulty on the part of the USA, which is in a trade war against China with its summit with the North around the corner.

Asked on CNBC whether negotiations with Beijing could avoid tariffs, Lighthizer said: "I think there is hope".

On Friday, Beijing responded to an earlier United States tariff hike on steel and aluminum imports by releasing a US$3b list of American goods including pork and steel pipes that might be targeted for retaliation.

Reports surfaced Monday that China was taking steps to expand market access and meet certain US demands created to ultimately reduce the massive $375 billion USA trade deficit with China.

"Chinese retaliation against USA wine would put our producers at a significant disadvantage in one of the most important markets in the world at a critical time", Wine Institute CEO Robert Koch said.

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China has long said it would like to import more US high-tech goods, including high-end chips, but has been stymied by USA export controls set on national security grounds.

On Thursday, China's State Council, or cabinet, said transfers of Chinese intellectual property rights to foreign investors will be reviewed if national security is determined to be at stake, or if core technological innovations are involved.

China's commerce ministry said on Thursday the USA approach to trade could trigger a domino effect and US trade protectionism will only hurt US consumers. "If a trade war were initiated by the U.S., China would fight to the end to defend its own legitimate interests with all necessary measures".

The tariff list is expected in the next several days.

He said the two countries had different economic systems with different tensions, with the US version "market economy-driven" and China driven by "state capitalism". Top agricultural exports to China and Hong Kong include pistachios, almonds, wine, oranges, dairy products and hay. Taking place just weeks ahead of a possible summit between Kim and U.S. president Donald Trump to negotiate a curb on North Korea's nuclear and missile programme, it represents a subtle signal that there can be no USA deal with North Korea without China's involvement.

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