China says lodged solemn representations with USA after Huawei got blacklisted

Bannon Turns Against China IPOs on U.S. Stock Markets

The New York fed economists' calculations didn't take into account President Trump's proposed expansion round of 25% tariffs on another $300 billion in Chinese imports of consumer goods - from clothes and shoes to iPhone components, or basically everything else that remains of goods imported into the US from that country.

Washington hiked existing tariffs on $200 billion in Chinese goods to 25% from 10% this month, prompting Beijing to retaliate with its own levies on U.S. imports, delaying an end to the 10-month trade war between the world's two largest economies.

Mnuchin told CNBC's Ylan Mui on Wednesday that the us has no plans to go to Beijing to resume trade negotiations when entering a hearing in front of the House Financial Services Committee. And it would mean that the next batch of levies would be ready when Trump meets Chinese President Xi Jinping, as expected, at a G20 leaders summit in Japan on June 28 and 29.

U.S. Agriculture Secretary Sonny Perdue said last week a new aid package for farmers hurt by China's tariffs was likely to amount to between $15 billion and $20 billion, exceeding the up to $12 billion in aid rolled out a year ago.

The acrimony between the two countries has intensified since last week, when Washington put Chinese telecommunications equipment company Huawei Technologies Co Ltd on a blacklist that curbs Huawei's access to US-made components.

Trump has imposed tariffs on foreign steel and aluminum and thousands of Chinese products.

The spokesman said the United States needs to correct its wrong actions if it wants to continue negotiations with China, adding that talks should be based on mutual respect.

Will Huawei phones stop working after Googles restriction?
Business groups say Chinese officials are trying to reassure American companies they are welcome despite the tariffs war. The company reported earlier its global sales rose 19.5% previous year over 2017 to 721.2 billion ($105.2 billion).

Long considered the ballast in a relationship fraught with geopolitical frictions, the USA business community in China in recent years has advocated a harder line on what it sees as discriminatory Chinese trade policies. Cui Tiankai, China's ambassador to the United States, said, "It's quite clear it is the usa side that a few times changed its mind overnight and broke the tentative deal already reached".

Meanwhile, China's Ambassador to the United States Cui Tiankai on Tuesday blamed the United States for the collapse of trade talks.

The move is a potentially devastating blow for the company that has rattled technology supply chains and investors.

Gao said Beijing would take steps necessary to safeguard Chinese firms' interests.

The report did not elaborate and did not directly mention the trade war or the United States. Mobile said they were holding off on the launch of Huawei smartphones, including some that can be used on next generation mobile networks, amid uncertainty about the devices from the world's No. 2 smartphone maker.

The survey by the American Chambers of Commerce in China and Shanghai found one-third of respondents had delayed or cancelled investment decisions to cope with tariffs.

However, it is also true that the fact that the President actually asked the people of the country to prepare for tough times ahead, could also be an indication that China is bracing for a long term trade war with the US. Washington also wants curbs on subsidies for Chinese state-owned enterprises and increased access for USA firms in Chinese markets.


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