Economy

China, EU to form group to modernise global trade rules

China, EU to form group to modernise global trade rules

Tech shares dragged the entire market down Monday as traders readied for continued blows between the US and Chinese governments.

But contradictory statements Monday from senior USA officials have muddied the waters on what path the White House will take.

The report comes after President Donald Trump's "America First" administration earlier this month announced new tariffs of 25% on US$50 billion (RM200 billion) in Chinese imports.

"I would not, on the investment side, be betting against the Treasury Department", Scissors said, noting that Treasury would control implementation of such rules.

A government official told Reuters on Sunday night that the Treasury was drafting curbs that would block firms with at least 25 per cent Chinese ownership from buying U.S. companies with "industrially significant technology".

In March, Trump directed Treasury Secretary Steven Mnuchin to devise a system that would limit Chinese investment "in industries or technologies deemed important to the United States".

"The leaker either doesn't exist or know the subject very well". The U.S. would block Chinese companies from investing in U.S. technology companies, while restricting U.S. technology exports to China.

But on May 29, the White House announced that the Trump administration would proceed with a 25 per cent tariff on $US50 billion of Chinese goods and China-specific investment restrictions.

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 United States, its allies, and China. "So this whole idea that there's going to be investment restrictions to the world, please, discount that", Navarro said.

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Scott Kennedy, a Chinese economy expert at the Center for Strategic and International Studies in Washington, DC, said the new EU-China partnership was "a big deal", and risks leaving the USA isolated.

The economy "is going to a attractive place right now", Navarro said on CNBC. This was stated by the President of the United States Donald trump in comments to American television. The measures have bipartisan support and the backing of top Trump administration officials.

CFIUS is also poised to become even more powerful.

Beijing is also suspicious of US intentions toward self-governing and democratic Taiwan, which is armed by the United States.

Investment plunged more than 90% in the first five months of 2018 compared with the same period a year earlier, according to a report last week by Rhodium Group, a research firm that tracks Chinese foreign investment.

The Trump administration is now seeking to pressure China to stop practices that it says unfairly extract tech secrets from American companies.

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.

As tensions continue to escalate, trade experts warn there are fewer options to resolve the dispute.

North Korean media said Chinese President Xi Jinping and Kim reached an understanding on the denuclearization of the Korean peninsula after discussing the outcome of the U.S.


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