China presses Europe for anti-U.S. alliance on trade

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

THE Trump administration, in its latest attempt to block Chinese entry into the U.S. market amid its ongoing trade dispute with China, is recommending that the application by China Mobile to provide telecom services in the United States be denied.

USA companies ranging from whiskey distilleries to automakers like Ford and Tesla could be hit if China ramps up retaliatory measures. "We do not want to fight it, but in order to safeguard the interests of the country and the people, we have no choice but to fight", said Gao Feng, spokesman for China's commerce ministry.

A second tranche of 284 goods valued at US$16 billion - which would bring the total to US$50 billion - will be targeted after they undergo an additional process of review and public comment, which could lead to a lower total.

Economists have for months warned of the potential damage to the United States and global economies from aggressive trade policies that evolve into protectionism, which would raise prices and upend global supply chains.

-China trade deficit that has soared in recent years. The US has claimed that China uses public funds to support its industrial development, which puts US companies at a disadvantage, paying no heed to the fact that China's use of policy and industrial funds to accelerate industrial expansion is a common practice across the world.

"We will continue to assess the potential impact of the USA -initiated trade war on companies and will help companies mitigate possible shocks".

"The central bank will encourage users importing goods from China to use the yuan and not the dollar", officials said.

In the meantime, Trump has told his USA trade representative, Robert Lighthizer, to identify an additional $200 billion in Chinese goods for 10 percent tariffs.

Trump has accused China of unfairly acquiring USA technology through coercion and theft and limiting market access for US finance and technology firms - claims that China denies.

"We agree with nearly all the complaints the USA has against China, it's just we don't agree with how the United States is handling it", another diplomat said.

"With strong manufacturing capability and huge market potential, China's development is hard to suppress".

"I'm afraid not, for now", said Tu Xinquan, a trade expert at Beijing's University of International Business and Economics, who has advised the Chinese government.

"U.S. citizens visiting or residing in China have been arbitrarily interrogated or detained for reasons related to 'state security, ' " the State Department advisory said.

CHINA'S embassy in Washington has issued a security advisory to Chinese nationals travelling to the United States, the latest such warning as trade tensions escalate between the two countries.

A senior Western diplomat told Reuters that there was no sign of any talks at the moment between the two countries, even via back channels.

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