China, EU to form group to modernise global trade rules

China, EU to form group to modernise global trade rules

China, EU to form group to modernise global trade rules

Chinese investment has provided jobs and tax income for the United States, and it should view commercial activities "objectively", Foreign Ministry spokesperson Geng Shuang told reporters in Beijing on Monday.

Katainen also talked about the trade differences that the EU has had with China for some time, such as better access to the Chinese market for European companies and products, or the concerns due to the modernization programme "Made in China 2025" that included important subsidies to Chinese high-tech companies.

"All we're doing here with the president's trade policy is trying to defend our technology when it may be threatened", Navarro said.

The EU and China have called Trump's actions "totally unacceptable" and an "act of extreme pressure and blackmail" while retaliating with tariffs of their own on billions of dollars' worth of United States goods. CFIUS reviews-or the threat of reviews-have largely halted Chinese purchases of USA semiconductor companies. Amazon shares fell more than 3.5%, while shares of Google and Facebook fell 3.67% and 3.77%, respectively. The action is part of the Trump administration's responses to China's alleged intellectual-property theft, as laid out in a report that followed an eight-month investigation by the Office of the U.S. Trade Representative.

"People are scared", said Wayne Kaufman, chief market analyst at Phoenix Financial Services in NY.

US technology stocks were worst hit.

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The EU riposted last week against emblematic American exports in response to U.S. tariffs on steel and aluminium.

U.S. Treasury Secretary Mnuchin has been reluctant to back steep tariffs on Chinese goods, fearing the impact on global supply chains.

Derek Scissors, a China scholar at the American Enterprise Institute who consults regularly with the administration, said that he believes Mnuchin would prefer to apply the text of a bill working its way through Congress to strengthen national security reviews of USA acquisitions to investments by China. The administration is still debating some aspects of the new investment restrictions that are set to be announced on Friday, a government official said.

The White House, Treasury Department and Commerce Department did not immediately reply to requests for comment.

Stocks fell in midday trading Monday, with the Dow Jones industrial average down as much as 446 points, amid reports of protectionist policy pushes by the Trump administration that would ramp up trade tensions on multiple fronts. Its central bank said on Sunday it would cut the amount of cash some banks must hold as reserves by 50 basis points to spur lending to smaller firms.

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