MOFCOM: China firmly opposes USA trade bullying

MOFCOM: China firmly opposes USA trade bullying

China is reportedly putting purchases of US soybeans on hold amid the growing trade war with the USA, according to a report from Bloomberg News.

The Huawei logo stands on a Huawei office building in Dongguan in China's southern Guangdong province on 18 December 2018. It is now coupled with a technological war: the Trump administration has banned U.S. companies from selling technology to Huawei, the world's second-largest handset, jeopardizing China's essential supply of electronic chips. USA officials accused the Chinese of reneging on agreements they'd made in earlier rounds.

The countries have exchanged tariffs on $360 billion in two-way trade so far.

Earlier in the day, quoted by state-run CCTV television, he denounced the "obvious" will of the Trump administration to "drive Huawei out of the U.S. market" and the "tyrannical" ban on the purchase of his equipment by state organs. If US is willing to negotiate, the door of negotiations will open wide. They are also vital to advanced weapons and other strategic systems, such as jet engines, lasers, night vision goggles and displays, and as a result have been designated as "critical" by the USA government. If China decides to play hardball and suspend shipments, it will deepen fears that it is an unreliable trade partner.

The six-word phrase is associated with China going to war with India in 1962 and Vietnam in 1979.

"It's not the threat that it was ... when the Chinese threatened to cut off the Japanese", he said.

"And now, most Americans say that they will ultimately foot the bill from a widening trade war with China", said Patrick Murray, director of the Monmouth University Polling Institute.

"If China decides to block rare earth exports to the United States, it could lead to complicated consequences, including losses for China itself", said the Global Times, often with a nationalistic tone. June is a sensitive time in China and in October the party will celebrate 70 years in power.

We may fight this trade war "over 30 years, or maybe it's 50 years", he said, noting even if there was an agreement this time around, the U.S. would provoke another trade war in the future. In meetings with officials, investors and academics in Beijing, a theme emerges: Once confident it could deal with Trump, China is realising in the thickening fog of his trade war that this may be a prolonged conflict. The U.S. then pushed more tariffs on Chinese goods along with a ban on technology sales.

"It is quite possible there will be significant collateral damage here", Balding said. "China has national policies and laws where data is required to be shared", Patrick Shanahan told the forum.

The United States and China held ministerial-level trade talks in Washington early last month, but they made little progress, leading the Trump administration to raise US tariffs on $200 billion of Chinese products from 10 percent to 25 percent. Adding to investor concerns, an official survey released on Friday showed that China's factory activity in May slumped into a deeper contraction than markets had expected, heaping pressure on Beijing to roll out more stimulus to support an economy hit hard by a bruising trade war with the United States.

The list includes beauty products, sports equipment, musical instruments, wine, condoms, diamonds, wood, fabric and toys.

"The risk is that these tariffs, along with those imposed on China, push an already soft business cycle into a full-blown recession".

This comes following Google's announcement last week that it will restrict Chinese tech giant Huawei from accessing its software, following an executive order issued by US President Donald Trump.

"The United States remains an important export market for China, but its importance is declining", said Wang Shouwen, who was on China's negotiating team, according to official news agency Xinhua. Wei Shuang, former Chinese vice commerce minister, said at the seminar on Friday that starting a trade quarrel would be disastrous for the American economy.

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