EU, China vow to uphold global trade order despite divisions

Republican presidential candidate Donald Trump gestures while delivering a speech at the Alumisourse Building in Monessen Pennsylvania.—Rueters

Republican presidential candidate Donald Trump gestures while delivering a speech at the Alumisourse Building in Monessen Pennsylvania.—Rueters

White House trade and manufacturing adviser Peter Navarro says any investment restrictions proposed by the Trump administration would target China and not other countries.

The Dow Jones Industrial Average plummeted more than 400 points on Monday after Treasury Secretary Steven Mnuchin's comments that investment restrictions would not be limited to China, "but to all countries that are trying to steal our technology".

But the Communist government has resisted any change to its plans that call for challenging U.S. and European technology dominance by creating Chinese companies capable of competing in fields including clean energy, biotech and aerospace.

The IEEPA statute allows the president to unilaterally impose investment limits.

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U.S. Defense Secretary Jim Mattis arrived in Beijing on Tuesday for meetings with senior Chinese leaders, as the world waits for indications that North Korea is taking steps to dismantle its nuclear program following the summit between President Donald Trump and North Korean leader Kim Jong Un. "So this whole idea that there's going to be investment restrictions to the world, please, discount that", Navarro said. Policies companies object to are "integral to the growth model China is pursuing", he said.

China and the European Union vowed to oppose trade protectionism in an apparent rebuke to the U.S., saying unilateral actions risked pushing the world into a recession. He is the first Pentagon chief to visit China since 2014. "Both sides should learn to be good listeners", state-run tabloid The Global Times wrote in an editorial. Beijing responded to Washington's first round of hikes on $34 billion of imports by raising duties on U.S. soybeans, whiskey and other products. Tariffs on an additional $16 billion in Chinese products will go into effect after a public review period is completed. Brussels and Beijing recently announced new tariffs on USA goods in retaliation for moves by the Trump administration.

What Happened: U.S. President Donald Trump may be planning to block Chinese firms from purchasing U.S. companies and prevent some U.S. technology from being exported to China, The Wall Street Journal reported June 24.

Technology stocks bore the brunt of the damage. Recall that the USA has accused China of pursuing a policy of "economic aggression" that threatens the whole world.

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"We hope the USA side will see these (Chinese) companies' business activities in an objective manner, and provide Chinese companies a good, fair and predictable environment for their investment and business activities", Foreign ministry spokesman Geng Shuang said. To Slam Restrictions On Chinese Investments As Trade Dispute Escalates appeared first on Channels Television.

Although Taiwan and the South China Sea are two major concerns when it comes to Washington-Beijing relations, Professor Steve Tsang, a political scientist and director of the SOAS China Institute, told Newsweek that these issues won't likely be addressed during the visit.

Mnuchin has been less visible publicly since then, as the more hawkish wing of the administration's trade team seemed to have successfully turned the tides against the faction that was in favor of finding a negotiated solution for the two countries.

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