China defends its United States investment record

China defends its United States investment record

China defends its United States investment record

China and the European Union (EU) vowed to oppose trade protectionism in an apparent rebuke to the USA, saying unilateral actions risked pushing the world into a recession.

"Both sides believe that we must resolutely oppose unilateralism and trade protectionism and prevent such behavior from causing volatility and recession in the global economy", China's Vice Premier Liu He, who hosted the talks, said. The move comes after the European Union pushed back on Trump's steel and aluminum tariffs with its own duties on politically significant United States products like motorcycles.

The WTO "provides the basic infrastructure for rules-based trade and rules-based world order; China and the EU both support this approach", said European Commission Vice President Jyrki Katainen, noting the two sides would form a working group to modernise the organisation.

The talks were taking place at a time when "unilateralism is on the rise and trade tensions have appeared in major economies", Liu said. Washington also announced 25 percent tariffs on 818 imports from China, worth about $34 billion annually.

Leaders of the European Union and China have agreed to join together to fight the protectionist tariffs implemented by President Donald Trump's administration.

Following reports from various media outlets on Monday that the US will further crack down on China's technology Treasury Secretary Steven Mnuchin took to Twitter to clarify what the administration's moves will be.

Bloomberg's report is titled "US plans curbs on Chinese investment, citing security risk" and cites eight people familiar with the plans.

Halle final loss drops Federer from No.1
The Croatian outsider, ranked 34th, also ended Federer's 20-match win streak on clay, which stretched to June a year ago . He was the first Croatian to reach the final at Halle and now holds two titles after winning in Marrakesh in 2017.

If that threat is realised, it could cut as much as half a percentage point off China's economic growth, and also hit the American economy, economists have said.

Anxiety over the economic fallout is cutting deep in financial markets, with China's yuan sliding to a six-month low Monday. "China trade is cooperation in investment", Geng said at a press briefing.

Chipmakers sank amid reports the Trump administration will limit technology exports to China as well as investment by China.

Beijing's industrial policies such as the "Made in China 2025" project, which is created to transform China from a maker of sports shoes and denims into high-tech goods, is a major concern in Washington and stands at the heart of proposed new USA tariffs on China.

China and the European Union will exchange offers related to market access at an upcoming summit in July, Liu said Monday.

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