Trump considers reversing ZTE ban as part of Chinese trade battles

Gao Feng a spokesman for China's Ministry of Commerce addresses reporters in Beijing

Gao Feng a spokesman for China's Ministry of Commerce addresses reporters in Beijing

China is energetically trying to rally other governments to its side in its trade showdown with the United States.

If the United States implements trade sanctions including tariffs then all outcomes of the China-US trade talks will be void, state news agency Xinhua said on Sunday following high-level trade discussions in Beijing.

USA agriculture sold $20 billion worth of products to China a year ago, sales put at risk in the current trade dispute between the US and China.

On May 19, China and the U.S. They decry rampant theft of intellectual property and Chinese overproduction, which has flooded world markets with cheap steel and aluminum.

China appealed to other governments Friday to reject "trade and investment protectionism" after Washington raised steel tariffs and said it will impose curbs on Chinese investment. All vowed to retaliate by penalizing American products. "This is not about the American people".

"We believe that when it comes to the problems in Sino-U.S. trade and business both sides should take a honest attitude in the spirit of equality and mutual respect to use dialogue and consultations to seek a mutually beneficial win-win solution".

"I'm also thinking about what they're doing to help us with peace with North Korea".

Visa suffers ‘service disruption’ across Europe
Visa announced Friday that it's experiencing a "service disruption" that is preventing transactions from going through. Mastercard said its payment network was functioning normally. "We've just been shopping and my Visa card didn't work".

For his part, Trump said any arrangement to allow ZTE to operate freely would include a fine of $1.3 billion and a corporate housecleaning.

China welcomes the USA clarification, said spokesperson Hua Chunying at a routine press briefing.

The average tariff rate for clothing, shoes and hats, kitchenware, and sports and fitness supplies will be reduced from 15.9 percent to 7.1 percent, and that for home appliances such as washing machines and refrigerators from 20.5 percent to 8 percent, Xinhua reported.

This was considered a sign that the brewing trade war between the world's two biggest economies was averted for the time being. Ross and Vice Premier Liu He, China's chief representative on trade talk with Washington, spoke over the phone on May 25, Xinhua added, without elaborating.

The negotiations with ZTE come as U.S. Commerce Secretary Wilbur Ross heads to Beijing this weekend for trade talks.

The truce didn't last long.

Meanwhile, the Department of Commerce announced the affirmative preliminary determination in the countervailing duty (CVD) investigation of imports of certain plastic decorative ribbon from China, finding that exporters in China received countervailable subsidies ranging from 12.81 per cent to 94.67 per cent. The official wasn't authorized to comment publicly and requested anonymity. "Europe, Canada and Mexico are not China, and you don't treat allies the same way you treat opponents". Financial markets, wary of a calamitous trade war, were relieved.

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