China presses Europe for anti-U.S. alliance on trade

China presses Europe for anti-U.S. alliance on trade

China presses Europe for anti-U.S. alliance on trade

The businesses that declared a "US tax" said they were revenge moves against America after President Trump imposed new tariffs on imported Chinese goods.

The record surplus "won't help already sour relations and escalating tensions", Jonas Short, head of the Beijing office at Everbright Sun Hung Kai, wrote in a note.

The Ministry of Commerce said last week China would immediately file a complaint to the WTO against U.S. unilateralism, following the United States' threat to slap 10 percent tariffs on an extra US$200 billion worth of Chinese imports.

In total, the United States has threatened to place tariffs on more than $500bn in Chinese goods to the U.S., an amount that Beijing can not reciprocate.

India has flagged concerns of its large trade deficit with China, visa restrictions for Indian professionals and the challenges faced in exporting IT services, meat, rice and medicines to Beijing at the World Trade Organization (WTO).

In a series of articles published by China Media Group since July 10, the broadcaster urged citizens to "forbear any temporary losses in their daily lives" in order to "overcome troubles together with the country", alluding to any price increases or goods shortages that may arise after tariffs go into effect.

Long accused of protectionist tactics that make it a hard place for foreign firms to operate, China is trying to reverse that narrative amid the escalating trade war by approving huge investments, such as a US$10 billion petrochemicals project by Germany's BASF.

A general view of a container port in Shanghai. The sign added: "The US provoked a trade war, we vow to accompany it to the end!"

For January-June China's trade surplus with the United States rose to $133.76 billion, compared with about $117.51 billion in the same period past year.

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China could also seek to lower the exchange rate of its currency against the dollar.

The losses in the dollar index occurred despite Monday's data showing China's economic growth cooled to 6.7 percent in the second quarter of 2018, from the 6.8 percent growth in each of the previous three quarters. "The export and import numbers we saw last week had held up well".

Investors fear a prolonged trade battle with the United States could harm business confidence and investment, disrupting global supply chains and harming growth in China and the rest of the world.

Seeking to cusion trade blow? However, the growth remains above Beijing's target of 6.5 percent.

Trump's slapping of tariffs on steel and aluminium as well as threats of new duties on the automotive industry, have unnerved Washington's trade partners throughout Europe, particularly Germany.

Soybean growers will be among the hardest hit from Chinese tariffs.

Trump's steel and aluminum tariffs broke that taboo.

But Mogherini, speaking to reporters upon arriving for talks with European Union foreign ministers, said Europe has many other friends in the world, citing in particular Japan, with which it is signing a massive trade deal on Tuesday.

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