USA to curb Chinese investment in tech firms

25 Juin, 2018, 22:16 | Auteur: Auguste Feret
  • USA to curb Chinese investment in tech firms

Chinese Premier Li Keqiang told French Prime Minister Edouard Philippe late on Monday that China was planning to purchase more planes this year and was ready for more talks with France on buying Airbus aircraft.

Industry sources say a blunder by diplomats and some of Macron's own comments, revealing details of airplane negotiations with top officials, upset the Chinese.

China has struck a very different tone with the United States, having warned that Boeing could become a casualty if the world's two largest economies fail to halt their slide toward a trade war.

Both China and the European Union are locked in their own trade disputes with the United States, and China has been seeking common ground with the EU in opposing what Beijing sees as USA protectionism.

"We believe that relevant frictions and disputes can be resolved via talks".

China's Premier Li Keqiang speaks to French Prime Minister Edouard Philippe during a meeting at the Great Hall of the People in Beijing, China June 25, 2018.

"President Donald Trump, already embroiled in a trade battle with China, plans to ratchet commercial tensions higher by barring many Chinese companies from investing in US technology firms, and by blocking additional technology exports to Beijing, said people familiar with administration plans".

The US plans to ban firms with at least a quarter Chinese ownership from buying US companies with "industrially significant technology", the Wall Street Journal reported, as a trade war between Washington and Beijing intensifies. The new tariffs are due to take effect on July 6. Li's remarks appeared to strengthen the chance of more business for Airbus, without being specific on numbers.

China on Monday also signed an agreement to import beef from France, just as US beef shipments are threatened with tariffs. Last year, China ended an embargo on French beef that was first imposed after the mad cow disease crisis in Europe more than two decades ago.

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The company has assembly plants in the United States, India and Brazil, and will open a new plant in Thailand in the summer. European officials last week imposed stiff tariffs on a wide range of USA -made goods sold within the European Union.

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"Saturday's OPEC+ press conference provided more clarity on the decision to increase production, with guidance for a full 1 million bpd ramp-up in 2H18", Goldman Sachs said in a note on Sunday.

Hosting talks on a bilateral investment agreement with the European Union on Monday, Vice President Liu He also stressed that China and the EU had a common interest in defending the global multilateral trading system. "China and the European Union firmly oppose trade unilateralism and protectionism and think these actions may bring recession and turbulence to the global economy".

Taking a particular hit on the trade tensions was the European autos sector, falling 1.9 percent and set for its seventh straight day of losses after Trump said on Friday he aimed to hike tariffs on EU vehicle imports by 20 percent.

Both China and the European Union have already announced retaliatory measures against the United States punitive tariffs.

Chinese shares were among the biggest losers, falling 1.27 percent and tumbling 3.7 percent last week, as Trump threatened to hit $200 billion of Chinese imports with 10 percent tariffs.

World shares fell on Monday, dented by worries over a worsening trade dispute between the United States and other major economies, while oil prices gave up some of the gains made after major exporters agreed a modest production increase.

Trump threatened to impose a 20 percent tariff on Friday on all imports of EU-assembled cars, a month after his administration launched an investigation into whether auto imports posed a national security threat.

A top European Union official, however, made it clear that Europe is not fully on the same page as China.

China, also affected by USA steel tariffs, has denounced Trump's approach as "extreme pressure and blackmail", warning that it would "take strong, powerful countermeasures" if the president enacted his threats.

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