Asia stocks on edge before tariff deadline in Sino-US trade row

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

The European Union is possibly as bad as China just smaller' Trump said on'Sunday Morning Futures on Fox News

THE Trump administration, in its latest attempt to block Chinese entry into the U.S. market amid its ongoing trade dispute with China, is recommending that the application by China Mobile to provide telecom services in the United States be denied.

Travel and Leisure magazine's report on the alert, meanwhile, noted that China has been warning its citizens about gun violence in the US for years.

China is retaliating against the United States after the Trump administration chose to impose a 25 percent tariff on $34 billion worth of Chinese products, starting Friday. "They firmly believe that free trade is a powerful engine for global economic growth".

Both sides have threatened to impose similarly sized tariffs on 6 July but because of the 12-hour time difference, the Chinese tariffs on United States imports ranging from soybean to stainless steel pipes will take effect earlier.

Trade friction also threatens to ensnare major Chinese companies, with China Mobile the latest to encounter obstacles in the USA market.

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China has vowed to respond with retaliatory tariffs and US President Donald Trump has said he will escalate the tariffs to $200 billion worth of Chinese good if they do.

"China will not bow in the face of threats and blackmail", he added.

Chinese stocks slipped on Thursday and the yuan gave back some of its recent gains against the dollar as a targeted cut of reserve requirements for banks took effect amid heightened the trade tensions.

"We agree with nearly all the complaints the U.S. has against China, it's just we don't agree with how the United States is handling it", another diplomat said. "But the country will encounter more barriers in future development, to which we should learn to adapt", it said.

Perversely if China's retaliation included tariffs on U.S. dairy, meat and wine then we could actually get a bit of a trade boost.

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"While the Trump administration is anxious about gains and losses, Chinese people have unfaltering confidence in China's future".

"The Chinese government has stated its position many times that we will absolutely not fire the first shot, and we will not impose tariffs ahead of the U.S.", it said in a brief statement on Wednesday afternoon.

Therefore, to many, the trade war the USA sees intent on initiating is the country's strategy to keep China on the back foot so that it will not develop as fast as it otherwise would, and thus unable to challenge the dominant role of the U.S. in the global economic order.

The industry source said Beijing had been unable to address the Trump administration's concerns on Chinese trade policies in at least five key area, including forced technology transfers, Chinese industrial overcapacity, government subsidies, SOE reform, and Beijing's restrictions in the cloud computing industry.

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