Chinese media says US has 'delusions', urges focus on domestic development

Randal Sanchez
June 23, 2018

The administration already imposed tariffs of up to 25 percent on Chinese steel, aluminum and other products like solar panels and washing machines-and has routinely accused China of stealing intellectual property from US companies.

German automakers are willing to abandon vehicle tariffs between the European Union and the U.

The paper refers to research by Rhodium Group, which found that Chinese investment in the United States declined by 92 percent to $1.8 billion in the first five months of this year - its lowest level in seven years.

The European Commission in Brussels gave final approval for a 25 per cent duty on 2.8 billion euros (US$3.2 billion) of EU imports of a range of USA products including Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey.

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Earlier, Merkel argued against the current proposal by saying Berlin can't unilaterally shut its borders. However the dispute ends, it has exposed her government's fragility at a hard time for the continent.

The firms called for all tariffs to end, on both the European Union and U.S. side, to boost free but also fair trade across the Atlantic, passing the message to the U.S. Ambassador to Germany Richard Grenell.

Chinese media argued on Friday that the US administration is failing to recognize that it is the USA that will be hurt by Trump's trade war. "China trade war. In terms of how we manage and adapt, this is something all our high-level managers are making various plans on", Gou said, according to Reuters. For that reason, even many Republicans have opposed the idea of a trade war with China.

A Sino-U.S. trade war could disrupt supply chains for the technology and auto industries - sectors heavily reliant on outsourced components such as those supplied by Foxconn - and derail growth for the global economy, analysts say.

Asian shares fell to their lowest in six months on Friday on signs that USA trade battles with China and many other countries were starting to chip away at corporate profits.

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