U.S. seeks China trade moves on autos, financials, chips

U.S. seeks China trade moves on autos, financials, chips

U.S. seeks China trade moves on autos, financials, chips

China's commerce ministry said on Monday that China is willing to strengthen communications and coordination with European Union to cope with chaos caused by the USA tariffs, adding that protective measures would only make the situation worse. The Dow Jones industrial average dropped more than 400 points on Frida, but closed up 669.40 points on Monday.

On Sunday, Treasury Secretary Steven Mnuchin said in an interview with a Fox TV program that the United States wants China to stop forcing USA firms to transfer technology when entering the market and lower its tariffs on U.S. goods.

Fears in financial markets of a potential trade war between the US and China have eased somewhat after China's government said it is open to negotiating with Washington.

Reports that Beijing and Washington are negotiating greater access to Chinese markets sent USA stock prices soaring.

The US has continued to push China towards reducing its current $375 billion trade deficit, asking yesterday that China buy more US semiconductors and auto parts.

The Chinese government announced a list of retaliatory tariffs it would impose on about $3 billion worth of USA exports, in response to a separate set of US tariffs on steel and aluminum imports. China imported $2.6 billion of semiconductors from the United States a year ago.

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The disqualification had come about as even the Election Commission had said that they were illegally holding to the post. The President made a representation to the poll panel, which then gave it opinion to disqualify them.

Meanwhile, China also asked the U.S. to compensate for lost due to Trump's proposed tariffs on steel and aluminum.

China could also inflict pain on USA multinationals that rely on China for a substantial - and growing - portion of their total revenues, said Alex Wolf, senior emerging markets economist at Aberdeen Standard Investments.

Global stock markets rose sharply Thursday as investors grew increasingly confident that a trade war between the USA and China would be averted. China's imports of US -built motor vehicles totaled $10.6 billion in 2017, about 8 percent of the country's overall USA imports by value, according to USA government data.

FLOUTED RULES: Trump unveiled the planned tariffs targetting Chinese goods after a U.S. inquiry found China guilty of intellectual property theft and unfair trade practices, by forcing United States investors to turn over key technologies to Chinese firms.

On the reported offer to increase US semiconductor imports, it is unclear how USA chips would replace South Korean and Taiwanese chips, since there is minimal overlap between US chips and those of the two Asian producers. China said it reserved the right to file a dispute at a later date, according to the filings. This article is strictly for informational purposes only.