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Trump Goes to Economic War With ChinaThe Trump administration took aim at China with a series of moves involving investment, trade and other issues that raises the risk ties may soon worsen between the US and its top economic rival.Trump has rolled out a memorandum telling a key government committee to curb Chinese spending on tech, energy and other strategic American sectors. The administration also called on Mexican officials to place their own levies on Chinese imports – a move that comes after Chinese firms moved production to the US neighbor to get around duties the Republican enacted in his first term.
The US also proposed fees on the use of commercial ships made in China to counter the nation’s dominance in the production of the vessels.
The yuan traded onshore rose 0.2% to 7.2359 versus the dollar as of 12:30 p.m. in Shanghai.
Taken together, the steps amount to the most sweeping, forceful actions targeting Beijing of Trump’s second term and could complicate a deal to reduce China’s trade surplus with the US that the president has indicated he wants to forge.
This is highly a disappointment for Beijing, which hoped to offer a large-scale investments in the US as a concession in a negotiation.
We are at economic war with China, and this is a very frightening fact,” said Martin Chorzempa, senior fellow at the Peterson Institute for International Economics in Washington.
#China #war #economic
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