Published: Tue, June 26, 2018
Money | By Ralph Mccoy

U.S. to curb Chinese investment in tech firms

U.S. to curb Chinese investment in tech firms

"China and the European Union firmly oppose trade unilateralism and protectionism and think these actions may bring recession and turbulence to the global economy". He explained that his nation and Europe have a common interest in defending the global multilateral trading system. CFIUS reviews-or the threat of reviews-have largely halted Chinese purchases of USA semiconductor companies.

Wall Street stocks dropped on Monday (Jun 25), joining a global equities selloff on deepening worries over a trade war amid rising tensions between the U.S. and key partners.

But despite their alignment against the U.S. trade threat, the EU and China remain at odds over issues including the lack of reciprocal access for European firms and the EU's reluctance to endorse China's Belt and Road trade and infrastructure program.

New rules that would curb investment in American technology firms are reportedly in the works within the Treasury Department.

Chipmakers sank amid reports the Trump administration will limit technology exports to China as well as investment by China.

China, the EU, Canada and Mexico have all responded with countermeasures to protectionist tariffs announced by Trump.

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He then ordered his foreign trade chief to identify another US$200 billion worth of imports for a 10% levy, citing China's "unacceptable" move to raise its own tariffs. The comments, made at a press briefing with European Commission Vice President Jyrki Katainen, come as both sides prepare to face off against US President Donald Trump's tariff threats.

Last week, the White House introduced a 25 percent tariff on $50 billion of Chinese imports to the country.

The EU riposted last week against emblematic American exports in response to U.S. tariffs on steel and aluminium. China has also announced a tit-for-tat scheme of tariffs targeting US imports.

As Lim explained, US businesses will be hurt as a result of the escalating trade war. For example, on Monday, Harley Davidson Inc.

While Harley is only one example, Lim believes the trade war is "likely to increase discrimination against USA companies in China".

"The U.S. tariffs will achieve the exact opposite of their intention", Lim said, explaining that they will "strengthen China's resolve to build up indigenous technological capacity, and hurt United States business".

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