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

U.S. to limit Chinese investment in American tech firms

U.S. to limit Chinese investment in American tech firms

"It is essential that we work together to tackle overcapacity in sectors such as steel and aluminum", Katainen said, according to Reuters.

China and the European Union firmly oppose trade unilateralism and protectionism and think these actions may bring recession and turbulence to the global economy, says Chinese vice premier Liu He. Lim explained that Trump's punitive tariffs risk Washington losing the support of Europe in pressuring Beijing to change its "industrial policy and technology transfer practices", which both oppose. "Note these costs to American consumers, workers and businesses occur whether or not there is foreign retaliation against American exports", she said.

"President Donald Trump, already embroiled in a trade battle with China, plans to ratchet commercial tensions higher by barring many Chinese companies from investing in US technology firms, and by blocking additional technology exports to Beijing, said people familiar with administration plans".

China, the EU, Canada and Mexico have all responded with countermeasures to protectionist tariffs announced by Trump. The move comes after the European Union pushed back on Trump's steel and aluminum tariffs with its own duties on politically significant USA products like motorcycles.

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The US is due to impose tariffs on $34bn of Chinese imports from July 6, and Trump has threatened to impose levies on another $200bn of Chinese goods. The bloc imposed tariffs on $3.3 billion of American products Friday in response to United States barriers on imports of aluminium and steel, triggering threats of further tariffs on European cars from Trump.

"We're obviously watching it closely, particularly given what a bright spot exports have been for our industry of late", said Ashley Burke, a spokeswoman for the National Mining Association, which represents USA mining companies.

As Lim explained, USA businesses will be hurt as a result of the escalating trade war.

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

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