Published: Tue, July 17, 2018
Worldwide | By Myra Stephens

European Union urges big powers to prevent trade 'conflict and chaos'

European Union urges big powers to prevent trade 'conflict and chaos'

Trump has also imposed tariffs on steel and aluminum imports on a host of trade partners including Canada and the EU.

"Europeans have certain concerns when it comes to their economic ties with China". The conference opened Monday in Beijing. That was been a key factor in China's export boom.

The Canada-U.S. trading relationship has been facing big challenges due to unprecedented, cross-border tensions that have also included stalled NAFTA negotiations and threats of new tariffs on the automotive sector by President Donald Trump.

Industrial output rose 6 percent last month from a year earlier, versus the forecast of 6.5 percent, the statistics office said Retail sales increased 9 percent in June, compared with the forecast 8.8 percent Fixed-asset investment climbed 6 percent in the first six months, the same as forecast. Kuijs is based in Hong Kong.

Ma, a member of the monetary policy committee of the People's Bank of China, added that the trade war would not necessarily have much impact on the capital market and exchange rates.

On Monday, China said that it filed a WTO challenge against those proposed USA tariffs.

After China retaliated, the US Trade Representative proposed an additional $200 billion in tariffs. Talks between USA and Chinese officials have not yet restarted.

In an interview with the American television network CBS, Trump said that European Union is "a foe, what they do to us in trade", and Russian Federation is a foe "in some respects".

"On the contrary, the solid trade relationship between Mexico and the USA has created an integrated regional market where steel and aluminum products contribute to the competitiveness of the region in various strategic sectors, such as automotive, aerospace, electrical and electronic", the ministry added.

Darson Chiu is a researcher at the Taiwan Institute of Economic Research.

Trump's slapping of tariffs on steel and aluminum as well as threats of new duties on the automotive industry, have unnerved Washington's trade partners throughout Europe, particularly Germany.

China and Europe are "two major forces of stability and responsibility" that support inclusive globalisation, Zhang said.

He said that China imports only $130 billion in American goods.

EU Trade Commissioner Cecilia Malmstrom, who is responsible for negotiations to resolve a dispute with the USA over metal tariffs, pointed to a decline in EU investments in China and cited "a broad range of barriers" facing companies on both accessing the Chinese market and operating in the country.

However, Tom Rafferty from the Economist Intelligence Unit said there were also worries about the strength of China's domestic economy. -China dispute could go beyond trade.

Data showing China's economy and factory production growth had slowed hurt Asian markets at the start of the week, as investors fret an escalating trade battle between China and the United States may soon start to hurt the real economy.

USA stocks had been lifted by gains in industrial counters and energy companies, offsetting a drop in financials after mixed earnings from big Wall Street banks.

The gross domestic product rose 6.8 percent to 41.9 trillion yuan (US$6.3 trillion) in the first half from the same period of a year ago, the bureau said.

An editorial published in the state operated Global Times noted that China had "advantages in a protracted trade war". "And if it is a full-blown trade war, in the worst case scenario, China?s GDP growth could fall below 5 per cent", Liao said.

However, China has made a strong effort to block comments about the trade dispute on the internet.

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