Economy

China warns companies of "dire consequences" for cooperating with USA ban

China warns companies of

For now, it looks like most of the tech companies are siding with the U.S. but let's see if some will relent after the alleged meeting with China.

Huawei is caught in the intensifying trade war between China and the United States after President Donald Trump imposed tariffs on Dollars 200 billion on Chinese goods, prompting Beijing to hike duties on USD 60 billion in American products.

"The better-than-expected exports in May, which could have been helped by a depreciation in". -China trade war may no longer be avoidable, pushing the global economy towards recession.

The world's leading producer of rare earth metals, China, reduced its exports of the minerals last month, according to the country's official customs data.

The U.S. -China trade volume dropped by 9.6 percent to 1.42 trillion yuan, and now takes up 11.7 percent of China's total trade volume.

"Therefore, we believe Beijing is to step up its stimulus measures to stabilise financial markets and growth".

China's rare earth exports decreased by 16 percent on a monthly basis to 3,640 tons.

Analysts said despite the rebound in exports, China's trade outlook is likely to suffer because of the turbulence ahead.

US Treasury Secretary Steven Mnuchin said at a G20 meeting of finance ministers Saturday that any potential deal with China will wait until the two presidents meet later this month, but Washington was ready to impose new tariffs if talks fail.

Due to the continuing trade tensions between China and the USA, more tariffs were imposed on each other's goods worth US$360 billion (S$491.6 billion). The politically sensitive surplus with the United States was $26.9 billion, up from $21 billion in April.

Exports to the US fell at a more moderate pace of 4.2 percent after dropping 13.2 percent in April, while China's imports of USA goods declined 26.8% from a year earlier.

China's May exports to the US dropped 3.2 percent to 1.09 trillion yuan, and imports from the USA dropped 25.7 percent to 750.62 billion yuan.

The trade surplus surged to $41.7 billion in May compared with $13.8 billion the previous month.

Analysts had forecast imports would fall 3.8%, reversing an expansion of 4% in April, which some had suspected was related to the reduction in the Value-Added Tax.



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