Trump makes veiled WTO threat after European Union warning on auto tariffs

Trump makes veiled WTO threat after European Union warning on auto tariffs

China's yuan is also under pressure, though it levelled after a rally on comments from central bank chief Yi Gang, who pledged to keep the exchange rate stable and avoid using the currency as a weapon in any trade war.

Amid the fierce polemics between Beijing and Washington concerning trade and tariffs, Chinese media have started a seemingly coordinated campaign badmouthing USA tourism this week, with some papers even urging Chinese tourists to take a detour to the tumultuous Xinjiang Uyghur Autonomous Region in northwestern China instead.

"If the trade dispute becomes more complicated, if both sides are not willing to change their stance, you could end up with a much more serious disruption", said William Yuen, investment director at Invesco.

The US Department of Commerce is also investigating whether imports of foreign cars undermine American national security.

"It might be that companies are anticipating trade becoming more hard with China or with the US and are adjusting their supply chains", said Joanna Konings, senior worldwide trade economist at ING in Amsterdam.

President Donald Trump has accused China of unfairly acquiring US technology and limiting market access for finance and technology firms - claims that China denies. "The tariffs won't solve the problem, but they will damage USA interests".

"China has already made preparations". Russian Federation says the U-S is losing its reputation as a reliable trade partner.

Migrant holding centres: first Germany, now Austria
The deal still requires the consent of Merkel's other coalition partner, the centre-left Social Democrats, to become government policy.

For sure, some economists argue there's a link between the rise in protectionist policies and soft global export data - even if many talked-about tariffs haven't yet taken effect.

Europe is waiting to see whether the Trump administration will go ahead separately with tariffs on auto imports.

It lasted three hours, said AmCham China President Alan Beebe, and many executives wondered: "Am I being singled out?"

"We agree with nearly all the complaints the USA has against China, it's just we don't agree with how the United States is handling it", another diplomat said. "But we should not understate the view that some sectors could get something out of a U.S".

As the world's most powerful economy, the U.S. plays a vital role in global economic and trade rule-setting and it is always able to find seemingly plausible reasons for its initiative targeting China.

Later on Monday, White House spokeswoman Sarah Sanders said Trump was focussed on fixing problems in global trade, not on leaving the trade organization that has been a foundation of the postwar global trading system.

Wang Shouwen, vice minister of commerce, said at a news conference in Beijing last week that China has not ramped up regulations to deter USA imports. The additional USA goods to China could come at the expense of European competitors. "For China to massively reduce its trade surplus with the USA, it has to in some way substitute its imports away from the European Union to the US, which would have a significant negative impact on the European Union producers".

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