China has warned the United States that it is ‘not afraid of a trade war.’ The comments come after US President Donald Trump vowed to impose tariffs on some $60 billion worth of Chinese goods. Markets across the world slid on the news.
The ten-member ASEAN and its partners are meeting this week amid worries the US-China trade row will negatively impact the region. The summit is expected to see progress made on a China-backed regional trade pact.
Washington has banned exports to the Chinese state-controlled chipmaker accusing Fujian of stealing intellectual property. The move comes amid reports that the US plans to slap tariffs on all of China's imports.
Chinese shoppers have spent more than $30 billion online during the annual shopping binge, breaking last year's record. The massive spending comes despite an ongoing trade war with the US.
China is trying to highlight it is open to importing more at a time it is under pressure to open its markets further. Critics say it is more talk than action.
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