American companies say their country’s trade dispute with China could hurt their businesses. Some even claim they are getting taxed twice as a result of the countries’ tit-for-tat tariff spat.
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.
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.
Asian shares have jumped to three-week highs following a report that US President Donald Trump is aiming for a swift trade deal with China. The news came only days after Washington had threatened more punitive tariffs.
The US does not want a "Cold War" policy towards China, US top diplomat Mike Pompeo said at a high-level summit with Chinese officials in Washington. The two sides traded blows over militarization in the South China Sea.
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