US, China Exchange Barbs Over Huawei as Trade Tensions Flare

Commerce ministry spokesman Gao Feng added that China has lodged a protest with the US over its treatment of telecom giant Huawei and warned that Beijing has the ability to protect the rights of Chinese companies

Pompeo Accuses Huawei of Lying About Ties to Chinese Government

Last week, the US government banned American companies from doing business with Huawei, escalating a heated trade war between the world's two largest economies.

China on Friday denounced U.S. Secretary of State Mike Pompeo for fabricating rumors after he said the chief executive of China's Huawei Technologies Co Ltd was lying about his company's ties to the Beijing government.

Pompeo said he believed more American companies would cut ties with the tech giant, while the United States has been rallying its allies to persuade them not to use Huawei for their 5G networks.

"That's just false. To say that they don't work with the Chinese government is a false statement".

Trump's comments echoed the president's handling of a similar case in 2018 involving another Chinese company, ZTE, which had violated USA sanctions by shipping telecommunications equipment to Iran and North Korea.

Gita Gopinath, the International Monetary Fund's chief economist, directly refuted President Donald Trump's claim that tariffs are paid by China and provide a windfall for the United States treasury, and that his aggressive posture will help reduce the U.S. trade deficit.

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A growing number of United States companies and industries have come out to urge Trump to dial back the confrontation, including major shoe manufacturers and retailers who say new tariffs would be "catastrophic".

On Thursday, China's Commerce Ministry's Mr Gao fired a shot at the U.S., saying if they want to continue trade talks "they should show sincerity and correct their wrong actions". "Negotiations can only continue on the basis of equality and mutual respect", Chinese Commerce Ministry spokesman Gao Feng told a weekly briefing.

"We will closely monitor relevant developments and prepare necessary responses", he said, without elaborating.

Sources have said the trade talks stalled after China tried to delete commitments from a draft agreement that its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

"This package ensures farmers will not bear the brunt" of the trade wars, Perdue said. Soybeans are the most valuable US farm export, and shipments to China dropped to a 16-year low in 2018.

Earlier this month the U.S. increased tariffs on $200 billion (Sh20 trillion) worth of Chinese imports from 10 percent to 25 percent after the two sides failed to reach a deal on trade.

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Mr Lu said he did not know what Mr Trump was talking about.

The New York Federal Reserve Bank issued research Thursday showing the total annual cost of the new round of tariffs to a typical household would rise to $831 from $132 in 2018.

Two U.S. Navy ships also sailed through the sensitive Taiwan Strait on Wednesday in a move that prompted Beijing to lodge what Chinese Foreign Ministry spokesman Lu Kang called "stern representations" with the United States.

Trump has embraced protectionism as part of an "America First" agenda aimed at rebalancing global trade. The U.S. dollar was trading lower against a basket of currencies and prices of safe-haven U.S. government debt fell.

He is expected to meet Chinese President Xi Jinping at a G20 summit in Japan June 28-29, around the time when the next levies could be ready, according to U.S. Treasury Secretary Steven Mnuchin's calculations.

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