China Decries US Ban on Chinese Firms As 'Abuse of State Power'

Rare Earth

Chinese and U.S. flags flutter near The Bund before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai China

Asian shares on Friday caught the tail of a Wall Street rally aided by China's solid export figures and a stabilisation in the yuan, but fresh concerns about Sino-U.S. trade ties capped the region's gains.

US and Chinese trade representatives met on July 30 in Shanghai for two days of talks, described by both sides as "constructive". If that is cut off, we could see a monumental pullback in technology stocks, many of which depend on rare earth elements for smartphones, electric vehicles, and military equipment.

"Until recently, the markets' view was that this trade war will be resolved, but clearly now the thinking is that maybe this is not the case and it could be accelerating from here", and Italy and Brexit worries are now adding to that, he said. "We're not ready to make a deal - but we'll see what happens", Trump said before departing for fundraisers on Long Island, New York.

China's rare earth producers say they're ready to weaponize supply, and pass any costs directly on to US consumers, as reported by the South China Morning Post (SCMP).

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A new round of tariffs on $300 billion in Chinese goods is set to kick in September 1.

The ease on restrictions was regarded as a goodwill gesture to China after Trump met with Chinese President Xi Jinping.

"I really made the decision".

He repeated his allegation that China is a currency manipulator and repeated his questionable claim that Beijing is "paying for" increased tariffs and not the U.S. consumer. "The cost of tariffs imposed by the United States should be borne by the USA market and consumers", the association said. In May, the Trump administration placed Huawei on its Entity List, restricting USA companies from selling to it without a license.

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The comments Friday capped off a week of dramatic escalations in the yearlong economic dispute between the United States and China, which has together led to more than $350 billion worth of tariffs and weighed on global trade flows.

The Chinese yuan rose slightly, taking it further away from lows hit on Monday when Beijing shocked markets by allowing the currency to weaken past 7 to the dollar.

Benchmark indexes started lower Friday, and the losses accelerated after President Donald Trump suggested a meeting on trade with China next month may not take place. Shortly after, the US Treasury Department issued an official statement designating China a "currency manipulator ', although China does not fulfil the three criteria the Treasury normally uses to determine whether a country is a 'currency manipulator".

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