The escalating trade war between the United States and China has gone beyond tar...
WASHINGTON - The escalating trade war between the United States and China has gone beyond tariffs as the countries increase pressure on each other to cede ground.
High-tech items, such as semi-conductor manufacturing equipment and chips, would be unlikely to feature on a list for higher tariffs, because China cannot easily find alternatives. A selloff would hurt U.S. markets, driving up interest rates and pushing up borrowing costs. The U.S. central bank could lower its benchmark interest rate or buy debt to counter the move.
The move does not single out any countries or companies, but the report cited a ministry spokesman as saying the “unreliable entities list” will apply to those that flout market rules and the spirit of contracts, block supplies to Chinese companies for non-commercial reasons and “seriously harm the legitimate rights and interests” of Chinese companies.
Big U.S. businesses, however, have been among those pushing for a more moderate stance in Washington, so it would not help Beijing’s case to alienate them. Many American brands in China have joint ventures with Chinese partners, and these would also be hurt by government pressure.
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