China requests metal tariffs trade loss offset from US

Global stocks mostly higher despite US-China trade tensions

It asked China in a letter last week to cut the tariff on USA autos, buy more US -made semiconductors and give USA firms greater access to the Chinese financial sector, the Wall Street Journal reported yesterday, citing unnamed sources.

Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer "actively engage with the Chinese side", Navarro said.

The U.S. Apple Association has expressed its frustration at China's proposal to impose reciprocal tariffs on imports of U.S. products, including a 15% duty on fruit imports.

A USA diplomat at the meeting said Chinese technology transfer policies cost US businesses billions of dollars annually, and noted that the United States had filed a WTO complaint accusing China of allowing patent theft and discriminating against foreign technology holders.

The US trade representative (USTR) filed a request for consultations with China at the WTO to address Beijing's unfair technology practices, according to the Trump administration, The Hill reported. USA stocks were poised for further solid gains following Monday's advance, with Dow futures and the broader S&P 500 futures up 0.6 percent.

"We are already at the negotiating table", Peter Navarro, a trade adviser to President Donald Trump, told Bloomberg Radio on Monday.

China asked the US to provide compensation for lost trade due to US President Donald Trump's proposed tariffs on steel and aluminium, in a preliminary step that could lead to a dispute between the two nations at the World Trade Organisation.

In a statement, he said "With regard to trade imbalances, China and the United States should adopt a pragmatic and rational attitude, promote balancing through expansion of trade, and stick to negotiations to resolve differences and friction".

"We're having very productive conversations with them", Mnuchin told "Fox News Sunday". "These are all the things we want to do".

On Saturday, Liu told Mnuchin in a telephone call the United States inquiry violated worldwide trade rules and Beijing would defend its interests, the official Xinhua news agency reported.

'We Will Fight To The End:' China Responds To Trump's Trade Measures
China has territorial claims to about 90 percent of the South China Sea, which has put it at odds with its neighbors. The United States has been pushing allies to carry out freedom of navigation operations as well.

The United States has already submitted an opinion in a WTO dispute between Russian Federation and Ukraine, saying that national security is "self-judging" - a stance that puts it on the side of Russian Federation and at odds with Ukraine and the EU.

"That's why I view this more as a skirmish, and I think the interests of both countries are served by resolving some of these matters". "WTO members should jointly prevent the resurrection of 301 investigations and lock this beast back into the cage of the WTO rules", he said.

ENERGY: Benchmark U.S. crude fell 16 cents to $65.72 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, shed 5 cents to $70.40 in London.

China could also inflict pain on USA multinationals that rely on China for a substantial - and growing - portion of their total revenues, said Alex Wolf, senior emerging markets economist at Aberdeen Standard Investments.

US soybean growers want to maintain strong relationships, which are especially important during times like this, said Lindsay Greiner, president-elect of the Iowa Soybean Association and a farmer near Keota in eastern Iowa. Depending on the character of Chinese retaliation, our tariffs could result in significant tariffs on American goods exported to China, including aircraft, automobiles, cotton, sorghum, and soybeans.

"It's not clear what the Trump administration's bottom line is", said Mr Scott Kennedy, the head of China studies at the Center for Strategic and International Studies in Washington. A US company "X" wants to invest in China, so it goes there with its technology.

Zhang asserted that China was prepared to react to any further moves from the U.S. and that it would use WTO rules to safeguard its rights and interests, The Hill reported.

China is heavily dependent on foreign semiconductors, one of its biggest import categories by value.

The US complaint stated, "China appears to be breaking WTO rules by denying foreign patent holders, including US companies, basic patent rights to stop a Chinese entity from using the technology after a licensing contract ends".

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