China, EU to form group to modernise global trade rules

US may use emergency law against China investments says Bloomberg

US crude futures traded at $68.64 per barrel, up 0.1 percent for the day after Friday's 4.6 percent rally. The leaker either doesn't exist or know the subject very well.

Although the WSJ reported Trump's new strikes against China will be announced by the end of the week, Navarro denied the allegedly impending event.

In an interview on CNBC, Navarro said the US Treasury Department would report to President Donald Trump on Friday on the issue of China investment restrictions "to defend our technology and intellectual property so that we can prosper in the future".

United States officials have highlighted Beijing's "Made in China 2025" industrial development plan as a source of concern since they say it is a map for dominating key high tech industries from space to telecommunications to robotics to electric cars.

The Dow Jones industrial average fell 1.33 percent, or 328.09 points, to close at 24,252.80.

A ban on Chinese investment in American companies and enterprises will usher in a new wave of trade conflict of a President Donald trump with China.

"Despite China's claims to the contrary, the placement of these weapon systems is tied directly to military use for the purposes of intimidation and coercion", Mattis said.

The US slapped tariffs on European Union steel and aluminium on May 31 and has more on $US50 billion worth of Chinese goods, including aircraft tires, agricultural machinery, and printer parts, set to take effect July 6.

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BEIJING-China and the European Union (EU) agreed Monday to launch a group that will work to update global trade rules to address technology policy, subsidies and other emerging irritants and preserve support for worldwide trade amid United States threats of import controls.

Beijing agreed to narrow its multibillion-dollar trade surplus with the United States by purchasing more American goods but scrapped that after Trump went ahead two weeks ago with a tariff hike on $34 billion of imports. The U.S. has also criticized China for its military buildup in the South China Sea-earlier this month, Mattis said China's weapons expansion there was "for the purposes of intimidation and coercion", adding that the U.S. would "compete vigorously" if needed.

A bill to make CFIUS reviews even tougher is making its way through Congress.

Mattis, who plans to also visit South Korea and Japan, was expected to press China's leaders for continued cooperation on North Korea's nuclear program, despite simmering tensions between the world's two largest economies over everything from trade to Taiwan. Chinese President Xi Jinping allegedly said Beijing would "punch back".

"There are serious structural concerns about Chinese practices that can not be resolved without trust between the negotiating partners" and that trust is eroding in the current confrontation, he told AFP.

Katainen also talked about the trade differences that the EU has had with China for some time, such as better access to the Chinese market for European companies and products, or the concerns due to the modernization programme "Made in China 2025" that included important subsidies to Chinese high-tech companies.

The government official said the Treasury would invoke the International Emergency Economic Powers Act of 1977 (IEEPA) to devise the restrictions.

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