U.S. blacklists China's Huawei as trade dispute clouds global outlook

U.S. President Donald Trump says a deal with China will

-China tariff war "a little squabble", even as his administration readies 25% duties on all remaining Chinese imports. "The president has instructed us to try to figure out a solution", Mnuchin told the Senate panel, calling resolution of the higher tariffs on aluminum and steel a "very important part" of passing the new trade deal. "We can and we must", Li said.

"We are in a fantastic position", he wrote on Twitter, calling on U.S. companies to make more products in the United States and praising his tariffs on imported steel for boosting domestic producers. However, it's more likely that a protracted trade war would hurt the region both economically and politically.

Beijing is determined to win the trade war with the United States though it does not want the economic conflict to grow in intensity, China's Foreign Ministry spokesman said after the two countries again exchanged tariffs on each other's imports.

The Dow Jones Industrial average was up 1.28% while the broader S&P 500 was up 1.3%. 'China is not a small country and does not earn our daily bread from US only'. "But a lot of it's tied to this so, right now, this is working I happen to think, and I think Trump believes and the people around Trump believe it's going to continue to work".

U.S. President Donald Trump on Wednesday declared a national emergency to ban American companies from using telecom technology and services provided by entities considered a national security threat, a move apparently targeting China's Huawei Technologies Co.

In retaliation, China also increased existing tariffs on about $60 billion of USA imports effective from June 1, leading to a hike in the trade war between both the countries.

The administration a year ago offered $12 billion in compensation to American farmers and has vowed to do more, using the revenues from the new tariffs - which he incorrectly claims is paid by China rather than United States importers - to buy crops and support prices.

U.S. House of Representatives Speaker Nancy Pelosi said she had a "productive meeting" with Lighthizer that was nearly entirely focused on the USMCA deal, one of her aides said. Considering only these "first-order" effect of the tariffs underestimates their true economic cost, however, as "second-order" effects can be powerful and may help explain the pullback in risk appetite we've seen in global markets. He said that Trump expects to meet with Chinese President Xi Jinping at the Group of 20 leader's summit in Japan on June 28-29. -China dispute stalled last week, the United States ratcheted up the pressure by increasing tariffs on a list of $200 billion worth of Chinese imports to 25% from 10%.

USTR is conducting a full review of the proposed action through a comment and hearing process. The list may include a wide range of consumer goods, from cellphones and computers to clothing and footwear.

And the two markets most affected by U.S.

"In the Sino-US trade war, the US side fights because of greed and arrogance", read a Monday op-ed by the Global Times, published on Xinhua News.

Calling on the United States to "carefully weigh its gains and losses, grasp the situation and get back on the right track as soon as possible", Geng urged the USA side to meet China halfway in achieving a mutually beneficial and win-win agreement on the basis of mutual respect.

In China, the Shanghai Composite Index lost 0.7% and the blue chip CSI 300 fell 0.6% Tuesday but found support after Chinese state-backed purchases.

China's finance ministry released a statement: "China's adjustment on additional tariffs is a response to US unilateralism and protectionism".

The Trump administration has for months tried to persuade allies not to allow China a role in building next-generation 5G mobile networks, warning that doing so would result in restrictions on sharing of information with the United States.

America's "morale will break at any time", the article thundered, adding that "China is fighting back to protect its legitimate rights and interests".

China's economy looked to have had its growth slow sharply in April, the last month before new USA trade war tariffs take effect, with both industrial production and retail sales growth posting significant declines.

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