US targeting cars, chips, financials in any trade talks with China

As US turns up trade war heat, India and China may warm up

"We're hopeful there that China will work with us to basically address some of these practices", Navarro told CNBC television.

"The tariffs on China are a response to long-standing complaints that Beijing unfairly requires US companies to share their technology as a cost of doing business in that country", NPR's Scott Horsley reported.

The country's huge database of national identification photos, population of internet users, and willingness to implement technology first and adjust policy afterwards are also considered contributing factors in facial recognition's rapid growth in China. "These are all the things we want to do".

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

Meanwhile, China also asked the U.S. to compensate for lost due to Trump's proposed tariffs on steel and aluminum. The levies are expected to affect $689 million worth of Chinese steel and aluminium exports to the United States, according to data published by the Peterson Institute for International Economics.

Beijing could also inflict pain on United States 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.

"This could put USA companies such as Apple, Microsoft, Starbucks, GM, Nike, etc in the firing line", Wolf said in a note. US shares were also set to drift higher with Dow futures up almost 0.6 per cent at 24,324. The administration said the plan is to reduce the trade deficit by roughly a third, a decrease of $100 billion this year.

China and the USA are in talks to avoid a possible trade war, with both sides expressing optimism that a deal can be reached.

China, the world's biggest steelmaker, exported 75.43 million tonnes of steel products in 2017 and imported 13.3 million tonnes of steel products in 2017, according to data from the General Administration of Customs. China said it reserved the right to file a dispute at a later date, according to the filings. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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