China’s commerce ministry said on Thursday it hopes American firms operating in China will lobby the U.S. government and defend their interests as they will be impacted by U.S. trade action.
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China can fully meet the needs of its state soybean reserves without importing from the United States, an official with the state stockpiler told state TV on Thursday.
Most U.S. businesses operating in China oppose using tariffs as a weapon to solve their problems ranging from market access to poor protection of intellectual property rights, a survey suggested on Thursday.
China on Thursday said foreign firms operating in China would suffer in a trade war, urging U.S. companies to lobby their government to protect their interests, and said no talks to end the impasse were currently under way.
Stocks and commodity markets regained some poise on Thursday, having suffered wild tailspins in the previous session as the United States ratcheted up trade war threats on China.
Long accused of protectionist tactics that make it a difficult place for foreign firms to operate, China is trying to reverse that narrative amid an escalating trade war with the United States, green-lighting huge investments and portraying itself as a champion of openness.
German carmaker BMW said it was developing its joint venture with China’s Brilliance but did not confirm reports it would raise its stake in BMW Brilliance Automotive (BBA).
Oil prices rallied on Thursday, recouping some ground following sharp losses the previous session after Libya said it would resume oil exports.
The U.S.-China trade war could harm South Korean exports of high-tech components, Seoul warned on Thursday, while Beijing cut its forecast for soybean imports and the Chinese currency fell as worries about fallout from the simmering conflict grew.
The dollar held at a nine-day high on Thursday, bolstered by concern U.S. inflation pressures will pick up, although worries about an escalation in trade conflict capped gains.
China’s commerce ministry said on Thursday that China has not been in touch with the United States about restarting trade negotiations and said complaints about forced technology transfers and IP theft are unacceptable.
Shares in Sky jumped higher on Thursday after Comcast submitted a $34 billion bid for the group just hours after Rupert Murdoch raised his offer, escalating a trans-Atlantic bidding war for the European pan-TV group.
Brent crude rose more than $1 on Thursday, recouping some ground after its biggest one-day drop in two years during the previous session after Libya said it would resume oil exports and U.S.-China trade tensions raised demand concerns.
Japanese airline ANA Holdings canceled 330 domestic flights from July 23 through July 31, and warned of further cancellations in August as it continues to inspect engines built by Rolls-Royce .
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