Global Times again, with a response to the US economic measures taken against dozens of Chinese companies:
- US to add 33 Chinese firms, institutions to an economic blacklist - accusation of helping China spy, links to WMDs
Via the GT (the media group is a part of the Chinese Communist Party's People's Daily newspaper, that is, state media in China):
- China won't back down from the US' quickening technology war mongering against Chinese companies
- China will honour the phase one trade deal
- China will develop its own countermeasures
"As this year's Government Work Report noted, China's stand on the phase one trade deal will not change even as the US escalates tensions again by adding dozens of Chinese companies to its blacklist," said Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing who is close to the Chinese government. "China will not be the first to tear up the phase one trade deal amid renewed tensions, but the US must know that China has ample countermeasures," Gao told the Global Times on Saturday.
(Bolding above is mine - trade deal intact for now but these increases in US/China tensions tend to be a negative input for financial market risk assets (and FX) and supportive of safe haven alternatives).
Add this latest to the list if issues between the US and China:
- coronavirus origin and spread
- tension over new rules from Beijing to be imposed on Hong Kong
- and maybe nuclear tests soon?