Look at services when griping about trade deficit — European Union to Trump

Stocks at Risk Wal Mart

Stocks at Risk Wal Mart

Japan's government has warned in a report that a higher USA tariff on auto imports could backfire, jeopardizing hundreds of thousands of American jobs created by Japanese auto-related companies, raising prices for US consumers and devastating the US and global economy.

US light crude futures traded down 0.3 percent at $73.89 per barrel, after rising above $75 for the first time in more than three years on Tuesday.

World stocks were flat on Wednesday amid growing anxiety ahead of Washington's end of week deadline to impose tariffs on Chinese imports, while the yuan steadied after China's central bank acted to calm investors.

China will impose the taxes on a total of $34 billion worth of USA goods.

Relations have soured between US President Donald Trump's administration and that of Chinese President Xi Jinping since they met in Beijing a year ago, sparking fears of an all-out trade war. Jean-Claude Juncker, head of the European Commission, the 28-nation bloc's executive arm, said Mr Trump's fixation on a U.S. trade deficit in goods ignores a services surplus.

The U.S. alert, also circulated in January, urged Americans to "exercise increased caution in China due to the arbitrary enforcement of local laws and special restrictions on dual U.S".

Asian markets were down on Wednesday (Jun 4) as trade tensions between the U.S. and China weighed on investor sentiment ahead of new tariffs kicking in.

This time, it appears that the catering, hospitality and entertainment sectors in the United States are in Beijing's crosshairs.

"If China concedes to the USA proposed agreement, the whole situation faced by the European Union would be much tougher", she and Xu wrote in a research note.

China's customs agency did not answer a phone call seeking comment, and its commerce ministry did not reply to a fax requesting comment.

China, Canada, Switzerland, Norway, Turkey, Costa Rica, Hong Kong, Venezuela, Singapore, Brazil, South Korea, Mexico, Qatar, Thailand and India all echoed the same concerns and said they doubted the US tariffs were in line with WTO rules.

Hopes are dwindling for the world's two biggest economies to reach a breakthrough this week before Washington starts charging tariffs on $34 billion in Chinese imports.

It also underscores China's new boldness in trying to seize leadership amid divisions between the United States and its European, Canadian and Japanese allies over issues including free trade, climate change and foreign policy.

The trade war could hurt multinational carmakers that sell imported USA vehicles in China.

The European Union's (EU) top two officials warned about greater trade tensions with the United States as President Donald Trump weighs tariffs on foreign cars after irking American allies with metal-import levies.

Chinese state media on Wednesday criticised the USA for imposing tariffs.

At a meeting with Dutch leader Mark Rutte on Monday, Mr Trump said it would be "positive" if the European Union trade dispute was not resolved. China's plans to move rapidly to electric vehicles mean that any new benefits it offers traditional European carmakers will be fleeting.

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