The US is wooing Asian tech economies to join a mega semiconductor supply chain, which excludes China.
Brussels sells the deal as “a success”, but critics say China has got what it wanted from the EU despite Beijing's despicable human rights records.
Days after Joe Biden took the reins of the American presidency, the Chinese premier spoke about the possible outbreak of a 'new cold war' between the global powers.
A think tank forecast that the economic fallout in the US from the Covid-19 pandemic will help China gain an edge in the world economy.
The preliminary pact that the two sides are set to sign this week includes a section that's intended to prevent China from manipulating its currency to gain trade advantages.
The difficult relationship between two key US allies in Asia-Pacific has become a full-blown trade war, which is bound to have an impact on the global economy.
The financial markets signalled the possibility of a US recession last week, adding to concerns over ongoing trade tensions and word from Britain and Germany that their economies are shrinking.
The yuan has now weakened around 1.5 percent since US President Donald Trump threatened last Thursday to impose more tariffs on Chinese goods from September 1.
The leaders of the two countries agreed last weekend to relaunch trade talks that had stalled in May after the US accused China of reneging on its commitments.
US President Donald Trump removes import taxes on Canadian and Mexican steel and aluminum but delays auto tariffs that would have hurt Japan and Europe.
China's foreign ministry had earlier said the country will never surrender to external pressure after Washington renewed threat to impose tariffs on all Chinese imports in an escalating trade dispute.
The world’s two biggest economies are nine months into a trade war that has cost billions of dollars, roiled financial markets and upended supply chains.
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