Why China fears a trade war with the US

JLR drove a car Dragon Road in China as part of it marketing in the country

A trader works at the New York Stock Exchange in New York, the United States, on April 10, 2018.

Trump's move last week to threaten China with tariffs on $50 billion in Chinese goods was aimed at forcing Beijing to address what Washington says is deeply entrenched theft of United States intellectual property and forced technology transfers from United States companies.

Speaking on the eve of the Summit of the Americas that will bring leaders from across the western hemisphere to Peru this week, the ambassador Jia Guide downplayed reports that the USA planned to use the event to urge Latin American leaders to work with Washington and not Beijing on trade.

Hong Kong stocks rose the most in almost a month on Tuesday, as Chinese President Xi Jinping's pledge to further open up the economy helped to soothe fears of a trade war with the United States.

"China is opening sectors where they already have a distinct advantage, or a stranglehold over the sector", Short said, citing China's banking industry, which is dominated by domestic players.

China said yesterday trade talks with the United States were impossible under current conditions after President Donald Trump tweeted that he saw an end to the dispute.

The sides recently seemed to indicate talks were possible, but the uncertainty remains.

China charges total duties of 25 per cent on most imported cars - a 10 per cent customs tariff plus a 15 per cent auto tax.

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"We will enhance alignment with worldwide economic and trading rules, increase transparency, strengthen property right protection, uphold the rule of law, encourage competition and oppose monopoly", he said. "We assess that nothing in the speech will deter the USA from moving forward with tariffs".

The US is targeting what it says is the massive theft of American intellectual property, as well as restrictions on US goods entering the Chinese market, creating a large US trade deficit.

"Very thankful for President Xi of China's kind words on tarrifs [sic] and automobile barriers... also, his enlightenment on intellectual property and technology transfers", Trump said on Twitter. "And we can only achieve win-win results by insisting on peaceful development and working together".

In response, China introduced its own tariffs on the goods produced in the U.S. A commentary in the official People's Daily after the speech said Beijing would never open at the expense of its interests - a signal that it would continue supporting "Made in China 2025".

China was unhappy that the Trump administration's National Security Strategy identified China as a country trying to subvert USA interests. He's also entrenched the Communist Party more deeply into society - including within businesses - and sought to promote China's dominance in high-tech sectors such as artificial intelligence and robotics.

MARKET INSIGHT: "With the war drums quietly beating in the White House, markets tend to ignore the "run of the mill" type issues like FOMC minutes", Stephen Innes, head of Asian trading at OANDA, said in a commentary, referring to the rate-setting Federal Open Market Committee. Our leaders have refused to do anything about China's lawless behavior, primarily because the Wall Street donors who finance both parties have fomented fears about a trade war.

Washington and Beijing are going toe-to-toe in a trade spat, and Vietnam is set to become embroiled in the conflict, for better or for worse.

The Dow Jones Industrial Average rose 428.9 points, or 1.79 per cent, to 24,408, the S&P 500 gained 43.71 points, or 1.67 per cent, to 2,656.87 and the Nasdaq Composite added 143.96 points, or 2.07 per cent, to 7,094.30.

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