Xi has strong words for Trump: 'In our culture, we punch back'

China and Europe warn trade war could trigger global recession

Other companies likely to feel the impact of recent US tariffs on imported steel which raise costs for manufacturers, and the counter-measures by China which may hit USA exports, include heavy machinery maker Caterpillar and aircraft maker Boeing.

As the conflict over trade has intensified, China has sought to align itself with Europe as a way of pushing back against the US Both sides agreed in Monday's talks to promote globalisation and forged a consensus on climate change, Liu said.

Plumb Funds CIO Thomas Plumb on the state of the markets.

With the Trump administration reportedly set to crack down on Chinese investment in certain technologies, American tech giants like Netflix, Amazon, Google, and Facebook shed significant shareholder value today, as the sector bore the brunt of spiraling investor concerns.

Later Sunday, the Wall Street Journal reported that the US was preparing new policy measures that would restrict Chinese investment in industrially important technologies.

Xi was speaking Thursday to the Global CEO Council, a China-organised group of roughly 20 chief executives from mostly Western multinational companies such as Goldman Sachs and Volkswagen, the Journal said. "That's all that's going to happen", Navarro said. "It's something you could only dream about".

The Dow Jones Industrial Average closed at 24,252.80, down 328.09 points or 1.3 per cent.

While Sony did nothing, Nintendo and Microsoft just embraced cross-play
However, both Microsoft and Sony saw a significant downward trend in coverage whereas Nintendo experienced an increase. We suspect that the pressure placed on them by Fortnite players might be the reason Sony could change their minds.

Trump has blamed past U.S. administrations for being soft on China and allowing the country to become dominant in manufacturing, and for failing to protect sensitive technologies.

Foreign investments already must pass interagency review under the Committee on Foreign Investment in the USA, to see if they violate national security.

A bill to make CFIUS reviews even tougher is making its way through Congress.

Tariffs on $34 billion (€29 billion) worth of Chinese goods are due to take effect on July 6 over United States complaints that Beijing is misappropriating U.S. technology through joint venture rules and other policies.

Tensions with China are mounting.

He warned that Beijing had an "enormous array of tools to put pressure on American companies" like Apple and GM, companies that really depend on China.

The decision of the government to take a direct hand in corporate investment decisions under the pretext of national security is "a radical departure from the way we have engaged in economic governance", Chorzempa said.

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