Mixed U.S. signals on tech limits on Chinese

US President Donald Trump waves as he boards Air Force One departing from Joint Base Andrews in Maryland US Monday. Kevin Lamarque Reuters

Earlier policymakers in China moved quickly to temper any potential impact on economic growth from Beijing's trade dispute with the United States.

China signed a deal on Monday to lift a ban on French beef and said discussions to buy Airbus planes remained open as French Prime Minister Edouard Philippe ended a four-day visit.

"We hope Mattis can take advantage of this visit to seek maximum common ground with China", the newspaper said.

In an interview on CNBC, Navarro said the US Treasury Department would report to President Donald Trump on Friday on the issue of China investment restrictions "to defend our technology and intellectual property so that we can prosper in the future".

China, also affected by USA steel tariffs, has denounced Trump's approach as "extreme pressure and blackmail", warning that it would "take strong, powerful countermeasures" if the president enacted his threats.

A senior USA defense official, speaking to reporters ahead of Mattis' trip, suggested that the United States saw room for some improvement in sanctions enforcement along China's border with North Korea.

"China has signaled that it would welcome Mattis" diplomatic approach. Shares of General Electric, which will leave the Dow Jones industrial average on Tuesday, fell as much as 1.5% after the company said it would sell its distributed-power business.

China calls the latest action by the Trump administration "blackmail" and is prepared to up the ante with more retaliatory tariffs.

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Treasury's move is part of the Trump administration's actions taken under Section 301 to respond to China's alleged theft of USA intellectual property and follows rounds of tit-for-tat tariff threats between the two largest economies.

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.

Both China and the European Union have already announced retaliatory measures against punitive US tariffs.

"Both sides believe that we must resolutely oppose unilateralism and trade protectionism and prevent such behavior from causing volatility and recession in the global economy", Liu told a media briefing after the talks.

Tariffs on $34 billion of USA goods including agricultural products such as soybeans will take effect from July 6, the Chinese commerce ministry said.

China is now the world's second-largest beef importer, taking in nearly 700,000 tonnes of the red meat in 2017, worth about $3.3 billion, with volumes up 20 percent from the year before, according to Chinese customs.

Not wanting to be outdone, Trump asked United States trade officials to consider tariffs on an additional US$100bn of Chinese exports to the USA, before releasing a revised list on 15 June covering the same amount but more heavily targeting intermediate inputs which could damage supply chains for U.S. companies.

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