The Chinese government retorted to Trump’s recent comments about how higher tariffs are causing businesses to move production out of China. According to Chinese foreign ministry spokesman Lu Kang, foreign investors continue to remain bullish on China, contrary to Trump’s remarks.
On Sunday, Trump had remarked during an interview that companies were moving production facilities outside China to Vietnam and other Asian nations on account of his move to impose higher tariffs on goods manufactured in China.
Last week, both sides had announced a range of higher tariffs on each other. In addition, the US had signed off on an order effectively preventing US businesses from supplying technology without approvals to Huawei and preventing US companies from using Huawei’s telecom equipment.
Over the past few days, China too is sounding less interested in proceeding with trade negotiations. Markets remain concerned that trade talks between the two world leaders would not resume anytime soon.