The UK is heading for a damaging showdown with China as it takes on Beijing over Hong Kong and Huawei Technologies.
Browsing: Xi Jinping
US secretary of defence Mark Esper warned that Beijing is moving further outside the international order and that allies using Chinese technology risk undermining Nato.
US President Donald Trump is poised to sign a deal with China on Wednesday that for the first time would punish Beijing if it fails to deliver on pledges related to its currency, intellectual property and the trade balance.
The Chinese government is taking further steps to remove foreign technology from state agencies and other organisations, a clear sign of determination for more independence amid escalating tensions with the US.
China has said it will raise penalties on violations of intellectual property rights in an attempt to address one of the sticking points in trade talks with the US.
US commerce secretary Wilbur Ross said licences would be coming “very shortly” for American companies to sell components to Huawei Technologies.
Bitcoin jumped on Monday, bringing its rally since Thursday to 26%, after China’s government threw its backing behind the digital coin’s underlying ledger technology.
Chinese investors snapped up every blockchain-related stock in sight after President Xi Jinping said Beijing wants to speed up development of the technology.
A senior Chinese foreign-exchange regulatory official called for “special attention” to be paid to blockchain as the nation looks to gain advantages from digital finance.
The US and China agreed on the outlines of a partial trade accord on Friday that President Donald Trump said he and his counterpart Xi Jinping could sign as soon as next month.