Two days after the US election result, countries around the world are digesting what impact Trump 2.0 will have on their economies – especially if the president-elect kicks off a trade war. China would obviously be in the firing line, given Donald Trump’s suggestion he could slap a 60% tariff on Chinese imports at the US border. With that in mind, presumably, China’s ambassador to the US has warned that there are no winners in tariff or trade wars. Xie Feng also warned against wars over science, technology or industry, in a speech at a US-China Business Council dinner on Thursday seen by Reuters. Xie encouraged US companies to invest and operate in China, and said he was looking forward to strengthening dialogue and cooperation on global challenges such as climate change and artificial intelligence. Striking a conciliatory pose, Xie argued for the merits of partnership: "China and the United States can achieve many great and good things through cooperation, and the list of cooperation should be stretched longer and longer. “The more success stories of mutually beneficial cooperation, the better." Cooperation, though, wasn’t top of the agenda during Trump 1.0; in 2018, Washington imposed trade sanctions on China, including restrictions on investment and tariffs, prompting tit-for-tat retaliation from Beijing. This time round, China’s president, Xi Jinping, is presiding over a far worse domestic economy; if Trump imposes new tariffs, analysts reckon it could affect $500bn worth of Chinese goods. The agenda • 9am GMT: UN’s monthly food price index • 1.30pm GMT: Canadian non-farm payroll report for October • 3pm GMT: University of Michigan US consumer confidence index We’ll be tracking all the main events throughout the day ...
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