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Economy

China's Xi ready to "punch back" at Trump tariff moves, says report

Updated : June 26, 2018 09:05 AM IST

Amid the escalating trade war between the US and China, Chinese President Xi Jinping indicated that the country will 'punch back' responding to US President Donald Trump's import tariff move on Chinese products last week, The Wall Street Journal reported. 
A US government official on Sunday said the Treasury Department was drafting curbs that would block firms with at least 25 percent Chinese ownership from buying US companies with "industrially significant technology."
Separately, a report by the Wall Street Journal quoted by Reuters said the US Commerce Department and National Security Council were proposing "enhanced" export controls to keep such technologies from being shipped to China.
China's Xi ready to
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