If this trade war continues over a longer horizon, it could even result in shift of production bases and restructuring of global supply chains. Chinese firms are already moving production to their plants in other countries. India figures in the list of such probables.
Reuters reported exclusively on Wednesday that the two sides are starting to sketch out an agreement on structural issues, drafting language for six memorandums of understanding on proposed Chinese reforms.
Apple’s surprise announcement added to concerns about the ability of US companies, particularly its technology giants, to navigate an increasingly uncertain economy and a continuing trade war between the United States and China.
Chairing the Council for the first time, Trump made no reference to suspected Russian meddling in the 2016 US election and provided no evidence for his allegation about China, which Beijing immediately rejected.
Speaking at a forum in the eastern city of Qingdao, following a major naval parade marking 70 years since the founding of the Chinese navy, China's navy chief Shen Jinlong said everyone needed to follow the rules and "safeguard good order".