U.S. Treasury's Mnuchin says new investment curbs not specific to China

US may use emergency law against China investments says Bloomberg

China and Europe warn trade war could trigger global recession

"If the US fails to understand China's sense of insecurity, or misinterprets the necessity of the actions that China has taken to alleviate this sense of insecurity, tensions will be inevitable in Sino-US ties", the nationalist tabloid wrote. "The leaker either doesn't exist or know the subject very well" and that any restrictions would not be aimed exclusively at China but at "all countries that are trying to steal our technology".

In response to the new tariffs, the European Union has retaliated by slapping €2.8bn of duties on a variety of U.S. goods, ranging from bourbon whiskey to Harley Davidson motorcycles.

US President Donald Trump is set to step up his trade war with Beijing by banning Chinese companies from investing in US technology firms, and by blocking tech exports to China.

The focus is thought to be on "Made in China 2025", which is Beijing's plan to dominate industries of the future such as robotics, electric cars and aerospace. At the close, the Dow was down 328 points, or 1.3%, while the Nasdaq dropped 2.1%.

"We suspect the Trump team will push ahead with these policies (which will elicit reciprocal tariffs from China and the EU) until USA equities start to crumble and polls move against Trump", wrote ING strategists in a research note. Policies companies object to are "integral to the growth model China is pursuing", he said.

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According to Reuters, China's Premier Li Keqiang, speaking to reporters after the deal was signed, said it would "let Chinese consumers very quickly consume more high quality French beef and other agricultural goods". CFIUS reviews-or the threat of reviews-have largely halted Chinese purchases of US semiconductor companies.

Trump argues the global trading system is rigged against the world's largest economy and has pushed heavily against what he sees as the unfair trade imbalance with China, the biggest exporting nation.

Rhodium linked the sharp drop to tougher scrutiny of Chinese acquisitions by U.S. regulators and China's own restrictions on outbound investment.

Longstanding concerns about the theft of intellectual property led Trump to impose some $50 billion (€42.7 billion) in tariffs on Chinese goods, which will begin to take effect next month.

Both China and the European Union are locked in trade disputes with the U.S., which has led the two sides to find common ground to counter Trump administration's growing trade protectionism.

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A bill to make CFIUS reviews even tougher is making its way through Congress.

Global stock markets sank on Monday as the trade fight between the United States and other top economies escalated, and benchmark Wall Street indexes suffered their worst losses in more than two months while safe-haven investments gained.

"There are serious structural concerns about Chinese practices that can not be resolved without trust between the negotiating partners" and that trust is eroding in the current confrontation, he told AFP.

He warned that Beijing had an "enormous array of tools to put pressure on American companies" like Apple and GM, companies that really depend on China.

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