AUD: China Bars US General Atomics Aeronautical Systems from Trade
The China prohibits General Atomics Aeronautical systems US based company from involving Imports and exports items related to China. This is the Tit for Tat retaliation against US, after the last week Joe Biden imposed $18 Billion of taxes on China imports. This retaliation makes Australian Dollar stronger against USD.
AUDUSD is moving in Ascending channel and market has reached higher low area of the channel
Against the backdrop of escalating trade tensions between the United States (US) and China, the Chinese Commerce Ministry made a significant announcement on Monday. They declared that General Atomics Aeronautical Systems, a prominent US company, is now barred from participating in any import and export activities involving China. This decision represents a notable escalation in the ongoing trade dispute between the two economic powerhouses.
The move from China follows a statement made by US Trade Representative (USTR) Katherine Tai just last Tuesday. In her announcement, Tai emphasized the need for additional measures beyond mere tariff adjustments to effectively address what the US perceives as unfair trade policies implemented by China.
AUD: China Bars Certain US Firms from Import-Export Activities
In response to recent actions taken by the United States, China has enacted a ban specifically targeting General Atomics Aeronautical Systems, a prominent US-based company, prohibiting its involvement in import and export activities related to China. This move is widely viewed as a retaliatory measure by China, following the imposition of significant tariffs on Chinese imports by US President Joe Biden just last week, totaling a staggering $18 billion.
AUDCAD is moving in Ascending channel and market has reached higher low area of the channel
The implementation of this ban represents a tit-for-tat response from China, reflecting the escalating tensions between the two global economic powers. Such retaliatory measures have become characteristic of the ongoing trade dispute between the US and China, with each side imposing tariffs and other restrictions in response to perceived injustices in trade policies.
Furthermore, the repercussions of this latest development extend beyond the realm of US-China trade relations. The imposition of tariffs and trade restrictions has had ripple effects on global currency markets, with the Australian Dollar notably strengthening against the US Dollar as a result of the heightened trade tensions between the two nations. This demonstrates the interconnected nature of global economic dynamics, where actions taken by major players can reverberate across international markets, influencing currency valuations and trade flows on a global scale.
According to a report by Business World, China has implemented a ban on specific US firms, prohibiting them from participating in import and export activities. This action reflects the intensifying trade tensions between China and the United States. While the specifics of the banned firms have not been disclosed in the report, it underscores the deepening rift between the world’s two largest economies. The move from China follows a pattern of retaliatory measures in response to perceived injustices in trade policies initiated by the US. This latest development is likely to have significant implications for bilateral trade relations and may further exacerbate the already strained economic ties between the two nations.
AUD: China Commerce Ministry Bars Select US Firms from Import-Export Activities
In a retaliatory move against the United States, China has barred General Atomics Aeronautical Systems, a US-based company, from participating in import and export activities involving items related to China. This decision follows recent actions by the US, including the imposition of $18 billion in taxes on Chinese imports by President Joe Biden last week.
AUDJPY is moving in Ascending channel and market has fallen from the higher high area of the channel
The tit-for-tat nature of this retaliation underscores the escalating tensions between the two countries, with trade policies becoming a focal point of contention. As a consequence of this retaliatory action, the Australian Dollar has strengthened against the US Dollar, reflecting the broader impact of these trade disputes on global currency markets.
China’s Commerce Ministry made a significant announcement on Monday, revealing its decision to impose restrictions on certain US firms regarding import and export activities related to China. One of the key firms affected by this decision is General Atomics Aeronautical Systems, which has been placed on China’s unreliable entities list. The ministry cited the sale of arms to Taiwan as the reason for this inclusion, signaling a stern response to what China perceives as violations of its sovereignty.
Furthermore, General Dynamics Land Systems, another US-based company, has also been listed by the ministry. Additionally, state media reports indicate that Boeing Defense, Space & Security has been included in the list of restricted entities.
As part of the restrictions, senior executives from these companies are barred from entering China. Their existing work permits will be revoked, along with their visitor and residential statuses. Moreover, any related applications submitted by these firms will not be approved by Chinese authorities, as per the announcement reported by Xinhua news.
This move underscores China’s firm stance on issues related to sovereignty and national security, particularly concerning arms sales to Taiwan. It also highlights the growing tensions between the US and China, with trade and geopolitical issues intersecting in complex ways. The ramifications of these restrictions are likely to impact not only the affected companies but also broader diplomatic relations between the two nations.
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