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China warns of retaliation as US widens biotech investment restrictions
A US Treasury proposal to broaden and tighten restrictions on US investment in China has drawn opposition from Beijing, Bloomberg reported over the weekend. A Chinese official said China “firmly opposes” the proposal, describing it as discriminatory and “a typical example of an overly broad application of national security concerns,” according to the report.
Warning that the rule would harm economic relations between the two countries, China’s Commerce Ministry said it would closely monitor further developments. The ministry also stated that China reserves the right to take corresponding measures, but did not outline what these could involve.
Under a rule proposed by the US Treasury on Thursday, the Outbound Investment Security Program would be expanded, with tighter restrictions on US investment in hypersonics, quantum, high-performance computing, supercomputing and AI in China, Russia and North Korea. Biotechnology was also added to the sectors targeted by the measure.
Australian Dollar edges lower
AUD/USD is trading at 0.7028 at the time of writing, down 0.09% on the day. The Australian Dollar (AUD), which serves as a proxy for China, has edged lower following these developments.
US-China Trade War: Key Questions Explained
Extreme protectionism by one side can trigger an economic conflict between two or more countries, commonly described as a trade war. Trade barriers, including tariffs, prompt retaliatory barriers, driving up import costs and, in turn, the cost of living.
Early in 2018, President Donald Trump introduced trade barriers against China, accusing the Asian giant of unfair trading practices and intellectual property theft. This marked the start of an economic conflict between the United States (US) and China. Beijing responded with tariffs on a range of US goods, including cars and soya beans. After tensions intensified, the two countries signed the US-China Phase One trade deal in January 2020. Alongside structural reforms, the agreement required other changes to China’s economic and trade regime and purported to restore stability and trust between the two nations. Attention subsequently shifted away from the dispute as the coronavirus pandemic took hold. Nevertheless, President Joe Biden, who succeeded Trump, retained the tariffs and introduced further levies.
Fresh tensions between the two countries have followed Donald Trump’s return to the White House as the 47th US President. In his 2024 election campaign, Trump promised to impose 60% tariffs on China upon returning to office. He took office again on 20 January 2025. His return is expected to see the US-China trade war pick up where it left off, with retaliatory policies shaping the global economic landscape as global supply chains face disruption. The resulting fall in spending, particularly investment, directly feeds into Consumer Price Index inflation.
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