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>> The US plans to take aim at Chinese money invested in America this week, in the next step of President Donald Trump's trade conflict with Beijing.>> We did a thing called tariffs.>> An official source tells Reuters, the US Treasury is drafting new rules that will block many Chinese companies, from buying American firms.
Specifically those with quote, industrially significant technology, the new limits are set to be announced on Friday. The Wall Street Journal reported a similar story on Sunday. That report also said Trump plans to block exports of US technology sold to China. Asian shares slipped in Monday's trade, and European markets followed at the open.
Analysts said markets were losing hope the US-China trade conflict might ease off soon. Tariffs on more than $34 billion worth of Chinese imports are due to go into effect on July 6th. They're the first of a potential $450 billion worth. Trump has said that tariffs in part aim to fight what he calls theft of American technology by Chinese companies, due to rules set by Beijing.
>> We're gonna have to rework trade with China because that's been a one way street for decades and we just can't have it happen.>> The official source who spoke to Reuters says, this weeks limits are expected to target key areas, including many China is trying to develop as part of its made in China 2025 plan.
That push aims to upgrade China's technology including aerospace and electric vehicles. It's also been at the heart of Washington's trade dispute with the US concerned Chinese companies backed by the state, could overtake its own tech muscle.