>> Global markets edged up in Europe on Tuesday after confusion from Washington on trade had sparked a sell off in Asia and the US overnight. Wall Street had slipped on reports the Trump White House was planning to limit Chinese investment in American tech. Financial markets were tense after Treasury Secretary, Steve Mnuchin, and White House Trade Advisor, Peter Navarro, disagreed over which countries the limitations would apply to, the whole world or just China.
Meanwhile, Beijing has begun keeping quiet over an industrial policy that's the heart of Washington's trade vendetta with China. That's according to diplomats and sources in Chinese state media who spoke to Reuters. Dubbed made in China 2025, the program is designed to accelerate Chinese development of high tech industries.
Reuter's Michael Martinez covering the story from Beijing.>> So what we're hearing from sources now is that many Chinese officials are starting to believe that the forcefulness with which this plan was rolled out since 2015 has created a blowback from the international community, particularly from Washington. Afterall the Trump administration has pended section 301 tariffs to products specifically identified in the sectors under this plan.
>> The sources said Beijing told diplomats to talk down the plan's importance and that mentions of made in China 2025 in state media have dropped off almost completely.>> China isn't backing down on the made in 2025 program, it's still a plan that's in effect. What we are seeing is that they're recallibrating the way that they're selling this plan to the world as a result of the rather significant blowback that's proceeded from the international community.
>> However, it may be too little, too late, to stop the Trump administration from pursuing its trade conflict with China. US tariffs on more than $34 billion worth of Chinese imports are due to go into effect on July 6.