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00:00:02
>> As the effects of the China-US trade war spread, Beijing kept up it's tough talk on Friday. State media blasted the Trump administration in an editorial titled protectionism, symptom of paranoid delusions. The official China Daily argued the U.S. has failed to understand that the business it does with China supported millions of American jobs.
00:00:23
And it cited a recent study saying that, from January to May this year, Chinese investment in the U.S. has had a steep fall, a 92% drop to less than $2 billion. The newspaper said it reflects the damage being done to trade with China by the, quote, crusade of Trump and his trade hawks.
00:00:42
This week, U.S. President Donald Trump threatened to hit China with an additional $200 billion worth of tariffs, if Beijing retaliates against his last round of $50 billion. Meanwhile, the trade war is making an impact on the markets. On Friday Asian shared fell to their lowest in six months, with signs America's trade battles with China and other countries are beginning to eat into company profits.
00:01:05
That was after the Dow Jones Index fell for it's eight day on Thursday. Shares dipped for Caterpillar, Boeing and Apple. Apple's iPhones are put together in China by manufacturer Foxconn. On Friday, at the company's annual general meeting, Foxconn chairman Terry Gou called the trade war the biggest challenge facing his company.
00:01:25
He also said, quote, what they are fighting is not really a trade war, it's a tech war. Analysts say a sustained trade dispute between the U.S. and China may disrupt supply chains for the tech and auto industries, which both rely on parts outsourced to companies like Foxconn, and it may derail the global economy.