China is putting off accepting license applications from US companies due to the ongoing tariff battle between China and the US, according to Jacob Parker, vice president for China operations of the US-China Business Council (USCBC). China had previously earmarked financial services and other industries as open to foreign competitors. Parker said that while Chinese firms are still willing to invest in the United States, they have been forced into a defensive posture by trade tensions with Washington. Beijing matched Trump's earlier tariff increase on $50 billion of imports but is running out of American goods for retaliation due to their lopsided trade balance. Parker revealed that Chinese cabinet-level officials had said they were putting off applications "until the trajectory of the US-China relationship improves and stabilises."
China is putting off accepting license applications from US companies due to the ongoing tariff battle between China and the US, according to Jacob Parker, vice president for China operations of the US-China Business Council (USCBC). China had previously earmarked financial services and other industries as open to foreign competitors. Parker said that while Chinese firms are still willing to invest in the United States, they have been forced into a defensive posture by trade tensions with Washington. Parker revealed that Chinese cabinet-level officials had said they were putting off applications "until the trajectory of the US-China relationship improves and stabilises."