Apple, Boeing, Qualcomm would be biggest losers in a China-US trade war, state media says

China has issued a formal warning to the United States that it is ready to defend its interests after President Donald Trump’s administration announced plans to impose tariffs on up to US$60 billion worth of Chinese imports.

Vice-Premier Liu He spoke to US Treasury Secretary Steven Mnuchin over the phone on Saturday, in what was the first high-level contact between the two governments since the White House revealed its proposal on Thursday.

Also on Saturday, China’s official People’s Daily issued a warning of its own, suggesting that several American companies, including Apple, Boeing, Intel, Qualcomm and Texas Instruments, would be among the biggest losers in the event of a trade war.

Liu, whose status as a vice-premier was confirmed at the National People’s Congress last week, has responsibility for the country’s economic and financial issues, and leads China’s trade negotiations with the US.

During their telephone conversation, Liu told Mnuchin that the US investigation into China’s alleged breaches of intellectual property rights went against international trade rules and would not benefit the US, China or the rest of the world, the Xinhua report said.

“China is prepared to defend its national interests,” he said. “We hope both sides will be rational and work hard to maintain the stability of the overall China-US trade relationship.”