What to expect in Shanghai as China closes the doors to the US
Shanghai, China — The world’s second-largest economy shut its doors to Americans this week, and it’s now the subject of a wide-ranging diplomatic crisis.
The fallout from China’s decision to shut down the country’s financial system, and the potential for further sanctions from Washington, has raised the stakes for the Asia-Pacific’s biggest economy.
The announcement came from China on Wednesday morning, the day the world’s largest trading partner and its largest exporter of food and energy closed down its $5 trillion-a-year trading operations and stopped all trade with the United States.
China said the closure of its banking system was due to a “technical problem” and the rest of the country would be allowed to reopen.
China’s foreign ministry did not say why the shutdown was so sudden, but Reuters reported that it could be related to the North Korea crisis, a situation that has rattled Beijing for weeks.
A day later, the White House released a statement saying that it was “deeply concerned” about the disruption and would provide China with “all the tools it needs to help resolve this situation.”
The White House also said that China should “immediately resume full commerce with the US.”
It wasn’t immediately clear how the U.S. would respond to the abrupt closure.
U.N. Secretary-General Antonio Guterres said China should respond to U.T.O.O., or U.U.N.-sponsored international peace and stability forums, as it is a U.K.-led forum.
The U.A.E. is a major trading partner of China.
It is the world leader in the production of the fuel for the electric grid and the world market for many goods, including pharmaceuticals and medicine.
China is also the biggest producer of crude oil, and its biggest export to the United State is oil, which is used in the manufacture of cars and other products.
China’s economic slowdown has been particularly steep since late last year, when its stock market fell 10% in a month, and most Chinese companies have struggled to return to growth.
But the country is still China’s largest economy and the United Sates exports more than 90% of its GDP.
The decision to close the financial system comes as U.s.
President Donald Trump has warned China against using its trade power to impose its will on the United Nations.