But the European Union, the world's largest trading bloc, has rejected the idea of allying with Beijing against Washington, five European Union officials and diplomats told Reuters, ahead of the summit. "They have been treating us very badly for many, many years and that's why we were at a big disadvantage with the WTO, and we're not planning anything now, but if they don't treat us properly, we will be doing something".
Yesterday, the EU's top two officials warned about greater trade tensions with the USA as Mr Trump weighs tariffs on foreign cars after irking American allies with metal-import levies.
The widely-read Global Times tabloid said in an editorial that China must prepare for containment by the United States.
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Amid the fierce polemics between Beijing and Washington concerning trade and tariffs, Chinese media have started a seemingly coordinated campaign badmouthing USA tourism this week, with some papers even urging Chinese tourists to take a detour to the tumultuous Xinjiang Uyghur Autonomous Region in northwestern China instead.
China's stock market has fallen almost 10 percent in recent weeks on fears of a trade war while its currency has dropped sharply against the US dollar.
Washington has said it would implement tariffs on $34 billion worth of Chinese imports on July 6, and Beijing has promised to retaliate in kind on the same day.
"There is a lot of concern I think about the effect a long term trade war might have but actually if you look at the data we're seeing, the economic data is not that bad", said Michael Hewson, chief markets analyst at CMC Markets in London.
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On Thursday, China's state media lambasted the United States. A Reuters analysis found just 1% of the 1,102 categories of products imported from China to the US are consumer goods.
"Trump has split the West, and China is seeking to capitalize on that".
They say China's decision in May to lower tariffs on imported cars will make little difference because imports make up such a small part of the market. "It was never comfortable with the West being one bloc", said a European official involved in EU-China diplomacy.
"China will not bow down in the face of threats and blackmail and will not falter from its determination to defend free trade and the multilateral system".
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Therefore, to many, the trade war the United States sees intent on initiating is the country's strategy to keep China on the back foot so that it will not develop as fast as it otherwise would, and thus unable to challenge the dominant role of the U.S. in the global economic order.