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The US’ law banning imports from Xinjiang would “severely” damage ties and escalate a dispute between the nations over human rights, China’s Foreign Ministry spokesman Zhao Lijian warned late Thursday.
Key quotes
“If the act is implemented, it will severely disrupt normal cooperation between China and the US, and global industrial and production chains.”
“The US (should) not implement the Uyghur Forced Labor Prevention Act and otherwise trying to “hobble China’s development.”
“If the US insists on doing so, China will take robust measures to uphold its own rights and interests as well as its dignity.”
This comes as the US authorities are ready to implement a ban on imports from China’s Xinjiang region when a law requiring it becomes enforceable later on June 21.
Market reaction
Risk sentiment remains buoyed amid holiday-thinned market conditions. The S&P 500 futures add 0.13% on the day. Although AUD/USD is failing to capitalize on the risk-on flows, testing lows near 0.7255, as of writing.