The move is also likely to inflame the tensions that have escalated in President Trump’s renewed trade war with Chinese leaders.

Chinese ambassador to US calls accusations against Huawei 'groundless,' says door is still open on trade talks

Chinese Ambassador to the United States Cui Tiankai said on Tuesday that Beijing was ready to resume trade talks with Washington, but blamed the U.S. side for frequently “changing its mind” on tentative deals to end U.S.-China trade disputes.

"This is a very dangerous situation for us because it deepens some of the risks that the global economy is already facing."

A former top U.S. trade negotiator said talks with China for a trade deal had made significant progress despite recent setbacks and an agreement would eventually be reached.

China could retaliate against the U.S. after President Donald Trump blacklisted Huawei Technologies Co., the Chinese ambassador to the European Union said.

The U.S. government on Monday temporarily eased some trade restrictions imposed last week on China’s Huawei, a move that sought to minimize disruption for the telecom company’s customers around the world.

Worries that the United States and China were digging in for a longer, costlier trade war weighed on financial markets on Monday as Beijing accused Washington of harboring “extravagant expectations” for a deal to end their dispute.

While China’s Belt and Road Initiative offers a solution to problems that require international assistance to address, this is not Beijing’s altruism at work. The BRI is still a money-making investment and an opportunity for China to increase its connectivity throughout the globe.