The EU does not want a trade war with Beijing but five years of talks have yielded no real progress, the bloc's ambassador to China said on Saturday, adding that concern was growing over Chinese market access for European medical devices.

Chinese business people may be able to find creative ways to avoid U.S. tariffs, but for Beijing, its concerns for the incoming Trump presidency go beyond trade.

Donald Trump is preparing to implement the most extensive tariffs in a century, and some of these tariffs are intended to serve as bargaining chips in trade negotiations, writes "The Washington Post." The newspaper adds that the introduction of a universal basic tariff is unlikely.

While campaigning, Trump threatened to impose heavier tariffs and pressure Beijing. The incoming president previously said he would increase tariffs on China as high as 60 to 100 percent, which would devastate the country’s economic growth and stress global supply chains.

Donald Trump has previously threatened tariffs on Chinese goods, raising concerns about their impact on China's economy.