Canadian farmers can no longer depend on China for trade: Global Business Forum
Canada’s agriculture industry needs to recognize it is “not dealing with a friendly regime” when it comes to China and should focus its Asian growth ambitions on countries like Japan, Taiwan and South Korea instead. That’s according to B.C.-based international affairs commentator Jonathan Manthorpe, who was part of a panel discussion on China at the 20th annual Global Business Forum in Banff on Friday. That’s according to B.C.-based international affairs commentator Jonathan Manthorpe, who was part of a panel discussion on China at the 20th annual Global Business Forum in Banff on Friday.
US President Donald Trump has long accused China of unfair trading practices and intellectual property theft. In China , there is a perception that the US Negotiations are ongoing but have proven difficult. The two sides remain far apart on issues including how to roll back tariffs and enforce a deal.
WASHINGTON — The United States and China intensified their trade dispute on Monday, as Beijing said it would increase tariffs on nearly billion worth of American goods and the Trump administration detailed plans to tax nearly every sneaker, computer
WASHINGTON — The Trump administration and China declared a temporary truce Friday in their 15-month trade war. Yet the grievances that led them to impose tariffs on hundreds of billions of dollars of each other's goods remain largely unresolved.
The administration agreed to suspend a tariff hike on $250 billion worth of Chinese imports that was set to take effect Tuesday. And China agreed to buy up to $50 billion in U.S. farm products.
The de-escalation in tension between the world's two largest economies was welcomed by financial markets. The U.S.-China hostilities have alarmed investors and escalated costs and uncertainties for many businesses.
China says companies facing many difficulties due to trade frictions
China says companies facing many difficulties due to trade frictions , Commerce Minister Zhong Shan said on Sunday.The United States and China have been locked in an escalating trade war for over a year. They have levied punitive duties on hundreds of billions of dollars of each other's goods, roiling financial markets and threatening global growth. "Trade faces unprecedented challenges," Zhong told a news conference in Beijing. "These challenges are both external and internal."A new round of high-level talks between the world's two largest economies is expected in Washington on Oct.
US - China issues of dispute remain vast despite trade truce October 11, 2019 | 1:43 PM.
Global economic gloom spreads despite jobs strength. US - China trade war pushes global exports into contraction. Andrey Guryev says country is benefiting from US - China trade dispute .
President Donald Trump announced the cease-fire in a White House meeting with the top Chinese negotiator, Vice Premier Liu He. The news followed two days of talks in Washington, the 13th round of negotiations between the two countries' delegations.
"It took us a long time to get here, but it's something that's going to be great for China and great for the USA," Trump said.
Many of the details, though, remained to be worked out. And some of the thorniest issues — such as U.S. allegations that China forces foreign companies to hand over trade secrets — were dealt with only partially, or not at all, and will require further talks.
"The president is acting as if a lot of Chinese concessions have been nailed down, and they just haven't," said Derek Scissors, a China specialist at the conservative American Enterprise Institute.
Scheer argues Trudeau hurt Canada-China relations with SNC-Lavalin affair
MISSISSAUGA, Ont. — Conservative Leader Andrew Scheer told a roundtable of journalists from ethnic media outlets that Liberal Leader Justin Trudeau caused further damage to Canada's standing with China following the SNC-Lavalin affair. Scheer made the argument Tuesday as he fielded questions — including several on Canada's strained relationship with China — from a couple of dozen journalists in suburban Toronto. Canada has been in a diplomatic dispute with China since the arrest last December of Huawei executive Meng Wanzhou in Vancouver on an extradition request from the United States.
Protesters said the United States has been slow to reduce carbon emissions despite ample evidence that the atmosphere is warming because of human activity and endangering ecosystems around the world. US - China issues of dispute remain vast despite trade truce October 11, 2019 | 1:43 PM.
The US - China trade dispute continues to be ramped up despite occasional mixed messages from Despite Treasury Secretary Steven Mnuchin declaring a " trade truce '' with China about two weeks But the situation still remains very unclear on both sides. Despite the looming trade row, China's
The negotiators have so far reached their tentative agreement only in principle. No documents have been signed.
And the threat of escalation still hangs over the two countries: Trump has yet to drop plans to impose tariffs that are set to take effect Dec. 15 on an additional $160 billion in Chinese products — a move that would extend the sanctions to just about everything China ships to the United States.
While providing scant details of what was agreed to Friday, the White House said Beijing pledged to be more transparent about how it sets the value of its currency, the yuan. The administration has long accused China of manipulating the yuan lower to give its exporters a competitive edge in foreign markets.
China has also agreed to open its markets to U.S. banks and other financial services providers, Treasury Secretary Steven Mnuchin said.
The trade war has inflicted an economic toll on both countries. U.S. manufacturers have been deeply hurt by rising costs from the tariffs and by uncertainty over when and how the trade hostilities may end. Friday's truce at least opens the door to progress.
Top-level U.S.-China trade talks resume as irritants sour atmosphere
Top-level U.S.-China trade talks resume as irritants sour atmosphereWASHINGTON (Reuters) - The United States' and China's top trade negotiators were set to meet on Thursday for the first time since late July to try to find a way out of a 15-month trade war as new irritants between the world's two largest economies threatened hopes for progress.
The United States has pledged to hold off for 90 days on plans to raise tariffs on Chinese goods from 10 to 25 percent. In exchange, China will buy more US products and, according to US President Donald Trump, reduce or scrap tariffs on US -made cars.
The United States emphasized the 90-day window it has set for trade talks, while China made no mention of it. But China ’s willingness to reach any deal for purchases while considerable tariffs remain in place suggested that Beijing officials, as well as Mr. Trump, were genuinely eager for a truce .
"They're trying to de-escalate," said Timothy Keeler, a former chief of staff at the Office of the U.S. Trade Representatives. "I think it serves both sides' interests because both sides were feeling pain."
Stock prices had been up substantially all day, mainly in anticipation of a significant trade agreement. But once the White House announced the contours of the tentative accord, the market shed some of its gains. The Dow Jones industrial average, which had risen more than 500 points at its high, closed up 319.
"This is an encouraging first phase," said Craig Allen, president of the U.S.-China Business Council. "We await word on how implementation will be measured and in what timeframe, as well as details on scheduling subsequent phases."
The U.S. and Chinese negotiators didn't deal this week with a major dispute over the Chinese telecommunications giant Huawei. The U.S. has imposed sanctions on Huawei, saying it poses a threat to national security because its equipment can be used for espionage. Trump has said he was willing to use Huawei as a bargaining chip in the trade talks.
Stocks rally on rising hopes for a limited China trade deal
Stocks rallied on Friday as traders grew more optimistic over the possibility of a limited trade deal between China and the U.S. The Dow was up more than 400 points, while the S&P 500 rose 1.6% and the Nasdaq jumped 1.8%. The gains put the Dow and S&P 500 on track to snap a three-week losing streak.Big tech shares such as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all gained more than 1%. Bank stocks also gained steam as Bank of America and J.P. Morgan Chase rose more than 1.5% each.Chipmakers rose broadly. Micron Technology gained more than 2% along with Xilinx.
"Huawei will remain on the so-called Entity’s List, where there are serious export controls and in The crackdwn on Huawei came amid the long-standing, year-long dispute between the US and China on a number of trade issues , with the US having previously stated there is no fair play when it comes to
US and China put trade war 'on hold'. Despite the vagueness of the terms, Mnuchin put a positive spin on the talks, telling CNBC on Monday they had already produced tangible benefits. The agreement, or truce , aimed at reducing the US ’s annual 7bn trade deficit with China was reached
The administration still has in place tariffs on more than $360 billion worth of Chinese imports. What changed Friday was that Trump suspended plans to raise existing tariffs on $250 billion in Chinese products from 25% to 30% next week.
Beijing has lashed back by taxing about $120 billion in U.S. goods, focusing on soybeans and other agricultural products in a shot at Trump supporters in rural America.
Last year, U.S. farm exports to China plummeted 53% to less than $9.2 billion. The additional Chinese purchases that were promised Friday could provide an economic boost to hard-hit U.S. farmers. Mnuchin said the $40 billion to $50 billion in agricultural sales cited by Trump is an annual amount that would be ramped up to "within the second year" of the agreement.
The two sides were close to a more comprehensive deal in early May. But talks stalled after the administration accused China of reneging on earlier commitments. Trump acknowledged that Friday's deal has yet to be put down on paper but said that wouldn't be a problem.
"China wants it badly, and we want it also," the president said. "We should be able to get that done over the next four weeks."
Myron Brilliant, executive vice-president of the U.S. Chamber of Commerce, drew encouragement from Friday's developments.
China Wants More Talks Before Signing Trump’s ‘Phase One’ Deal
China wants further talks as soon as the end of October to hammer out the details of the “phase one” trade deal touted by Donald Trump before Xi Jinping agrees to sign it, according to people familiar with the matter. Beijing may send a delegation led by Vice Premier Liu He, China’s top negotiator, to finalize a written deal that could be signed by the presidents at the Asia-Pacific Economic Cooperation summit next month in Chile, one of the people said.
U . S .- China Trade Dispute Truce Might Not Last. Trump remains preoccupied with the U.S. trade deficit and that will be difficult to shrink in the short term. It’s unclear how Beijing will ramp up buying of American products, even though the one-party state exerts greater control than most governments
Markets jump on China trade truce . " Despite all of his announced 'deals,' NONE of those tariffs have been removed," Bown wrote. 5 major issues . U . S . and Chinese officials will return to the table to address intellectual property rules, forced technology transfer, non-tariff barriers, cyber intrusions
"Finally, a ray of hope for the U.S.-China trade relationship," he said. "While there remains significant work ahead to address many of the most important U.S. trade and investment priorities, we will continue to lend our full support."
Still, Gregory Daco, an economist at Oxford Economics, suggested that the partial nature of the deal won't relieve much of the uncertainty surrounding trade policy that has discouraged many American companies from investing in new equipment and expanding.
"For businesses this will mean less damage, not greater certainty ... "Beyond the promises and niceties, the deal doesn't address key underlying issues," Daco said in a research note.
The two countries are deadlocked primarily over the Trump administration's assertions that China deploys predatory tactics — including outright theft — in a sharp-elbowed drive to become the global leader in robotics, self-driving cars and other advanced technology.
Beijing has been reluctant to make the kind of substantive policy reforms that would satisfy the administration. Doing so would likely require scaling back China's aspirations for technological supremacy, which it sees as crucial to its prosperity.
AP Business Writers Christopher Rugaber and Bani Sapra contributed to this report.
Paul Wiseman And Kevin Freking, The Associated Press
China asks WTO for $2.4 billion sanctions against U.S. in latest clash .
China asks WTO for $2.4 billion sanctions against U.S. in latest clashThe WTO's Dispute Settlement Body (DSB) will review the case which dates back to the Obama-era on Oct. 28, a document published on Monday showed.