Offbeat: Talking won't end Trump's growing China trade war any time soon - PressFrom - US
  •   
  •   
  •   

Offbeat Talking won't end Trump's growing China trade war any time soon

14:26  14 september  2018
14:26  14 september  2018 Source:   bloomberg.com

Trump says not ready to make trade deal with China

  Trump says not ready to make trade deal with China U.S. President Donald Trump said on Wednesday that the United States was not yet ready to come to an agreement over trade disputes with China but he said talks would continue.The world's two largest economies have slapped tariffs on $50 billion of each other's goods in a tit-for-tat trade war, and Trump is considering imposing tariffs on another $200 billion in Chinese imports.

The Trump administration’ s trade war with China is following an increasingly predictable pattern and that should cause a rethink for anybody hoping for a rapid Like most analysts, however, Alden doesn’ t expect a resolution any time soon . Can Trump Win If He Escalates His China Trade War ?

(Bloomberg) -- The Trump administration’ s trade war with China is following an increasingly predictable pattern and that should cause a rethink for anybody Like most analysts, however, Alden doesn’ t expect a resolution any time soon . Can Trump Win If He Escalates His China Trade War ?

The Trump administration’s trade war with China is following an increasingly predictable pattern and that should cause a rethink for anybody hoping for a rapid resolution.

The day after financial markets around the world cheered the apparent good news that Treasury Secretary Steven Mnuchin was inviting his Chinese counterparts to sit down for further high-level negotiations, President Donald Trump undermined that very idea.

Trump readies tariffs on $267 billion more in Chinese imports

  Trump readies tariffs on $267 billion more in Chinese imports U.S. President Donald Trump said Friday that he has tariffs ready to go on a further $267 billion worth of Chinese imports as the world awaits his decision on imposing levies on $200 billion worth of the Asian nation's goods.“The $200 billion we are talking about could take place very soon depending on what happens with them. To a certain extent its going to be up to China, Trump said. "And I hate to say this, but behind that is another $267 billion ready to go on short notice if I want. That changes the equation.

The Trump administration’ s trade war with China is following an increasingly predictable pattern and that should cause a rethink for anybody hoping for a China welcomed on Thursday a US offer to hold fresh trade talks , adding that the two are discussing the details, providing some hope the world' s top

President Trump , emboldened by America’s economic strength and China ’s economic slowdown, escalated his trade war with Beijing on Monday, saying the United States Mr. Trump ’ s decision is a significant escalation of an already serious trade dispute — one with seemingly no end in sight.

“We are under no pressure to make a deal with China, they are under pressure to make a deal with us,” Trump said on Twitter on Thursday. “Our markets are surging, theirs are collapsing. We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?”

The move marked just the latest instance of Trump undercutting one of his senior China deal-makers in public and illustrates why Beijing has become increasingly frustrated with its interactions with the U.S. administration. It also comes as Trump has repeatedly signaled his desire to continue raising pressure on Beijing and is considering the details of new tariffs on $200 billion in Chinese imports or even more.

a screenshot of a cell phone: Minding the Trade Gap© Bloomberg Minding the Trade Gap

After last year’s Mar-a-Lago summit with Chinese President Xi Jinping, Commerce Secretary Wilbur Ross was given the task of negotiating a 100-day deal with China intended to be the first building block in a bigger deal.

China welcomes US trade talks offer as new tariffs loom

  China welcomes US trade talks offer as new tariffs loom China welcomed on Thursday a US offer to hold fresh trade talks, adding that the two are discussing the details, providing some hope the world's top two economies could step back from the brink of an all-out trade war. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); The countries have been engaged in an escalating tit-for-tat trade fight for months but on Wednesday it emerged that US Treasury Secretary Steven Mnuchin had invited top Chinese officials to discuss the issue.

BEIJING — China ’s leaders have sought to project confidence in the face of President Trump ’ s tariffs and trade threats. But as it becomes clear that a protracted trade war with the United States may be unavoidable, there are growing signs of unease inside the Communist political establishment.

It certainly looks like a trade war is brewing. China ’ s Ministry of Commerce on Friday announced tariffs of 15 percent At the same time , Chinese officials have been making threats , especially promising to not buy American First, that country is growing more dependent on access to the American market.

Ross and his team, however, were quickly criticized for being too obsequious to the Chinese, especially after he hailed a reheated series of commitments by Beijing as a "Herculean" victory for the president. Since then, the commitments Ross has brought home to Trump have repeatedly been rejected by the president.

Likewise, just days after hosting Liu He, Xi’s top economic emissary, in the Oval Office in May, Trump made a very public U-turn by declaring that he would be proceeding with tariffs despite Mnuchin’s declaration that the trade war was “on hold.”

The result has left Mnuchin discredited with Beijing as an interlocutor, according to people who have met with senior Chinese officials in recent weeks.

No Giveaways

“They are certainly open to overtures because they would like to bring this trade dispute to some kind of resolution. But I don’t think they are going to give anything to Mnuchin,” said Eswar Prasad, a former China division chief at the International Monetary Fund who now teaches at Cornell University and is close to policymakers in Beijing.

Dow jumps more than 100 points as rates fall, Apple gains

  Dow jumps more than 100 points as rates fall, Apple gains Stocks rose on Thursday, boosted by lower rates stemming from weaker-than-forecast inflation data as well as a rebound in Apple shares.The Dow Jones Industrial Average rose 117 points with Apple and Boeing contributing the most to the gains. The S&P 500 climbed 0.4 percent, led by gains in materials and tech. The Nasdaq Composite advanced 0.7 percent.

Trump ’ s biggest strike yet in a growing trade fight between the world’s biggest economies will see a 10 percent duty applied to 0 billion of Chinese imports, which may rise to 25 percent in 2019. Trump continued to hit out at China late this week, signaling the trade war won ’ t end any time soon .

Talking Won ' t End Trump ' s Growing China Trade War Any Time Soon (Bloomberg). As trade war escalates, China intensifies role of state-owned Exacerbating the challenge for the U.S., the Trump administration also imposed tariffs on cobalt as part of its broader trade war with China , the world’s

“They don’t know if any deal they make with Mnuchin can stick,” Prasad said. “Mnuchin is being seen as one voice of reason but a voice of reason without any clout.”

Derek Scissors, a China expert at the American Enterprise Institute, is blunter: “The Chinese have been very explicit that they don’t think Mnuchin can deliver a deal,” he said.

Some analysts do see a grand strategy at work.

Edward Alden, a trade expert at the Council on Foreign Relations, likened the emerging pattern on China to the Nafta negotiations with Mexico and Canada, which are nearing an end after a year of intense negotiations that have been accompanied by repeated threats from Trump. Likewise, every carrot to Beijing is accompanied by a tweeted stick.

“I think we are finally moving into the serious stage in which there is going to be the serious negotiation that we haven’t had yet,” Alden said.

Like most analysts, however, Alden doesn’t expect a resolution any time soon.

The pressure is clearly building on Trump to cut a deal, according to David Dollar, who was the U.S. Treasury’s man in Beijing during the Obama administration and is now at the Brookings Institution.

China will not 'surrender' to U.S. demands in trade talks: state paper

  China will not 'surrender' to U.S. demands in trade talks: state paper China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks. China and the United States are set to return to the table with the threat of new U.S. tariffs looming after Treasury Secretary Steven Mnuchin extended the invitation to counterparts in Beijing. The official China Daily said that while China was "serious" about resolving the stand-off through talks, it would not be rolled over, despite concerns over a slowing economy and a falling stock market at home.

BEIJING — China ’ s leaders sound supremely confident that they can win a trade war with President Trump . The state news media has depicted him as a reckless bully intent on undermining the global trading system, while presenting the Chinese government as a fair-minded champion of free trade .

US President Donald Trump and his Chinese counterpart Xi Jinping have agreed to halt new trade tariffs for 90 days to allow for talks , the US says. It says the US tariffs on Chinese goods will remain unchanged for 90 days, but warns: "If at the end of this period of time , the parties are unable to reach

Companies and investors are increasingly concerned about the potential impact of an escalating trade war with China on profits and the economy, which ought to be putting pressure on Trump to strike an agreement.

“This is the big cloud on the horizon right now” for the U.S. economy and financial markets, Dollar said.

The administration also faces the likelihood that its plans for tariffs on $200 billion in additional Chinese imports and others to follow will begin to hit consumers more directly, something that unnerves Republicans looking warily at the mid-term elections and polls showing a Democratic wave building.

Yet Trump’s latest China tweet also highlights how “each side is sensing a vulnerability in the other and they are both wrong,” Dollar said.

Chinese Economy

While Trump believes the Chinese economy is suffering, Dollar said the reality is that exports to the U.S. only account for 3 percent of China’s gross domestic product, with multinational companies with supply chains dependent on China as likely to suffer as Beijing.

Likewise, officials in Beijing have been reading the opposition from business and Republican concerns about the mid-terms as a potential Trump weakness. But that ignores the strength of the U.S. economy and what has been the resilience of financial markets so far in the face of any trade fears.

Trump imposes tariffs on $200B more of Chinese goods

  Trump imposes tariffs on $200B more of Chinese goods The Trump administration is imposing tariffs on $200 billion more in Chinese goods next week, escalating a trade war between the world's two biggest economies and raising prices on a range of consumer goods from handbags to bicycle tires. The tariffs will start at 10 percent and rise to 25 percent starting in 2019.The tariffs will start at 10 percent and rise to 25 percent starting Jan. 1.

President Trump said Thursday that he would consider adding tariffs on an additional 0 billion in Chinese goods. CreditTom Brenner/The New York Times . A trade war could derail the current global economic expansion and cripple American businesses that depend on business with China .

Trump ' s trade war threatens Midwest farmers. Trump : Working toward zero tariffs with EU. CNN analyst: US allies are freaked out. " China is growing concerned that the US motivation is now trying to keep China down and contain it," Timothy Stratford, a managing partner at law firm Covington

The Chinese may look at the Mnuchin invitation and think Trump “is starting to blink. But I don’t think that is true,” said Dollar.

Increasingly, for those reasons and others the expectation in Washington is that the U.S.-China trade war will extend well into 2019. And even that it may never see a clean resolution.

Cold War

In China, officials have begun to contemplate the possibility of a new Cold War with the U.S., Dollar said. Which is how hawks in the Trump administration such as U.S. Trade Representative Robert Lighthizer and trade adviser Peter Navarro see it as well, arguing for tariffs as just one tool to engineer a long-term decoupling of the world’s two largest economies.

With those dynamics in mind Chinese policymakers have begun to realize that any solution to their growing trade problems with the U.S. may in the end depend on them negotiating a peace directly with Trump’s hawks, said Prasad.

“That is exactly their read,” he said. “It is only by negotiating with the hardliners that they will make progress.”

But with Trump’s hawks convinced they are in an existential battle with China and likely to demand deep and long-term changes from Beijing that it is likely to resist, such a negotiation will be difficult, Prasad said. It may also never yield the end to the trade war so many are hoping for.

DOJ orders two Chinese state-run media organizations to register as foreign agents .
The Justice Department has ordered two Chinese media organization with strong ties to China's government to register as foreign agents in order to continue doing business in the U.S. The Wall Street Journal repoThe Wall Street Journal reported Tuesday that the DOJ has ordered Xinhua News Agency and China Global Television Network (CGTN) to register as foreign agents amid a U.S. effort to ramp up efforts to combat foreign interference in media and political groups.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!