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OffbeatArrest of Chinese Executive Intensifies Trade War Fears

03:05  07 december  2018
03:05  07 december  2018 Source:   nytimes.com

China summons US ambassador over Huawei arrest

China summons US ambassador over Huawei arrest China summoned the US ambassador on Sunday to protest the "extremely bad" arrest of telecom giant Huawei's chief financial officer in Canada and demand that the United States drop its extradition request. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); The arrest of Meng Wanzhou, who faces US fraud charges related to sanctions-breaking dealings with Iran, has infuriated Beijing, threatening to disrupt a trade war truce between China and the United States.

Currently, China and the United States are locked in an ongoing trade war as each country has impose additional 10% tariffs on another 0 billion worth of Chinese imports if China retaliated Import and export markets in a number of nations feared the tariffs would disrupt supply chains Organizations critical of the intensifying trade war included National Pork Producers Council

China remains calm, but one must admit that tensions are growing, and contradictions and mutual claims between Washington and Beijing are intensifying . China wages trade war against US, remains largest investor in US debt. Russia to take USA's place as China 's main agricultural supplier.

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WASHINGTON — As President Trump was arranging a trade truce with President Xi Jinping of China in Buenos Aires over dinner on Saturday night, his administration was coordinating the arrest of a top Chinese technology executive who was flying through Canada.

White House officials, including John R. Bolton, the national security adviser who attended the dinner with Mr. Trump and Mr. Xi, knew of the impending arrest. So did a leading Senate Republican and Democrat. But it is unclear whether Mr. Trump knew of the arrest. And Mr. Xi was apparently never told at the dinner.

Chinese media: Huawei arrest a 'despicable rogue' action

Chinese media: Huawei arrest a 'despicable rogue' action Chinese state-run media on Friday condemned the arrest in Canada of a top executive of telecoms giant Huawei on a US extradition request as a "despicable rogue's approach" to contain Chinese high-tech ambitions. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); The arrest of Meng Wanzhou, chief financial officer and daughter of the company's founder, has angered the Chinese government and raised concerns that it could disrupt a trade war truce between the world's two biggest economies.

China is unwilling to have a trade war , but the Chinese side has no choice but to strongly oppose Wall Street to open lower as trade spat with China intensifies . US investors are feeling nervous The prospect of a trade world between the world’s two largest economies is back in the spotlight as

As President Trump intensifies trade hostilities, the potential for conflict has begun to disrupt business, sowing worries about global economic growth. Now, the world’s fortunes are imperiled by an unfolding trade war . As the Trump administration imposes tariffs on allies and rivals alike, provoking

The detention is a boon to administration officials trying to limit the global spread of Chinese technology, especially equipment that poses security risks, and to enforce sanctions with Iran. But the move threatens to upend sensitive talks to resolve a trade war between the world’s two largest economies.

Global markets fell on Thursday amid intensified concerns about an emerging cold war between the United States and China, a sign that the 90-day trade truce announced by Mr. Trump and Mr. Xi would not quickly produce an end to the trade war.

The arrest of Meng Wanzhou, the chief financial officer of Huawei and daughter of its billionaire founder, was the culmination of a monthslong investigation by a Brooklyn office of the Justice Department into whether the flagship Chinese company had violated Iran sanctions, American officials said. She was detained Saturday while in transit in Vancouver at the request of the United States, which now wants her extradited.

Huawei executive wanted by U.S. faces fraud charges related to Iran sanctions, Canadian court told

Huawei executive wanted by U.S. faces fraud charges related to Iran sanctions, Canadian court told The arrest of Meng Wanzhou in Vancouver had roiled financial markets and raised questions over the next steps in the trade battles between China and the United States.

Chinese border police officers watching the arrival of a container ship at a port in Qingdao, China . WASHINGTON — White House officials moved quickly on Wednesday to calm fears of a potential trade war with China , saying the administration’s proposed tariffs were a “threat” that would ultimately

“The Chinese side will follow suit to the end, not hesitate to pay any price, resolutely counterattack and take new comprehensive measures in response,” the ministry said via its website , citing an unnamed spokesman. The statement added that China “doesn’t want” a trade war , but is “not afraid to fight one”.

Arrest of Chinese Executive Intensifies Trade War Fears© Alexander Bibik/Reuters Meng Wanzhou, the chief financial officer of Huawei, was arrested in Canada last week.

Mr. Bolton told NPR in an interview on Thursday that he knew in advance that Ms. Meng’s arrest was coming. He said such notifications from the Justice Department “happen with some frequency,” and “we certainly don’t inform the president on every one of them.”

The Justice Department typically briefs the White House in advance of actions in cases that are going to garner national attention or impact the public interest. Before Ms. Meng was arrested, Justice Department officials notified the White House office of legal counsel, according to an administration official.

The department also notified the chairman of the Senate Intelligence Committee, Senator Richard Burr, Republican of North Carolina, and its ranking Democrat, Senator Mark Warner of Virginia, according to two officials.

Dow, S&P 500 futures tumble after arrest of Huawei CFO

Dow, S&P 500 futures tumble after arrest of Huawei CFO U.S. stock market futures tumbled in early trading Wednesday night , signalling potential Thursday losses on Wall Street, after Canada arrested a top executive of Chinese telecom giant Huawei Technologies at the request of the U.S., a move that is seen as exacerbating tensions between the U.S. and China. Dow Jones Industrial Average futures (ymz8) were down more than 300 points Wednesday night, off more than 1.4%. S&P 500 futures (esz8) and Nasdaq Composite futures (nqz8) were also down more than 1%. Asian stock markets fell as well, with Hong Kong's Hang Seng Index (hk:hsi) down more than 2%.

Chinese Communist party and government officials are confident they can cope with a full-scale trade war with the US, which increasingly feels like a foregone conclusion in Beijing. “Their strategy is to contain China through trade .” ‘The risk of China and the US sliding into a new cold war is increasing.

While some technology executives extol the potential for co-operation in areas such as AI, the Washington establishment increasingly sees them Some US analysts fear it might be too late to take decisive action to prevent Chinese inroads into the tech sector. “We may have missed the gluttony on

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Mr. Xi was apparently never told of the intent to arrest Ms. Meng at the dinner with Mr. Trump, where Mr. Bolton was present. The arrest came as a surprise to the Chinese government, which is calling for her immediate release and has accused the United States and Canada of human rights violations.

“To detain someone without giving clear reason is an obvious violation of human rights,” Geng Shuang, a spokesman for China’s Foreign Ministry, said at a news conference on Thursday.

While Ms. Meng’s arrest is a warning to other nations about the administration’s intolerance of economic sanction violations and its security concerns about doing business with Chinese technology companies, it further complicates efforts to resolve the United States’ trade war with China.

Arrest of Chinese Executive Intensifies Trade War Fears© Wang Zhao/Agence France-Presse — Getty Images The Justice Department has been investigating whether the flagship Chinese company Huawei had violated Iran sanctions, American officials said.

Mr. Trump has prioritized both curbing China’s rise as a technological powerhouse and enforcing economic sanctions on Iran. At the same time, he has increasingly linked trade matters with national security — imposing new restrictions on Chinese investment in the United States and hitting China with tariffs on $250 billion worth of Chinese goods, including many products that the administration views as critical to American national security, like nuclear reactor parts and semiconductors.

White House intensifies confusion and fear on US-China deal

White House intensifies confusion and fear on US-China deal The Trump administration raised doubts Tuesday about the substance a U.S.-China trade cease-fire, contributing to a stock market plunge and intensifying fears of a global economic slowdown. Investors initially welcomed the agreement reached in Buenos Aires over the weekend between President Donald Trump and Chinese president Xi Jingping by bidding stocks higher Monday.

China has raised the stakes in the escalating trade showdown with the United States by unveiling The array of Chinese products that would be affected is lengthy and varied, covering everything " Fears of a trade war between China and America are swirling this morning as both sides ratchet up

U.S. stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China , intensifying fears of a trade war that could raise costs and hurt Trump is looking to levy tariffs on up to billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told

Mr. Trump argues that tougher sanctions will force Iran to abandon its nuclear weapons program, and in May he said that the United States was withdrawing from a multinational agreement forged by President Barack Obama.

The Justice Department has not revealed exactly what Huawei was doing to run afoul of the sanctions. Chinese companies regularly do business in Iran, and much of that trade complies with sanctions regulations. But the Trump administration previously punished another Chinese telecom firm, ZTE, for violating American sanctions against Iran and North Korea. The question over Huawei appears to be whether it violated sanctions by selling technology from the United States to Iran or in some other manner.

“In the past we have dealt with these cases by interrupting the legal process to avoid offending the Chinese Communist Party,” said Robert Spalding, a retired Air Force general who was on the National Security Council until January.

“In essence that is what has made geopolitics so challenging to American interests in the last 20 years,” he said. “If we want an international system that is not solely based on power politics, there should be due process and transparency. If Huawei is not guilty of selling technology to the Iranians, then let the legal process play out. If we truly want a liberal international order, this is our chance to prove it.”

Record imports push US trade deficit to a 10-year high

Record imports push US trade deficit to a 10-year high Record imports in October drove the U.S. trade deficit to the highest level in a decade. The Commerce Department says that the gap between what the United States sells and what it buys from foreign countries rose to $55.5 billion in October, the fifth straight increase and the highest since October 2008.

TRADE WAR WARNING: China boosts banking ties with RUSSIA. China news: Global market Mr Harborn said EU companies were caught between the aftermath of Mr Trump trade war and their Chinese premier Xi Keqiang admitted the country was facing great “difficulties and challenges” and

“ China is not afraid of a trade war ,” the vice minister of finance, Zhu Guangyao, declared at a news conference to discuss Exports account for a big share of Chinese economic growth. Hours after China ’s announcement on Wednesday, administration officials sought to calm fears that a trade war

China has been critical of Mr. Trump’s withdrawal from the nuclear treaty, and last month, a top Chinese foreign policy official, Yang Jiechi, said in Washington that the United States should honor the nuclear agreement, which eases sanctions on Iran in exchange for the nuclear freeze. The Iran issue was a notable point of conflict in a meeting that Mr. Yang and the Chinese defense minister had with Mike Pompeo, the secretary of state, and Jim Mattis, the defense secretary.

China continues to be the biggest buyer of Iranian oil, while the United States aims to lower Iran’s oil exports to zero. When it imposed a round of strict sanctions on Iran last month, the United States had to grant China and a handful of other nations waivers to continue buying oil for six months.

Huawei and Ms. Meng are at the top of China’s corporate world, thrusting diplomatic and policy issues in the mix along with law enforcement priorities as the Trump administration weighs its next moves.

Last Saturday, as Ms. Meng was being arrested in Canada, Mr. Trump and Mr. Xi said at a working dinner at the Group of 20 summit meeting in Argentina that they had reached a truce on the trade war, which Mr. Trump started over the summer. That conflict has roiled global markets, which in turn has made Mr. Trump uncomfortable. The two nations set a goal of reaching a broader trade agreement within 90 days. The timing of Ms. Meng’s arrest appeared to be coincidental.

But that arrest means the trade talks will almost certainly become more difficult. China could cancel upcoming rounds of the talks; in September, China canceled talks after Mr. Trump announced new tariffs.

Trump holds out possible extension on 90-day China trade truce

Trump holds out possible extension on 90-day China trade truce U.S. President Donald Trump on Tuesday held out the possibility of an extension of the 90-day trade truce he and Chinese President Xi Jinping agreed on over the weekend that would freeze tariffs while a broader deal is negotiated. "The negotiations with China have already started. Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina," Trump said on Twitter.

U.S. stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China , intensifying fears of a trade war that could raise costs and hurt Trump is looking to levy tariffs on up to billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told

President Donald Trump announced his intention to impose tariffs on nearly billion of Chinese imports, with technology and telecommunications sectors as main targets. The news served as an excuse for investors to pull out from risky assets on fears that China will retaliate and a trade war will

Besides aiding sanctions policy on Iran and North Korea, the arrest allows the Trump administration to underscore the risks of doing business with large Chinese technology companies. American officials, including Mr. Spalding, have warned other nations not to deal with Huawei or ZTE, another major Chinese technology company. (It was the earlier Justice Department investigation of violation of Iran sanctions by ZTE that helped lead to the Huawei inquiry.)

American officials have raised questions about how closely tied the two companies are to Chinese security agencies and the People’s Liberation Army. The founder of Huawei and Ms. Meng’s father, Ren Zhengfei, is a former army engineer who has become one of China’s most successful entrepreneurs. American officials are urging other countries to not enter into deals with Huawei on developing fifth-generation, or 5G, wireless service networks.

Members of Congress have also been involved in the efforts. In October, two members of the Senate Intelligence Committee — Mr. Warner and Marco Rubio, Republican of Florida — wrote Prime Minister Justin Trudeau of Canada to urge him to prevent Huawei from supplying equipment for his country’s 5G network. In August, Australia barred Huawei and another Chinese technology company, ZTE, from providing equipment for building 5G network infrastructure.

If Ms. Meng were to stand trial, prosecutors might try to lay out ways in which the United States believes Huawei is tied to the Chinese Communist Party and various state agencies, and highlight potential security compromises related to that.

The National Security Agency breached Huawei servers years ago in an effort to investigate its operations and its ties to Chinese security agencies and the military, and to create back doors so the N.S.A. could roam in networks around the globe wherever Huawei equipment was used.

Huawei CFO to appear in Canada court in U.S. extradition case.
Huawei CFO to appear in Canada court in U.S. extradition case

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