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World Australia Minister Says China Trade Curbs Hurt Global Confidence

05:40  29 november  2020
05:40  29 november  2020 Source:   bloomberg.com

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(Bloomberg) -- Australia’s trade minister said China’s steps to curb imports of his country’s goods are “aggressive” and undermine confidence in the global economic recovery from the coronavirus pandemic.

a large ship in a body of water: The container ship Rio Del La Plata is docked at Port Botany container terminal in Sydney, Australia, on Wednesday, June 3, 2020. Australia’s economy contracted in the first three months of the year, setting up an end to a nearly 29-year run without a recession as an even deeper slowdown looms for the current quarter. © Bloomberg The container ship Rio Del La Plata is docked at Port Botany container terminal in Sydney, Australia, on Wednesday, June 3, 2020. Australia’s economy contracted in the first three months of the year, setting up an end to a nearly 29-year run without a recession as an even deeper slowdown looms for the current quarter.

“We do see a much more aggressive or assertive China in terms of the way it engages with the world,” Simon Birmingham said on ABC television on Sunday. “These types of actions don’t just hurt Australian businesses, they hurt their Chinese counterparts as well. They undermine confidence in the global economy, and that’s not good for the world’s recovery from Covid.”

China’s major Indo-Pacific trade deal a 'wake-up call' for US and Europe

  China’s major Indo-Pacific trade deal a 'wake-up call' for US and Europe A bloc of key American allies joined a major new trade deal with China, even as Beijing seeks to convert economic clout into political influence at the expense of the United States. © Provided by Washington Examiner “Europe and the U.S. should see this as a wake-up call to join forces,” German politician Manfred Weber, who leads the European People’s Party in the European Parliament, said this week. The 15-nation Regional Comprehensive Economic Partnership signed this week was celebrated in Australia as “the biggest trade deal since the [World Trade Organization] was created.

Simon Birmingham, Australian minister for trade , tourism and investment, talks about the disputes between the U.S. and China , and the implications for the global economy and Australia 's businesses. He speaks on the sideline of the Group-of-Twenty summit in Osaka, Japan, on "Bloomberg Markets

The China - Australia Free Trade Agreement (ChAfta) is up for a five-year review next month amid increasing tensions between Beijing and Canberra. Former Australian prime minister Malcolm Turnbull said Australia ‘will get less respect’ if it tones down its criticism of China amid an onslaught

China has imposed anti-dumping duties of up to 212% on Australian wine, the latest in a raft of measures that have affected imports from coal to copper to barley. Tensions between Beijing and Canberra have been rising since 2018, when Australia barred Huawei Technologies from building its 5G network. Relations worsened this year after Australian Prime Minister Scott Morrison called for an inquiry into the origins of Covid-19.

Asked if China’s behavior was economic coercion, Birmingham said: “Right around the world people are posing that question, and I understand why.”

China is Australia’s largest trading partner and the biggest buyer of Australian wine. Australia has denied it is dumping wine in China, whose duties took effect on Nov. 28 and range from 107.1% to 212.1%.

Morrison said on Sunday the government will look at assisting exporters hurt by China’s trade measures.

“It is a difficult time and there are tensions,” the prime minister said on ABC radio. “We will do everything we can to ensure that we can try and address these trade issues that have come up with China. Obviously we’re very concerned about that.”

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China Moves to Surpass US in Economics, Technology, Diplomacy and Military, Report Says .
"This year, a lot of our focus was on China moving beyond catching up and moving to surpass [the United States] in the economic field, [as well as in] technology, diplomacy and military," U.S.-China Commission Vice Chairman Carolyn Bartholomew said.The United States-China Economic and Security Review Commission, founded two decades ago to mark the beginning of "The American Century," produces an annual report to Congress, detailing challenges to the bilateral ties between the two countries.

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