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World Adviser to Five U.S. Presidents Expects China Tariffs to Remain

17:55  17 january  2021
17:55  17 january  2021 Source:   bloomberg.com

Europe’s Contested Deal With China Sends Warning to Joe Biden

  Europe’s Contested Deal With China Sends Warning to Joe Biden After more than seven years of negotiation with Beijing, the European Union’s landmark deal with China landed with a thud. Ill-timed, unenforceable and naive were just some of the charges leveled at the Comprehensive Agreement on Investment concluded Dec. 30. © Bloomberg China’s national flag, flies in front of European Union (EU) flags outside the Berlaymont building during the EU-China summit in Brussels, Belgium, on Tuesday, April 9, 2019. The EU and China managed to agree on a joint statement for Tuesday’s summit in Brussels, papering over divisions on trade in a bid to present a common front to U.S.

Tiedemann Advisors managing director Robert Hormats, a former vice chairman of Goldman Sachs International and adviser to the administrations of five He described the challenges Biden will face from China ’ s ambitions to be a global leader in technology to how he doesn’t expect an immediate

Existing tariffs on billions of dollars of Chinese goods coming into the U . S . are likely to “These tariffs will stay in place until there’ s a phase two. If the president gets a phase two quickly, he’ll consider I think the market has expected the rollback only happens after China takes action,” said Liu Peiqian

(Bloomberg) -- The upcoming inauguration of Joe Biden as president will allow the U.S. to reboot its relationship with China after a tumultuous four years under Donald Trump. What exactly will that mean for these two competing economic powers?

a view of a city: Gantry cranes at the Yangshan Deepwater Port in Shanghai, China, on Monday, Jan, 11, 2021. U.S. President Donald Trump famously tweeted that © Bloomberg Gantry cranes at the Yangshan Deepwater Port in Shanghai, China, on Monday, Jan, 11, 2021. U.S. President Donald Trump famously tweeted that "trade wars are good, and easy to win" in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts.

Tiedemann Advisors managing director Robert Hormats, a former vice chairman of Goldman Sachs International and adviser to the administrations of five U.S. presidents, joined the “What Goes Up” podcast to discuss what’s at stake.

China keeps promising Africa coronavirus vaccines. But where are they?

  China keeps promising Africa coronavirus vaccines. But where are they? Chinese Foreign Minister Wang Yi's trip to Africa this week made it no clearer when Africans can expect to receive a Chinese vaccine -- or on what terms. © Xinhua Ethiopian Health Minister Lia Tadesse and Liu Yuxi, head of the Chinese Mission to the African Union, and other guests attend the groundbreaking ceremony for the China-aided Africa Centers for Disease Control and Prevention (Africa CDC) headquarters in Addis Ababa, Ethiopia in December 2020. "The promises concerning vaccines in Africa have been really vague. There has been no timetable, only promises," said W.

U . S . President Donald Trump said on Monday he expected to move ahead with raising tariffs on 0 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China . In an interview with the Wall Street Journal four days

White House economic adviser Larry Kudlow said on Sunday that he does not expect China to retaliate against additional tariffs on Chinese goods that U . S . President Donald Trump announced Friday.

He described the challenges Biden will face from China’s ambitions to be a global leader in technology to how he doesn’t expect an immediate withdrawal of some of the tariffs imposed by Trump.

Below are some lightly edited excerpts of the conversation.

On the rebooting of the U.S.-China relationship:

“There are different levels in this relationship. One, clearly President Xi Jinping has aspirations of Chinese leadership of the global economic order, and perhaps political order of the first part of the 21st century, and really wants China to play a global leadership role. And in part because over the last several years the U.S. has really not played a very proactive role in shaping the global order or in supporting alliances or international institutions. The Chinese have seen the opportunity to take advantage of this opening and exert leadership. So that’s really part one. Part two is that Xi Jinping has strengthened the role of the Communist Party in China. He is clearly one of the most dominant personalities and strongest leaders China has had.”

Beijing is a conventional rival — not an existential threat

  Beijing is a conventional rival — not an existential threat Misreading or exaggerating Chinese intentions, the U.S. risks putting its own interests and security at risk. A state that credibly seeks to overturn the existing international order and achieve global dominance is a profound danger, demanding far-flung military commitments and astronomical expenditures. War with such a government becomes vastly more likely. A conventional competitor, however, requires less in the way of blood and treasure; the stakes are lower and the game is more predictable. Moreover, much of this competition can occur outside of the military domain: Washington can focus on decoupling the U.

WASHINGTON/BEIJING (Reuters) - U . S . President Donald Trump said on Monday he expected to move ahead with raising tariffs on 0 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China .

U . S . President Donald Trump said on Sunday he would raise tariffs to 25 percent from 10 percent on 0 billion of Chinese goods. Trump says China foots the bill for U . S . tariffs on imported Chinese good.

On China’s tech ambitions:

“He is clearly intent on developing China’s role as a global technological power of the first order in artificial intelligence, quantum computing, 5G, any number of things. He feels that China was passed over because of its own internal weakness. And because of the West sort of leaping ahead in the last two industrial revolutions, he wants China to be a leader in the technological revolution of the 21st century. And that means competing very hard with the United States and putting a lot of money into this competitive effort. And there’s certainly a greater degree of nationalism in China than before. And a lot of tensions with the U.S. over intellectual property protection, how to deal with businesses, trade secrets, a whole range of things.”

On a recent conversation Hormats had with the foreign minister of China:

“China also, and this was emphasized by the foreign minister, wants to be able to work with the United States in certain areas where there is the potential for collaboration. Certainly there has been a history of cooperation on medical issues. Chinese doctors work in virtually every hospital in this country. China’s working on advanced medicines, including vaccines and therapeutics. China also wants to play a major leadership role on environmental issues. And if the U.S. now under Biden wants to regain its leadership on environmental issues, we’re going to have to find some way of working with China as the Obama administration did.”

Joe Biden's China Ties Get Off to Rocky Start With String of Warnings From Beijing Media

  Joe Biden's China Ties Get Off to Rocky Start With String of Warnings From Beijing Media Analysts quoted in Chinese media outlets have predicted what the public has heard about China from President Biden's cabinet picks will not translate into actual policies.Discussing the future relationship between Washington and Beijing on inauguration day, China's foreign ministry appeared to go to great pains to separate the new U.S. administration from the old, which Chinese officials have blamed for leading America down a path of hostility over the past four years.

U . S . President Donald Trump said on Sunday he would raise tariffs to 25 percent from 10 percent on Importers are expected to check the tariffs and other taxes and duties due on the goods they Both its enterprise value and EV-EBITDA multiple have also risen dramatically in the past five years.

WASHINGTON/BEIJING (Reuters) - U . S . President Donald Trump said on Monday he expected to move ahead with raising tariffs on 0 billion (156.73 billion pounds) in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China .

“And then there’s the financial area where, if you go back to 2008, the financial crisis of that era was resolved in large measure because of cooperation between the United States and China, the People’s Bank of China and the Fed, the U.S. Treasury and the Chinese finance ministry working together.”

On U.S.-China competition:

“So it’s a competitive relationship. We’re dealing with a country that is far more competitive in far more areas than the United States has faced at any time during the post war period. And we have to figure out how we can strengthen our own competitive capabilities if we’re going to compete with China. And that, I think, is one of the things that President Biden will want to emphasize.”

“I do think that Biden and both Republicans and Democrats in the business community in general want a tougher line on China than the United States has displayed before on such things as intellectual property, the rules with respect to data privacy, how foreign companies are dealt with, a whole range of things for trade secrets of American companies. So I think he’s going to not revert back to the softer period of the past, but will take a harder line. I don’t expect an immediate withdrawal of some of the tariffs and I don’t expect another grand realm of trade negotiations or so-called round two. I think he will try to get China to comply with the commitments of round one.”

Mike Pompeo accused China of committing ‘genocide,’ an international crime. Biden’s team agrees.

  Mike Pompeo accused China of committing ‘genocide,’ an international crime. Biden’s team agrees. This probably won’t lead to prosecutions but it will hurt China in the court of public opinion. Oumar Ba: This seems more like a final act to ramp up the fight with China, and hand off to President Biden one more complicated matter to deal with. This will likely be a defining bilateral issue in U.S.-China relations for some time: the Biden campaign had said last year that China was committing genocide against the Uighurs; Blinken, Biden’s nominee for secretary of state, says he agrees.

On the need for the U.S. to prioritize its demands on China:

“The United States has to decide what it really wants from China. It can’t just present a whole menu, a so-called Chinese menu, and say, ‘We want you to do all of these things.’ We have to figure out, preferably on a bipartisan basis, what the priorities are from our own point of view. Second, how we work with our friends and allies. And I think this has been a deficiency over the last several years -- that we have so many trade hassles with our friends and allies, using various parts of a trade pact that they are not in a mood to really work with the United States on China, even though many of our objectives vis-a-vis China are similar to the objectives of other countries like Germany.”

To listen to the complete podcast, click here.

For more articles like this, please visit us at bloomberg.com

©2021 Bloomberg L.P.

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