US - Trade War (China)

Re: US - Trade War (China)

Postby behappyalways » Tue Dec 10, 2019 5:20 pm

Trade war: China deal unlikely this week with US distracted by USMCA, but new tariffs not expected
https://www.scmp.com/economy/china-econ ... ew-tariffs
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Re: US - Trade War (China)

Postby winston » Fri Dec 13, 2019 1:10 pm

CN Agrees to Buy US Farm Products Worth of US$50B Next Yr: Rumor

US President Donald Trump has reportedly greenlighted the phase one trade deal with China to shun escalated trade battle, sources said.

According to Reuters, China agreed to buy US$50 billion of farm products from the US in 2020, a double of the 2017's scale prior to the trade war.

In a bid to nail a deal, the US negotiators raised to suspend the new tariffs on US$160 billion Chinese imports planned on 15 December.

Source: AAStocks Financial News
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Re: US - Trade War (China)

Postby winston » Sun Dec 15, 2019 7:08 am

China to buy US$200b of additional US goods over two years

WASHINGTON: China has agreed to buy $200 billion worth of additional US goods and services over the next two years, as part of a phase one trade pact to be signed in early January, U.S. Trade Representative Robert Lighthizer told reporters on Friday.

As part of the agreement, Beijing committed to buy an additional $32 billion American agricultural products over two years, or roughly $16 billion a year more than the 2017 baseline of $24 billion, Lighthizer told reporters. He said Beijing would aim for another $5 billion in farm purchases each year on top of that.

U.S. President Donald Trump promised $40 billion to $50 billion in expanded Chinese agriculture purchases when he first announced the phase one agreement on Oct. 11.

Lighthizer said the pact was "a very, very important step forward" in rebalancing U.S.-China trade relations and included a raft of structural changes, in addition to firm commitments to increase Beijing's purchases of U.S. goods and services in manufacturing, energy, agriculture and services.

The agreement, hammered out in detailed negotiations between the two sides over the past two months, eases tensions after 17 months of tit-for-tat tariffs that have roiled financial markets and dragged global growth lower.

Lighthizer said broad targets for Chinese purchases in the four areas would be released publicly. There would also be specific targets for purchases of specific products, but those would not be made public to avoid distorting markets.

He insisted the trade agreement was compliant with World Trade Organization rules, adding that China would be free to buy things when "it's the perfect time in the market to buy things."

Asked about what happened between Oct. 11 and now, Lighthizer said that time was spent on getting to specifics on the language of the agreement. Those discussions continued until Friday morning, he said, noting that he got the final go-ahead from the president just after 10 a.m.

Lighthizer, who completed work on a U.S.-Mexico-Canada trade agreement earlier this week, said he was battling laryngitis and was looking forward to "going home" for Christmas after the nonstop negotiations of recent months.

The agreement will reduce U.S. tariffs on some Chinese goods, and indefinitely puts off further 15% tariffs on some $160 billion in consumer goods that were due to go into effect on Sunday, Lighthizer said. The lower tariff rates will go into effect 30 days after the deal is signed in January.

He said he did not expect the United States to impose any additional tariffs against China, outside of potential changes resulting from an enforcement mechanism agreed by both sides.

The deal included structural changes by China - including commitments on ending pressure for U.S. companies who do business in China to transfer their technology, and improved protections for intellectual property, he said.

It would also address longstanding concerns about trade secret, patent, and trademark protections, as well as pirated and counterfeit goods.

Lighthizer conceded there far more work to do, however. Discussions about a next phase agreement would begin at an "appropriate" time and Trump did not want to put them off until after the 2020 presidential election, he said.

Lighthizer said the deal also included enforceable currency provisions to increase transparency, and a commitment by China not to devalue its currency to boost competitiveness. He declined to say if the United States would remove its designation of China as a currency manipulator.

That could be contained in a delayed currency report from the U.S. Treasury.

A senior administration official said the currency changes were vital. "We think that that's going to really help to reinforce macroeconomic exchange rate stability and ensure that China cannot use its currency practices to unfairly compete against U.S. exports," the official said.

Source: Reuters

https://www.thestar.com.my/business/bus ... O6BHGPb.99
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Re: US - Trade War (China)

Postby winston » Mon Dec 16, 2019 8:07 am

Interim trade deal may prove short-lived honeymoon

by Andrew Wong

I mentioned last week that China and the United States would not embark on a new cold war for now but enjoy a brief honeymoon.

So it came as no surprise that the superpowers finally worked out the first-phase of a trade deal.

In fact, the first-phase deal appears to be largely driven by the United States, especially over the past two weeks.

US President Donald Trump's comments in London last week not only rattled markets but convinced investors that the deal could not be implemented without his approval.

That was not the case, of course, because the president faces a number of problems at home, including impeachment proceedings by Congress and a lot of uncertainty over the economic outlook in America.

However, all these weaknesses remained entirely hidden at the trade talks with China.

China meanwhile has been saying it does not want - but is not afraid of - a trade war. But even though it came up with many countermeasures, it failed to deal any significant blows to the United States.

US stocks have been continuously soaring to new highs but on the contrary, although the Shanghai Composite Index has risen almost 20 percent this year, it has failed to move past the nearly 25 percent decline it suffered last year.

At the same time, the offshore yuan once hit a record low in September.

So it's obvious that China has suffered more than the United States over the course of the trade war, at least in terms of its impact on financial markets.

Trump has emphasized several times in the past that China needs a trade deal more than the United States, and it appears he is right.

China held a press conference in Beijing on Friday night, announcing that both sides have agreed on a trade agreement - 24 hours after Trump sent word on his Twitter account saying the United States would come to an agreement with China, at the start of office hours on the east coast.

So it looks like China was able to reveal details of the interim agreement only after getting the go-ahead from the United States.

The saddest part is that China said America would gradually scrap all tariffs, but America did not respond to the deal with a press conference and while Trump stated that the United States would not hike tariffs on US$160 billion worth goods imported from China from December 15, and lower some of the previous tariffs, there was no commitment to phase out all tariffs.

It seems that the United States is not on the same page with China and also reflects the fact that the US government is still adopting a tough stance on Sino-US trade issues.

Of course, the first-phase of the trade agreement will offer the market a honeymoon period.

But what is certain is that if both sides are ultimately unable to reach a comprehensive deal, China will be worse off than America as Trump only wants an agreement for his re-election campaign. This is definitely a major factor.

So beware. The honeymoon between the superpowers may only last until the US presidential elections next year. If Trump is re-elected, China may run into even deeper trouble.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 1216&sid=2
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Re: US - Trade War (China)

Postby behappyalways » Mon Dec 16, 2019 9:22 pm

2019.12.14【文茜世界周報】貿易戰延燒17個月 美中俱傷都想達成協議
https://www.youtube.com/watch?v=hVsvnAz ... U&index=13
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Re: US - Trade War (China)

Postby winston » Fri Dec 20, 2019 10:31 am

Mnuchin: US-CN Trade Deal to Inked in Early Jan; No More Re-negotiation

US Treasury Secretary Steven Mnuchin said the US and China will ink their phase one trade pact in early January 2020, which has been put down on paper and translated already. A technical adjustment is underway and no more further negotiations will be held for the deal, he added.

The phase one deal will focus on the fact that China will roughly double import of US farm products in the coming two years.

Source: AAStocks Financial News
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Re: US - Trade War (China)

Postby behappyalways » Fri Dec 20, 2019 4:52 pm

Trade truce

The ceasefire in the trade war between America and China is fragile
New American tariffs have been cancelled in a “phase one” trade deal

AMERICAN TRADE deals typically stretch to thousands of pages. The new “phase one” trade deal between America and China takes up only 86.

Wang Shouwen, the Chinese deputy representative of international trade negotiations, described a text with nine chapters, including ones on intellectual property, technology transfer, financial services and dispute settlement.

Robert Lighthizer, the United States Trade Representative (USTR) gave journalists a glimpse of it on December 13th, hours after it had been agreed. It is due to be signed by both sides in the new year.

Mr Lighthizer said that American tariffs on around $120bn of Chinese imports would be reduced from 15% to 7.5%. Fresh tariffs due on December 15th were cancelled.

In return, he said, China would ramp up imports of American agricultural products, manufactured goods, energy products and services by $200bn over two years.

Negotiators had set targets for various categories of commodities, so that agricultural purchases would rise from a baseline of $24bn in 2017 to at least $40bn in 2020 and 2021. The exact figures would be secret to avoid influencing markets.

These arrangements are sure to attract criticism. It is hard to see how China will meet its targets while sticking to the World Trade Organisation’s principle of non-discrimination.

Joe Glauber of the International Food Policy Research Institute, formerly chief economist of America’s Department of Agriculture, warns that other countries, in particular Australia, Brazil and Canada, may have objections. He also questions the secrecy regarding the targets, asking “how else would producers get signals on what to plant?”

China, for its part, does not like the idea of becoming so reliant on America for imports of commodities such as soyabeans. It had long insisted that it was unrealistic for President Donald Trump to demand that it double its purchases of agricultural products from America.

Intriguingly, after the new deal was announced it refrained from mentioning any numerical targets. Whether that is because it is embarrassed about having been forced into such a concession, or because the purchase agreements are not as solid as American officials suggest, will become clear only when the text is eventually published.

The Chinese do, however, seem to have made some welcome promises. Mr Lighthizer boasted of commitments on intellectual property similar to, albeit narrower than, those in the USMCA, a recently agreed trade deal between America, Mexico and Canada.

He also said the Chinese authorities had agreed not to ask multinationals to hand over technology as part of the process of securing a licence to do business—an issue central to America’s first tariff action in the trade war.

Jake Parker of the US-China Business Council, a lobby group for American companies operating in China, notes that such tech transfer was the biggest concern for many of his group’s members.

The Chinese, for their part, insisted that their promises were in line with their broader economic strategy of opening up, and would improve the business environment. Indeed, cynics will note that many of the reforms being chalked up to the deal had already started, raising questions about whether the nearly two-year-long trade battle has made much difference.

Until the deal is signed, the threat of renewed trade hostilities remains. And even then, the enforcement rules will cause anxiety. Mr Lighthizer, hardly an independent arbiter, will have the final say over whether China has broken its commitments. He will be able to consider anonymous complaints by American companies.

This fixes a real problem—fear of retaliation that leads executives to hold their tongues. But it also risks the Chinese feeling that they are being accused of misdeeds they can neither verify nor easily fix.

Both sides said that the success of the first phase of talks would determine success in the second, which would presumably unlock further tariff cuts. Mr Lighthizer spoke of climbing a mountain a bit at a time. But the summit is still distant.

Source: The Economist
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Re: US - Trade War (China)

Postby behappyalways » Sun Dec 22, 2019 6:23 pm

八点最热报 21/12/2019 周五一通电话各自表述 中美两国口径不一致
https://www.youtube.com/watch?v=sm03nOEHLWU
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Re: US - Trade War (China)

Postby behappyalways » Wed Jan 01, 2020 5:47 pm

Trump sets date for signing US-China 'deal'
https://www.bbc.com/news/business-50960490
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Re: US - Trade War (China)

Postby winston » Fri Jan 10, 2020 9:40 am

Trump: Phase 2 Trade Deal with CN May Come Only after Presidential Election

2020/01/10

US President Donald Trump said he may wait until after the 2020 presidential election to reach the phase two trade deal with China, foreign media reported.

A negotiation for the next piece of the trade pact will immediately begin after the phase one deal is signed, Trump said, yet adding a little more time is needed to complete the whole pact.

Trump perceived a better deal could be nailed in the second phase if it is stroke after his reelection bid in November.

Source: AAStocks Financial News
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