Connect with us

Economy

US, China wrap up talks on tariff battle

Published

on

US China wrap up talks on tariff battle

BEIJING (AP) — Three days of U.S.-Chinese talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere after President Donald Trump said they were “going very well!”

No details were immediately announced, but Asian stock markets rose after talks planned for two days were extended to three. Hong Kong’s main market index closed up 2.1 percent and Tokyo rose 1.1 percent.

A Chinese foreign ministry spokesman, Lu Kang, announced the talks had ended. Lu said he had no details and an official statement would be issued later.

The talks that started Monday were the first face-to-face meeting since Trump and his Chinese counterpart, Xi Jinping, agreed Dec. 1 to suspend further punitive action against each other’s imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology.

“Talks with China are going very well!” Trump said late Tuesday on Twitter.

Washington is pressing Beijing for changes including rolling back plans for government-led creation of Chinese global champions in robotics and other fields. Europe, Japan and other trading partners echo U.S. complaints those violate Beijing’s market-opening obligations.

Chinese officials have suggested Beijing might alter its industrial plans but reject pressure to abandon what they consider a path to prosperity and global influence.

Neither side has given any indication its basic position has changed. Economists say the 90-day window is too short to resolve all the conflicts between the biggest and second-biggest global economies.

“Even if a deal is cobbled together, the more strident trade hawks in the White House and Trump may not sign off,” said Mizuho Bank’s Vishnu Varathan in a report.

Beijing has tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports. That might offer relief to rural areas that supported Trump in the 2016 election and were targeted by Chinese tariffs.

However, the official Trump put in charge of the talks, U.S. Trade Representative Robert Lighthizer, has focused on pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.

Those include initiatives such as “Made in China 2025,” which calls for state-led creation of Chinese global champions in robotics, artificial intelligence and other fields. Washington, Europe, Japan and other trading partners say those violate Beijing’s market-opening obligations. American leaders also worry they might erode U.S. industrial leadership.

U.S. companies also want action on Chinese policies they complain improperly favor local companies. Those include subsidies and other favors for high-tech and state-owned industry, rules on technology licensing and preferential treatment of domestic suppliers in government procurement.

The U.S. demands strike at the heart of a state-led development model the ruling Communist Party sees as a great success over the past three decades and is reluctant to give up.

“These issues are much more difficult to solve immediately but are, frankly, much more compelling to U.S. companies,” said Jake Parker, vice president for China operations of the U.S.-China Business Council, which represents American companies that do business with China.

Beijing also faces pressure over technology from the European Union. The 28-nation trade bloc filed its own challenge in the World Trade Organization in June against Chinese licensing rules it said hamper the ability of foreign companies to protect and profit from their technology.

Companies that have been disappointed by Beijing’s failure or delays in carrying out commitments want an enforcement mechanism with “some kind of penalty for not doing what they promised,” said Parker.

“That’s not something that’s going to be done by March,” said Parker. “It’s probably going to take a little longer.”

For its part, Beijing is unhappy with U.S. export and investment curbs, suggesting it might demand concessions.

Chinese officials complain about controls on “dual use” technology with possible military applications. They say China’s companies are treated unfairly in national security reviews of proposed corporate acquisitions, though almost all deals are approved unchanged.

This week’s talks went ahead despite tension over the arrest of a Chinese tech executive in Canada on U.S. charges related to possible violations of trade sanctions against Iran.

The American delegation was led by one of Lighthizer’s deputies, Jeffrey D. Gerrish. It included agriculture, energy, commerce, treasury and State Department officials.

Trump imposed tariff increases of up to 25 percent on $250 billion of Chinese imports. China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for U.S. companies and suspending issuing licenses in finance and other businesses.

Chinese exports to the United States held up despite the tariff hikes, but that was due partly to exporters rushing to fill orders before any more increases hit. Forecasters expect American orders to slump this year.

Cooling economic growth in both countries is increasing pressure to reach a settlement.

Car and property sales have slumped as Chinese growth fell to a post-global crisis low of 6.5 percent in the quarter ending in September.

The U.S. economy grew at an annual rate of 3.4 percent in the third quarter but surveys show consumer confidence weakening.

Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

What the partial government shutdown reveals about American’s finances

Published

on

What the partial government shutdown reveals about Americans finances

The partial government shutdown has been going on for nearly a month, with no end in sight. About 800000 government workers, according to politicians, are essentially getting paid not to work, but their paychecks won’t come until after the partial shutdown is over. Politicians are using this plight to tug at the general public’s heartstrings in the direction of their agenda. However, every politician and almost every media outlet is ignoring truth, to avoid offending people.

The truth of the matter is: if a person doesn’t have enough money saved up for such a time as this, they suck with finances. If a family is woefully unprepared for an emergency situation, they suck with money. These are objective facts, even Biblical. However, I do not write this to shame those 800000 government workers. After all, the crocodile tears of politicians would be wholly ineffective, if the average American could not see the horror is a month’s wage deferred. American’s finances are in disarray to put it mildly. NBC News reported how majority of Americans are living paycheck to paycheck.

Though the parameters of what constitutes a livable wage varies greatly according to where you live, these staggering statistics show just how few of us have the means to make ends meet. Depending on where they live, even people who earn $100k per year say they’re living paycheck-to-paycheck, and 59 percent of people making that kind of money admitted to carrying debt. Of those 59 percent, 56 percent say they’re heavily in debt.

And that emergency stash of six month’s pay that experts keep saying we should put away? For more than half of us, it’s just not feasible. According to this survey, 56 percent of us can barely save $100 per month. All things considered, when you break it all down, most of us are just one misfortune away from financial oblivion.

Yet despite the woeful unpreparedness of most Americans to finance an emergency, Americans spend. We have the latest IPhone, subscribe to Amazon Prime, have $200 doorbells on our homes, dine at fast casual restaurants, and drink Starbucks. And despite mandatory financial literacy classes in many schools, we push young people to pursue a six figure education. A recent survey done by YCharts found that nearly two-thirds of millennials aged 22 to 37 believed that they would have seven-figure wealth by the age of 45 or sooner. While seemingly outlandish, this study presented a more optimistic view of the generation’s finances than one might expect. Though with similar spending habits as Gen Xers, it’s overoptimistic to think this generation doesn’t overspend.

We often joke about Congress not balancing the budget like normal people run their finances. Yet in a country and culture of fiscal irresponsibility, it should be unsurprising, though disappointing, that there’s 21 trillion dollars worth of debt.


Subscribe on YouTube

Continue Reading

Economy

A reminder to GOP lawmakers from Justin Amash

Published

on

A reminder to GOP lawmakers from Justin Amash

When Representative Justin Amash (R-MI) hadn’t been in Washington DC for very long when he said this amazing quote. At the time, many weren’t paying much attention. After all, many Republicans say similar things when they get to DC, but over time they become jaded, corrupted, or start to get used to being in the DC Country Club.

Amash is different. He has remained consistent with his message and views throughout his career. Now, it’s time for other Republicans to remember what they were sent to Washington DC to do in the first place. Defense of the Constitution is their top priority as it’s the best protection against a government that wants desperately to control every aspect of our lives. From healthcare to the internet to how we use our energy, government intervention has become so commonplace, it’s often hard to see the fabric of our nation behind all the layers of bureaucracy that has been placed on top of it.

“I follow a set of principles, I follow the Constitution. And that’s what I base my votes on. Limited government, economic freedom and individual liberty.”

If more Republicans followed the same principles and didn’t just use them in campaign speeches, we may actually be able to return liberties that have been taken and remove layers of government that have been formed unnecessarily.


NOQ Report Needs Your Help

Continue Reading

Economy

Larry Elder, Sean Hannity discuss the shutdown

Published

on

Larry Elder Sean Hannity discuss the shutdown

Radio host Larry Elder joined Sean Hannity on Fox News tonight to break down the government shutdown. Elder pointed out that President Obama was being urged by advisers, including Rahm Emmanuel, to abandon Obamacare, but Nancy Pelosi urged him to go big or go home.

Later, they discussed the Speaker of the House’s refusal to meet with Angel Moms. Elder asked what she would say to them. Hannity said she should have given them condolences for their losses.

My Take

The talking heads on Fox News keep repeating the same narratives, but it’s not working. This is an example of mainstream media playing to the base by repeating the narrative for cheers from the crowd but failing to present better information the Republican base can use to argue for the border wall.

Many on the right, particularly in media, are failing to make a compelling case for the wall. They need to adjust their talking points if they really want their audience to help sell the idea to the rest of America.


NOQ Report Needs Your Help

Continue Reading

Facebook

Twitter

Trending

Copyright © 2019 NOQ Report