US-China phase one deal brings some market relief, but experts warn uncertainty remains

A partial trade deal signed on Wednesday between the U.S. and China gives some relief to the market, but uncertainty still remains, experts said. As part of the deal, China also agreed to purchase an additional $200 billion in U.S. goods over the next two years. Although tariffs are still being levied on $370 billion worth of imported Chinese goods, how the “phase one” deal works will help toward the making of a “phase two” deal, Gilligan told CNBC. AmCham China members have already factored in


A partial trade deal signed on Wednesday between the U.S. and China gives some relief to the market, but uncertainty still remains, experts said.
As part of the deal, China also agreed to purchase an additional $200 billion in U.S. goods over the next two years.
Although tariffs are still being levied on $370 billion worth of imported Chinese goods, how the “phase one” deal works will help toward the making of a “phase two” deal, Gilligan told CNBC.
AmCham China members have already factored in
US-China phase one deal brings some market relief, but experts warn uncertainty remains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: huileng tan
Keywords: news, cnbc, companies, signed, seymour, relief, think, uschina, warn, gilligan, uncertainty, phase, remains, chinese, billion, deal, experts, brings, goods, china, market


US-China phase one deal brings some market relief, but experts warn uncertainty remains

A partial trade deal signed on Wednesday between the U.S. and China gives some relief to the market, but uncertainty still remains, experts said.

“There’s a great sense of welcome that the deal was signed and a little bit of relief, naturally, and some measured optimism about how we can move forward,” said Gregory Gilligan, chairman of the American Chamber of Commerce in China.

The world two largest economies signed the first-phase trade agreement Wednesday afternoon at the White House after slapping tariffs on billions of dollars worth of each other’s goods for almost two years.

As part of the deal, China also agreed to purchase an additional $200 billion in U.S. goods over the next two years.

Although tariffs are still being levied on $370 billion worth of imported Chinese goods, how the “phase one” deal works will help toward the making of a “phase two” deal, Gilligan told CNBC.

AmCham China members have already factored in the uncertainty and are cautious about their investment plans for 2020, Gilligan added.

As for the additional $200 billion of U.S. goods that China has promised to purchase, Gilligan said “hitting those targets will be difficult, but that’s good problem to have. We’d rather have a hard time selling stuff than no opportunity to sell stuff.”

It will also be a chance to “restore some trust in a relationship that’s a big fatigued,” he added.

Gilligan said AmCham China will act as a bridge to help members who encounter issues by reporting them to both the U.S. and Chinese governments.

But others see the glass as being half empty.

“The expectation was some deal would get done, but it would still leave us with a lot of uncertainty, which I think we still have,” said Tim Seymour, chief investment officer at Seymour Asset Management.

Despite the commitment of additional Chinese purchases and other provisions, Seymour told CNBC it was an “agreement where China got largely what they wanted. I think it was an agreement that was politically important on the U.S. side, and I think we still have a whole lot of uncertainty.”


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: huileng tan
Keywords: news, cnbc, companies, signed, seymour, relief, think, uschina, warn, gilligan, uncertainty, phase, remains, chinese, billion, deal, experts, brings, goods, china, market


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Peter Navarro puts Amazon and eBay on notice: The China trade deal cracks down on counterfeits

China agreed to consider revoking operating licences if e-commerce platforms repeatedly sell counterfeit goods. The U.S. agreed to discuss further measures to combat online sales of counterfeit goods. “We don’t love regulations in this administration, but what we do love is corporations accepting their appropriate responsibility,” Navarro said in Thursday’s “Squawk Box” interview. Amazon specifically has faced increased criticism over the amount of counterfeit goods on its platform despite its “


China agreed to consider revoking operating licences if e-commerce platforms repeatedly sell counterfeit goods.
The U.S. agreed to discuss further measures to combat online sales of counterfeit goods.
“We don’t love regulations in this administration, but what we do love is corporations accepting their appropriate responsibility,” Navarro said in Thursday’s “Squawk Box” interview.
Amazon specifically has faced increased criticism over the amount of counterfeit goods on its platform despite its “
Peter Navarro puts Amazon and eBay on notice: The China trade deal cracks down on counterfeits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, cracks, platforms, notice, youre, peter, counterfeit, goods, counterfeits, ebay, china, trade, navarro, trump, responsibility, shopify, deal, told, puts


Peter Navarro puts Amazon and eBay on notice: The China trade deal cracks down on counterfeits

E-commerce companies need to do a better job at regulating counterfeit items across their platforms because the “phase one” U.S.-China trade includes tough intellectual property protections, Peter Navarro told CNBC on Thursday.

“The Amazons and the Alibabas, Shopify, they have been facilitators of the Chinese counterfeiting. So, if we’re going to enforce this deal, it’s going to be a big part of that is scrutinizing this,” the White House trade advisor warned.

U.S. and Chinese officials on Wednesday signed their first-step trade agreement, which includes calls for both sides to work to “combat the prevalence of counterfeit or pirated goods” by taking “effective action” when online platforms fail to prevent intellectual property infringement.

China agreed to consider revoking operating licences if e-commerce platforms repeatedly sell counterfeit goods. The U.S. agreed to discuss further measures to combat online sales of counterfeit goods.

“We don’t love regulations in this administration, but what we do love is corporations accepting their appropriate responsibility,” Navarro said in Thursday’s “Squawk Box” interview. “Right now it’s skewed. If you’re an intellectual property rights holder, whether you’re Michael Kors or Louis Vuitton or Pfizer selling prescription drugs, the onus is really on your company to police the internet, where a lot of this counterfeiting occurs. That’s not right.”

“Amazon, Alibaba, Shopify, JD.com, Walmart.com, all of these companies have a responsibility to police the problem,” Navarro added.

Amazon, Walmart and Shopify were not immediately available to respond to Navarro’s comments.

The Trump administration has voiced concern over fake items sold in online marketplaces in the past. In April, President Donald Trump ordered a crackdown on counterfeit items on e-commerce sites, saying the value of global trade in pirated and counterfeit goods is half a trillion dollars per year At the time, Trump warned the companies if they failed to clean it up, “the government will.”

Amazon specifically has faced increased criticism over the amount of counterfeit goods on its platform despite its “zero tolerance” policy for the products. A few weeks ago, Amazon said it will ramp up counterfeit reporting to authorities to further crackdown on the fake items.

“I’ve told Amazon, I’ve told eBay, I’ve told all these platforms we had here at the White House, it’s like, look, this is harming your consumers. It’s harming your business model. You’re making a bunch of money off these folks selling this counterfeit stuff, but you’re not accepting your full responsibility,” Navarro said.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, cracks, platforms, notice, youre, peter, counterfeit, goods, counterfeits, ebay, china, trade, navarro, trump, responsibility, shopify, deal, told, puts


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For most luxury goods, this is the most expensive city in the world

Hong Kong was found to be the priciest city in the world for luxury products and services, according to a report by private bank Julius Baer. Asia came out as the most expensive region overall, home to five of the costliest cities in the world – after Hong Kong, this included Shanghai, Tokyo, Singapore and Taipei. Eight of the 10 most expensive places to buy a luxury car were in Asia, which the report attributed to high import taxes. But the cheapest city for luxury goods, Mumbai, is also in Asi


Hong Kong was found to be the priciest city in the world for luxury products and services, according to a report by private bank Julius Baer.
Asia came out as the most expensive region overall, home to five of the costliest cities in the world – after Hong Kong, this included Shanghai, Tokyo, Singapore and Taipei.
Eight of the 10 most expensive places to buy a luxury car were in Asia, which the report attributed to high import taxes.
But the cheapest city for luxury goods, Mumbai, is also in Asi
For most luxury goods, this is the most expensive city in the world Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: vicky mckeever
Keywords: news, cnbc, companies, goods, kong, buy, wedding, mumbai, city, property, luxury, expensive, world, report


For most luxury goods, this is the most expensive city in the world

Hong Kong was found to be the priciest city in the world for luxury products and services, according to a report by private bank Julius Baer.

It is the most expensive place to hire a lawyer, due to being a financial center, with a simple will consultation setting someone back $1,050 on average.

Hong Kong also has among the highest price tags for property, cars, a business class flight, fine dining, a wedding banquet and beauty services.

However, Hong Kong puts no duties on jewelry, meaning it can be a relatively the cheap city to buy this high-end product, though a Cartier Love bracelet will still cost $42,228. It costs even more in Brazil’s capital of Rio de Janeiro, at $54,852, as taxes on jewelry can be double the levies charged in North America and Europe.

Julius Baer surveyed the prices of 18 premium goods and services across 28 cities around the world for its first Global Wealth and Lifestyle Report 2020, released on Thursday.

Asia came out as the most expensive region overall, home to five of the costliest cities in the world – after Hong Kong, this included Shanghai, Tokyo, Singapore and Taipei.

Property is particularly costly in the region, with six of the 10 most expensive cities located in Asia. Eight of the 10 most expensive places to buy a luxury car were in Asia, which the report attributed to high import taxes.

But the cheapest city for luxury goods, Mumbai, is also in Asia. High-end men’s suits, wedding banquets and personal trainers are all cheapest in the Indian city. For instance, a wedding banquet for 400 people at a top hotel in Mumbai would cost an average of $21,754.

Having a bottoming residential property market also made the city more affordable for the rich. In fact, wealthy residents are able to buy property at around a tenth of the price of the most expensive city.

It is also found to be relatively good value to stay in high-end hotels, enjoy fine dining, buy whisky and to hire a lawyer in Mumbai.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: vicky mckeever
Keywords: news, cnbc, companies, goods, kong, buy, wedding, mumbai, city, property, luxury, expensive, world, report


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US business leaders don’t see the ‘phase one’ China trade deal as a huge breakthrough

The partial trade deal signed Wednesday between the U.S. and China is hardly an immediate success, according to trade groups representing many of the nation’s biggest companies. “We’re certainly glad it’s not getting worse,” Stephen Lamar, president of American Apparel & Footwear Association, said Thursday on CNBC’s “The Exchange.” “[It’s] phase one in what has to be a multi-phase deal,” he said on “The Exchange.” “The most important thing is phase one moving to phase two, and in phase two we ca


The partial trade deal signed Wednesday between the U.S. and China is hardly an immediate success, according to trade groups representing many of the nation’s biggest companies.
“We’re certainly glad it’s not getting worse,” Stephen Lamar, president of American Apparel & Footwear Association, said Thursday on CNBC’s “The Exchange.”
“[It’s] phase one in what has to be a multi-phase deal,” he said on “The Exchange.”
“The most important thing is phase one moving to phase two, and in phase two we ca
US business leaders don’t see the ‘phase one’ China trade deal as a huge breakthrough Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, china, dont, goods, huge, exchange, breakthrough, lamar, deal, president, business, tariffed, leaders, phase, groups, trade, tariffs


US business leaders don't see the 'phase one' China trade deal as a huge breakthrough

The partial trade deal signed Wednesday between the U.S. and China is hardly an immediate success, according to trade groups representing many of the nation’s biggest companies.

“We’re certainly glad it’s not getting worse,” Stephen Lamar, president of American Apparel & Footwear Association, said Thursday on CNBC’s “The Exchange.” “The reality is all the goods that were being tariffed the day before the deal was announced are going to be tariffed on Feb. 14, which is the first day the deal takes effect.”

Neil Bradley, the Chamber of Commerce’s executive vice president and chief policy officer, said the group’s members recognize Wednesday’s agreement “for what it is.”

“[It’s] phase one in what has to be a multi-phase deal,” he said on “The Exchange.” “The most important thing is phase one moving to phase two, and in phase two we can really tackle the key fundamental problems that are driving this trade dispute.”

Like Lamar, Bradley noted there are still tariffs in place on “a large variety of goods that we import.”

But he emphasized the “phase one” deal delivered good news on the possibility of new tariffs and tariff reduction, with the Trump administration agreeing to cut duties on $120 billion in products to 7.5%. It also canceled tariffs that had been scheduled to take effect in December.

Bradley, who previously worked in the office of House Minority Leader Kevin McCarthy, R-Calif., said he is eager to see future negotiations between the U.S. and China result in further progress on concerns around intellectual property theft and state subsidies for Chinese companies.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, china, dont, goods, huge, exchange, breakthrough, lamar, deal, president, business, tariffed, leaders, phase, groups, trade, tariffs


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Asia to trade mixed as investors await signing of US- China trade truce

Asia Pacific markets looked set to trade mixed on Wednesday ahead of the U.S. and China signing a phase one trade deal. Nikkei shares pointed to a fractionally lower open for the Japanese market. In Australia, the benchmark ASX 200 rose 0.25% in early trade, with most sectors trading up. The session follows a muted finish on Wall Street overnight where major investment banks posted quarterly earnings. “Market moves have been relatively subdued ahead of the signing,” said Tapas Strickland, direct


Asia Pacific markets looked set to trade mixed on Wednesday ahead of the U.S. and China signing a phase one trade deal.
Nikkei shares pointed to a fractionally lower open for the Japanese market.
In Australia, the benchmark ASX 200 rose 0.25% in early trade, with most sectors trading up.
The session follows a muted finish on Wall Street overnight where major investment banks posted quarterly earnings.
“Market moves have been relatively subdued ahead of the signing,” said Tapas Strickland, direct
Asia to trade mixed as investors await signing of US- China trade truce Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, expected, trade, ahead, signing, investors, markets, billion, asia, australia, truce, await, china, goods, mixed, deal


Asia to trade mixed as investors await signing of US- China trade truce

Asia Pacific markets looked set to trade mixed on Wednesday ahead of the U.S. and China signing a phase one trade deal.

Nikkei shares pointed to a fractionally lower open for the Japanese market. In Australia, the benchmark ASX 200 rose 0.25% in early trade, with most sectors trading up.

The session follows a muted finish on Wall Street overnight where major investment banks posted quarterly earnings.

Officials from the U.S. and China are expected to sign the trade agreement on Wednesday after the two countries last month agreed to the deal in principle, where Washington said it would cancel or reduce some tariffs in exchange for China purchasing more American products and addressing U.S. concerns on areas of technology and financial services.

The deal is expected to include a commitment from China to buy about $200 billion of U.S. goods over two years, which includes about $80 billion in manufactured goods, $53 billion in energy, $32 billion in agriculture and $35 billion in services.

“Market moves have been relatively subdued ahead of the signing,” said Tapas Strickland, director of economics and markets at the National Australia Bank, in a morning note.


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, expected, trade, ahead, signing, investors, markets, billion, asia, australia, truce, await, china, goods, mixed, deal


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Trump could still slap tariffs on China after signing ‘phase one’ trade deal, expert warns

China could face difficulties fulfilling its commitment in the so-called phase one trade deal with the U.S., allowing President Donald Trump to once again raise tariffs on Chinese goods, a trade expert warned on Wednesday. To meet that additional $200 billion, China would have to buy a “crazy amount” of U.S. “agricultural goods, machinery especially aircraft and energy products,” noted Elms. The U.S., especially the agriculture sector, could also find it challenging to supply that amount of prod


China could face difficulties fulfilling its commitment in the so-called phase one trade deal with the U.S., allowing President Donald Trump to once again raise tariffs on Chinese goods, a trade expert warned on Wednesday.
To meet that additional $200 billion, China would have to buy a “crazy amount” of U.S. “agricultural goods, machinery especially aircraft and energy products,” noted Elms.
The U.S., especially the agriculture sector, could also find it challenging to supply that amount of prod
Trump could still slap tariffs on China after signing ‘phase one’ trade deal, expert warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: yen nee lee
Keywords: news, cnbc, companies, products, billion, elms, president, trump, signing, expert, trade, goods, warns, expected, tariffs, deal, phase, china, slap


Trump could still slap tariffs on China after signing 'phase one' trade deal, expert warns

China’s President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on Nov. 9, 2017.

China could face difficulties fulfilling its commitment in the so-called phase one trade deal with the U.S., allowing President Donald Trump to once again raise tariffs on Chinese goods, a trade expert warned on Wednesday.

That’s especially the case when the deal — expected to be signed in Washington on Wednesday — would involve Beijing increasing its imports of U.S. goods and services by at least $200 billion over two years, said Deborah Elms, executive director at consultancy Asian Trade Centre.

To meet that additional $200 billion, China would have to buy a “crazy amount” of U.S. “agricultural goods, machinery especially aircraft and energy products,” noted Elms. For some products, Beijing may have to more than double its purchases by reducing tariffs on those imports and stop buying them from other sources.

“If the Chinese don’t achieve those purchase price targets, the U.S. could impose new tariffs or remove existing promises or all sort of things could happen,” Elms told CNBC’s “Street Signs Asia.”

“I think the risks remain for companies between now and at least November that phase one doesn’t even hold,” she added.

The U.S., especially the agriculture sector, could also find it challenging to supply that amount of products to China, said Elms.

China bought around $186.29 billion of American goods and services in 2017 before the trade war started, according to data from the U.S. Census Bureau. In terms of agriculture products, China bought $24 billion from the U.S. in 2017 and is expected to increase that by $32 billion over two years, Reuters reported.

The U.S. and China, the world’s top two economies, have engaged in a tariff fight for more than two years. The trade war has affected business confidence and led institutions such as the International Monetary Fund and the World Bank to downgrade their forecasts for global economic growth.

The two sides reaching a “phase one” trade deal — which is not expected to include the reduction or removal of elevated tariffs — has brought some relief to the business community. But Elms warned that further progress will likely take “another year or more” to come.

“So, we’re stuck with tariffs for a very long time,” she said.


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: yen nee lee
Keywords: news, cnbc, companies, products, billion, elms, president, trump, signing, expert, trade, goods, warns, expected, tariffs, deal, phase, china, slap


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Here’s what China agreed to buy from the US in the phase one trade deal

China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the “phase one” trade deal. The two nations signed the first-phase trade agreement Wednesday afternoon at the White House. The phase one deal is seen as a sort of truce and includes concessions by the Chinese to crack down on intellectual property theft and the forced transfer of American technologies. But it also includes import targets for Beijing, which has promised to buy a host of American p


China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the “phase one” trade deal.
The two nations signed the first-phase trade agreement Wednesday afternoon at the White House.
The phase one deal is seen as a sort of truce and includes concessions by the Chinese to crack down on intellectual property theft and the forced transfer of American technologies.
But it also includes import targets for Beijing, which has promised to buy a host of American p
Here’s what China agreed to buy from the US in the phase one trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: thomas franck
Keywords: news, cnbc, companies, billion, phase, work, agreed, worth, trade, buy, deal, includes, goods, heres, american, additional, china, 200


Here's what China agreed to buy from the US in the phase one trade deal

China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the “phase one” trade deal.

The additional purchases will come on top of the 2017 U.S. export numbers.

The two nations signed the first-phase trade agreement Wednesday afternoon at the White House. The globe’s two largest economies have for the better part of two years slapped tariffs of billions of dollars’ worth of each other’s goods in one of the most protracted trade battles in modern American history.

The phase one deal is seen as a sort of truce and includes concessions by the Chinese to crack down on intellectual property theft and the forced transfer of American technologies. But it also includes import targets for Beijing, which has promised to buy a host of American products as the two sides work toward a permanent bilateral agreement.

The composition of that additional $200 billion is as follows:


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: thomas franck
Keywords: news, cnbc, companies, billion, phase, work, agreed, worth, trade, buy, deal, includes, goods, heres, american, additional, china, 200


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US-China trade deal seeks to combat sale of counterfeit goods

The trade agreement signed Wednesday by President Donald Trump and China includes a provision to stanch the sale of counterfeit goods on e-commerce platforms like Amazon. China has agreed to consider revoking an e-commerce platform’s operating license if there are repeated sales of counterfeit or pirated goods. The U.S., meanwhile, has agreed to study additional measures of combating the online sale of counterfeit or pirated goods. China shall provide that e-commerce platforms may have their ope


The trade agreement signed Wednesday by President Donald Trump and China includes a provision to stanch the sale of counterfeit goods on e-commerce platforms like Amazon.
China has agreed to consider revoking an e-commerce platform’s operating license if there are repeated sales of counterfeit or pirated goods.
The U.S., meanwhile, has agreed to study additional measures of combating the online sale of counterfeit or pirated goods.
China shall provide that e-commerce platforms may have their ope
US-China trade deal seeks to combat sale of counterfeit goods Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: annie palmer
Keywords: news, cnbc, companies, online, platforms, uschina, combat, problem, trade, deal, ecommerce, seeks, pirated, goods, trump, counterfeit, amazon, sale


US-China trade deal seeks to combat sale of counterfeit goods

The trade agreement signed Wednesday by President Donald Trump and China includes a provision to stanch the sale of counterfeit goods on e-commerce platforms like Amazon.

The U.S. and China agreed that both parties will work to “combat the prevalence of counterfeit or pirated goods” by taking “effective action” when the online platforms have failed to prevent intellectual property infringement.

China has agreed to consider revoking an e-commerce platform’s operating license if there are repeated sales of counterfeit or pirated goods. The U.S., meanwhile, has agreed to study additional measures of combating the online sale of counterfeit or pirated goods.

It comes as Amazon faces increasing criticism over its failure to crack down on counterfeit goods. While the company says it has a “zero tolerance” policy for copycat products and has developed tools to help manage the problem, its marketplace of third-party sellers continues to be plagued by pirated goods. The problem has grown so severe that advocacy groups have called for some Amazon sites to be added to the U.S. government’s annual “Notorious Markets” list, which names sites and companies that facilitate the sale of counterfeit goods.

The company has taken notice of the problem. Last February, Amazon began warning investors in its annual report that it may never be able to prevent sellers from listing counterfeit goods on the platform. Earlier this month, Amazon said it would ramp up counterfeit reporting to authorities, with the hope that it will help law enforcement catch more criminals.

In April, Trump signed a memorandum seeking to crack down on the sale of counterfeit goods on Amazon, eBay, Alibaba and other online marketplaces. At the time, Trump warned the companies if they failed to clean it up, “the government will.”

Here’s what the new trade agreement says about the sale of counterfeits on e-commerce platforms:

Article 1.14: Infringement on Major E-Commerce Platforms 1. The Parties shall combat the prevalence of counterfeit or pirated goods on e-commerce platforms by taking effective action with respect to major e-commerce platforms that fail to take necessary measures against the infringement of intellectual property rights. 2. China shall provide that e-commerce platforms may have their operating licenses revoked for repeated failures to curb the sale of counterfeit or pirated goods. 3. The United States affirms that it is studying additional means to combat the sale of counterfeit or pirated goods.

Follow @CNBCtech on Twitter for the latest tech industry news.


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: annie palmer
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Chuck Schumer, in a letter to Trump, says a weak trade deal could hurt the US for years to come

Senate Minority Leader Chuck Schumer, D-N.Y., speaks during a press conference after the Senate Policy luncheons in the Capitol on Tuesday Dec. 10, 2019. Senate Minority Leader Chuck Schumer, in a Tuesday letter to President Donald Trump, expressed concern that a weak trade deal that fails to address “structural inequities” in the U.S.-China relationship could harm American workers and businesses for years to come. Trump and Chinese officials are due to sign a partial trade deal on Wednesday aft


Senate Minority Leader Chuck Schumer, D-N.Y., speaks during a press conference after the Senate Policy luncheons in the Capitol on Tuesday Dec. 10, 2019.
Senate Minority Leader Chuck Schumer, in a Tuesday letter to President Donald Trump, expressed concern that a weak trade deal that fails to address “structural inequities” in the U.S.-China relationship could harm American workers and businesses for years to come.
Trump and Chinese officials are due to sign a partial trade deal on Wednesday aft
Chuck Schumer, in a letter to Trump, says a weak trade deal could hurt the US for years to come Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, american, address, goods, trade, china, deal, weak, commitments, trump, schumer, hurt, come, chinese, beijing, phase, letter, chuck


Chuck Schumer, in a letter to Trump, says a weak trade deal could hurt the US for years to come

Senate Minority Leader Chuck Schumer, D-N.Y., speaks during a press conference after the Senate Policy luncheons in the Capitol on Tuesday Dec. 10, 2019.

Senate Minority Leader Chuck Schumer, in a Tuesday letter to President Donald Trump, expressed concern that a weak trade deal that fails to address “structural inequities” in the U.S.-China relationship could harm American workers and businesses for years to come.

Trump and Chinese officials are due to sign a partial trade deal on Wednesday after years of intense bilateral negotiations. Both sides reached an agreement last month, in which Washington agreed to cancel some new tariffs and reduce rates of other duties in exchange for China purchasing more American agricultural products and addressing U.S. concerns on areas of technology and financial services.

Schumer, one of the Democrats most supportive of Trump’s crackdown on China, previously accused the president of caving to Beijing with the phase one trade deal.

In his Tuesday letter, Schumer wrote that without firm commitments from Beijing that it will curtail its questionable practices, including forced technology transfers from foreign companies to local players, U.S. innovators will “continue to lose billions of dollars.” American firms will struggle to gain fair access to the Chinese market and millions of U.S. jobs will be at risk, he said.

“By giving away leverage with a temporary deal of some reduced tariff in exchange for American goods and vague promises of reform, as China has made time and time again, these structural issues will only become more challenging to address in future negotiations,” Schumer wrote.

“China pledging to make short-term purchases of American goods will not address the fundamental problems that undermine long-term U.S. economic opportunity, prosperity, and security,” he added.

On paper, the phase one deal includes “commitments from China to import various U.S. goods and services over the next two years” worth at least $200 billion, according to a U.S. Trade Representative document. Beijing is said to have also agreed to end its “long-standing practice” of forced technology transfer.

Schumer asked Trump to elucidate on six specific questions about the kind of commitments he had received from Beijing as part of the phase one deal:

What commitments, if any, address the Chinese government’s subsidy programs that continue to harm U.S. industry and workers? What commitments, if any, has China made on substantive state-owned enterprise reform as part of the “phase one” agreement? What commitments, if any, will curtail the dumping of Chinese products which puts American firms out of business and threatens U.S. jobs? What commitments, if any, will hold China accountable for unauthorized intrusions into U.S. commercial computer networks and cyber-enabled theft of intellectual property and sensitive commercial information? To what extent will this “phase one” agreement regain lost market share for U.S. farmers? Should farmers expect that additional rounds of program funding will address these inequities?

While experts have said the agreement is a step in the right direction, many are still unsure of exactly what the two countries are agreeing to and how they will enforce their deal.

During the trade war, the U.S. slapped tariffs on more than $500 billion in Chinese goods during the trade war, while Beijing retaliated by putting duties on more than $100 billion in American imports.

— CNBC’s Jacob Pramuk contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, american, address, goods, trade, china, deal, weak, commitments, trump, schumer, hurt, come, chinese, beijing, phase, letter, chuck


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Trump administration moves toward blocking more sales to Huawei, sources say

The U.S. government is nearing publication of a rule that would vastly expand its powers to block shipments of foreign-made goods to China’s Huawei, as it seeks to squeeze the blacklisted telecoms company, two sources said. The U.S. Commerce Department in May placed Huawei on a trade blacklist, citing national security concerns. That allowed the U.S. government to restrict sales of U.S.-made goods to the company and a small number of items made abroad that contain U.S. technology. This would be


The U.S. government is nearing publication of a rule that would vastly expand its powers to block shipments of foreign-made goods to China’s Huawei, as it seeks to squeeze the blacklisted telecoms company, two sources said.
The U.S. Commerce Department in May placed Huawei on a trade blacklist, citing national security concerns.
That allowed the U.S. government to restrict sales of U.S.-made goods to the company and a small number of items made abroad that contain U.S. technology.
This would be
Trump administration moves toward blocking more sales to Huawei, sources say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14
Keywords: news, cnbc, companies, commerce, huawei, sources, say, administration, moves, shipments, items, include, goods, foreignmade, expand, rule, technology, sales, trump, blocking


Trump administration moves toward blocking more sales to Huawei, sources say

Chinese telecom giant Huawei announced on October 16, 2019 that it has passed the 400,000 5G antennas mark, the fifth generation of mobile phones, in the world with 56 operators who have already started to roll out the new mobile network.

The U.S. government is nearing publication of a rule that would vastly expand its powers to block shipments of foreign-made goods to China’s Huawei, as it seeks to squeeze the blacklisted telecoms company, two sources said.

The U.S. Commerce Department in May placed Huawei on a trade blacklist, citing national security concerns. That allowed the U.S. government to restrict sales of U.S.-made goods to the company and a small number of items made abroad that contain U.S. technology.

Under current regulations, key foreign supply chains remain beyond the reach of U.S. authorities, fueling frustration among China hawks within the administration and a push to expand U.S. authority to block more shipments to Huawei.

But U.S. businesses say an effort to enable the government to regulate more sales to Huawei to include low-tech items made overseas with very little U.S. technology could end up needlessly hurting U.S. companies while encouraging Huawei to source more goods abroad.

Reuters reported in November that Commerce was considering broadening the De minimis Rule, which dictates how much U.S. content in a foreign-made product gives the U.S. government authority to regulate an export.

Under current regulations, the United States can require a license or block the export of many high-tech products shipped to China from other countries if U.S.-made components make up more than 25% of the value.

According to two people familiar with the matter, Commerce has drafted a rule that would lower the threshold only on exports to Huawei to 10% and expand the purview to include non-technical goods like consumer electronics including non-sensitive chips.

According to one of the people, the Commerce Department sent the rule to the Office of Management and Budget, following an interagency meeting last week.

If other government agencies sign off on the measure, the rule could be issued in a matter of weeks as a so-called final rule, with no opportunity for public comment before it goes into effect, the people said.

Commerce has also drafted a regulation that would expand the so-called Foreign Direct Product Rule, which subjects foreign-made goods that are based on U.S. technology or software to U.S. oversight. This would be broadened to include low-tech items made abroad that are based on U.S. technology and shipped to Huawei, the people said.

In December, Huawei, the world’s largest smartphone maker, reported an 18 percent jump in revenue for 2019 and a 20 percent increase in shipments of smartphones.


Company: cnbc, Activity: cnbc, Date: 2020-01-14
Keywords: news, cnbc, companies, commerce, huawei, sources, say, administration, moves, shipments, items, include, goods, foreignmade, expand, rule, technology, sales, trump, blocking


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