There may be more at stake than just trade concessions in the US-China tariff battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p


Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p
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Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: nyshka chandran, kevin lemarque
Keywords: news, cnbc, companies, tariff, transfers, concessions, wrote, battle, dispute, stake, war, worlds, trade, typical, uschina, tech, trumps, issues


There may be more at stake than just trade concessions in the US-China tariff battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports.

Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front.

The ongoing spat is a reflection of great power rivalries, political scientist Joseph Nye wrote in a Project Syndicate editorial last month: “It is much more than a typical trade dispute like, say, America’s recent clash with Canada over access to that country’s dairy market.”

Many economists have pointed out that the current dispute is more of a tech war than a tariff war as U.S. President Donald Trump’s administration targets China’s technology sector practices. Beijing’s militarization of the South China Sea and the sovereignty of Taiwan could also be influencing negotiations.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: nyshka chandran, kevin lemarque
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It was a ‘mistake’ for Trump to agree on a trade ceasefire with China at G-20, researcher says

U.S. President Donald Trump and Chinese President Xi Jinping’s tariff ceasefire agreement over the weekend in Argentina was “a mistake” that undermines the global trading system, an expert told CNBC on Tuesday. The two world leaders agreed to put any escalations to their trade war on pause at the G-20 summit in Buenos Aires. “The deal is a mistake because it undermines the global trading system, will divert trade from other countries and will not reduce the U.S. trade deficit anyway,” he told CN


U.S. President Donald Trump and Chinese President Xi Jinping’s tariff ceasefire agreement over the weekend in Argentina was “a mistake” that undermines the global trading system, an expert told CNBC on Tuesday. The two world leaders agreed to put any escalations to their trade war on pause at the G-20 summit in Buenos Aires. “The deal is a mistake because it undermines the global trading system, will divert trade from other countries and will not reduce the U.S. trade deficit anyway,” he told CN
It was a ‘mistake’ for Trump to agree on a trade ceasefire with China at G-20, researcher says Cached Page below :
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It was a 'mistake' for Trump to agree on a trade ceasefire with China at G-20, researcher says

U.S. President Donald Trump and Chinese President Xi Jinping’s tariff ceasefire agreement over the weekend in Argentina was “a mistake” that undermines the global trading system, an expert told CNBC on Tuesday.

The two world leaders agreed to put any escalations to their trade war on pause at the G-20 summit in Buenos Aires. The U.S. will leave tariffs on more than $200 billion worth of Chinese products at 10 percent, but will wait 90 days before raising those to a previously threatened 25 percent level as the two countries continue negotiations, according to the White House.

Markets initially cheered the ceasefire, but that optimism was short-lived. Several inconsistencies — in statements by Beijing and Washington, and within the White House — suggested that both sides would not be able to find a common ground within the 90-day period and reignited worries that the tariff fight could slow down the global economy.

For Adam Triggs, director of research for the Asian Bureau of Economic Research at Australian National University, there are more reasons to dislike the deal than just it’s tight time frame.

“The deal is a mistake because it undermines the global trading system, will divert trade from other countries and will not reduce the U.S. trade deficit anyway,” he told CNBC in a Tuesday email. “It’s also a mistake because there are genuine problems in the trading system which the G-20 should be addressing.”

That is, according to Triggs, a multinational group such as the G-20 should have been deployed to create a multilateral agreement on issues such as the need to remove barriers to trade in services.

“Trump’s constant focus on bilateral deals distracts the G-20 from these real issues,” he added. “These are issues that can only be solved multilaterally, not bilaterally.”

According to a statement from the White House, “China has agreed to start purchasing agricultural product from our farmers immediately.” For Triggs, that was evidence that Trump’s bilateral deal will hit other nations: “China is currently buying agricultural products etc. from other countries … If China is forced to buy more from the U.S. then history shows it will reduce how much it buys from these other countries.”


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: harini v, jim watson, afp, getty images, kevin lemarque
Keywords: news, cnbc, companies, white, agree, countries, china, mistake, trump, ceasefire, global, issues, trade, trading, system, triggs, researcher, g20


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Trump says he believes China’s Xi Jinping on trade tariff truce

President Donald Trump said Wednesday that he trusts Chinese President Xi Jinping’s word on commitments to trade reforms, amid confusion about what the two leaders actually agreed to as part of their weekend trade truce. The leaders are trying to come to terms over what the Trump administration calls unfair trade practices. In tweets Wednesday morning, Trump pushed back on reports that China may not swiftly address the White House’s concerns. “Not to sound naive or anything, but I believe Presid


President Donald Trump said Wednesday that he trusts Chinese President Xi Jinping’s word on commitments to trade reforms, amid confusion about what the two leaders actually agreed to as part of their weekend trade truce. The leaders are trying to come to terms over what the Trump administration calls unfair trade practices. In tweets Wednesday morning, Trump pushed back on reports that China may not swiftly address the White House’s concerns. “Not to sound naive or anything, but I believe Presid
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Trump says he believes China's Xi Jinping on trade tariff truce

President Donald Trump said Wednesday that he trusts Chinese President Xi Jinping’s word on commitments to trade reforms, amid confusion about what the two leaders actually agreed to as part of their weekend trade truce.

The world’s two largest economies agreed to halt an escalating series of tariffs following a face to face meeting between Trump and Xi at the G-20 summit in Argentina on Saturday. But Trump’s claims about what China conceded have muddled the start of a 90-day window for talks to reach an agreement. The leaders are trying to come to terms over what the Trump administration calls unfair trade practices. The mixed messages coming from the White House helped to sink U.S. stock markets on Tuesday.

In tweets Wednesday morning, Trump pushed back on reports that China may not swiftly address the White House’s concerns. He said Beijing sent “very strong signals” about taking action on trade after a “long trip, including stops,” home from Argentina.

“Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting. ALL subjects discussed!” the president tweeted.

Trump, a president who often declares victory even in the absence of concrete progress, quickly touted major Chinese concessions following the meeting Saturday. He said Monday that China would “immediately” start purchasing more agricultural products and “reduce and remove tariffs” on auto imports — statements that White House officials and the Chinese government struggled to clarify in the ensuing days.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: jacob pramuk, thomas peter, pool, getty images, kevin lemarque
Keywords: news, cnbc, companies, president, chinas, jinping, meeting, xi, tariffs, trump, chinese, word, trade, china, believes, truce, white, tariff


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China confused by Trump’s words of triumph after trade truce

US and China hammer out 90-day trade truce — Seven experts break down what that means for investors 11 Hours Ago | 04:21China is reportedly confused by the Trump administration’s version of what happened in Buenos Aires. It’s just madness,” the former official, who asked for anonymity to describe confidential discussions, told the Post. The White House said the nations had agreed to a 90-day truce on trade. Following the meeting, Trump told reporters it was “an incredible deal” and that it “goes


US and China hammer out 90-day trade truce — Seven experts break down what that means for investors 11 Hours Ago | 04:21China is reportedly confused by the Trump administration’s version of what happened in Buenos Aires. It’s just madness,” the former official, who asked for anonymity to describe confidential discussions, told the Post. The White House said the nations had agreed to a 90-day truce on trade. Following the meeting, Trump told reporters it was “an incredible deal” and that it “goes
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China confused by Trump's words of triumph after trade truce

US and China hammer out 90-day trade truce — Seven experts break down what that means for investors 11 Hours Ago | 04:21

China is reportedly confused by the Trump administration’s version of what happened in Buenos Aires.

After the key meeting between President Donald Trump and Chinese President Xi Jinping, officials from Beijing are “puzzled and irritated” by the Trump administration’s behavior, The Washington Post reported Tuesday, citing a former U.S. government official who has been in contact with the Chinese officials.

“You don’t do this with the Chinese. You don’t triumphantly proclaim all their concessions in public. It’s just madness,” the former official, who asked for anonymity to describe confidential discussions, told the Post.

The two world leaders met over dinner during the G-20 summit in Argentina last week. The White House said the nations had agreed to a 90-day truce on trade. Following the meeting, Trump told reporters it was “an incredible deal” and that it “goes down, certainly, if it happens, it goes down as one of the largest deals ever made.”

But the Post reported that the Chinese have not acknowledged a 90-day deadline for the talks and have not said that they would “immediately” increase purchases of U.S. farm goods.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: kate rooney, kevin lemarque
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The White House’s muddled message on Trump’s China trade truce is another headache for markets

There also appeared to be confusion among Trump’s top advisers about exactly who would lead the negotiations. U.S. Trade Representative Robert Lighthizer, who is more of a protectionist, appeared to be set to play that role. But Treasury Secretary Steven Mnuchin told CNBC Monday, “it’s clear that President Trump is going to be the one who leads the negotiations, and the team will be an inclusive team.” That same day, Navarro told NPR that the auto tariffs were “just one of the many tariffs that


There also appeared to be confusion among Trump’s top advisers about exactly who would lead the negotiations. U.S. Trade Representative Robert Lighthizer, who is more of a protectionist, appeared to be set to play that role. But Treasury Secretary Steven Mnuchin told CNBC Monday, “it’s clear that President Trump is going to be the one who leads the negotiations, and the team will be an inclusive team.” That same day, Navarro told NPR that the auto tariffs were “just one of the many tariffs that
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The White House's muddled message on Trump's China trade truce is another headache for markets

On Monday, Larry Kudlow, director of the National Economic Council, told reporters in a briefing call that the 90 day truce on tariff increases would begin January 1, the same day that those proposed increases were set to go into effect. But six hours later, the White House said Kudlow was wrong; the clock had started ticking on December 1, the night of Trump’s meeting with Chinese President Xi Jinping.

There also appeared to be confusion among Trump’s top advisers about exactly who would lead the negotiations. U.S. Trade Representative Robert Lighthizer, who is more of a protectionist, appeared to be set to play that role. But Treasury Secretary Steven Mnuchin told CNBC Monday, “it’s clear that President Trump is going to be the one who leads the negotiations, and the team will be an inclusive team.” Trump later confirmed that Lighthizer would lead the team.

China has more clarity in that regard. Vice Premier Liu He has headed negotiations for Beijing during the Trump administration.

As for Trump’s tweet about the auto tariff agreement, neither Kudlow nor Treasury Secretary Steve Mnuchin nor trade adviser Peter Navarro would confirm that Beijing had agreed to eliminate automobile tariffs on U.S. cars, as Trump had claimed.

“In my view, I think the president expects them to go to zero,” Kudlow said Monday on Fox News, when pressed about the auto tariffs. That same day, Navarro told NPR that the auto tariffs were “just one of the many tariffs that have to be reduced.”

Mnuchin told Fox Business on Tuesday that China had made “specific commitments in the near-term on agriculture, LNG, industrial products, autos…with specific targets that they think they can meet.”

U.S. officials like Mnuchin and Kudlow also emphasized that nothing had been put down on paper yet, and they gave no solid time frames for when investors could hope to see concrete agreements. Instead, they repeatedly used the word “immediately” to describe when they expected the next steps in the talks to take place.

But Navarro, who is one of the administration’s top China hawks, put it more starkly. “We’ve just given the Chinese 90 days to do what they should have been doing for the last 20 years.” he told NPR.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: christina wilkie, kevin lemarque
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China’s descriptions of the Trump-Xi deal differ from the White House’s in a lot of ways

A White House Press Secretary statement posted online, for its part, did not include that point. The White House did not immediately respond to a CNBC request for comment outside of U.S. business hours. The state media also said the two parties discussed North Korea denuclearization. The Chinese press also said Trump upheld a “One-China Policy” regarding Taiwan — something not mentioned in the White House statement. But WeChat users were unable to share a Chinese and English-language version of


A White House Press Secretary statement posted online, for its part, did not include that point. The White House did not immediately respond to a CNBC request for comment outside of U.S. business hours. The state media also said the two parties discussed North Korea denuclearization. The Chinese press also said Trump upheld a “One-China Policy” regarding Taiwan — something not mentioned in the White House statement. But WeChat users were unable to share a Chinese and English-language version of
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Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: evelyn cheng, kevin lemarque
Keywords: news, cnbc, companies, house, deal, differ, chinas, ways, china, houses, descriptions, media, xi, trumpxi, lot, trump, press, white, chinese, tariffs, state


China's descriptions of the Trump-Xi deal differ from the White House's in a lot of ways

While both the U.S. and China called this weekend’s meeting on trade very successful, many Chinese-language state media left out references to a 90-day condition for both sides to agree on issues such as technology transfer.

While it’s typical for there to be some daylight between governments’ spin about bilateral meetings, a host of differences between the Chinese and the American version of events points to a potentially challenging road ahead for any negotiations.

Another apparent discrepancy come from Chinese Foreign Minister Wang Yi’s, who remarked that the two countries will work toward eliminating tariffs. A White House Press Secretary statement posted online, for its part, did not include that point.

The White House did not immediately respond to a CNBC request for comment outside of U.S. business hours. The Chinese Ministry of Foreign Affairs did not immediately respond to a faxed request for comment ahead of a daily afternoon press conference.

U.S. President Donald Trump and Chinese President Xi Jinping met over a dinner during the G-20 summit in Argentina after months of increasing trade tensions between the two countries. The U.S. has imposed tariffs on $250 billion worth of Chinese goods, while Beijing has retaliated with duties on $110 billion of U.S. goods.

The White House’s latest round of tariffs on $200 billion goods was set to rise to 25 percent from 10 percent on Jan. 1, 2019, but Trump agreed at the G-20 meeting not to do so.

The catch is, however, that Xi and Trump must find resolution on “forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture” within 90 days, according to the White House press secretary’s statement.

That gives the leaders until early March — past Christmas, New Year’s and Chinese New Year — to find a way to keep tariffs from rising.

However, official online statements about Chinese Foreign Minister Wang Yi’s briefing on the meeting did not discuss the technology transfers or the 90-day condition.

The timeframe and details on areas of disagreement also did not appear in online reports from China’s state news agency Xinhua, People’s Daily — the official Communist Party paper — and CGTN — the English-language version of state broadcaster CCTV.

The articles did note the U.S. and China agreed to work towards mutual benefits, and generally indicated Beijing would increase purchases of U.S. goods. The state media also said the two parties discussed North Korea denuclearization. The Chinese press also said Trump upheld a “One-China Policy” regarding Taiwan — something not mentioned in the White House statement.

On top of that, Trump tweeted late Sunday evening that “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.”

Prior to that Twitter post, there had not been any mention of such an agreement in Chinese sources.

Foreign Minister Wang Yi’s remarks and some articles also discussed how China would move toward controlling fentanyl, which is linked to the opioid crisis in the U.S.

Again, such a remark fell short of the second paragraph in the White House’s statement that: “President Xi, in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance, meaning that people selling Fentanyl to the United States will be subject to China’s maximum penalty under the law.”

In addition, Chinese state media did not mention the White House’s claim that “Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.”

However, English-language editorials in Global Times did note the 90-day condition, and mentions of the timeframe were scattered throughout private Chinese-language reports and social media discussion.

But WeChat users were unable to share a Chinese and English-language version of the White House Press Secretary’s statement from the U.S. embassy’s official WeChat account. The post had more than 100,000 views and 5,423 likes as of Monday morning. Users could share other embassy posts.

WeChat, developed by Chinese tech giant Tencent, did not immediately respond to a request for comment.

“The U.S. Embassy faces regular and routine blocking of social media posts in China,” according to a U.S. embassy spokesperson. “The U.S. believes the free flow of information, including citizens’ access to media, plays an important role in fostering mutual understanding.”


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: evelyn cheng, kevin lemarque
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Dow futures surge more than 400 points after Trump and Xi agree to pause the US-China trade war

U.S. stock market futures surged after U.S. President Donald Trump and Chinese President Xi Jinping agreed to a truce on the trade war that has weighed heavily on global equity markets for most of 2018. Futures on the Dow Jones Industrial Average jumped 463 points as of 6:30 p.m. New York time. S&P 500 futures added 1.7 percent, while futures on the Nasdaq-100, home of many technology companies which sell to China, jumped nearly 2 percent. Futures on oil and copper jumped on hopes a possible new


U.S. stock market futures surged after U.S. President Donald Trump and Chinese President Xi Jinping agreed to a truce on the trade war that has weighed heavily on global equity markets for most of 2018. Futures on the Dow Jones Industrial Average jumped 463 points as of 6:30 p.m. New York time. S&P 500 futures added 1.7 percent, while futures on the Nasdaq-100, home of many technology companies which sell to China, jumped nearly 2 percent. Futures on oil and copper jumped on hopes a possible new
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Dow futures surge more than 400 points after Trump and Xi agree to pause the US-China trade war

U.S. stock market futures surged after U.S. President Donald Trump and Chinese President Xi Jinping agreed to a truce on the trade war that has weighed heavily on global equity markets for most of 2018.

Futures on the Dow Jones Industrial Average jumped 463 points as of 6:30 p.m. New York time. S&P 500 futures added 1.7 percent, while futures on the Nasdaq-100, home of many technology companies which sell to China, jumped nearly 2 percent.

Futures on oil and copper jumped on hopes a possible new China-U.S. trade agreement would boost global economic growth.

The two leaders, who met for dinner on Saturday at the G-20 summit in Argentina, agreed to hold off on additional tariffs on each other’s goods at the start of the new year to allow for talks to continue. The U.S. agreed to leave tariffs on more than $200 billion worth of Chinese products at 10 percent. If after 90 days the two countries are unable to reach an agreement, that rate will be raised to 25 percent, according to the White House. Trade negotiations will address forced technology transfer and intellectual property.

“The explicit delay in tariffs is on the positive end of expectations,” said Helen Qiao, China and Asia economist with Bank of America Lynch, in a note to clients. “In contrast to the fear — especially in Asia —that the hawks in US administration would make impossible demands, evidence of President Trump working towards a trade deal with China has emerged.”


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Kavanaugh debacle and national debt are part of the same problem

Last month, a new stretch of road opened in southeast Pennsylvania that completed a project 62 years in the making. Ike, like all great leaders, was thinking long-term and well beyond his tenure. It’s the absence of such thinking that is the single biggest problem in Washington: No one seems to care how what they do today affects tomorrow. Little attention was paid to the damage being done to the long-term future of the Senate, the courts or the country. In an interview on CBS “This Morning,” Se


Last month, a new stretch of road opened in southeast Pennsylvania that completed a project 62 years in the making. Ike, like all great leaders, was thinking long-term and well beyond his tenure. It’s the absence of such thinking that is the single biggest problem in Washington: No one seems to care how what they do today affects tomorrow. Little attention was paid to the damage being done to the long-term future of the Senate, the courts or the country. In an interview on CBS “This Morning,” Se
Kavanaugh debacle and national debt are part of the same problem Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: andrew tisch, chairman of loews corporation, kevin lemarque
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Kavanaugh debacle and national debt are part of the same problem

Last month, a new stretch of road opened in southeast Pennsylvania that completed a project 62 years in the making.

The Interstate Highway System.

I was seven years old when President Dwight Eisenhower launched this ambitious effort to knit together our vast country—a project he knew would continue for decades after he was gone.

Ike, like all great leaders, was thinking long-term and well beyond his tenure. It’s the absence of such thinking that is the single biggest problem in Washington: No one seems to care how what they do today affects tomorrow.

The Kavanaugh Supreme Court hearing chaos was a case study in unbridled short-termism – as the tactics employed by both parties were exquisitely tailored to win the next news cycle, the next vote, the upcoming November election. Little attention was paid to the damage being done to the long-term future of the Senate, the courts or the country.

That’s a problem for tomorrow.

In an interview on CBS “This Morning,” Senate Majority Leader Mitch McConnell dismissed the angst and anger over the Kavanaugh hearings, saying it will “blow over.” Perhaps he is right. Weeks or months from now, we’ll be on to another controversy. But the short-term thinking that created this mess will remain.

Consider a gathering crisis that is getting almost no attention in this fall’s midterms: Our national debt is huge, it is growing, and absolutely no one in a position of real power cares to do anything about it. Everyone frets but no one acts.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: andrew tisch, chairman of loews corporation, kevin lemarque
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