United Auto Workers summons local union leaders to Detroit as GM strike enters fifth week

DETROIT – The United Auto Workers has summoned local union leaders to Detroit on Thursday for an update on its negotiations with General Motors. The union has traditionally done this when a tentative agreement has been reached or, as was the case a month ago, to discuss and vote on other actions such as a strike. GM spokesman David Barnas confirmed talks are “ongoing,” but declined to comment on details of the discussions. If a tentative agreement is not reached by the meeting at 10:30 a.m. Thur


DETROIT – The United Auto Workers has summoned local union leaders to Detroit on Thursday for an update on its negotiations with General Motors. The union has traditionally done this when a tentative agreement has been reached or, as was the case a month ago, to discuss and vote on other actions such as a strike. GM spokesman David Barnas confirmed talks are “ongoing,” but declined to comment on details of the discussions. If a tentative agreement is not reached by the meeting at 10:30 a.m. Thur
United Auto Workers summons local union leaders to Detroit as GM strike enters fifth week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: michael wayland
Keywords: news, cnbc, companies, tentative, fifth, united, week, update, strike, leaders, summons, discussions, agreement, local, union, talks, spokesman, negotiations, workers


United Auto Workers summons local union leaders to Detroit as GM strike enters fifth week

DETROIT – The United Auto Workers has summoned local union leaders to Detroit on Thursday for an update on its negotiations with General Motors.

The union has traditionally done this when a tentative agreement has been reached or, as was the case a month ago, to discuss and vote on other actions such as a strike.

A letter to local union leaders Monday night said the agenda for the meeting included a “contract update and any other agenda items to be determined,” leaving the door open for talks to continue to potentially reach a tentative agreement ahead of the meeting.

UAW spokesman Brian Rothenberg declined to comment on the letter. GM spokesman David Barnas confirmed talks are “ongoing,” but declined to comment on details of the discussions. Negotiations between the two sides ended Monday evening and are expected to resume Tuesday morning.

If a tentative agreement is not reached by the meeting at 10:30 a.m. Thursday, the union could update local leaders about the discussions in an attempt to determine what to do next.

“My guess is if there is no tentative agreement by Thursday, they will review the status of bargaining with the council and then try to obtain a consensus with respect to next steps,” said Colin Lightbody, a labor consultant and longtime negotiator for Fiat Chrysler.

Options for the union moving forward could include:

remaining on strike and continuing negotiations with GM;

discussing and voting on terms for remaining outstanding issues;

moving discussions to another automaker if negotiations have stalled, among others.

The summons of local UAW presidents and chairpersons comes following the two sides countering back and forth with proposals. The union on Friday said it had countered an offer from GM.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: michael wayland
Keywords: news, cnbc, companies, tentative, fifth, united, week, update, strike, leaders, summons, discussions, agreement, local, union, talks, spokesman, negotiations, workers


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Trump halts trade negotiations with Turkey, raises its steel tariffs to 50%

President Donald Trump signed an executive order sanctioning Turkish officials, hiking tariffs on Turkish steel up to 50% and “immediately” halting trade negotiations with the country, Vice President Mike Pence confirmed Monday. Trump had announced the order in a lengthy statement posted to Twitter earlier Monday afternoon. The White House announced Oct. 6, following a call between Trump and Turkish President Recep Tayyip Erdogan, that it would pull U.S. troops out of the area. In May, the U.S.


President Donald Trump signed an executive order sanctioning Turkish officials, hiking tariffs on Turkish steel up to 50% and “immediately” halting trade negotiations with the country, Vice President Mike Pence confirmed Monday. Trump had announced the order in a lengthy statement posted to Twitter earlier Monday afternoon. The White House announced Oct. 6, following a call between Trump and Turkish President Recep Tayyip Erdogan, that it would pull U.S. troops out of the area. In May, the U.S.
Trump halts trade negotiations with Turkey, raises its steel tariffs to 50% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: kevin breuninger
Keywords: news, cnbc, companies, trade, raises, statement, syria, turkey, president, kurds, trump, trumps, negotiations, halts, steel, turkish, order, tariffs


Trump halts trade negotiations with Turkey, raises its steel tariffs to 50%

President Donald Trump signed an executive order sanctioning Turkish officials, hiking tariffs on Turkish steel up to 50% and “immediately” halting trade negotiations with the country, Vice President Mike Pence confirmed Monday. Trump had announced the order in a lengthy statement posted to Twitter earlier Monday afternoon. “This Order will enable the United States to impose powerful additional sanctions on those who may be involved in serious human rights abuses, obstructing a ceasefire, preventing displaced persons from returning home, forcibly repatriating refugees, or threatening the peace, security, or stability in Syria,” Trump’s statement read. The retaliatory measures followed Trump’s decision to order the withdrawal of all U.S. troops from Syria’s northern border with Turkey, which has enabled Turkish forces to launch an offensive against the U.S.-allied Kurdish forces in Syria. Turkey and Kurdish groups have clashed for years, and Ankara recently signaled that it planned to carry out operations against the Kurds near Syria’s northern border with Turkey. The White House announced Oct. 6, following a call between Trump and Turkish President Recep Tayyip Erdogan, that it would pull U.S. troops out of the area.

The abrupt foreign policy shift drew a rare wave of bipartisan criticism against the president, including from some of his most committed allies in Congress. Sen. Lindsey Graham, R-S.C., for instance, publicly trashed Trump’s move and announced plans to work with Democratic House Speaker Nancy Pelosi on a joint resolution to overturn the withdrawal. Spokesmen for the Kurds have accused the U.S. of having “abandoned us to a Turkish massacre.” Trump took to social media to defend himself against the torrent of criticism. He pushed back on the more hawkish voices against him, writing Sunday: “Those that mistakenly got us into the Middle East Wars are still pushing to fight.” Shortly before announcing the sanctions and tariff hikes, Trump wrote in a thread of tweets that “Anyone who wants to assist Syria in protecting the Kurds is good with me, whether it is Russia, China, or Napoleon Bonaparte.” “I hope they all do great,” Trump said of whoever might come to help the Kurds, a stateless ethnic group that was integral to helping the U.S. defeat the ISIS caliphate in the Middle East. “We are 7,000 miles away!” In May, the U.S. halved tariffs on Turkish steel imports to 25%, even as it ripped up an existing preferential trade status with the country. The import duties on Turkish steel and aluminum had originally been jacked up amid Trump’s campaign to pressure Turkey to release Pastor Andrew Brunson, an American who had been detained there on terrorism charges that he denied. Brunson was released last year. “I have been perfectly clear with President Erdogan: Turkey’s action is precipitating a humanitarian crisis and setting conditions for possible war crimes,” Trump said in the statement Monday.

“Turkey must ensure the safety of civilians, including religious and ethnic minorities, and is now, or may be in the future, responsible for the ongoing detention of ISIS terrorists in the region. Unfortunately, Turkey does not appear to be mitigating the humanitarian effects of its invasion,” the president said. “The United States will aggressively use economic sanctions to target those who enable, facilitate, and finance these heinous acts in Syria,” Trump’s statement said. “I am fully prepared to swiftly destroy Turkey’s economy if Turkish leaders continue down this dangerous and destructive path.”

Read Trump’s full statement below:


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: kevin breuninger
Keywords: news, cnbc, companies, trade, raises, statement, syria, turkey, president, kurds, trump, trumps, negotiations, halts, steel, turkish, order, tariffs


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United Auto Workers says it has countered General Motors’ latest offer

General Motors assembly workers picket outside the General Motors Bowling Green plant during the United Auto Workers national strike in Bowling Green, Kentucky, October 10, 2019. The United Auto Workers union said on Friday that it had countered General Motors’ latest offer and “if GM accepts and agrees to this group of proposals, we will have a tentative agreement.” As part of its revised offer, GM boosted the amount it plans to invest in the United States to about $9 billion from its previous


General Motors assembly workers picket outside the General Motors Bowling Green plant during the United Auto Workers national strike in Bowling Green, Kentucky, October 10, 2019. The United Auto Workers union said on Friday that it had countered General Motors’ latest offer and “if GM accepts and agrees to this group of proposals, we will have a tentative agreement.” As part of its revised offer, GM boosted the amount it plans to invest in the United States to about $9 billion from its previous
United Auto Workers says it has countered General Motors’ latest offer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: michael wayland riya bhattacharjee, michael wayland, riya bhattacharjee
Keywords: news, cnbc, companies, union, offer, latest, auto, united, uaw, negotiations, letter, sandefur, workers, motors, dittes, general, countered


United Auto Workers says it has countered General Motors' latest offer

General Motors assembly workers picket outside the General Motors Bowling Green plant during the United Auto Workers national strike in Bowling Green, Kentucky, October 10, 2019.

The United Auto Workers union said on Friday that it had countered General Motors’ latest offer and “if GM accepts and agrees to this group of proposals, we will have a tentative agreement.”

In a letter to union members, UAW Vice President Terry Dittes, who oversees the union’s GM department, said that negotiations will continue over the weekend to reach a tentative agreement.

“Brothers and Sisters, your support and perseverance has provided this entire bargaining team the energy to keep pushing and fighting for you, your families, your communities and all the working men and women in this country,” Dittes said.

General Motors urged UAW Thursday to agree to “around-the-clock” bargaining in an attempt to reach a tentative agreement and potentially end the union’s strike against the automaker, which is now in its 26th day.

In a Thursday letter obtained by CNBC, GM Vice President of North America – Labor Relations Scott Sandefur criticized the union for not promptly responding to a Monday offer from the company. He also encouraged the union to “engage in bargaining over all issues around-the-clock to get an agreement.”

“Your members and our employees’ lives are being disrupted, and they deserve our commitment to getting any remaining issues resolved as quickly as possible,” Sandefur wrote to Dittes.

Sandefur, in the letter, said the company has repeatedly urged the UAW to participate in “around-the-clock” bargaining. Since the strike began Sept. 16, negotiations have been ongoing but have mainly ended in the early-evening.

Sandefur’s letter follows another message obtained by CNBC from Dittes to Sandefur that discussed a Wednesday meeting between the union and company that included UAW President Gary Jones and GM CEO and Chairman Mary Barra, among others.

Barra, according to two people familiar with the negotiations, has been “involved” in the talks. One source said she has allowed Sandefur and others to lead the day-to-day negotiations. The Wednesday meeting is the first Barra has attended with the union leaders.

As part of its revised offer, GM boosted the amount it plans to invest in the United States to about $9 billion from its previous offer of $7 billion, a source familiar with the offer said.

Of the new total, $7.7 billion would be invested directly in GM plants, with the rest going to joint ventures including a potential battery plant near the Lordstown, Ohio, factory that has been idled, the source said.

GM stock closed up 2.6% at $35.57 on Friday.

The company said the offer also includes increased compensation through wages and one-time payments, preserving industry-leading healthcare benefits without increasing workers’ costs, enhanced profit sharing with unlimited upside and a higher ratification bonus than the $8,000 previously offered.

For temporary workers, GM said its offer would create a path to permanent employment and include a ratification bonus.

Read the full letter from Terry Dittes to union members on Friday below:


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: michael wayland riya bhattacharjee, michael wayland, riya bhattacharjee
Keywords: news, cnbc, companies, union, offer, latest, auto, united, uaw, negotiations, letter, sandefur, workers, motors, dittes, general, countered


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It’s been a crazy day for US-China trade news — here’s what we know

Investors’ heads are spinning because of a slew of conflicting headlines related to the U.S.-China trade talks. Dow Jones Industrial Average futures dropped more than 300 points overnight at one point. Stocks jumped Thursday morning after President Donald Trump said in a tweet: “Big day of negotiations with China. The sharp moves came as Wall Street braced for the latest round of U.S.-China trade talks, which were set to begin Thursday. What set off the volatile swings overnight was a report say


Investors’ heads are spinning because of a slew of conflicting headlines related to the U.S.-China trade talks. Dow Jones Industrial Average futures dropped more than 300 points overnight at one point. Stocks jumped Thursday morning after President Donald Trump said in a tweet: “Big day of negotiations with China. The sharp moves came as Wall Street braced for the latest round of U.S.-China trade talks, which were set to begin Thursday. What set off the volatile swings overnight was a report say
It’s been a crazy day for US-China trade news — here’s what we know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: fred imbert
Keywords: news, cnbc, companies, volatile, wall, trade, vice, day, white, set, uschina, negotiations, heres, morning, overnight, crazy, know


It's been a crazy day for US-China trade news — here's what we know

Investors’ heads are spinning because of a slew of conflicting headlines related to the U.S.-China trade talks.

Dow Jones Industrial Average futures dropped more than 300 points overnight at one point. By Thursday morning, however, the Dow was up more than 150 points.

Stocks jumped Thursday morning after President Donald Trump said in a tweet: “Big day of negotiations with China. They want to make a deal, but do I? I meet with the Vice Premier tomorrow at The White House.”

The sharp moves came as Wall Street braced for the latest round of U.S.-China trade talks, which were set to begin Thursday. What set off the volatile swings overnight was a report saying the much-anticipated negotiations might end earlier than expected.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: fred imbert
Keywords: news, cnbc, companies, volatile, wall, trade, vice, day, white, set, uschina, negotiations, heres, morning, overnight, crazy, know


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Trump to meet with Chinese vice premier at White House: ‘Big day of negotiations with China’

President Donald Trump said he’s meeting with Chinese Vice Premier Liu He on Friday, fueling optimism about a positive outcome from this week’s high-level trade talks. “Big day of negotiations with China. I meet with the Vice Premier tomorrow at The White House,” Trump said in a tweet on Thursday. Earlier on Thursday, Liu told Chinese state-run media Xinhua that China carries “great sincerity” for the talks this week. The New York Times also reported that the Trump administration is grant licens


President Donald Trump said he’s meeting with Chinese Vice Premier Liu He on Friday, fueling optimism about a positive outcome from this week’s high-level trade talks. “Big day of negotiations with China. I meet with the Vice Premier tomorrow at The White House,” Trump said in a tweet on Thursday. Earlier on Thursday, Liu told Chinese state-run media Xinhua that China carries “great sincerity” for the talks this week. The New York Times also reported that the Trump administration is grant licens
Trump to meet with Chinese vice premier at White House: ‘Big day of negotiations with China’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: yun li
Keywords: news, cnbc, companies, trump, talks, vice, trade, house, weeks, day, white, meet, premier, china, negotiations, week, liu, chinese


Trump to meet with Chinese vice premier at White House: 'Big day of negotiations with China'

President Donald Trump said he’s meeting with Chinese Vice Premier Liu He on Friday, fueling optimism about a positive outcome from this week’s high-level trade talks.

“Big day of negotiations with China. They want to make a deal, but do I? I meet with the Vice Premier tomorrow at The White House,” Trump said in a tweet on Thursday.

The U.S. and China have begun their principal-level negotiations in Washington on Thursday. Trump’s comment about a meeting with Liu contrasted with a report from the South China Morning Post that said the two sides made no progress in deputy-level trade talks this week and Liu will cut his visit short.

Stocks surged after the president’s tweet, rebounding from a wild overnight session sparked by the SCMP article as well as multiple other media reports.

Earlier on Thursday, Liu told Chinese state-run media Xinhua that China carries “great sincerity” for the talks this week.

“The Chinese side has come with great sincerity and is willing to make serious exchanges with the U.S. on issues of common concern such as trade balance, market access and investor protection, and promote positive progress in the consultations,” Liu said.

Still, tensions between the two economic superpowers reached a fever pitch earlier in the week. The U.S. blacklisted 28 Chinese entities over alleged human rights violations against Muslim minorities in Xinjiang, while putting visa restrictions on Chinese officials involved. China responded “stay tuned” for retaliation against the blacklist.

Bloomberg News reported overnight that the White House is working up a partial deal to suspend next week’s tariff increase in exchange for a currency pact. The New York Times also reported that the Trump administration is grant licenses for some U.S. companies to sell nonsensitive supplies to Chinese telecom giant Huawei.

The Dow was last up more than 130 points.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: yun li
Keywords: news, cnbc, companies, trump, talks, vice, trade, house, weeks, day, white, meet, premier, china, negotiations, week, liu, chinese


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Major markets in Asia rebound after report Trump may announce Huawei concessions

The Topix index finished its trading day little changed at 1,581.42. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. The trade negotiations between Washington and Beijing this week were highly anticipated. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15.


The Topix index finished its trading day little changed at 1,581.42. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. The trade negotiations between Washington and Beijing this week were highly anticipated. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15.
Major markets in Asia rebound after report Trump may announce Huawei concessions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: eustance huang
Keywords: news, cnbc, companies, trade, chinese, futures, trump, told, asia, huawei, announce, negotiations, trading, report, day, markets, concessions, major, worth, rebound


Major markets in Asia rebound after report Trump may announce Huawei concessions

Major Asian stock markets recovered from earlier lows to close higher on Thursday as investors watched for developments on the U.S.-China trade front ahead of high-level negotiations between the two economic powerhouses. Mainland Chinese stocks rose on the day, with the Shanghai composite up 0.78% to around 2,947.71 and the Shenzhen component gaining 1.38% to 9,638.10. The Shenzhen composite also advanced 1.413% to approximately 1,631.84. The New York Times reported Wednesday evening stateside that U.S. President Donald Trump’s administration is set to grant licenses that would allow American firms to sell nonsensitive supplies to Huawei. Earlier this year, the White House banned sales to the Chinese telecommunications giant, citing national security concerns. The ban was subsequently delayed by the administration to allow American firms to make other arrangements. Meanwhile, Hong Kong’s Hang Seng index was about 0.3% higher, as of its final hour of trading. Elsewhere, the Nikkei 225 in Japan rose 0.45% to close at 21,551.98. The Topix index finished its trading day little changed at 1,581.42. Core machinery orders in the country fell for the second consecutive month in August, according to Cabinet Office data on Thursday. In South Korea, however, the Kospi shed 0.88% to close at 2,028.15 as shares of automaker Hyundai Motor fell 2.32%. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. Overall, the MSCI Asia ex-Japan index was 0.18% higher. Markets in Taiwan were closed on Thursday for a holiday.

US-China trade talks

Investors are monitoring chatter on U.S.-China trade talks, which are set to begin Thursday stateside amid a series of rapid developments. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. In discussions that were held earlier in the week, China refused to discuss the issue of forced technology transfers, the report said. The SCMP report also said that high-level trade negotiations including Chinese Vice Premier Liu He would be cut to one day now, with the delegation from Beijing set to leave Washington on Thursday instead of Friday as originally planned. For its part, a White House spokesperson told CNBC’s Kayla Tausche: “We are not aware of a change in the Vice Premier’s travels plans at this time.” A senior administration official also told Tausche that Liu is still scheduled to depart on Friday evening. The trade negotiations between Washington and Beijing this week were highly anticipated. The two largest economies have struggled to reach a deal to end their trade war that has now lasted for more than a year. Washington and Beijing have slapped tariffs on billions of dollars worth of each other’s goods. “As of right now, [Pres. Trump] has not made up his mind because he does not know what they’re going to offer,” a senior official said. A principal in the negotiations later told CNBC, however, that Friday’s session is now an “open question.” Bloomberg News also reported overnight that the U.S was considering an agreement to suspend next week’s tariff increase in exchange for a currency pact. The U.S. previously announced it will increase duties on $250 billion worth of Chinese goods from 25% to 30% on October 15. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15. “The prize for some sort of trade deal today — no matter how trivial — will be to avoid the implementation of further tariffs,” Robert Carnell, chief economist and head of research for Asia Pacific at ING, wrote in a note. “I think that a ‘nothing achieved’ outcome from today’s talks would return markets to a risk-off mode fairly quickly,” Carnell said. One political science expert told CNBC on Thursday that he was “quite pessimistic about a quick resolution” being reached from the negotiations. “What happens is that there is sort of a truce in the trade talks,” Pushan Dutt, professor of economics and political science at INSEAD, told CNBC on Thursday. “Markets get lulled into expecting that … good things will happen, then along comes a tweet or a tirade and then we’re back int his position of escalating tariffs and tit-for-tat tariffs.”

Asia-Pacific Market Indexes Chart

U.S. stock futures saw wild trading following the SCMP report, with Dow Jones Industrial Average futures plunging more than 300 points at one point. They later saw a recovery from those lows as more developments emerged. As of 2:52 a.m. ET Thursday, futures pointed to an opening decline of 22.01 points for the Dow. S&P 500 and Nasdaq-100 futures also pointed to slight declines for the two indexes at Thursday’s open on Wall Street.

Currencies and oil


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: eustance huang
Keywords: news, cnbc, companies, trade, chinese, futures, trump, told, asia, huawei, announce, negotiations, trading, report, day, markets, concessions, major, worth, rebound


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‘You don’t do these things prior to negotiations,’ ex-diplomat says of US actions against China

A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018. The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday. Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday. Max Baucus, former U.S. ambassador to China from February 20


A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018. The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday. Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday. Max Baucus, former U.S. ambassador to China from February 20
‘You don’t do these things prior to negotiations,’ ex-diplomat says of US actions against China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: yen nee lee abigail ng, yen nee lee, abigail ng
Keywords: news, cnbc, companies, street, chinese, signs, taken, exdiplomat, prior, things, negotiations, china, tone, told, actions, dont, set, trade


'You don't do these things prior to negotiations,' ex-diplomat says of US actions against China

A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018.

The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday.

The Trump administration on Tuesday placed visa restrictions on Chinese officials it “believed to be responsible for, or complicit in, the detention and abuse of” Muslim minorities in China’s northwestern Xinjiang region. That followed a Monday move to blacklist 28 Chinese companies alleged to be involved in surveillance and detention of minority groups in China.

Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday.

“You don’t do these things prior to negotiations. It does not set a good tone, that’s tactically. Strategically, all these actions — I think — are causing the Chinese to wonder: ‘What is the US’ real motive here?'” Max Baucus, former U.S. ambassador to China from February 2014 to January 2017, told CNBC’s “Street Signs Asia.”

Baucus, also a former Democratic senator from Montana, said the U.S. actions could simply be posturing ahead of the planned trade talks to get a better deal from China. But, “China will not be bluffed,” he added.

Taimur Baig, chief economist at DBS Group Research, echoed that sentiment. “There are ways of putting pressure — back channel diplomacy, implicit threats and so on, but this is very explicit (and) very noisy,” he told CNBC’s “Street Signs Asia.”

“The … potential loss of face for the Chinese is massive. I can’t imagine anybody rationally expecting a constructive outcome out of this,” he added. Baig also said the timing of the U.S. move “could not be worse” and it would “definitely backfire.”

Beijing, in response to the U.S. blacklist of Chinese firms, said it urges the U.S. to “stop interfering” in its internal affairs and suggested that it would retaliate against the American move.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: yen nee lee abigail ng, yen nee lee, abigail ng
Keywords: news, cnbc, companies, street, chinese, signs, taken, exdiplomat, prior, things, negotiations, china, tone, told, actions, dont, set, trade


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Stocks in Asia decline amid US-China trade uncertainty

Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the t


Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the t
Stocks in Asia decline amid US-China trade uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, decline, uschina, washington, stocks, asia, negotiations, shares, tech, dropped, tariffs, uncertainty, amid, trade


Stocks in Asia decline amid US-China trade uncertainty

Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. The Shenzhen composite also slipped 0.347%. Hong Kong’s Hang Seng index shed 0.68% as shares of Chinese tech behemoth Tencent dropped 1.24%. The Nikkei 225 in Japan slipped 0.64% while the Topix index shed 0.42%. In Australia, the S&P/ASX 200 declined 0.7% as most of the sectors traded lower. Overall, the MSCI Asia ex-Japan index shed 0.57%. Markets in South Korea are closed on Wednesday for a holiday.

Apple suppliers fall

Shares of Apple suppliers in Asia largely declined following criticism from Chinese state media on the U.S. tech giant’s decision to allow an app on its app store used by protestors in Hong Kong. The app in question, HKmap.live, tracks the movement of police around the city. In Japan, shares of Sharp dropped 2.63% while Murata Manufacturing rose 0.11%. Sunny Optical shares in Hong Kong plunged 3% as AAC Tech also fell 3.26%. Contract manufacturer Pegatron’s stock fell 1.27%, as did shares of Taiwan Semiconductor Manufacturing Company, which was down 1.22%. iPhone assembler Hon Hai Precision Industry, better known as Foxconn, also dropped 0.81%. Shares of China-based Luxshare and GoerTek fell 5.08% and 4.09%, respectively. Both companies assemble Apple’s AirPods.

US-China tensions

Investors watch for market reaction to overnight developments in U.S.-China tensions. Washington expanded its trade blacklist to include some of China’s top artificial intelligence firms on Monday, in response to Beijing’s alleged treatment of predominantly Muslim ethnic minorities. For its part, China’s Ministry of Commerce said the U.S. should “stop interfering” in the country’s internal affairs and “remove” the relevant entities from the list “as soon as possible.” Those latest developments cloud the outlook for the upcoming U.S.-China trade negotiations, set to kick off on Thursday amid the looming prospect of more tariffs from Washington on goods from Beijing. The White House has scheduled an increase in U.S. tariffs on $250 billion worth of Chinese goods to 30% from 25% on Oct. 15. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the trade negotiations with China are definitely not getting any closer to resolution. If anything, they’re getting further away,” Carl Tannenbaum, chief economist at Northern Trust, told CNBC’s “Squawk Box” on Wednesday. “The two sides — even though there are still negotiations scheduled for Thursday of this week in Washington — seem to be taking steps on both sides to distance themselves from one another,” Tannenbaum added. “In that context, the trade headwind that the economy has been facing around the world is certainly going to remain there if not intensify.” The protracted trade fight between the U.S. and China has already lasted for more than a year, with both parties slapping tariffs on billions of dollars worth of each other’s goods, denting investor sentiment and raising fears over the outlook for the global economy.

Asia-Pacific Market Indexes Chart

Overnight on Wall Street, stocks tumbled amid the dented hopes for a U.S.-China trade deal. The Dow Jones Industrial Average plunged 313.98 points to close at 26,164.04 while the S&P 500 slipped 1.6% to end its trading day stateside 2,893.06. The Nasdaq Composite dropped 1.7% to close at 7,823.78.

Currencies and oil


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, decline, uschina, washington, stocks, asia, negotiations, shares, tech, dropped, tariffs, uncertainty, amid, trade


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China ready to discuss a partial trade deal and will increase US agricultural purchases, reports say

U.S. stock futures pushed higher Wednesday morning after a report suggested that Beijing is willing to discuss a partial trade deal with Washington. Bloomberg reported, citing an official with direct knowledge of the negotiations, that China is willing to talk about a possible agreement as long as no more tariffs are imposed by the President Donald Trump administration — including planned levies due this month and in December. The report added that Beijing would offer non-core concessions like p


U.S. stock futures pushed higher Wednesday morning after a report suggested that Beijing is willing to discuss a partial trade deal with Washington. Bloomberg reported, citing an official with direct knowledge of the negotiations, that China is willing to talk about a possible agreement as long as no more tariffs are imposed by the President Donald Trump administration — including planned levies due this month and in December. The report added that Beijing would offer non-core concessions like p
China ready to discuss a partial trade deal and will increase US agricultural purchases, reports say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: matt clinch
Keywords: news, cnbc, companies, officials, deal, vice, purchases, report, discuss, trade, ready, willing, china, trump, reports, partial, increase, negotiations, official, washington, say, secretary


China ready to discuss a partial trade deal and will increase US agricultural purchases, reports say

Trade talks in Washington involving Commerce Secretary Wilbur Ross (from right), U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, Director of the National Economic Council Larry Kudlow and other Trump administration officials sit down with Chinese Vice Premier Liu He (from left), Central Bank Governor Yi Gang (2nd left) and other Chinese vice ministers and senior officials on Jan. 30, 2019.

U.S. stock futures pushed higher Wednesday morning after a report suggested that Beijing is willing to discuss a partial trade deal with Washington.

Bloomberg reported, citing an official with direct knowledge of the negotiations, that China is willing to talk about a possible agreement as long as no more tariffs are imposed by the President Donald Trump administration — including planned levies due this month and in December.

The report added that Beijing would offer non-core concessions like purchases of agricultural products in return, but not budge on major sticking points between the two nations.

The unnamed official said negotiators were not optimistic about securing a broad agreement that would fully end the trade conflict between the world’s two largest economies. Both sides are set for high-level trade negotiations in Washington on Thursday.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: matt clinch
Keywords: news, cnbc, companies, officials, deal, vice, purchases, report, discuss, trade, ready, willing, china, trump, reports, partial, increase, negotiations, official, washington, say, secretary


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Marco Rubio says Chinese firms should be delisted from US exchanges if they don’t follow securities laws

Chinese companies should be delisted from American exchanges if they don’t follow U.S. securities laws, Sen. Marco Rubio told CNBC on Tuesday. Delisting Chinese companies has “nothing to do with trade,” the Florida Republican said on “Squawk Alley,” referring to trade negotiations between the U.S. and China. “This is a national security and human rights matter.” Proponents say it would reduce irregularities seen from U.S.-listed Chinese companies, some of which don’t follow the same regulatory r


Chinese companies should be delisted from American exchanges if they don’t follow U.S. securities laws, Sen. Marco Rubio told CNBC on Tuesday. Delisting Chinese companies has “nothing to do with trade,” the Florida Republican said on “Squawk Alley,” referring to trade negotiations between the U.S. and China. “This is a national security and human rights matter.” Proponents say it would reduce irregularities seen from U.S.-listed Chinese companies, some of which don’t follow the same regulatory r
Marco Rubio says Chinese firms should be delisted from US exchanges if they don’t follow securities laws Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, companies, security, sen, marco, firms, negotiations, laws, american, delisted, follow, dont, told, exchanges, trade, securities, rubio, chinese, national, china


Marco Rubio says Chinese firms should be delisted from US exchanges if they don't follow securities laws

Chinese companies should be delisted from American exchanges if they don’t follow U.S. securities laws, Sen. Marco Rubio told CNBC on Tuesday.

Delisting Chinese companies has “nothing to do with trade,” the Florida Republican said on “Squawk Alley,” referring to trade negotiations between the U.S. and China. “This is a national security and human rights matter.”

Rubio, who ran for president in 2016, and Democratic Sen. Kirsten Gillibrand of New York, who dropped out of the 2020 presidential race, are co-sponsors of a bill to increase oversight of Chinese and other foreign companies listed on American stock exchanges. The legislation calls for delisting firms that are out of compliance with U.S. regulators for a period of three years.

Proponents say it would reduce irregularities seen from U.S.-listed Chinese companies, some of which don’t follow the same regulatory rules as American companies.

Opinion: Federal retirement savings should not fund China’s Communist Party

The bill comes as the U.S. and China are set to resume high-level trade negotiations later this week. Multiple outlets reported last month that the Trump administration was exploring ways to limit U.S. investments in China, including a plan to stop Chinese companies listing on American exchanges.

However, White House chief economic advisor Larry Kudlow told reporters on Monday that delisting Chinese firms was “not on the table.”

Rubio denied the legislation was aimed at the trade dispute, saying, “Trade deals are not very good if they require you to give in or jeopardize your national security or your values as a nation.”

He added: “Our capital markets are the deepest and most liquid in the world. But we have high standards for disclosure and transparency.”


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, companies, security, sen, marco, firms, negotiations, laws, american, delisted, follow, dont, told, exchanges, trade, securities, rubio, chinese, national, china


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