Trump team and Congress spar over nuclear energy transfers to Saudis

The kingdom is currently reviewing bids from international companies to build two nuclear reactors. U.S. nuclear energy exports to Saudi Arabia have become a flashpoint in the dispute. He said the “secret” Part 810 authorizations appear to be part of the administration’s efforts to evade Congress and provide substantial nuclear technology and aid to the Saudis. On Thursday evening, the Department of Energy confirmed that Secretary Rick Perry has issued seven Part 810 authorizations to export nuc


The kingdom is currently reviewing bids from international companies to build two nuclear reactors. U.S. nuclear energy exports to Saudi Arabia have become a flashpoint in the dispute. He said the “secret” Part 810 authorizations appear to be part of the administration’s efforts to evade Congress and provide substantial nuclear technology and aid to the Saudis. On Thursday evening, the Department of Energy confirmed that Secretary Rick Perry has issued seven Part 810 authorizations to export nuc
Trump team and Congress spar over nuclear energy transfers to Saudis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: tom dichristopher, saul loeb, afp, getty images, mary catherine wellons, -thomas countryman, arms control association, chair of board of directors
Keywords: news, cnbc, companies, state, team, nuclear, 810, spar, trump, information, congress, saudi, energy, authorizations, reactors, transfers, companies, saudis


Trump team and Congress spar over nuclear energy transfers to Saudis

“It’s unlikely that these would have contained any sensitive information that would be helpful if the Saudi intention was to pursue nuclear weapons.”

The kingdom is currently reviewing bids from international companies to build two nuclear reactors. Westinghouse is leading the U.S. consortium competing for the contract against companies from China, France, Russia and South Korea.

U.S. companies need so-called Part 810 authorizations from the Energy and State departments to share non-public information as they attempt to convince the Saudis to choose American reactors and other services.

“I would speculate that they are much more about information and consulting services that would be valuable for a government that is going to make a decision in this field for the first time,” said Thomas Countryman, the former assistant secretary of State for international security and nonproliferation under President Barack Obama.

“It’s unlikely that these would have contained any sensitive information that would be helpful if the Saudi intention was to pursue nuclear weapons,” said Countryman, now the chair of the board of directors at the Arms Control Association.

Still, the export permissions are becoming public amid a standoff between Capitol Hill and the White House over U.S. relations with Saudi Arabia in the wake of Washington Post columnist Jamal Khashoggi’s killing by Saudi agents last fall.

Congress has sought to hold the kingdom’s powerful crown prince Mohammed bin Salman responsible for Khashoggi’s death. But President Donald Trump has stuck by his allies in Riyadh and cast doubt on the CIA’s assessment that the 33-year-old royal had a hand in the killing.

U.S. nuclear energy exports to Saudi Arabia have become a flashpoint in the dispute. While the Trump administration wants American companies to build the reactors, many lawmakers now say Saudi Arabia cannot be trusted with nuclear technology.

Rep. Brad Sherman, Democrat of California, suggested during a congressional hearing with Secretary of State Mike Pompeo on Wednesday that the transfers could put the Saudis on a path to developing nuclear weapons. He said the “secret” Part 810 authorizations appear to be part of the administration’s efforts to evade Congress and provide substantial nuclear technology and aid to the Saudis.

On Thursday evening, the Department of Energy confirmed that Secretary Rick Perry has issued seven Part 810 authorizations to export nuclear energy technology and services to Saudi Arabia.

The companies that received those authorizations opted not to disclose them to the public, fueling accusations of secret dealings.

Keeping the authorizations secret has only added to the considerable suspicions that Congress has about the Trump administration’s negotiations with the Saudis, said Countryman. He also believes the Trump administration has failed to adequately notify Congress of progress on nuclear cooperation with the kingdom.

“If there is a smart deal to be made with the Saudis for selling U.S. reactors, and if you want to see it supported by Congress, you have to go the route of transparency versus secrecy,” Countryman said.

But it’s not unusual for companies to exercise the option to keep their authorizations private. A recent study for the Nuclear Innovation Alliance showed that between 2008 and 2013, companies often chose not to disclose their Part 810 agreements.

Total part 810 authorizations (orange) vs. authorizations made public (blue)

Nor is it unusual for an administration to grant Part 810 authorizations prior to a formal agreement to sell nuclear equipment, says Matt Bowen, the author of the study and a former Energy Department official during the Obama administration.

“The 810 is kind of sticking the toe in the water for these conversations responding to power reactor requests for information,” said Bowen, who served as associate deputy assistant secretary in the Office of Nuclear Energy from 2015 to 2017.

“To actually sell and build a U.S. reactor in another country would involve additional agreements and licensing decisions on the part of the U.S. government.”

That includes a 123 Agreement, which the U.S. must reach with a foreign government before American companies can sell nuclear material, equipment and components overseas. These agreements are not uniform, but they do contain nine requirements meant to assure U.S. nuclear technology is only used for peaceful purposes.

The State Department recently announced it will expand cooperation with countries pursuing atomic energy long before they’re ready to sign a 123 Agreement. The new policy aims to counter Russia and China’s aggressive nuclear energy deal-making as more nations around the world consider importing reactors.


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: tom dichristopher, saul loeb, afp, getty images, mary catherine wellons, -thomas countryman, arms control association, chair of board of directors
Keywords: news, cnbc, companies, state, team, nuclear, 810, spar, trump, information, congress, saudi, energy, authorizations, reactors, transfers, companies, saudis


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PayPal users can now transfer funds instantly to their bank accounts

PayPal users can now transfer money from the app to their bank accounts in real time. PayPal, parent company of peer-to-peer payments app Venmo, announced “Instant Transfer” on Tuesday for users who typically need to wait at least one business day for those funds to land in their bank. Growth in that product, along with “Funds Now,” another way for businesses to instantly access cash, spurred the need for the instant transfer function, Ready said. Standard Venmo transfers to a bank, which take a


PayPal users can now transfer money from the app to their bank accounts in real time. PayPal, parent company of peer-to-peer payments app Venmo, announced “Instant Transfer” on Tuesday for users who typically need to wait at least one business day for those funds to land in their bank. Growth in that product, along with “Funds Now,” another way for businesses to instantly access cash, spurred the need for the instant transfer function, Ready said. Standard Venmo transfers to a bank, which take a
PayPal users can now transfer funds instantly to their bank accounts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: kate rooney, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, bank, users, instantly, money, businesses, accounts, instant, ready, funds, transfers, company, payments, venmo, paypal, transfer, access


PayPal users can now transfer funds instantly to their bank accounts

PayPal users can now transfer money from the app to their bank accounts in real time.

PayPal, parent company of peer-to-peer payments app Venmo, announced “Instant Transfer” on Tuesday for users who typically need to wait at least one business day for those funds to land in their bank.

“We wanted to continue rolling out additional solutions that make it faster for people and businesses to get access to their money,” PayPal Chief Operating Officer Bill Ready said in a blog post.

The new function is a result of a partnership with J.P. Morgan Chase. Through that relationship, PayPal is able to access the Real Time Payments network from The Clearing House and enable those transfers immediately.

The instant-transfer feature is already rolling out to PayPal customers in the U.S., and should be available to businesses in coming weeks with international expansion “expected in the near future,” according to PayPal. Venmo users will get the function “in the near future.” The company began offering instant deposit for debit cards two years ago. Growth in that product, along with “Funds Now,” another way for businesses to instantly access cash, spurred the need for the instant transfer function, Ready said.

“The technology has gotten faster but in many ways money access has gotten slower, which is perplexing in many ways,” Ready told CNBC’s “Squawk Box” on Tuesday. “With this, you can now spend that right away when you get paid.”

Ready said Tuesday’s announcement should be more meaningful for small businesses, which don’t always have a debit card linked to their account.

PayPal has been continuously moving into more traditional areas of banking like lending to small businesses. It and other tech companies are becoming increasingly popular options for borrowers who want to cut down on paperwork and access funds more quickly.

“Getting faster access to money is becoming more and more critical for most people, especially as the global workforce is evolving and an increase in less traditional and more entrepreneurial jobs means people have potentially less stable and more variable incomes,” said Ready, former CEO of Braintree, which originally acquired Venmo. PayPal later acquired BrainTree in 2013, bringing Venmo under the PayPal umbrella.

Despite its bank-like offerings, PayPal is not FDIC-insured like one. It has money-transmitter licenses across different states and partners with The Bancorp Bank, which holds customers’ deposits. The partnership model is a common setup for fintech companies that don’t have their own bank charter.

The company did not say whether it would charge a premium for the instant deposit function. Standard Venmo transfers to a bank, which take about a day, are free.

Venmo has been a bright spot for the payments company. PayPal saw $19 billion in payments volume through Venmo in the fourth quarter — an 80 percent increase year over year. The fintech company is on track to do another $100 billion in payment volume through Venmo this year. But the app has yet to break even and start making money for its parent company. That monetization effort has been a major focus for Wall Street analysts that cover PayPal.

Correction: This story was revised to correct that instant transfers are only available for PayPal customers immediately. Instant transfers for Venmo will be rolled out in the near future.

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Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: kate rooney, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, bank, users, instantly, money, businesses, accounts, instant, ready, funds, transfers, company, payments, venmo, paypal, transfer, access


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It’s looking like a US-China trade deal is near — and Beijing will get everything it wanted

What are those enforceable structural reforms the U.S. wants China to implement? One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules. Beiji


What are those enforceable structural reforms the U.S. wants China to implement? One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules. Beiji
It’s looking like a US-China trade deal is near — and Beijing will get everything it wanted Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-18  Authors: dr michael ivanovitch, thomas peter, pool, getty images
Keywords: news, cnbc, companies, industry, uschina, wanted, wants, wto, chinas, near, trade, deal, looking, beijing, washington, china, transfers, apparently


It's looking like a US-China trade deal is near — and Beijing will get everything it wanted

How? Trump was apparently (ill) advised that China’s readiness to reduce the bilateral trade imbalance won’t be enough. No, Washington needed to impose on China enforceable structural reforms. Without that, as has been frequently repeated by U.S. Commerce Secretary Wilbur Ross, China’s destabilizing trade surpluses would be back in no time.

What are those enforceable structural reforms the U.S. wants China to implement?

Essentially, there are three: the protection of intellectual property, the outlawing of forced technology transfers and the cessation of illegal, market-distorting industry subsidies.

China denies any of those violations, leading to an apparently insurmountable stalemate.

It was obvious that China would not accept the claim that its economic and industrial revival was based on decades of intellectual property theft and coerced technology transfers. Beijing says that’s slander and part of Washington’s attempts to smear and contain China.

One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. Reportedly, China would make its industry subsidies compliant with the relevant rules of the World Trade Organization, but it is not willing to discuss that with Washington. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. The U.S. can participate in those deliberations as any other WTO member.

Washington finds that unacceptable because it wants to keep the “enforcement control” as a trigger for trade tariffs in case it determines that China violated agreed-upon industry subsidy rules.

That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules.

Those breakdown lines in a months-long technical dialogue are clear and simple. They leave nothing for the American and Chinese heads of state and government to talk about. Beijing seems to understand that, but Washington apparently believes it can still bring China into its own world.

That is an appalling ignorance of China’s statecraft.


Company: cnbc, Activity: cnbc, Date: 2019-02-18  Authors: dr michael ivanovitch, thomas peter, pool, getty images
Keywords: news, cnbc, companies, industry, uschina, wanted, wants, wto, chinas, near, trade, deal, looking, beijing, washington, china, transfers, apparently


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It’s looking like a US-China trade deal is near — and Beijing will get everything it wanted

What are those enforceable structural reforms the U.S. wants China to implement? One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules. Beiji


What are those enforceable structural reforms the U.S. wants China to implement? One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules. Beiji
It’s looking like a US-China trade deal is near — and Beijing will get everything it wanted Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-18  Authors: dr michael ivanovitch, thomas peter, pool, getty images
Keywords: news, cnbc, companies, industry, uschina, wanted, wants, wto, chinas, near, trade, deal, looking, beijing, washington, china, transfers, apparently


It's looking like a US-China trade deal is near — and Beijing will get everything it wanted

How? Trump was apparently (ill) advised that China’s readiness to reduce the bilateral trade imbalance won’t be enough. No, Washington needed to impose on China enforceable structural reforms. Without that, as has been frequently repeated by U.S. Commerce Secretary Wilbur Ross, China’s destabilizing trade surpluses would be back in no time.

What are those enforceable structural reforms the U.S. wants China to implement?

Essentially, there are three: the protection of intellectual property, the outlawing of forced technology transfers and the cessation of illegal, market-distorting industry subsidies.

China denies any of those violations, leading to an apparently insurmountable stalemate.

It was obvious that China would not accept the claim that its economic and industrial revival was based on decades of intellectual property theft and coerced technology transfers. Beijing says that’s slander and part of Washington’s attempts to smear and contain China.

One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. Reportedly, China would make its industry subsidies compliant with the relevant rules of the World Trade Organization, but it is not willing to discuss that with Washington. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. The U.S. can participate in those deliberations as any other WTO member.

Washington finds that unacceptable because it wants to keep the “enforcement control” as a trigger for trade tariffs in case it determines that China violated agreed-upon industry subsidy rules.

That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules.

Those breakdown lines in a months-long technical dialogue are clear and simple. They leave nothing for the American and Chinese heads of state and government to talk about. Beijing seems to understand that, but Washington apparently believes it can still bring China into its own world.

That is an appalling ignorance of China’s statecraft.


Company: cnbc, Activity: cnbc, Date: 2019-02-18  Authors: dr michael ivanovitch, thomas peter, pool, getty images
Keywords: news, cnbc, companies, industry, uschina, wanted, wants, wto, chinas, near, trade, deal, looking, beijing, washington, china, transfers, apparently


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Beijing says latest US-China trade talks were extensive, made progress on forced tech transfers

In a Thursday morning statement, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a foundation for the resolution of each others’ concerns. Both parties, the Beijing ministry said, agreed to maintain close contact. The talks lasted for three days in Beijing — one day longer than had been previously announced, which analysts said indicated the discussions were making some progress. He added that the structural issues that made pro


In a Thursday morning statement, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a foundation for the resolution of each others’ concerns. Both parties, the Beijing ministry said, agreed to maintain close contact. The talks lasted for three days in Beijing — one day longer than had been previously announced, which analysts said indicated the discussions were making some progress. He added that the structural issues that made pro
Beijing says latest US-China trade talks were extensive, made progress on forced tech transfers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: everett rosenfeld, thomas peter
Keywords: news, cnbc, companies, transfers, talks, sides, president, held, tech, trade, issues, beijing, chinese, ministry, progress, uschina, statement, latest, extensive, forced


Beijing says latest US-China trade talks were extensive, made progress on forced tech transfers

In a Thursday morning statement, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a foundation for the resolution of each others’ concerns.

Both parties, the Beijing ministry said, agreed to maintain close contact.

Here’s the full three-sentence statement, as translated from Chinese by CNBC:

From Jan. 7 to 9, China and the U.S. held discussions in Beijing at a vice-ministerial level over the issue of trade. Both sides enthusiastically implemented the important agreement of the heads of both countries, and held broad, deep and meticulous discussions on shared observations on trade issues and structural problems, laying the foundation for addressing areas of common concern. Both sides agreed to continue to keep in close contact.

The U.S. side had issued its own statement earlier in the day, noting a long list of outstanding issues, but also recognizing that China had pledged to purchase “a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States.”

The talks lasted for three days in Beijing — one day longer than had been previously announced, which analysts said indicated the discussions were making some progress.

Gao Feng, a spokesman for China’s Commerce Ministry, said Thursday afternoon that the length of the meeting indicated that both sides were serious and honest. He added that the structural issues that made progress during the talks included forced tech transfers and the protection of intellectual property rights.

Another signal that experts cheered: China’s top trade negotiator Liu He reportedly stopped by the negotiating room on Monday, which was unexpected given that the talks were just meant to be held at the vice-ministerial level.

During a Chinese foreign ministry briefing on Monday, spokesperson Lu Kang said that “China is sincere about properly resolving trade frictions on the basis of mutual respect, equality, mutual benefit and reciprocity,” according to an official translation. He would not confirm a media report saying Chinese Vice President Wang Qishan will meet with US President Trump during the World Economic Forum’s 2019 Annual Meeting in Davos, Switzerland.

In early December, U.S. President Donald Trump and Chinese President Xi Jinping agreed to a temporary ceasefire, giving both sides until March to reach some agreement on trade and issues such as the forced transfer of technology.

Trade tensions between the world’s two largest economies escalated last year, putting global stock markets on edge. The U.S. announced tariffs on $250 billion worth of Chinese goods, while Beijing countered with its own.

—CNBC’s Evelyn Cheng and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: everett rosenfeld, thomas peter
Keywords: news, cnbc, companies, transfers, talks, sides, president, held, tech, trade, issues, beijing, chinese, ministry, progress, uschina, statement, latest, extensive, forced


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China is reportedly considering a law to crack down on forced tech transfers

China is reportedly considering a new law on foreign investment that would emphasize the illegality of forced tech transfers — the practice of which has been a major complaint from Washington amid the ongoing tariff battle between the world’s two largest economies. The draft law has been interpreted by some as a move from Beijing to address complaints raised by the U.S. and others about the way China treats foreign firms hoping to do business in the country. China has long maintained that forced


China is reportedly considering a new law on foreign investment that would emphasize the illegality of forced tech transfers — the practice of which has been a major complaint from Washington amid the ongoing tariff battle between the world’s two largest economies. The draft law has been interpreted by some as a move from Beijing to address complaints raised by the U.S. and others about the way China treats foreign firms hoping to do business in the country. China has long maintained that forced
China is reportedly considering a law to crack down on forced tech transfers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: harini v, feng li, getty images news, getty images
Keywords: news, cnbc, companies, considering, property, technology, caixin, foreign, tech, transfer, law, crack, china, transfers, forced, draft, firms, reportedly


China is reportedly considering a law to crack down on forced tech transfers

China is reportedly considering a new law on foreign investment that would emphasize the illegality of forced tech transfers — the practice of which has been a major complaint from Washington amid the ongoing tariff battle between the world’s two largest economies.

Multiple local outlets reported on the under-consideration law, and Beijing-based news agency Caixin said Sunday the current draft calls for the prohibition of local governments “forcing foreign businesses to transfer technology or illegally restrict(ing) their market access.”

The draft law has been interpreted by some as a move from Beijing to address complaints raised by the U.S. and others about the way China treats foreign firms hoping to do business in the country. Those grievances, coupled with a giant trade imbalance between the two global super powers, have led to the ongoing tariff battle that’s roiled global markets.

China has long maintained that forced tech transfers are against its policy — and do not occur whatsoever — yet foreign business and government groups say the practice has continued nevertheless. A new law from the country’s central authority may do little to quell concerns about what many describe as a regime of unwritten rules that force companies’ hands.

“A broad range of experts and market observers agree that China has repeatedly forced foreign multinational corporations (MNCs) to transfer technology to indigenous firms as a condition for market access and that China has persistently failed to protect the intellectual property of foreign firms doing business in China,” Lee Branstetter, Carnegie Mellon University professor of economics and public policy, wrote in a June policy brief for the Peterson Institute for International Economics.

The draft of the proposed legislation also said foreign businesses could transfer profits made in China out of the country freely and that their intellectual property would be protected, Caixin reported. In fact, according to the news agency, the law speaks of treating foreign companies and domestic firms equally unless they are operating in certain areas specified on a “negative list.”

If the draft is eventually signed into law, it could replace three existing laws regarding Chinese-foreign equity joint ventures, contractual joint ventures and wholly foreign-owned enterprises, the Caixin report said, citing other state media outlets.

Washington and Beijing are currently attempting to negotiate an agreement to their trade war, and have promised to hold off on applying new tariffs to goods coming from the other country until the beginning of March.

U.S. President Donald Trump and Chinese President Xi Jinping had agreed to negotiate structural changes with respect to forced technology transfer and intellectual property protection, the White House statement said in a statement about the ceasefire.

Read more about China’s draft law on foreign investment in the Caixin report.

— Reuters and CNBC’s Yen Nee Lee contributed to this article.


Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: harini v, feng li, getty images news, getty images
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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
There may be more at stake than just trade concessions in the US-China tariff battle Cached Page below :
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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The US needs to clean up its monetary excesses and twin deficits

It’s something like the German Bundesbank before the monetary union, where no German politician would dare talk about the monetary policy, and where it would be unthinkable that a Buba official would ever publicly urge higher inflation rates. Normally, fiscal and monetary policies must be closely coordinated to deliver a noninflationary policy mix for a steady and sustainable growth. A benign neglect of trade deficits is an equally serious policy blunder. They are wealth transfers to trade partn


It’s something like the German Bundesbank before the monetary union, where no German politician would dare talk about the monetary policy, and where it would be unthinkable that a Buba official would ever publicly urge higher inflation rates. Normally, fiscal and monetary policies must be closely coordinated to deliver a noninflationary policy mix for a steady and sustainable growth. A benign neglect of trade deficits is an equally serious policy blunder. They are wealth transfers to trade partn
The US needs to clean up its monetary excesses and twin deficits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: dr michael ivanovitch, mandel ngan, afp, getty images
Keywords: news, cnbc, companies, debt, xi, transfers, trade, deficits, policy, twin, washington, excesses, clean, american, monetary, needs, chinese


The US needs to clean up its monetary excesses and twin deficits

Price stability is a precious public good — a situation where investment decisions and contractual relationships are made under assumptions of stable prices, because the monetary authorities are trusted to deliver a stable purchasing power of the currency they manage. It’s something like the German Bundesbank before the monetary union, where no German politician would dare talk about the monetary policy, and where it would be unthinkable that a Buba official would ever publicly urge higher inflation rates.

Fiscal policies are a question of national priorities. The U.S. debt and deficit numbers are clear — and they are not good. Budget constraints must be respected. There is a political and market sanction if they are not. The Fed’s independence also means that it should never validate unreasonable fiscal policy choices. Normally, fiscal and monetary policies must be closely coordinated to deliver a noninflationary policy mix for a steady and sustainable growth.

A benign neglect of trade deficits is an equally serious policy blunder. Those deficits are a subtraction from American GDP. They are wealth transfers to trade partners and sources of American foreign debt because deficits have to be covered by U.S. debt instruments in exchange for foreign savings.

For almost two years, Washington has been in a virtual state of siege because the Chinese, the Japanese and the Europeans don’t care about threats and taunts. Those economies are piling on their U.S. trade surpluses with abandon.

It should not take a dinner on Argentinian beef and a big delegation to convince the Chinese president to do “something” about his soaring U.S. trade surpluses. Xi knows he has a $400 billion trade problem with the U.S., and he knows that he needs to get that down. But Xi has been given a wonderful grace period because he has to negotiate Washington’s requests to stop forced technology transfers, illegal intellectual property acquisitions, illegal export subsidies, etc.

The solution here is simple. Washington should ask Beijing for a prompt reduction of its trade deficit. How China does that is its own choice.

Think it can’t actually be done that way? Well, in the first nine months of this year, South Korea slashed its U.S. trade surplus 22.3 percent, after a 17 percent cut for last year as a whole. That is a respectful gesture of a true friend and ally: A 39.3 percent surplus cut since U.S. President Donald Trump took office.

The others can do that too, but the truth is the Chinese, the Japanese and the Europeans don’t want to do it.

And the U.S. should not leave it to the Chinese to change the structural problems. American companies should be prohibited from allowing forced technology transfers, or other forms of intellectual property thefts. Cyber-enabled thefts should be dealt with appropriate technologies that America has. Bilateral market access and investment practices should be matters of strict reciprocity, or as a Scorsese drama character would put it: “Same to you, fellas.”


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: dr michael ivanovitch, mandel ngan, afp, getty images
Keywords: news, cnbc, companies, debt, xi, transfers, trade, deficits, policy, twin, washington, excesses, clean, american, monetary, needs, chinese


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US, China downplay major tech issues in temporary trade deal at G-20

Two contentious issues were notably downplayed in the deal between President Donald Trump and President Xi Jinping at the G-20 summit over the weekend: China’s alleged practice of forcing technology transfers and apparent theft of intellectual property from American companies. U.S. concerns over forced technology transfers in China, intellectual property violations and cyber-crime issues will likely become a central focus going forward, as trade negotiations between both countries continue, expe


Two contentious issues were notably downplayed in the deal between President Donald Trump and President Xi Jinping at the G-20 summit over the weekend: China’s alleged practice of forcing technology transfers and apparent theft of intellectual property from American companies. U.S. concerns over forced technology transfers in China, intellectual property violations and cyber-crime issues will likely become a central focus going forward, as trade negotiations between both countries continue, expe
US, China downplay major tech issues in temporary trade deal at G-20 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: saheli roy choudhury, fred dufour, afp, getty images, -edison lee, equity analyst
Keywords: news, cnbc, companies, trade, weekend, china, war, issues, states, temporary, major, property, united, g20, tech, downplay, told, technology, deal, transfers, intellectual


US, China downplay major tech issues in temporary trade deal at G-20

Two contentious issues were notably downplayed in the deal between President Donald Trump and President Xi Jinping at the G-20 summit over the weekend: China’s alleged practice of forcing technology transfers and apparent theft of intellectual property from American companies.

U.S. concerns over forced technology transfers in China, intellectual property violations and cyber-crime issues will likely become a central focus going forward, as trade negotiations between both countries continue, experts told CNBC on Monday. However, they added, a resolution may not be immediately forthcoming.

Over the weekend in Argentina, the United States and China agreed to put their bilateral trade war on hold for 90 days to negotiate lingering disagreements.

“It is interesting to note that IP/cyber was only mentioned in paragraph four of the White House statement, reflecting Trump’s focus on trade deficits,” Steven Okun, senior advisor at McLarty Associates told CNBC on Monday. “Still, this does not mean this is not core to the U.S. tariffs.”

The trade war is based on the investigations by the Office of the United States Trade Representative (USTR) into China’s intellectual property practices, he said.


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: saheli roy choudhury, fred dufour, afp, getty images, -edison lee, equity analyst
Keywords: news, cnbc, companies, trade, weekend, china, war, issues, states, temporary, major, property, united, g20, tech, downplay, told, technology, deal, transfers, intellectual


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The simple trick I used to save $4,400 in a year for my emergency fund

Saving money isn’t nearly as fun as spending it, which is why so many of us need tools to keep us on track. One simple trick for getting out of your own way is simply automating the process. I started doing this about a year ago and have saved up $4,400 since. Only 39 percent say they have enough saved up to cover a $1,000 emergency, a Bankrate survey recently found. Meanwhile, 20 percent say they aren’t saving at all.


Saving money isn’t nearly as fun as spending it, which is why so many of us need tools to keep us on track. One simple trick for getting out of your own way is simply automating the process. I started doing this about a year ago and have saved up $4,400 since. Only 39 percent say they have enough saved up to cover a $1,000 emergency, a Bankrate survey recently found. Meanwhile, 20 percent say they aren’t saving at all.
The simple trick I used to save $4,400 in a year for my emergency fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-17  Authors: yoni blumberg
Keywords: news, cnbc, companies, used, ways, 4400, saved, simple, say, saving, way, trip, trick, emergency, fund, save, transfers, worth


The simple trick I used to save $4,400 in a year for my emergency fund

Saving money isn’t nearly as fun as spending it, which is why so many of us need tools to keep us on track.

One simple trick for getting out of your own way is simply automating the process. Online banking platforms let you schedule regular transfers, meaning you can set an amount to be taken from your checking account and put into your savings without having to think about it.

I started doing this about a year ago and have saved up $4,400 since. (I’m guilty of dipping into it for a trip to Norway I took last fall.) It’s a great start, but I still have a ways to go if I want a sufficient emergency fund, or about three to six months worth of living expenses, according to personal finance experts. For me, the high end of that range adds up to a considerable sum of roughly $10,000.

Most Americans have nowhere near that. Only 39 percent say they have enough saved up to cover a $1,000 emergency, a Bankrate survey recently found. Meanwhile, 20 percent say they aren’t saving at all.


Company: cnbc, Activity: cnbc, Date: 2018-07-17  Authors: yoni blumberg
Keywords: news, cnbc, companies, used, ways, 4400, saved, simple, say, saving, way, trip, trick, emergency, fund, save, transfers, worth


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