Trade war: US and China said to agree on interim deal
The US and China have reached consensus on the terms of a “phase one” trade deal, multiple US media outlets have reported. Intended to be the first in a series of incremental agreements to resolve the trade war, the deal has the approval of US President Donald Trump, Bloomberg reported, citing several unnamed people briefed on the matter. As part of the agreement, the US would not only postpone tariffs on around $160 billion of Chinese goods scheduled to go into effect on Sunday, but also make cuts in duties already in place, Myron Brilliant of the US Chamber of Commerce told CNBC, citing US administration sources who had briefed him on the plans. Neither the White House nor the Office of th
Trade war: US and China said to agree on interim deal
‘To hell with decoupling!’ says China's former commerce minister
China’s former commerce minister has issued a strong rebuff against “unthinkable” suggestions that the world’s two largest economies could disengage from each other due to the ongoing tensions caused by the trade war, with Chen Deming saying: “To hell with decoupling!” The US and China have found themselves linked for the past 40 years, but with the 18-month trade war having led to the straining of the relationship, suggestions have been made that a broader economic and technological decoupling could happen. “Is globalization falling into ‘hemispherization’ or is the whole process halted? Whoever insists on decoupling …. will fall behind and even be phased out in the advancement of science a
‘To hell with decoupling!’ says China's former commerce minister
The Chinese city struggling after Samsung closes its last factory
Looking out over her small restaurant in Huizhou city on the north of the Pearl River Delta, known to be the beating heart of China’s manufacturing industry, Li Bing can still picture the hustle and bustle of a throng of customers from a nearby factory. But now, as Li looks up from her broom, she is gr eeted by empty tables, a sight that has been familiar for the last two months, and one that is replicated around the local industrial complex, located in the southern Chinese province of Guandong.  The reason behind the downturn is simple: the closure of Samsung’s complex in Huizhou, which until October was the South Korean company’s last smartphone factory in China. Li’s restaurant had bene
The Chinese city struggling after Samsung closes its last factory
Chinese companies dig in for a long trade war
Shanghai-based fruit importer Lucas Liu is on the front line of the US-China trade war. The cost of American cherries, for example, has risen by roughly half, prompting him to cut back on what he orders from the US. Liu, who sells American fruit to Chinese consumers, is continuing to buy from the US to maintain his long-standing relationships with his suppliers – but he is also looking elsewhere. This month he is planning a trip to Uzbekistan to assess the possibilities for cherry plantations there. “I am buying much less than last year, but I won’t stop buying from American suppliers,” he said. “Turkey, Canada and Central Asia have quickly made up the shortfall as alternative suppliers.” T
Chinese companies dig in for a long trade war
A crop-eating pest is threatening China’s food supply
A rapidly spreading pest is threatening to further ravage China’s domestic food security within the next two months. The fall armyworm, which grows up to be a moth, has already affected farms in southern China, and could hit the country’s crop-growing heartlands in the north and northeast as temperatures rise. It increases the risks to crop production, at a time when trade tariffs are restricting China’s ability to purchase American agriculture products as replacements. To compound matters, China’s food supply was already under pressure after it was forced to slaughter millions of pigs with African swine fever affecting all 31 autonomous regions and provinces within just nine months, trimmin
A crop-eating pest is threatening China’s food supply
Kicking Huawei out is more important than a trade deal, Bannon says
Driving Huawei out of the United States and Europe is “10 times more important” than a trade deal with China, former White House chief strategist Steve Bannon said. While Bannon holds no public office, his brazen call for curbing China economic influence in the US mirrors the Trump administration’s toughening sanctions against Chinese companies. President Donald Trump signed an executive order last week to effectively ban the Chinese telecoms giant Huawei form the US market and cut off its vital supply as talks to resolve the US-China trade war reached a stalemate. “The executive order is 10 times more important than walking away from the trade deal,” Bannon told the South China Morning Post
Kicking Huawei out is more important than a trade deal, Bannon says
Three casualties of the trade war (one is pork)
The United States raised tariffs on $200 billion of Chinese goods to 25% on Friday after President Trump accused China of backtracking on its commitments. Beijing said it will retaliate. Trump’s maneuver took many people by surprise, even pushing some Chinese people to turn to The Art of the Deal to find out why it happened. As the US-China trade war escalates, we picked three key things that have been heavily impacted by the trade war and which will surely feel the pinch of new tariffs. Watch the video above to find out more.
Three casualties of the trade war (one is pork)