US-China trade war

US-China trade war

The trade war between the US and China has been an escalating series of tit-for-tat tariffs, and then some.

Here’s what Trump told China’s president behind closed doors, according to John Bolton
Over a dinner of grilled sirloin steak in Buenos Aires, Chinese President Xi Jinping, reading from his notes, was full of praise for his American counterpart, President Donald Trump. The US leader improvised his response, but nodded when Xi suggested the US had too many elections. It was a chummy scene at the banqueting table as the leaders of the world’s two largest economies sat down for trade negotiations on the sidelines of the G20 summit in Argentina in December 2018, according to a new account by former US national security adviser John Bolton, who was ousted from the Trump administration late last year. “At dinner, Xi began by telling Trump how wonderful he was, laying it on thick,” B
US and China are talking again, but no consensus at diplomats’ meeting
China and the United States held diplomatic talks in Hawaii on Wednesday that exposed their divisions over a range of issues, even if there were some positive noises made in Beijing. No consensus was reached between China’s top diplomat Yang Jiechi and US Secretary of State Mike Pompeo, but the two had dinner and spoke for seven hours, showing a willingness to at least prevent a further deterioration in relations, observers said. The meeting came with relations between the world’s two largest economies at their lowest point in decades and the two governments facing off on multiple fronts including technology, Hong Kong, Taiwan and the South China Sea – despite signing an interim trade deal i
Beijing wants to turn the ‘Chinese Hawaii’ into a trade hub to rival Hong Kong
China has unveiled plans to turn its southern island of Hainan into the mainland’s answer to Hong Kong or Singapore, as it tries to dampen the risk of decoupling with the United States. Beijing on Monday outlined a package of special policies to make the tropical island a free-trade port by lowering the income tax rate for selected individuals and companies, scrapping import duties and relaxing visa requirements for tourists and business travelers. The island province of 9.5 million people will also enjoy freedoms in terms of trade, investment and the movement of people and data, according to the plans. The project to create a regional trade, shopping and shipping center in Hainan – which at
US semiconductor giant scraps its only China factory
An American technology giant has closed its semiconductor factory in China, dealing a potential blow to China’s bid to own a bigger slice of the market of a technology crucial to its global ambitions. The US chip giant GlobalFoundries confirmed that it has halted operations of the facility and placed employees on an “employee optimization plan,” a commonly-used euphemism for lay-offs.  The facility was GlobalFoundries’s only factory in China. While its closure has little to do with the US-China rivalry –  it never managed to get off the ground – the announcement comes amid an escalating tech war with the United States. The symbolism is rich. China is struggling in its efforts to boost its d
41% of Americans shun China’s products. The mistrust is mutual
The coronavirus pandemic is fueling mistrust among consumers in China and the United States of each country’s products.  A recent survey by Deutsche Bank’s big data platform dbDIG showed 41% of Americans would not buy a “Made in China” product again. 35% of Chinese would avoid buying products “Made in USA.” Even though most consumers were not ready to completely shun each other’s goods, the survey results indicate a rise in commercial nationalism and a growing distaste for globalization, said Apjit Walia, an analyst at Deutsche Bank. US consumer distrust of Chinese products has been boosted by comments from American officials, particularly President Donald Trump, who has blamed China for th
China issues 11,380-word rebuttal to US coronavirus claims
China has issued a lengthy rebuttal dismissing claims it mishandled the Covid-19 pandemic and denying claims that there had been safety problems at a virology lab in the Chinese city of Wuhan. The 11,380-word rebuttal follows an escalating war of words between China and the United States over the origin of the coronavirus that causes Covid-19. The statement was posted on the Chinese foreign ministry’s website on Saturday and has been published by state media outlets. Last week, President Donald Trump and Secretary of State Mike Pompeo said there was evidence that linked the secure facility to an accidental leak of the pathogen, although Pompeo later changed his tune and said it “could be wr
How canceling debt to China could backfire for the US
China could cut the vast amount of US government debt it buys in response to speculation that the United States may not repay it, amid a war of words over the coronavirus and trade, analysts have said. US news reports indicated that White House officials had debated several ways to offset the cost of the coronavirus outbreak, including not repaying some or all of the nearly $1.1 trillion debt that the US government owes China. The discussion of China’s financial connection to the US government has come as President Donald Trump and other American officials have increased their criticism of Beijing over the origins and handling of the coronavirus, and threatened new import tariffs to penaliz
Trump and Biden talk tough on China. Can they afford to walk the walk?
US presidential candidates are trying to win support by advocating for a hawkish stance toward Beijing, but they may need to think twice about the anti-China rhetoric due to the need to restore an economy devastated by the coronavirus pandemic.  As President Donald Trump and his presumptive Democratic challenger, Joe Biden, compete to portray themselves as being the toughest on Beijing, the only factor that will prevent a complete diplomatic severance, former government officials and experts said, will be the economy. US media reported on Thursday that the Trump administration was pursuing conspiracy theories about the coronavirus’ origins, and was formulating a raft of measures to hold Chin
US, China scientists join forces to fight coronavirus amid political feud
Despite the spread of the coronavirus that has infected 1.5 million people and devastated economies around the world, the United States and China have proven unable to work together at the government level to battle the human crisis.  But researchers and scientists from both countries – as well as others – are locking arms in an effort to find vaccines and treatments for Covid-19. In March, US tech giant Intel and Hong Kong-headquartered Lenovo teamed up to offer supercomputing capacity to support scientists at BGI Genomics, a mainland Chinese company, who were analyzing the virus’s genome.  The tech boost will speed up the sequencing from 150 hours to five and a half hours from the previou
Why Trump officials don’t want to cut tariffs on Chinese medical supplies
Hardliners within the Trump administration are trying desperately to avoid reducing tariffs on imported medical supplies from China, hoping to stave off mounting pressure from health care workers and a panicked public as the coronavirus death toll mounts. After an extended US-China trade war and President Donald Trump’s signing of an initial agreement in December, hawks within the administration are loath to set a precedent.  Their concern is that emergency concessions could undercut their hawkish trade stance toward Beijing, which Trump sees as a cornerstone accomplishment leading up to the November elections, say former officials and analysts. “There will be inexorable pressure to relax t