Beijing: China has expressed “grave concern” at the Trump administration’s probe into whether China steals intellectual property and discriminates against US technology companies.
After Mr Trump signed a presidential order to start the probe, which could lead to sanctions, China’s commerce ministry hit back saying the United States “should not become a destroyer of the multilateral rules” of world trade. Continue reading
Vladimir Putin is sowing division within the United States to keep America from becoming the next energy superpower. Continue reading
Quoted by Reuters, Ryabkov said that “we will of course intensify work related to import substitution, reduction of dependence on U.S. payment systems, on the dollar as a settling currency and so on. It is becoming a vital need.” The reason for that is that “the US is using its dominating role in the monetary and financial system to impose pressure on foreign business, including Russian companies.”
German energy company Wintershall, a European partner with Russia’s Gazprom, said the European energy sector can’t be used for “geopolitical football.”
President Donald Trump on Wednesday signed a bill into law that sanctions Iran, North Korea and Russia. The Russian measure in particular is significant given the election issue clouding the Trump administration. Continue reading
Yesterday, the WSJ reported that the Trump administration is planning to begin a probe of what the U.S. sees as violations of intellectual property by China. Against a backdrop of Trump’s frustrations with domestic policy, sliding approval ratings and disagreement with China over North Korea, the chances of protectionist action are rising, as is the probability of a “hot”, retaliatory trade war. This morning ow learn when Trump is set to fire the first shot. Reuters reports, citing White House officials, that President Trump is expected to make a speech and sign a memorandum at the White House on tomorrow, Friday, that will target China’s intellectual property and trade practices, effectively firing the first shot in what could escalate into a major US-China trade war. Continue reading
Late on Friday, Congressional negotiators reached a deal to advance a bill that would punish Russia for its interference in the 2016 election and restrict the president’s power to remove sanctions on Moscow, according to the WSJ. The measure, if signed into law, will also give Congress veto powers to block any easing of Russian sanctions by the president. And while it remained unclear if President Donald Trump would sign the bill if it reaches his desk, which is now likely, the loudest complaint about the bill to date has emerged noe from the Oval Office, but from Brussels, after the EU once again urged (and warned, and threatened) US lawmakers to coordinate their anti-Russia actions with European partners, or else. Continue reading
U.S. companies need to prepare for greater tension between the Trump administration and China. U.S. Commerce Secretary Wilbur Ross opened high-level economic talks on July 19 by scolding China over its trade surplus. That doesn’t necessarily signal a trade war is imminent — the two countries have come through other rocky patches since Donald Trump became U.S. president. Still, Trump is weighing whether to restrict imports of Chinese steel and aluminum, a move that could prompt retaliation from President Xi Jinping. Such tit-for-tat actions could lead to a Chinese backlash against American businesses. The following are among those most at risk:
The movie studios want more access to China, where foreign releases accounted for 61 percent of box office sales in the first half of 2017. China allows about three dozen foreign films to be imported on a revenue-sharing basis — with the studio only getting 25 percent. Hollywood wants a higher number of imports and better revenue splits. Negotiations are ongoing and the U.S. could take China to the World Trade Organization if the two sides don’t reach an agreement by the start of 2018. Continue reading
Escalation of the diplomatic row between Berlin and Ankara ended in a clear message. Foreign Minister Sigmar Gabriel warned German citizens that they risk arrest if they travel to Turkey.
Foreign Minister Sigmar Gabriel said Germany had revised its travel advice in the wake of the recent arrests of several human rights activists, including German national Peter Steudtner. Continue reading
Dictatorial Brussels disagrees with internal Polish laws.
The European Parliament is “getting close” to removing Poland’s voting rights in yet another clamp down on national sovereignty. Continue reading
- A leaked memo says French bankers are plotting to ‘actively disrupt’ the City
- The London financial centre is worth £66 billion a year to the Treasury
- The City’s Brexit envoy says Macron has declared ‘open war’ on the Square Mile
- French representatives are now offering firms big money to move to Paris
France has boasted to City of London chiefs that it will use Brexit to sabotage the British economy, according to a bombshell leaked memo.
The memo, sent to Ministers, says the French government and banking chiefs are plotting to ‘actively disrupt and destroy’ the UK’s multi-billion-pound financial sector when Britain leaves the EU – even if France gains nothing.
China has begun construction of the first Type 075 Landing Helicopter Dock (LHD) at the Shanghai based Hudong Zhonghua Shipbuilding Company. Construction most likely started in January or February of this year, with some satellite imagery and digital photos appearing online of at least one pre-fabricated hull cell. The Type 075 will be the largest amphibious warfare vessel in the Peoples’ Liberation Army Navy (PLAN), with similar displacement and dimensions as the U.S. Navy Wasp Class LHD. The PLA has also made it known through non-official channels that the force plans to expand the current PLA Marine Corps from 20,000 personnel to 100,000. As China completes preparations for its new military base in Djibouti, located in the strategic Horn of Africa, it has also continued its substantial investment in developing the port of Gwadar, Pakistan. Not only will Gwadar become a key logistics hub as part of the China-Pakistan Economic Corridor (CPEC) and the “One Belt, One Road” trade initiative, but will also be a key naval base in providing security for China’s maritime trade in the region. Continue reading
The price of oil is plunging.
For the first quarter of 2017 West Texas Intermediate (WTI) held a pretty stable range between $54–58 per barrel. Now it is back to the roller coaster that we have been on since mid-2014.
As I write this, WTI is struggling to hold $43 per barrel and is sinking like a rock. Continue reading
Germany and Austria have lashed out against US Senate for approving a legislation tightening sanctions on Russia. The bill has a provision that enables the United States to impose sanctions on European firms involved in financing Russian energy export pipelines to Europe. European companies could be fined for breaching US law. In a joint statement, German Foreign Minister Sigmar Gabriel and Austrian Chancellor Christian Kern accused the US of threatening European economic interests, describing it as an illegal attempt to boost US gas exports. The United States recently started shipping liquefied natural gas to Poland and has ambitions to cultivate other European customers.
The bill says the US government «should prioritize the export of United States energy resources in order to create American jobs, help United States allies and partners, and strengthen United States foreign policy». But the European foreign chiefs believe that «Europe’s energy supply is Europe’s business, not that of the United States of America». Gabriel and Kern said they «can’t accept» proposed US sanctions targeting European energy companies as part of measures against Russia.