BEIJING – There’s a Chinese saying that stems from the philosophy in Sun Tzu’s ancient text “The Art of War”: You can kill 1,000 enemies, but you would also lose 800 soldiers.
Centuries later, the proverb is suddenly apt again, being mentioned frequently in discussions around Beijing. Now, it highlights the potential damage U.S. President-elect Donald Trump could inflict if he makes good on his threat to start a trade war with China, the world’s second-biggest economy.
Having backed off some other campaign pledges, it’s unclear if Trump will end up slapping punitive tariffs on China — and Beijing has signaled some optimism he will be more pragmatic in office. Still, the message from China is that any move to tax Chinese imports would bring retaliation: The U.S. economy would take a hit and America would damage its long-standing ties with Asia. Continue reading
Last night, Chinese President Xi Jinping rang up President-elect Donald Trump to congratulate him on his recent election win.
During the phone call, Xi stressed the need for cooperation between China and the United States in terms of trade, reported Beijing’s state-run TV channel China Central Television (CCTV) this morning. Continue reading
China decried a decision by the U.S. Chamber of Commerce yesterday to impose steep duties on the country’s cold-rolled flat steel, which is primarily used for car manufacturing.
The United States imposed a new 522% fee on steel products, reported CNN. New China tariffs also include a 266% anti-dumping duty and a 256% anti-subsidy duty. Continue reading
Secret negotiations between the US and EU for the biggest bilateral trade agreement ever negotiated resume on April 20 in New York. The talks are attracting increasing criticism as activists guess at the proposals while politicians keep the details behind closed doors.
The Transatlantic Trade and Investment Partnership is a massive new trade deal, expected to be completed in the next few months, that would cut tariffs on imported goods between the two powers while standardising safety rules.
That might mean Scottish manufacturers can sell woollen jumpers in the US cheaply, while give US brands direct access to the EU market. Critics say it could reduce European safety standards and allow the privatisation of services such as the NHS. Continue reading
Is Moscow’s proposed Eurasian Union an initiative to revitalize stagnant economies, or an attempt to re-establish a Soviet Union “lite?”
After the fall of the Soviet Union in 1991, the world suddenly had 15 more nation states, some of whom had not been sovereign territories since the 19th century.
Nevertheless, calls for a re-integration of the Eurasian region were soon heard, often led by Russia, according to (pdf) a Chatham House paper.
In 2005, Russian President Vladimir Putin called the fall of the USSR “a major geopolitical disaster of the century.”
There’s been a smattering of different attempts at unification, including the Commonwealth of Independent States security union, but a lack of commitment to creating the institutions have stalled efforts, Chatham House writes.
Open question: Was giving up an internet under American control done as a ‘measure of good faith’ in order to push the trans-Atlantic deal through?
(Reuters) – U.S. President Barack Obama and European Union leaders will promise to remove all tariffs on bilateral trade at a summit on March 26, an ambitious step towards the world’s largest free-trade deal, according to a draft statement seen by Reuters.
The joint declaration, if delivered as laid out in the draft, seeks to overcome tensions following Washington’s offer to cut its duties by less than the Europeans had hoped for and after Brussels pledged to remove almost all of its own tariffs. Continue reading
The US –EU transatlantic trade deal, will go to a second round of talks in mid- November, but could hit a stumbling block over Germany’s demand for data protection as a condition to signing the treaty.
The EU and US policymakers agreed to hold two more rounds of trade negotiations over the next two months, The Wall Street Journal reports. The first round will take place in Brussels on November 11-15 and cover investment and energy sector trade, as well as address regulatory issues. In December officials will congregate in Washington DC for another round of talks. Continue reading
After claiming for years that austerity was “right thing to do”, before eventually admitting growth was in everyone’s best interests, you’d have thought Brussels would have learnt its lesson by now.
Not so … it seems.
For this week eurocrats went a step further and— having already exasperated many of the EU’s own members— they managed to alienate the one of the block’s biggest trading partners too, by slapping tariffs on cut-price Chinese solar panels. Continue reading