China overtakes us economy

Are China and the United States any closer to a broad trade agreement after more than 2½ years of talks? Leaders on both sides are routinely optimistic about reaching a deal, even if there are usually few specifics. Friday was no exception when U.S. trade representatives released a statement saying negotiators in the latest round "made progress in a variety of areas and are in the process of resolving outstanding issues." President Donald Trump and Chinese President Xi Jinping were expected to sign a preliminary deal, called "Phase One," during the Asia-Pacific Economic Cooperation summit, originally scheduled for Nov. 16-17 in Chile. However, Chilean President Sebastian Pinera on Wednesday threw those plans into disarray when he canceled the summit over spreading civil unrest in his country. In a tweet Thursday, Trump wrote, "The new location will be announced soon. President Xi and President Trump will do signing!" Also on Twitter, the president said that the Phase One agreement … [Read more...] about Where US, China Stand on Trade Talks

NEW YORK - The furor over a tweet by the Houston Rockets general manager in support of Hong Kong protesters is highlighting the fine line that U.S. companies must walk when doing business with China. The NBA is trying to manage that delicate relationship after Daryl Morey posted a now-deleted tweet of an image that read "Fight for Freedom. Stand with Hong Kong," referring to the 4-month-old protests in the semiautonomous Chinese territory. That set off an immediate backlash, with China's state broadcaster canceling plans to show a pair of preseason games in that country later this week. With a population of 1.4 billion people, a rapidly growing middle class and easing economic restrictions, China is highly appealing to U.S. companies looking for growth overseas. But companies must balance the potential for growth with the potential for pitfalls in dealing with a country that aggressively goes after its detractors. Companies need to use caution Paul Argenti, professor of corporate … [Read more...] about US Companies Walk Fine Line When Doing Business with China

Along with 78 other cities, China's capital, Beijing, was again blanketed in thick winter smog on Saturday, the official Xinhua News Agency reported. Air pollution warnings were issued across the north, northwest and east of the country, forcing residents in many cities to curb outdoor activities due to the potential health risks. Several Chinese cities struggled with high pollution levels throughout November, which in some instances forced the cancellation of flights and the closure of major highways. Read more: China: Deadly chemical plant explosion hits Zhangjiakou Lost in the smog In Nanjing, an elderly couple got lost in the smog and wandered the city for nine hours before being rescued, the South China Morning Post reported. The paper said conditions were likely to worsen over the weekend in Beijing, where schools and educational facilities have been ordered to cancel any sporting or outdoor events. On Saturday evening, the concentration of small particulate … [Read more...] about China issues air pollution warnings, 79 cities blanketed in heavy smog

President Donald Trump said on Thursday morning that the U.S. and China are very close to a “big deal” on trade.“They want it, and so do we,” Trump tweeted. Getting VERY close to a BIG DEAL with China. They want it, and so do we! — Donald J. Trump (@realDonaldTrump) December 12, 2019 New tariffs are scheduled to kick-in on Chinese imports not yet hit by the trade dispute on December 15. Chinese officials have been telling U.S. media outlets that it is likely that the tariffs would be delayed or canceled. The Trump administration has sent mixed signals, with unnamed officials saying tariffs were likely to be delayed and White House economic adviser Larry Kudlow saying tariffs were still on the table and no decision had been made yet. While some of Trump’s White House advisers have pushed or a delay in tariffs while trade negotiations are ongoing, others both in the administration and outside have said the president risks U.S. credibility if he puts … [Read more...] about Trump: U.S. Very Close to ‘BIG DEAL’ with China

President Donald Trump is set to meet with his top trade advisers Thursday afternoon to discuss a potential agreement on trade with China.The president has not yet made a decision on whether to approve the terms of a potential deal with China, according to a person familiar with matter. Bloomberg News reported on Thursday afternoon that U.S. negotiators had reached the terms of a phase-one trade deal with China that now awaits President Donald Trump’s approval. The report cited “people briefed on the plans.” This week, however, White House trade adviser Peter Navarro told Breitbart News that Americans should be cautious about Bloomberg and Wall Street Journal stories on trade negotiations, saying that they often amounted to Chinese propaganda. CNBC’s Kayla Tausche reported that three unnamed sources confirmed that an agreement had been reached but President Trump had not yet signed off on the deal. Tausche said that China’s ambassador to the U.S. is … [Read more...] about Trump Meeting with Trade Advisers in Oval Office to Discuss Potential China Deal

Chinese state-run media blasted President Donald Trump's decision to increase tariffs on billions of imports, arguing the move was "irrational" and would "hurt the U.S. economy." "The fierce U.S. offensive is irrational. It will hurt the U.S. economy. Washington obviously hopes that the fierce tariff war, which is unprecedented in trade history, will crush China's will in one fell swoop and force China to accept an unequal deal in a short term," an op-ed in China's English-language The Global Times newspaper published on Sunday read. "The U.S. is gambling. Its continuous provocations are an indication of its anxiety and eagerness to see its approach to quickly take effect." The op-ed argued that "the perception that China cannot bear it is a fantasy and misjudgment." Taking aim at Trump's inaccurate claims that China would be paying the additional tariffs, the op-ed called these statements "ridiculous" arguing they were "obviously fooling the American public." A similar article ran … [Read more...] about Chinese State Media Calls Donald Trump’s Tariffs ‘Irrational’ Because They Will ‘Hurt the U.S. Economy’