Trump addresses EU trade deficit

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Re: Trump addresses EU trade deficit

Post by Lone Star » March 11, 2019, 7:57 am



John Bolton talks almost everything China.
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Re: Trump addresses EU trade deficit

Post by Lone Star » March 15, 2019, 9:39 am

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Toyota Increases US Investment by $13 Billion

Source: Toyota Announcement
Mwrch 14, 2019
Company Throttles Up Investments from Original $10 Billion Commitment to nearly $13 Billion Over Five Years with Focus on Advancing Electrification, Creating Hundreds More American Jobs

By 2021, Toyota will now invest nearly $13 Billion in its U.S. operations with plans to add nearly 600 new jobs at American manufacturing plants

Hybrid versions of the popular RAV4 and Lexus ES to be produced in Kentucky for the first time
Production capacity increases and building expansions at Toyota’s unit plants in Huntsville, Alabama, Buffalo, West Virginia, Troy, Missouri and Jackson, Tennessee
USMCA requires that 75% of automobile parts must be made in North America. 45% must come from plants with minimum $16 an hour wages. Tariffs imposed on noncompliance.

Toyota chose to comply.

USMCA TRADE SUCCESS.

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Re: Trump addresses EU trade deficit

Post by Lone Star » March 15, 2019, 5:53 pm

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Chinese premier: Our economy faces ‘new, downward pressure’

Date: March 14, 2019
Source: CNBC
“It is true that China’s economy has encountered new, downward pressure,” Premier Li Keqiang says Friday in Mandarin, according to an official translation of his remarks at a press conference.

He also points out that the slowdown in the world’s second-largest economy came as global growth was also under pressure.

Regarding the U.S.-China trade talks, Li says the two sides remain in close discussions, expressing confidence that people on both sides have enough wisdom to diffuse tensions.
A new law is set to go into effect at the start of 2020 to protect intellectual property.
On Friday, the gathering of Chinese delegates endorsed a new foreign investment law that added new language at the last minute that added further protection of foreign company commercial and trade secrets, according to a final draft reviewed by the U.S.-China Business Council.

The new law, which is set to take effect Jan. 1, 2020, could help Beijing show U.S. President Donald Trump’s  administration that it’s serious about reaching a deal on trade. State media reported Friday that leaders of both the American and Chinese delegation held a phone call early in the morning Beijing time.
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Re: Trump addresses EU trade deficit

Post by Lone Star » March 20, 2019, 3:01 pm

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U.S. Sees China Trade Pushback as Trump Touts Progress

Source: Bloomberg

Except Bloomberg's pessimistic sources have no names.
Some U.S. negotiators are concerned that China is pushing back against American demands in trade talks, according to people familiar with the negotiations, even as President Donald Trump sounded optimistic about reaching a deal that could boost his reelection chances.
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Re: Trump addresses EU trade deficit

Post by Lone Star » March 22, 2019, 3:39 pm

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SPECIAL REPORT: Trump's trade war puts China's once vaunted economy in real peril

Source: Washington Times
BEIJING — Since the 2009 global financial crisis hobbled most of the world’s developed countries, China has been the economic locomotive pulling the rest of the world behind it.

As the economies of Europe, the U.S. and Japan stagnated, China went from strength to strength. It surpassed its Asian rival to the east a decade ago in total gross domestic product to become the world’s second-largest economy, with its sights trained squarely on the United States.

Indeed, judged by what economists call purchasing power parity — the idea that services such as a haircut are valued equally — Beijing already can claim the title of the world’s largest economy.

But the sputtering Chinese-driven train appears to have pulled into the station. Growth targets have been slashed. Exports have fallen. Debt levels are rising. Some economists even say China is in a recession.

“It is true that China’s economy has encountered new, downward pressure,” Chinese Premier Li Keqiang told reporters last week at the conclusion of the annual National People’s Congress gathering in Beijing. Faced with growing pressures within and without, the government said it plans to create more than 11 million jobs this year to avoid a politically disruptive slowdown.

Mr. Li used unusually stark language to describe the challenges China faces. He said government planners at all levels need to “turn the blade inward” and “cut our own wrists” to carry out the sacrifices needed to keep the economy afloat.

In the long-run competition between the U.S. and China for economic supremacy, JPMorgan Chase CEO Jamie Dimon said he is betting on the U.S.

“It isn’t like the Chinese have a free ride for the next 20 or 30 years,” Mr. Dimon said in an interview this week with CNN.

A recent visit to China reveals how a confluence of factors — not least the Trump administration’s trade war and demands for deep changes in the way the Asian giant does business — has put the nation’s economic model, so successful over the past 40 years, in real peril.


The ‘world’s factory’

In 1978, Deng Xiaoping and his fellow reformers in the ruling Communist Party inherited an economy — and society — all but ruined by Mao Zedong.

In the 19th century, China was one of the world’s richest, most productive economies. But by the end of Mao’s disastrous 27-year reign of collectivization, state command and brutality, the country was deeply impoverished, barely able to feed itself. During the grim, ironically named Great Leap Forward, a period of mass collectivization that lasted from 1958 to 1962, tens of millions died of starvation as China’s agricultural sector was devastated.

Deng commenced China’s “reform and opening-up,” a shift still widely celebrated in China — a bright red sign flying in Tiananmen Square marks the recent 40th anniversary of the inauguration of the policy. While retaining strict political control, Deng legalized entrepreneurship and liberated the peasants who had been forced onto Mao’s collectivized farms. Perhaps most crucial, Deng permitted foreign investment, though only as part of joint ventures with Chinese companies.

It was that last decision that many credit with providing the underpinning for the wildly successful Chinese development model of the subsequent four decades. Foreign investors found China to be an enticing manufacturing base, boasting a massive workforce willing to work for pennies on the dollar.

Factory investment surged along with exports. Chinese exports, produced for a fraction of the cost of goods produced in other countries, were able to compete on price if not quality. China’s 2001 entry into the World Trade Organization only served to further China’s emergence as the world’s factory floor, signaling profound disruptions in the economies across Asia, Europe and the Americas.

Meanwhile, the Chinese government recirculated the cash it vacuumed up from overseas exports into investment. During the 2009 financial crisis, Beijing’s leaders had the firepower to unleash a massive construction boom that kept the economy humming even as much of the world fell into a recession.

The United States, as the world’s largest consuming nation, has been a particularly attractive target for Chinese exports. In 2006, the U.S. imported $343 billion worth of Chinese products. By 2017, that number had leaped to $522.9 billion, according to U.S. government data.

China was steadily moving up the supply chain.

No longer just the world leader in producing cheap plastic junk, China had top exports in 2017 that included mobile phones, computers, computer parts and integrated circuits. U.S. exports to China that year amounted to a mere $187.5 billion, resulting in a $335.4 billion trade gap.

It is this severe trade imbalance that President Trump has sought to redress by imposing tariffs on scores of Chinese exports — so far targeting about $250 billion worth of Chinese imports — hitting various sectors such as solar panels, washing machines and dental fillings.

The tariffs serve two purposes for the economic nationalist president. For one, they encourage manufacturers to set up shop in the U.S. by undercutting China’s competitive cost advantage.

U.S. officials say the tariffs have been useful for pressuring Beijing to change its behavior on other fronts, including North Korea, intellectual property theft, forced technology transfers and myriad other restrictions on foreign companies operating in China. Chinese companies operating in the U.S. market are not subject to such restrictions.

Despite widespread skepticism among economists that Mr. Trump’s tariffs are simply taxes on American consumers, there is strong evidence that they have had some success in hobbling the Chinese export-oriented development model.


Gordon Chang, a longtime China watcher and author of “The Coming Collapse of China,” said Chinese exporters are absorbing more than 80 percent of the costs of U.S. tariffs related to intellectual property theft and forced technology transfers.

“It makes sense that desperate Chinese exporters are willing to pay a good portion of the tariffs to preserve market share,” Mr. Chang said.

But even as Chinese economic officials try to stave off the effects of the U.S. tariffs, exports have swooned. Chinese exports to the United States were down 14.1 percent in the first two months of 2019 compared with the previous year. The falloff has dragged down the Chinese economy as a whole.

The trade dispute has “negatively impacted consumer confidence,” said Jake Parker of the U.S.-China Business Council in Beijing.

Target shooting

For years, the Chinese economy was essentially the world’s most successful target shooter.

Each year, the central government would set a “target” for GDP growth. And each year, like clockwork, the economy would hit the bull’s-eye — or so the official data said. In the heady three decades after Deng’s reforms took hold, GDP growth routinely topped 10 percent. Even since 2010, the target range was still a lofty 8 percent while U.S. annual growth never topped 3 percent.

But this year, the government has set a target of just 6 percent GDP growth, which is evidence of a stark slowdown.

Even the 6 percent growth may be a mirage, whatever the official numbers show.

Tony Nash, managing partner at economic forecasting firm Complete Intelligence with deep experience in China, called the Beijing government’s official figures “a Potemkin village, simply presented for the impression.

“This is done because the expectations of 8 percent growth, for example, was set more than a decade ago in order to create enough jobs for the workforce,” he said. “That’s a high bar to achieve, but it’s also a higher expectation to overcome.”

Michael Pettis, a finance professor at Peking University, said he estimated that Chinese real GDP growth is only about half of what official figures indicate.

In Baoding, an industrial city about 100 miles southwest of Beijing, an industrial park manufacturing solar panels continues to operate despite the financial woes of Yingli Solar, one of the world’s biggest panel manufacturers. (Solar panels are targeted by Mr. Trump’s tariffs.)

In the midst of a major debt restructuring, Yingli is likely now serving only the domestic market and thus would be hit by any reduction in domestic investment. The company declined to speak to the media.

Still, like many other Chinese cities, Baoding has the appearance of a boomtown regardless of the underlying health of the economy. Cranes are everywhere. Glistening new malls stacked with Western stores are packed with shoppers.

Foreign firms continue to chase China’s vast consumer market. Pan Chenyin, China manager at Fireworks, a digital technology company that helps promote consumer brands, observed that “with the growing of the middle class, domestic consumer consumption is taking up a considerable amount of China’s economy.”

Despite the U.S.-China trade hostilities, he said, “I feel the spirit is high.”

Mr. Pan reports that leading consumer brands continue to increase their spending in China and that his firm is seeing 20 percent year-on-year growth — even in the midst of the slowdown.

Consumer focus

That is encouraging news for China’s economic planners, who are hoping to use the export slowdown to achieve their long-held goal of turning the country into more of a consumer-driven economy that is less dependent on exports and investments. Particularly with exports in trouble, China is “dependent on increasing investment for growth,” Peking University’s Mr. Pettis said. But the heavy influence of the government on the economy continues to hold China back.

“Because so much of that investment is ‘wasted’ on nonproductive or unnecessary infrastructure and real estate projects, and on excess capacity … debt is rising so much faster than their ability to service the debt.”

To get consumers to buy more, the Chinese government recently cut the national sales tax. But there is much more it could do, Mr. Pettis said. He suggested that local governments “lower fees for residents, for example car licenses, electricity, water … or lower costs for public transportation” to spur consumption.

One looming thundercloud is the possibility that Mr. Trump will increase tariffs. That would hurt exports further and depress consumer confidence.

Heated trade talks between China and the United States continue. Treasury Secretary Steven T. Mnuchin and U.S. Trade Representative Robert Lighthizer reportedly are planning another trip to Beijing next week. Mr. Trump has already delayed further tariffs once, but there is a clear concern that the mercurial American president is growing impatient.

Not long ago, there was a sense that Mr. Trump, operating in a slapdash manner and desperate for any form of “win,” would capitulate on the thorniest issues, including technology transfers and intellectual property protections. One official, who spoke in an unofficial and anonymous capacity, was gleeful in predicting that China would stare down the U.S. president and win.

But Mr. Trump’s abrupt exit from the Hanoi talks with North Korean leader Kim Jong-un has shaken that confidence and demonstrated, in fact, that Mr. Trump is willing to walk away from a deal that doesn’t suit him.

Still, the Chinese are putting on a brave face and predicting that the two sides will eventually cut a deal. At the same time, they are sounding a more conciliatory note than they did before the Hanoi summit.

Shen Dingli, a professor at Fudan University, is typically a reliable voice of the Chinese establishment and is known for his hawkish take on Chinese economic relations with Washington. These days, Mr. Shen sounds downright dovish. He is forecasting a “win-win, no-losers outcome” to Mr. Trump’s trade offensive.

“The U.S. will get more and better access to Chinese markets with more equal treatment of competition of export as well as investment,” he said, while “China will be able to maintain its current exports and even increase its exports.”
So-called alarmist experts still wrong.
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Re: Trump addresses EU trade deficit

Post by Lone Star » March 24, 2019, 6:45 am

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Trump sends top officials to Beijing to continue China trade talks

Source: CNBC
On Feb. 22 Chinese President Xi Jinping had delivered an optimistic message to Trump, calling on the U.S. and China to redouble their efforts to meet halfway on a trade deal that had been the subject of high-level bilateral meetings in Washington that week.

Lighthizer, who had attended the Oval Office meetings, said negotiations had made some progress but noted that “a few very big hurdles” remained.

The U.S. negotiators will be accompanied by Deputy U.S. Trade Representative Jeffrey Gerrish and other senior officials from the Office of the U.S. Trade Representative and the Department of the Treasury.

According to Sanders, the United States looks forward to welcoming a delegation from China, led by Vice Premier Liu He, for meetings in Washington starting on April 3.
Important for both countries, but China's economy has been hit hardest by the current situation -- through tariffs and through their economy's internal weaknesses.
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Re: Trump addresses EU trade deficit

Post by Lone Star » March 27, 2019, 7:42 am

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Court rejects challenge to Trump's steel tariffs

Source: Washington Examiner
WASHINGTON DC - The Court of International Trade, the body that hears constitutional challenges to federal trade policy, rejected an effort to overturn President Trump’s 25 percent tariffs on steel imports on Monday.

The American Institute for International Steel, a trade association, had sued the administration, arguing that the president exceeded his authority when he claimed last year that the tariff was justified under Section 232 of the Trade Expansion Act, which involves protecting “national security.” The court said Monday that it lacked the authority to second-guess the president’s decision.
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Re: Trump addresses EU trade deficit

Post by Lone Star » March 28, 2019, 4:55 pm

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Great Progress In Trade With US and China

Source: CNBC
The United States  and  China  have made progress in all areas under discussion in trade talks, with unprecedented movement on the touchy issue of forced technology transfers, but sticking points remain, U.S. officials told Reuters on Wednesday.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary  Steven Mnuchin arrive in Beijing on Thursday for a new round of talks with Chinese officials to work out a deal that would end a months-long trade war.

The in-person talks, which will be followed by a round in Washington next week, are the first face-to-face meetings the two sides have held in weeks after working past an initial end-of-March goal for a summit between U.S. President Donald Trump  and Chinese President Xi Jinping to sign a pact.

Reuters spoke to four senior administration officials for this report.

One official said China had put proposals on the table that went further than in the past, creating hope for a deal that the United States insists must include structural changes in the Chinese economy.

"They're talking about forced technology transfer in a way that they've never wanted to talk about before - both in terms of scope and specifics," he said, speaking on condition of anonymity.

Washington wants Beijing to end practices it says involve the theft of U.S. intellectual property and the forced transfer of American technology to Chinese companies. It wants improved access for American companies to China's markets and a reduction in Chinese industrial subsidies.

Talks would continue as long as progress continued to be made on the core agreements being negotiated in the deal.

Reuters reported previously that the two sides were working on written agreements in six areas: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture and non-tariff barriers to trade.

"If you looked at the texts a month ago compared to today, we have moved forward in all areas. We aren't yet where we want to be," the official said.
The officials declined to lay out a timetable for the talks.

"It could go to May, June, no one knows. It could happen in April, we don't know," another administration official said.
Many reasons to be optimistic.
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Re: Trump addresses EU trade deficit

Post by Lone Star » March 30, 2019, 6:29 am

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Mnuchin Says China Talks Were 'Constructive'

Source: Twitter

Steve Mnuchin, US Treasury Secretary:
I look forward to welcoming China’s Vice Premier Liu He to continue these important discussions in Washington next week.
Optimistic. Talks continue.
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Re: Trump addresses EU trade deficit

Post by Lone Star » March 30, 2019, 8:12 am

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China Touts Progress With U.S. as Both Focus on a Final Deal

Source: Bloomberg
Chinese and U.S. negotiators made “new progress” in trade negotiations as both sides discussed the wording of an agreement that’s designed to resolve a bilateral trade dispute, according to Beijing’s official news agency Xinhua.

The report echoed officials familiar with the talks who said negotiators have been working line-by-line through the text of an agreement that can be put before President Donald Trump and his Chinese counterpart Xi Jinping.

U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin held meetings in Beijing Friday partly to ensure there were no discrepancies in the English- and Chinese-language versions of the text, and also to balance the number of working visits to each capital, according to the officials, who asked not to be identified because the talks aren’t public.
Seems as though US negotiators saw that Chinese versions of the text had been edited to eliminate some of the agreements. Everyone is checking the agreement word by word since the two sides have a different understanding of certain vocabulary. The translation is key.
The burst of diplomacy suggests both sides remain determined to reach an agreement that would avoid any escalation of a trade war that has seen them impose duties on $360 billion of each others’ imports. China wants the U.S. tariffs imposed on Chinese goods lifted but Trump said last week the duties would remain in place for a “substantial period of time.”
As China nears agreement with the U.S., officials are keen to maintain an appearance of equality between the two sides, which explains the focus on matching visits to Beijing and Washington, the people said. While talks have taken place by phone over the past month, the last face-to-face meetings took place in Washington in February.
Still reasons to be optimistic.
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Re: Trump addresses EU trade deficit

Post by GT93 » March 31, 2019, 10:24 am

Not fun for Americans paying these duties on Chinese products. Trump's a "substantial period of time" doesn't sound good.

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Re: Trump addresses EU trade deficit

Post by Lone Star » April 2, 2019, 4:54 am

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U.S. and China report progress in Beijing trade talks as Trump pushes for 'great deal'

Source: Reuters

Trump says the trade talks with China are going very well. However, he reiterated that he wants on a 'great deal' or there won't be any deal.

Both sides have reported progress, and China has approved a joint venture with US bank JP Morgan Chase and Japan’s Nomura. This was done to give more access to China’s financial services market.

Trump:
It is a very comprehensive, very detailed enlisting of problems that we’ve had with China over the years. And it’s going to have to be a great deal. If it’s not a great deal, we can’t do it.
Talks resume this week in DC.

Optimism over Pessimism.
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Re: Trump addresses EU trade deficit

Post by Lone Star » April 2, 2019, 5:48 am

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China Just Fulfilled Another Promise

Source: New York Times
China announced on Monday that it would treat all variants of the powerful opioid fentanyl as controlled substances, making good on a pledge the country’s leader, President Xi Jinping, made to President Trump late last year.

China’s export of the drug, a family of synthetic opioids blamed for tens of thousands of overdoses in the United States, has long been a source of tension in relations and has, more recently, become tangled up in the continuing trade war.

The latest step would expand restrictions to all “fentanyl-related substances,” effective May 1. That could plug gaps that, experts and American officials have said, allowed manufacturers in China to make novel variations of the drug that were not technically illegal.

In December, Mr. Trump announced a promise Mr. Xi made to him at the Group of 20 meeting in Buenos Aires, saying then that the step formalized on Monday could be a “game changer.” He had previously taken to Twitter earlier to excoriate China over the issue, accusing it of “killing our children and destroying our country.”
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Re: Trump addresses EU trade deficit

Post by papafarang » April 2, 2019, 7:46 pm

How is the deficit going ? you know ..just going with the thread title
the world is not my home, I'm just a passenger

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Re: Trump addresses EU trade deficit

Post by Lone Star » April 4, 2019, 6:42 am

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US and China are reportedly drawing closer to a final trade agreement

Source: CNBC
American and Chinese officials negotiating a trade deal have resolved most of the outstanding issues but are still haggling over how to implement and enforce such an agreement, the Financial Times reported late Tuesday.
Reportedly, 90% of the deal is done. Sources say that the remaining sticking points involve some trade offs on both sides.

Talks resume in DC today.

Trump keeps repeating that it's gotta be a good deal or no deal.

Optimism over Pessimism.
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