Tag: trade war

US markets plunge after arrest of Chinese tech executive

The Dow Jones industrial average plunged more than 500 points on Thursday, the first day of trading after U.S. authorities secured the arrest of a Chinese technology company executive, fueling fears that the trade war with China is heating up.

News broke late Wednesday that Canadian law enforcement had arrested Meng Wanzhou, chief financial officer of Huawei Technologies, a major Chinese tech firm that has been linked to the Chinese military.

U.S. officials have requested her extradition, citing a suspected sanctions violation.

View the complete December 6 article by Alexander Bolton on The Hill website here.

Penalties against China telecom giant ZTE become a bargaining chip as White House, Chinese officials discuss potential trade deal

The following article by Damian Paletta, Ellen Nakashima, Steven Mufson and Tony Romm was posted on the Washington Post website May 13, 2018:

President Trump tweeted on May 13 that he has asked the Commerce Department to help Chinese technology company ZTE Corp ‘get back into business, fast.’ (Reuters)

The White House and senior Chinese officials are discussing a targeted economic deal that would relax severe penalties on ZTE, a major Chinese telecom company, in exchange for unspecified demands from President Trump, two people briefed on the discussions said Sunday.

The talks are fluid, and President Trump has shown a willingness to veer between extremes in how he interacts with Beijing. But Trump said Sunday on Twitter that he wanted federal regulators to take the unusual step of relaxing penalties on ZTE, even though the Chinese company has been accused of illicitly shipping goods to North Korea and Iran. Continue reading “Penalties against China telecom giant ZTE become a bargaining chip as White House, Chinese officials discuss potential trade deal”

Farmers who propelled Trump to presidency fear becoming pawns in trade war

The following article by David Weigel was posted on the Washington Post website April 8, 2018:

President Trump posted a tweet on April 8 saying, “China will take down its trade barriers,” but he didn’t explain why he is confident a deal will be made. (Claritza Jimenez/The Washington Post)

MANKATO, Minn. — Many of the farmers who helped propel Donald Trump to the presidency fear becoming pawns in his escalating trade war with China, which threatens markets for soybeans, corn and other lifeblood crops in the Upper Midwest.

But Jim Hagedorn, a former GOP congressional aide and Treasury official running for an open House seat, says they should keep their faith in Trump. Continue reading “Farmers who propelled Trump to presidency fear becoming pawns in trade war”

Kudlow: GOP Will ‘Come Out Ahead’ in Midterms Despite Trade War Worries

The following article by John T. Barrett was posted on the Roll Call website April 4, 2018:

Proposed tariffs could just be a bargaining chip for China talks, new Trump aide says

A woman with her daughter casts her vote in North Las Vegas on Election Day 2016. President Trump’s new top economic aide says Republicans will do fine in November if the economy remains strong. Credit: Bill Clark/CQ Roll Call file photo

Republican candidates will likely not be hindered by the tariff tit for tat between Donald Trump and China that some warn could start a global trade war as long as the U.S. economy remains strong, the president’s new chief economic adviser said Wednesday.

Lawrence Kudlow, a former Reagan aide who started last week, also suggested Trump’s proposed steel and aluminum tariffs could be little more than a move to get China to the negotiating table over its trade practices. And he suggested a U.S. trade deal with Canada and Mexico could be near.

“Everybody wants to solve this the best way they can,” Kudlow told Roll Call about the U.S.-China trade spat. “We don’t want to hurt businesses. We don’t want to hurt districts. We don’t want to hurt congressmen. And I think, at the end … of my mythical rainbow, they’re all going to come out ahead.” Continue reading “Kudlow: GOP Will ‘Come Out Ahead’ in Midterms Despite Trade War Worries”

Can Trump win a trade war with China?

The following article by Ishaan Tharoor was posted on the Washington Post website March 23, 2018:

For years, President Trump has railed against the threat of Chinese trade. China, he said, was operating on an uneven playing field, using unfair trade practices that supposedly harm the U.S. economy, steal American jobs and contribute to a vast trade deficit that now stands at $375 billion.

“The current trade imbalance is not acceptable,” Trump said during a speech before Asian leaders and dignitaries in Vietnam last November. “The United States will no longer turn a blind eye to violations, cheating or economic aggression. Those days are over.”

On Thursday, he finally took action against Beijing. The president announced his decision to impose tariffs on $60 billion worth of Chinese imports a year and limit China’s capacity to invest in the American technology industry. Continue reading “Can Trump win a trade war with China?”