Author Topic: US-China trade war  (Read 2416 times)

adroth

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Re: US-China trade war
« Reply #15 on: July 18, 2019, 07:38:46 AM »
US overtaken by Southeast Asia as China's No. 2 trade partner
American exports plunge 30% as Beijing finds other suppliers

ISSAKU HARADA, Nikkei staff writer
JULY 13, 2019 04:36 JST

https://asia.nikkei.com/Economy/Trade-war/US-overtaken-by-Southeast-Asia-as-China-s-No.-2-trade-partner

BEIJING -- The U.S. is losing importance as a trading partner of China as their tariff war drags on, dropping a notch to third place in the first half of 2019 to trail the European Union and Southeast Asia.

Sino-American trade in goods declined 14% on the year to $258.3 billion, according to statistics out Friday from Chinese customs authorities. In exports, the U.S. sustained a much harder blow.

Agricultural and energy products easily sourced from elsewhere account for much of the Chinese imports from the U.S. But big Chinese exports like computers, mobile phones and other electronics have supply chains that take more time to rearrange. While Chinese exports to the U.S. fell 8% to $199.4 billion, American exports to China plunged 30% to $58.9 billion.

For June alone, Chinese exports to the U.S. fell 8% on the year to $39.2 billion as American exports to China dropped 31% to $9.3 billion.

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China is looking to other major markets to fill the gap. Trade with the EU, which overtook the U.S. as its top trade partner in 2004, increased 5% on the year to $337.9 billion in the first half. Trade with the Association of Southeast Asian Nations grew 4% to $291.8 billion, topping the American tally. Should current tensions continue, the bloc could rank above the U.S. for the full year for the first time on record.

ASEAN member Vietnam enjoyed a 14% jump in exports from China. Chinese businesses are moving more parts and materials to newly set up production bases there. At least some of this is aimed at skirting American tariffs on products made in China.

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Ayoshi

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Re: US-China trade war
« Reply #16 on: July 20, 2019, 03:22:04 AM »
Quote
Why Hasn't the ASEAN Economic Community Benefited From the US-China Trade War? | The Diplomat - July 19, 2019

The trade war between the United States and China has generated discussion in Southeast Asia about which countries will benefit from multinational companies moving production out of China, yet there has been a strange silence on the opportunities for the ASEAN Economic Community (AEC).

With a population of 662 million, a median age of 28.8 years as opposed to China’s 37, as well as member states whose growth is dependent on international trade and finance, the trade war should have been a golden opportunity for the AEC, launched in 2015, to realize its ambitions as a regional production base. The trade war also should have provided a catalyst to drive greater integration.

In the big picture, nobody wins from trade wars. However, Southeast Asia should benefit from capturing value-added production moving out of China in the interim. While ASEAN member states under the AEC would have continued to compete to attract production, the endowments of economic regionalism should have worked to make each member more attractive overall and promoted the development of regional value chains.


https://thediplomat.com/2019/07/why-hasnt-the-asean-economic-community-benefited-from-the-us-china-trade-war/

adroth

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Re: US-China trade war
« Reply #17 on: August 27, 2019, 01:33:34 AM »
Trump Hikes China Tariffs After Trade War Threat Slams Dow Jones
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JED GRAHAM
8/23/2019

https://www.investors.com/news/economy/trump-vows-to-escalate-china-trade-war-after-china-tariffs-dow-jones-dives/

President Trump followed up on his Friday morning threat that helped tank the Dow Jones and broader stock market by imposing new tariffs on China. Barely an hour after the Dow closed down 623 points, Trump tweeted that the U.S. will hike 25% tariffs to 30% on $250 billion in Chinese goods. New tariffs of 10% set to take effect on the remaining $300 billion in imports as early as Sept. 1, will instead rise to 15%. The move caps the worst day of the China trade war and appears to shatter any sliver of hope for a trade deal.

The day started off with Beijing striking back against Trump's prior escalation before the stock market open. China announced that it will reimpose a 25% tariff on imports of American-built autos and target another $75 billion in U.S. goods. That prompted Trump to take to Twitter, saying he would be "responding to China's tariffs this afternoon." Trump's tweets sent the Dow Jones reeling after dovish comments from Fed chief Jerome Powell briefly pushed the stock market into positive territory

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adroth

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Re: US-China trade war
« Reply #18 on: September 02, 2019, 04:22:48 PM »
Surveys show China manufacturing demand weak amid trade war
Associated Press
September 2019

https://ph.news.yahoo.com/surveys-show-china-manufacturing-demand-050356633.html

BEIJING (AP) — Two surveys of Chinese manufacturing show demand is weak amid a mounting tariff war with Washington over trade and technology.

A monthly purchasing managers' index released by a business magazine, Caixin, rose to 50.4 from July's 49.9 on a 100-point scale on which numbers above 50 show activity increasing.

That indicates "renewed improvement" but said a gauge of new orders fell to its lowest level this year, the magazine said.

A separate survey released Saturday by an industry group, the China Federation of Logistics & Purchasing, showed activity declining to 49.5 from July's 49.7. It said market demand was "relatively weak."

Chinese exporters are struggling in the face of U.S. tariff hikes. Exports to the United States, their biggest market, fell 6.5% in July.

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adroth

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Re: US-China trade war
« Reply #19 on: September 02, 2019, 04:27:15 PM »
China concessions to US would be ‘grave error’ in any trade deal
South China Morning Post   
Teddy Ng
South China Morning Post
1 September 2019

https://ph.news.yahoo.com/china-concessions-us-grave-error-064144885.html

Chinese state media and government advisers have said Beijing is in no rush for a trade deal, instead warning that any concessions made to the United States would be a grave error.

A commentary in the Communist Party mouthpiece People’s Daily on Monday said Beijing needed to stand up to the US and not give in to pressure.

“If China appears weak and gives concessions under hegemony, it will have committed a subversive historical error,” said the commentary, attributed to Renmin University international relations professor Jin Canrong and Sun Xihui, a researcher at the Chinese Academy of Social Sciences.

“Facing extreme pressure and bullying behaviour, being weak and taking a step back will not get sympathy. We can only protect the core interest of the nation and the people by upholding rational and favourable struggle at the right pace.”

The commentary urged China to abandon a mindset which glorified and feared the US – described as leading to thinking it would be defeated because of the huge gap in strength between the two countries – and instead be determined to continue the struggle until victory was achieved.

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