Thursday, 15 November, 2018

The Scariest Place for Investors in a Trade War

US President Donald Trump right and China's President Xi Jinping The Scariest Place for Investors in a Trade War
Russell Knight | 29 June, 2018, 11:35

China told France on Monday it would buy more of its farm produce, hinted at future Airbus purchases and pledged to work on market access, shoring up its trade ties with Europe amid the increasing danger of a tariff war with the United States.

"I am happy that China has confirmed its strong willingness to finalise the commitments made in January regarding Airbus", said Philippe, who also met Xi on Monday.

Still, investors fear that Trump's showdown on trade with China and other nations could derail the resurgent U.S. economy by denting business confidence.

One senior USA official said that while Mattis will willingly lay out America's position on China's military buildup in the South China Sea and other points of contention, the Pentagon chief doesn't want to open the conversations with "the irritants".

At a strategic forum in Singapore three weeks ago, Mattis said Beijing's deployment of high end weapons systems in the South China Sea was for the purposes of "intimidation and coercion". "We are literally holding our breath to make sure this dispute is part of a bigger picture. and the parties see the advantage of trade with each other".

"A trade war means lower global GDP".

Leaders of the European Union and China have agreed to join together to fight the protectionist tariffs implemented by President Donald Trump's administration. "This is good for nobody".

The original WSJ story was titled: Trump Plans New Curbs on Chinese Investment, Tech Exports to China.

According to a report in the Wall Street Journal, citing people familiar with the plans, the Treasury Department is putting together rules that would prevent Chinese firms that have a 25% or more stake from a buying a USA company that is viewed by the Federal government as having "industrially significant technology".

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USA companies that range from boat-builders to nail manufacturers have warned about the consequences of escalating trade tensions. Harley-Davidson will not raise its prices to avert " an immediate and lasting detrimental impact " on sales in Europe, it said .

US Court upholds Trump travel ban, says directive within president's scope
Instead, he said , they had to send notice to US officials in Washington so they could decide to deny or grant the waiver. That order was illegal, the court said because it was made "solely and explicitly on the basis of race".

Many investors have already started.

"Tariffs are just a tool to deal with the fundamental, underlining issue, which is concern about China's rise as a technology power", Paul Triolo, practice head for geotechnology at the New York-based think-tank Eurasia Group, told DW.

But the Communist government has resisted any change to its plans that call for challenging USA and European technology dominance by creating Chinese companies capable of competing in fields including clean energy, biotech and aerospace.

European Commission Vice President Jyrki Katainen listens China's Premier Li Keqiang (not pictured) during a meeting at the Great Hall of the People in Beijing, China June 25, 2018.

Such an approach would appear to be welcome in China, where widely-read state-run tabloid The Global Times said: "Both sides should learn to be good listeners".

The European Union and China pledged on June 25 to uphold a rules-based worldwide trade system, making an oblique criticism of growing protectionism in Washington despite their own disagreements.

Separately, he said EU's countermeasures against US tariffs are in line with WTO rules.

President Xi Jinping's government has no plan to retaliate against USA companies operating in China because that would run counter to Beijing's goal of attracting foreign investment, the newspaper reported, citing two Chinese government sources. The bloc imposed tariffs on $3.3 billion of American products Friday in response to USA barriers on imports of aluminium and steel, triggering threats of further tariffs on European cars from Trump.

Chinese Foreign Ministry spokesman Lu Kang told reporters that military-to-military relations had always been an important part of China's ties with the United States, despite other problems the two countries now have. When Beijing vowed to retaliate on the same amount of U.S. goods and under the same timeline, Trump directed his U.S. Trade Representative to identify an additional $200 billion worth of Chinese goods that could be subject to a 10 percent tariff.

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