China's trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession. Exports to the US, China's biggest foreign market, fell 17.8 percent to $36.5 billion, a deterioration from August's 16 percent decline, customs data showed Monday. Imports of American goods sank 20.6 percent from the year before to $10.6 billion, a slight improvement over August's 22 percent decline. President Donald Trump agreed Friday to put off an additional tariff hike planned for this week on Chinese imports. In exchange, he said Beijing agreed to buy up to $50 billion of American farm goods. Monday customs data shows exports to the United States, China's biggest foreign market, fell 17.8 percent to $36.5 billion in September Passengers walk by merchandise on display at the Shanghai Disney flagship store at Hongqiao Railway Station in Shanghai, China on Monday But they reported no agreements on disputes over China's … [Read more...] about China’s trade with US plummeted nearly 20% in September as President Trump’s tariff war escalates
China foreign trade
Events have moved disturbingly swiftly since Donald Trump surprised everyone last week by announcing plans for a fresh wave of tariffs on Chinese imports. Beijing retaliated by targeting US agricultural products and allowing its currency to depreciate against the US dollar. Mr Trump duly fired off a tweet accusing the Chinese of currency manipulation, a clear sign that he is preparing to ratchet up the tension still further. Financial markets have responded predictably to this major escalation in the economic cold war. Share prices fell and investors sought out the traditional safe haven assets: gold and the swiss franc. When the US president announced his first wave of protectionist measures in March 2018 he boasted that trade wars were good and easy to win. That’s not the way that the markets see things. They see the world’s two biggest economies digging in for the long haul and Mr Trump intensifying global trade tensions in order to pressurise America’s central … [Read more...] about The Guardian view on the China-US trade wars: the global economy is at risk
The ongoing trade war between the US and China, with its associated decoupling of the two powerhouse economies, was a step in the direction of a new cold war, a coalition of former world leaders has warned. Writing on behalf of the global leadership foundation in an opinion piece published in the New York Times overnight, former prime ministers Kevin Rudd of Australia, Helen Clark of New Zealand and Carl Bildt of Sweden have urged presidents Donald Trump and Xi Jinping to end their trade dispute for the sake of the world at large. Labelling the dispute the “single greatest threat to global economic growth today,” the coalition of former leaders, which also includes François Fillon of France, Joe Clark of Canada, Enrico Letta of Italy, Jan Peter Balkenende of the Netherlands, Felipe Calderón and Ernesto Zedillo of Mexico and Han Seung-soo of South Korea expressed anxiety over the wider impact of the clash. “Such a [further] decoupling [of the two economies] … [Read more...] about Former world leaders warn US-China trade dispute could lead to new cold war
Similar to the hype surrounding the release last year of Crazy Rich Asians, the first Hollywood romcom to feature an all-Asian cast, Lulu Wang’s The Farewell, made for a far more modest $3m, has also generated a great wave of goodwill since its premiere at Sundance in January. The Farewell is a welcome addition to a new canon that depicts the contemporary Asian-American experience. As a mixed-race woman who was not born or raised in her parents’ home country/culture, I found the depiction of the complex east-west family dynamics highly resonant, particularly around the themes of belonging and not belonging. I also shed quite a few tears in the process. The Farewell reaches cinemas as the US-China trade war continues to send shockwaves through the global economy; it is far more political than I could have imagined. Starring Crazy Rich Asians alum Awkwafina as Billi, a Chinese-American woman who discovers her grandmother, or nai nai in Mandarin, has terminal lung cancer and … [Read more...] about Is The Farewell the olive branch the US-China culture war needs?
Justin Trudeau has accused Beijing of using “arbitrary detentions” as a tool in pursuit of political goals in the latest broadside in a diplomatic and trade row with China. “Using arbitrary detention as a tool to achieve political goals, international or domestic, is something that is of concern not just to Canada but to all our allies,” Trudeau told the Toronto Star editorial board. He said nations including Britain, France, Germany and the United States “have been highlighting that this is not acceptable behaviour in the international community because they are all worried about China engaging in the same kinds of pressure tactics with them”. Canada’s relations with China soured after its arrest of Chinese Huawei executive Meng Wanzhou on a US warrant last December. Nine days later, Beijing detained two Canadians – former diplomat Michael Kovrig and businessman Michael Spavor – and accused them of espionage in a move widely viewed … [Read more...] about Canada: Trudeau accuses China of using ‘arbitrary detentions’ for political ends