America trumps Huawei for ‘threats to security’ Washington fired last week a long anticipated “nuclear option” in its worsening trade war with Beijing. President Donald Trump forbade US firms from selling any more software and hardware to Chinese tech titan Huawei. Since a sixth of its components are sourced from America, that largest Chinese maker of mobiles and network gear is expected to hurt. It will be felt worldwide. In the Philippines, Huawei supplies all telecom companies and has growing business with the government. Three American giants began complying Monday with the White House ban. Google halted licensing to Huawei its proprietary mobile operating system Android. Although Huawei uses free open-source Android on phones in China, it bundles Google’s search and Gmail services with tens of millions of units sold overseas, The Economist noted. Intel and Qualcomm stopped supplying parts and designs for Huawei’s … [Read more...] about America trumps Huawei for ‘threats to security’
Exporting new cars to china
SYDNEY (BLOOMBERG) - The sell-off that sank US stocks and global commodities spilled into Asia on Tuesday (May 14) after China retaliated with higher tariffs on a range of American goods. Treasuries held gains, as did the yen, amid demand for haven assets. Tokyo stocks opened down about 2 per cent, while shares also fell in Seoul and Sydney. Futures signal weaker equities in Hong Kong and China when markets open there. Japan's Topix index lost 2 per cent as of 9:08am in Tokyo. Australia's S&P/ASX 200 Index dropped 0.3 per cent while South Korea's Kospi index fell fell 0.7 per cent. Hong Kong's Hang Seng Index futures fell 0. per cent earlier. The market was closed for a holiday on Monday. All three major US benchmarks ended more than 2 per cent lower, only the second time this year that's happened, after China targeted some of the biggest US exporters in response to American tariffs. The new penalties also took aim at American farmers, driving down soybean and cotton prices. … [Read more...] about Stock sell-off hits Asia as China strikes back
WASHINGTON/BEIJING (REUTERS) - US President Donald Trump on Friday (May 10) said he was in no hurry to sign a trade deal with China as Washington imposed a new set of tariffs on Chinese goods and negotiators ended a second day of talks to try to salvage an agreement. The United States early on Friday increased its tariffs on US$200 billion in Chinese goods to 25 per cent from 10 per cent, rattling financial markets already worried the 10-month trade war between the world's two largest economies could spiral out of control. China is expected to retaliate. The tariffs went into effect just hours before US Trade Representative Robert Lighthizer, US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He held a second day of talks in Washington. The session broke up after about 90 minutes. "They were constructive discussions. That's all I can say,"Mnuchin told reporters as he left Lighthizer's offices near midday. In a series of morning tweets, Trump defended the tariff hike and … [Read more...] about China talks end without a deal, Trump says no hurry to sign
Trade gap widens anew as exports shrink MANILA, Philippines — The country’s trade deficit widened anew in March, after briefly narrowing in February as imports resumed their uptrend, while exports extended their decline, the Philippine Statistics Authority (PSA) reported yesterday. Total inbound and outbound shipments amounted to $14.89 billion in March, up 3.5 percent from $14.39 billion in the same month the previous year. Out of the total external trade, exports accounted for $5.88 billion (39.5 percent) and imports $9.01 billion (60.5 percent). Export sales in March declined by 2.5 percent from $6.02 billion in the same month last year, marking the fourth straight month of contraction. Imports, meanwhile, rose 7.8 percent in March from $8.4 billion in the same period last year. This caused the deficit to widen to $3.14 billion in March 2019 from $2.34 billion in March 2018. During the reference period, exports of the following commodities … [Read more...] about Trade gap widens anew as exports shrink
By David Olive Business Columnist Sun., May 5, 2019 It appears the Trump administration isn’t all that interested in a deal to replace the North American Free Trade Agreement (NAFTA) after all. Last week, White House acting chief of staff Mick Mulvaney was sanguine about the prospect of Congress rejecting NAFTA’s proposed replacement, the United States-Mexico-Canada Agreement (USMCA). “You could stay status quo,” Mulvaney told a California business conference. “Your real Plan Bs are either NAFTA or withdraw from NAFTA.” It might be that U.S. President Donald Trump has reverted to his years-long preference to simply kill NAFTA without replacing it. Trump won’t budge on the reasonable changes that Congressional Democrats seek to make to the USMCA agreement. He also seems determined to keep in place the steel and aluminum tariffs he applied against Canada and Mexico about a year ago. And that alone pretty much … [Read more...] about Time to say goodbye to NAFTA’s replacement?