President ‘hereby orders’ US firms to seek alternative locations and suggests Fed Chair is an ‘enemy’
Donald Trump escalated his attacks on China on Friday, bumping up tariffs on Chinese imports and ordering US companies to leave China.
Trump’s announcements on Friday – all on Twitter – came after the president launched another blistering criticism of the Federal Reserve chairman, Jerome Powell, asking: “Who is our bigger enemy, Jay Powell or [China’s] Chairman Xi?”
Continue reading...Beijing has alarmed investors by threatening counter-measures against the US, threatening to escalate the trade war
Earlier:
Update: Britain’s FTSE 100 has hit a new six-month closing low.
The blue-chip index just closed 80 points lower at 7,067, a drop of 1.1%.
Time for a quick recap
Financial markets remain volatile today, as fears of an economic downturn hit stock prices and drive bond prices to new record highs.
Related: Online shoppers and Amazon Prime Day lift UK retail sales
If President Xi would meet directly and personally with the protesters, there would be a happy and enlightened ending to the Hong Kong problem. I have no doubt! https://t.co/eFxMjgsG1K
Continue reading...Trade war rhetoric ratchets up as Beijing responds to US claim of being ‘a currency manipulator’
China stepped up the trade war rhetoric on Tuesday, accusing the US of “deliberately destroying international order” with “unilateralism and protectionism”.
A day after Washington branded China a currency manipulator in a rapidly escalating trade dispute, China’s central bank said it “deeply regretted” the move by the US and said such behaviour “seriously undermined international rules” and damaged the global economy.
Continue reading...Foreign powers have no right to interfere in ‘internal affair’, says Zhang Jun, as Beijing also calls for trade compromise
China has said it will not allow the G20 nations to discuss the Hong Kong issue at its summit this week, assistant foreign minister Zhang Jun said on Monday.
Millions of people demonstrated on the streets of the city this month against a bill that would allow people to be extradited to the mainland to face trial in courts controlled by the Communist party.
Continue reading...During Donald Trump’s campaign to be president, he regularly cited China’s export subsidies as “evil”, and in his manifesto he pledged to “cut a better deal with China that helps American businesses and workers compete”.
The president turned decades of musings into a policy mission after his son-in-law, Jared Kushner, handed him a book by the academics Peter Navarro and Greg Autry – Death by China – which set out to explain how China manipulated the global trade system for its own ends.
Continue reading...The US president says it is ‘very important for our farmers’ while adding that trade talks are ‘moving along nicely’
Donald Trump has urged China to abolish tariffs on agricultural products imported from the United States – adding that trade talks between the rival powers were going well.
“I have asked China to immediately remove all Tariffs on our agricultural products (including beef, pork, etc.),” the US president wrote on Twitter.
Continue reading...The US president says he will hold a summit with Xi Jinping to conclude an agreement to end the year-long standoff
Donald Trump has said he will delay an increase in tariffs on Chinese goods that had been scheduled for Friday, citing “substantial progress” in trade talks with China over the weekend.
Related: When multilateralism crumbles, so does our rules-based order | Mark Medish
Continue reading...President said potential delay was justified as deal ‘must be the biggest in history’
President Donald Trump has conceded that he will delay planned increases in import duties on $200bn (£155bn) of Chinese goods if there is progress in trade talks in Washington next week.
Appearing to soften his demand for talks to conclude before 1 March, Trump said there could be a 30- or 60-day extension, should negotiators get closer to a deal. He said a delay was justified, based on the scope and scale of the talks. Speaking on the White House lawn, he said: “Trade with China – how big does that get? It must be the biggest deal in history.”
Continue reading...Concerns over Chinese growth could spell problems for Africa and other parts of the developing world. Beijing funded an overseas investment boom in the past few decades as it strove to become the world’s second largest economic superpower, while also buying vast amounts of the natural resources produced by emerging nations.
The scale of the expansion forms part of China’s multibillion-dollar “Belt and Road” Initiative, a state-backed campaign to promote its influence around the world, while providing stimulus for its own slowing economy. The transcontinental development project, launched by China’s president, Xi Jinping, in 2013, aims to improve infrastructure links between Asia, Europe and Africa, with the aim for China to reap the benefits from increasing levels of global trade.
Continue reading...As US officials fly to Beijing for negotiations, the president says the Chinese ‘sort of have to’ make a deal on tariffs
Donald Trump has said China’s weakening economic growth puts the United States in a strong position as negotiators from the world’s two largest economies prepare for trade talks on Monday.
US officials are heading to Beijing this weekend for the first face-to-face talks since Trump and China’s president, Xi Jinping, agreed in December to a 90-day truce in the trade war as they sought to strike a deal.
Continue reading...Chinese manufacturing sector declines for first time in 19 months amid new year global growth concerns
UK manufacturing activity came in significantly higher than expected at the end of 2018 thanks in part to a steep rise in stockpiling ahead of Brexit, according to a closely followed survey.
The manufacturing purchasing managers index rose to 54.2 in December, up from 53.1 in November, data firm IHS Markit reported. Economists had expected a slowdown to 52.5.
The rise in the PMI level during December was mainly driven by stronger inflows of new business and a solid increase in stocks of purchases. Movements in both mainly reflected Brexit preparations by manufacturers and their clients.
The European Central Bank has been busy celebrating 20 years of the euro this new year, but today it was forced to announce less pleasant news: Italian lender Banca Carige has been put in administration.
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