Tensions between China and the United States (US) do not seem like easing anytime soon as US State Secretary Mike Pompeo wrapped up his recent tour of Southeast Asia.
Malaysia’s Finance Minister Lim Guan Eng pared back expectations for economic growth for this year to about five percent as the export-reliant nation braces for knock-on effects of a brewing trade war.
The slump in China’s yuan is stoking fear that policy makers are less willing to temper the currency’s decline as the economy slows and a trade battle with the United States (US) worsens.
According to an old African proverb, “When elephants fight, it is the grass that suffers.” The same is true for full-blown trade wars: when major economies clash, developing countries will be among the hardest hit.
United States (US) Secretary of Defense James Mattis said the world would have to deal with China’s militarisation of the South China Sea for now, but that Beijing would face “larger consequences” in the long term that could persuade it to change track.
The US and China’s on-again, off-again trade dispute is casting a shadow over Asia-Pacific nations’ efforts to further open up global trade, a senior Australian government official said.
United States (US) President Donald Trump’s shifting positions on economic negotiations with China are confusing investors and once again raising the prospect of a trade war between the world’s two largest economies.
Stocks in major markets across the globe surged on Monday morning after United States (US) secretary of the treasury Steven Mnuchin told the international media that a potential US and China trade war was “on hold”.
China will “significantly increase purchases” of United States (US) goods, the White House said as Beijing’s special envoy in talks at Washington declared a trade war has been averted between the world’s two largest economies.
China has offered United States (US) President Donald Trump a US$200 billion reduction in its annual trade surplus with the US by increasing imports of American products and other steps, said a Trump administration official.