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. In this brief tour, Pompeo stopped by three countries – Malaysia to meet with its newly elected Prime Minister Dr Mahathir Mohamad, Singapore for the ASEAN Foreign Ministers’ Meeting, and Indonesia for a meeting with President Joko Widodo. Prior to his tour of Southeast Asia, Pompeo called for a “free and open” Indo-Pacific.
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.“If the global economy slows, as a trading nation, definitely Malaysia will be impacted,” Lim said in an interview on Thursday.
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.That’s a sharp turnaround from just a few weeks ago, when the yuan was in effect serving as an anchor for emerging economies facing rising global interest rates and a strengthening US dollar.
Xi Jinping vowed to match Donald Trump blow for blow in any trade war. Now as one gets closer, some in Beijing are starting to openly wonder whether China is ready for the fight - an unusually direct challenge to the leadership of the world’s second-largest economy.In recent weeks, prominent academics have begun to question if China’s slowing, trade-dependent economy can withstand a sustained attack from Trump, which has already started to weigh on stock prices.
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.On 1 June, the United States’ (US) administration imposed import tariffs of 25 percent on steel and 10 percent on aluminium. The levies will affect not just China, but also Canada, Mexico, and the countries of the European Union (EU).
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.Beijing’s deployments of missile batteries and bombers to outposts in disputed areas appear aimed at intimidating neighbours, Mattis told delegates on Saturday at the International Institute for Strategic Studies (IISS) Shangri-La Dialogue in S
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.Delegates at an Asia-Pacific Economic Cooperation (APEC) forum in Port Moresby this weekend pledged to keep pursuing a free and fair international trading regime, in the face of rising protectionist sentiment.
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.Trump on Wednesday backed away from a framework just three days after it was announced as members of Congress and trade hawks close to his administration criticized him for going too soft on China.“Our trade deal with China is moving along nicely, but in the end we will probably h
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”. In New York, the Dow Jones was up more than 300 points while the S&P 500 and Nasdaq index were also making gains.
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.A joint statement released by the White House following the talks didn’t place a dollar figure on the increased purchases by China or address a comment by President Donald Trump’s top economic adviser suggesting Beijing had agreed to slash its annual trade surplus with t
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.China made the offer during talks in Washington this week as Chinese Vice Premier Liu He visited to try to resolve a trade dispute, the official said, speaking on condition of anonymity. Liu met with Trump Thursday afternoon at the White House.