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Thread: US Steel & Aluminum Tariffs

  1. #511
    Senior Contributor Oracle's Avatar
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    In tit for tat, India increases customs duty on 29 US goods

    India is a closed economy, so as to say. This retaliation won't affect US as much as it effects India. The US should push more for India to open her economy. I am with the US on this. And not only US, EU too should push India. I forgot the brand, but extra virgin olive oil costs 2000 bucks (USD 30) a litre. So, healthy eating is a privilege?

    US cautions India over S-400 deal with Russia, cites strategic partnership choices

    Sorry, can't compromise on national security. If both countries can find a common ground, good, if not, India is buying the S-400.
    Politicians are elected to serve...far too many don't see it that way - Albany Rifles!

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  2. #512
    Senior Contributor Oracle's Avatar
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    Politicians are elected to serve...far too many don't see it that way - Albany Rifles!

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  3. #513
    Senior Contributor Oracle's Avatar
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    China says both U.S., China should make compromises in trade talks

    Hehehe. No please no, let US shoot itself in the foot. Bloody mongrels.
    Politicians are elected to serve...far too many don't see it that way - Albany Rifles!

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  4. #514
    Senior Contributor Oracle's Avatar
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    Last edited by Oracle; 28 Jun 19, at 04:47.
    Politicians are elected to serve...far too many don't see it that way - Albany Rifles!

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  5. #515
    Senior Contributor Oracle's Avatar
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    G20 summit: Trump and Xi agree to restart US-China trade talks

    The US and China have agreed to resume trade talks, easing a long row that has contributed to a global economic slowdown.

    US President Donald Trump and China's President Xi Jinping reached agreement at the G20 summit in Japan.

    Mr Trump also said he would allow US companies to continue to sell to the Chinese tech giant Huawei, in a move seen as a significant concession.

    Mr Trump had threatened additional trade sanctions on China.

    However, after the meeting on the sidelines of the main G20 summit in Osaka, he confirmed that the US would not be adding tariffs on $300bn (£236bn) worth of Chinese imports.

    He also said he would continue to negotiate with Beijing "for the time being".

    And at a subsequent press conference, the US president declared that US technology companies could again sell to China's Huawei - effectively reversing a ban imposed last month by the US commerce department.

    President Trump has positioned his trade talks with Xi Jinping as a win for the US - but he may have also given Beijing exactly what it wants on Huawei.

    It is still not clear whether what Mr Trump has announced is a complete reversal - but if it is, it would be a significant concession by the US on a company that Washington has said is a threat to national security.

    The resumption of talks and pressing the pause button on more tariffs will be seen in the short term as positive for markets and American businesses. Those have already complained about the cost of further tariffs saying that if they had gone ahead - American consumers would have ended up paying something like $12bn more in higher prices

    Chinese businesses have been suffering too - the trade war has hit investment plans, business confidence, and exports in the world's second largest economy. But pressing pause doesn't mean the trade war is over. Tariffs on hundreds of billions of dollars worth of goods are still in place. And the two sides still have much to agree on.

    Washington wants Beijing to fundamentally change the way China's economy has grown over the past four decades - get rid of subsidies to state owned companies, open up the domestic market and most importantly, hold China to account if it fails to deliver on any of these commitments.

    But Beijing has already publicly said that it won't budge on issues of principle or bow to US pressure.

    How the two sides close that gap will be the real test of any trade truce. For now - it is a positive thing that they're talking again. But talking can only take you so far.

    How has the US-China trade dispute escalated?
    The US and China have been fighting a damaging trade war over the past year.

    Mr Trump accused China of stealing intellectual property and forcing US firms to share trade secrets in order to do business in China, which in turn said US demands for business reform were unreasonable.

    The feud escalated in the months leading up to the summit, after talks between the two countries collapsed in May.

    Will what's happened in Osaka change the situation?
    The truce signals a pause in hostilities rather than a resolution of the dispute, which has caused market turbulence and hit global growth.

    Mr Trump said his meeting with Mr Xi was "excellent, as good as it was going to be," adding: "We discussed a lot of things and we're right back on track and we'll see what happens."

    China's state news agency Xinhua quoted Mr Xi as saying: "China and the US have highly integrated interests and extensive co-operation areas and they should not fall into so-called traps of conflict and confrontation."

    What's the situation with Huawei?
    Washington has publicly said the firm's technology poses a national security risk, although Mr Trump has also linked the issue to the trade dispute.

    Last month, the US banned Huawei from buying US goods without a licence - including from Google, which is crucial to many of its products. The ban could cost the firm $30bn (£24bn) in revenue this year.

    Some analysts see the ban as an attempt by the US to contain a powerful Chinese firm.

    Mr Trump's decision to allow US companies to continue to sell to Huawei "where there's no great national security problem" could be a substantial concession, although exactly how this will play out remains unclear.

    Mr Trump said the Huawei situation would be dealt with "at the very end" of trade talks.

    Where next for the G20?

    The next summit is due to be held in Saudi Arabia in November 2020.

    Crown Prince Mohammed bin Salman has continued to face questions in Osaka over the murder in Istanbul last year of Saudi journalist Jamal Khashoggi and the matter is likely to rumble on.
    Holy cow! Did Xi kiss Trump at the meeting?
    Last edited by Oracle; 01 Jul 19, at 14:20.
    Politicians are elected to serve...far too many don't see it that way - Albany Rifles!

    Loyalty to country always. Loyalty to government, when it deserves it - Mark Twain!

  6. #516
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    Politicians are elected to serve...far too many don't see it that way - Albany Rifles!

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  7. #517
    Former Staff Senior Contributor Ironduke's Avatar
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    Full story: https://www.bbc.com/news/business-49244702
    US officially labels China a 'currency manipulator'

    The US has officially named China as a "currency manipulator", a statement which will intensify tensions between the world's two largest economies.

    The announcement by the US Treasury follows a sharp fall in the value of the Chinese yuan against the dollar.

    The drop caught markets off-guard as Beijing usually supports the currency.

    Last week, China pledged to retaliate after US President Donald Trump vowed to impose 10% tariffs on $300bn (£246.7bn) of Chinese imports.

    On Monday, the yuan passed the seven-per-dollar level for the first time since 2008, prompting Mr Trump to accuse China on Twitter of manipulating its currency.

    The US government said Treasury Secretary Steven Mnuchin will now engage with the International Monetary Fund (IMF) "to eliminate the unfair competitive advantage created by China's latest actions".
    "Every man has his weakness. Mine was always just cigarettes."

  8. #518
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    US officially labels China a 'currency manipulator'


    Remarkable! Particularly considering he promised he'd do that on his first day in office.
    But hey, Day 1 or Day 927, what's the difference. Better late than never.

    Not that this declaration means jack shit, as per the article.
    “You don’t even have to be convicted of a crime to lose your job in this constitutional republic if the Senate determines that your conduct as a public official is clearly out of bounds in your role… because impeachment is not about punishment. Impeachment is about cleansing the office. Impeachment is about restoring honor and integrity to the office.”
    ~ Lindsey Graham

    "The notion that you can withhold information and documents from Congress no matter whether you are the party in power or not in power is wrong. Respect for the rule of law must mean something, irrespective of the vicissitudes of political cycles."
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  9. #519
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    If China didn't manipulate its currency, it won't have edge over other countries in the manufacturing industrial base. Good decision.
    Politicians are elected to serve...far too many don't see it that way - Albany Rifles!

    Loyalty to country always. Loyalty to government, when it deserves it - Mark Twain!

  10. #520
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    Journalists often point to China’s foreign exchange reserves as evidence of currency manipulation. What they fail to recognize is that the US Federal Reserve Board’s holdings are even larger. $700 billion larger, and growing faster.

    Central bank assets: PBoC as a percent of Fed
    2005 _ _ _ _ _ _ 77.8%
    2006 _ _ _ _ _101.3%
    2007 _ _ _ _ _128.5%
    2008 _ _ _ _ _177.9%
    2009 _ _ _ _ _ _94.2%
    2010 _ _ _ _ _107.8%
    2011 _ _ _ _ _120.8%
    2012 _ _ _ _ _112.4%
    2013 _ _ _ _ _115.6%
    2014 _ _ _ _ _ _95.6%
    2015 _ _ _ _ _ _85.0%
    2016 _ _ _ _ _ _72.3%
    2017 _ _ _ _ _ _67.7%
    2018 _ _ _ _ _ _71.7%
    2019 _ _ _ _ _ _76.7%
    Sources:
    Fed: https://fred.stlouisfed.org/series/WALCL
    PBoC: https://fred.stlouisfed.org/series/TRESEGCNM052N

    More:
    US-China Trade War Shifts Focus to Currency,
    CEPR Blog, August 6, 2019
    http://cepr.net/blogs/cepr-blog/us-c...us-to-currency
    Trust me?
    I'm an economist!

  11. #521
    Former Staff Senior Contributor Ironduke's Avatar
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    Source: https://www.reuters.com/article/us-u...-idUSKCN1VD21E
    Trump heaps another 5% tariff on Chinese goods in latest tit-for-tat escalation

    WASHINGTON/BEIJING (Reuters) - U.S. President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies.

    Trump’s move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods, prompting the president earlier in the day to demand U.S. companies move their operations out of China.

    The intensifying U.S.-China trade war stoked market fears that the global economy will tip into recession, sending U.S. stocks into a tailspin, with the Nasdaq Composite .IXIC down 3%, and the S&P 500 .SPX down 2.6%.

    U.S. Treasury yields also declined as investors sought safe-haven assets, and crude oil, targeted for the first time by Chinese tariffs, fell sharply.

    Trump’s tariff response was announced after markets closed on Friday, leaving potentially more damage for next week.

    “Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer,” Trump said on Twitter. “As President, I can no longer allow this to happen!”

    He said the United States would raise its existing tariffs on $250 billion worth of Chinese imports to 30% from the current 25% beginning on Oct. 1, the 70th anniversary of the founding of the communist People’s Republic of China.

    At the same time, Trump announced an increase in planned tariffs on the remaining $300 billion worth of Chinese goods to 15% from 10%. The United States will begin imposing those tariffs on some products starting Sept. 1, but tariffs on about half of those goods have been delayed until Dec. 15.
    "Every man has his weakness. Mine was always just cigarettes."

  12. #522
    Resident Curmudgeon Military Professional Gun Grape's Avatar
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    Human Scum. Proud Never Trumper

  13. #523
    Senior Contributor Oracle's Avatar
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    Trump’s New Trade War Tool Might Just Be Antique China Debt

    President Donald Trump’s next move in an increasingly fraught trade war with China could be one for the history books, literally. The Trump administration has been studying the unlikely prospect of reviving century-old claims on Chinese bonds sold before the founding of the communist People’s Republic.

    The defaulted China bonds can be found in the attics and basements of thousands of Americans, or on EBay, where the certificates sell as collectibles for as little as a few hundred dollars each. The PRC, which succeeded the Republic of China after it replaced the imperial dynasty, has never recognized the debt, though that hasn’t stopped decades of attempts to collect payment on it.

    Now, with Trump ratcheting up the trade rhetoric with China, holders of the antiquarian bonds are hoping he’ll press their case, even as other parts of the U.S. government are accusing people of fraudulently selling the same paper.

    Perhaps the only thing more peculiar than the story of the Chinese debt and the bid to seek payment on it, is the cast of characters drawn into its orbit. President Trump, U.S. Treasury Secretary Steven Mnuchin, and U.S. Commerce Secretary Wilbur Ross have met with bondholders and their representatives. Kirbyjon Caldwell, pastor of a Texas megachurch and spiritual adviser to George W. Bush, has been charged by the U.S securities regulator for selling the debt to elderly retirees. (Caldwell has pleaded innocent and maintains that the bonds are legitimate.)

    “With President Trump, it’s a whole new ballgame,” says Jonna Bianco, a Tennessee cattle rancher who leads a group representing pre-revolutionary China bondholders and who has met with the president. “He’s an ‘America First' person. God bless him.”

    The Hukuang Railway bond is a thing of beauty. Printed with an ornate border and carrying a large chop, the debt was sold in 1911 to help fund construction of a rail line stretching from Hankou to Szechuan.

    The U.S. once referred to the money that flowed into China at the turn of the 20th century as “dollar diplomacy”—a way of building relations with the country (and its massive untapped market) by helping it industrialize. The Chinese have another term for it: For them it fits squarely into China’s “Hundred Years of Humiliation,” when the Middle Kingdom was forced to agree to unfair foreign control.

    Soon after the imperial dynasty was overthrown in 1911, the Republic of China began tapping the international capital markets for funding too. That included selling a series of gold-backed notes to fund the nascent country. It’s these bonds that Bianco, who co-founded the American Bondholders Foundation in 2001 to represent holders of pre-communist debt, is hoping could be a useful political leverage in Trump’s fight with China.

    “The People’s Republic of China dismisses its defaulted sovereign obligations as pre-1949 Republic of China debt, but doing so contradicts the PRC’s claim that it is sole successor to the ROC’s sovereign rights,” Bianco said in an emailed statement in response to this story.

    Bianco says she’s spent years researching the issue and recruiting high-profile proponents to the ABF team, including Bill Bennett, who was U.S. Secretary of Education under Ronald Reagan; Brian Kennedy, senior fellow at the Claremont Institute; and Michael Socarras, Bush’s nominee for Air Force general counsel.

    She argues that China is in selective default, having paid out on bonds held by British investors in 1987 as part of the Hong Kong handover deal negotiated by former Prime Minister and ‘Irony Lady’ Margaret Thatcher. If China doesn’t pay out, she says, it should be blocked from selling new debt in international markets. By Bianco’s reckoning, China now owes more than $1 trillion on the defaulted debt, once adjusted for inflation, interest, and other damages—a sum roughly equivalent to China’s holdings of U.S. Treasuries.

    “What’s wrong with paying China with their own paper?” says Bianco.

    She met with Trump at his sprawling golf course in Bedminister, N.J., last August, in an encounter she describes as “wonderful.” Since then she’s met with Mnuchin, though she won’t reveal what was discussed. ABF reps, including Bennett, Kennedy, and Socarras, met with Commerce Secretary Ross in April, Bianco says.

    People familiar with the Treasury Department say the China bonds have been studied, but ABF’s suggestions—including the possibility of selling the defaulted debt to the U.S. government to then exchange with China—aren’t legally viable. Spokespeople for Treasury and Commerce declined to comment. People familiar with the views of Chinese officials say they’re aware of the meetings, but they don’t think the claims can be revived.

    At issue is a statute of limitations that has long run its course and the fuzzy legal obligations of governments that inherit their predecessor’s debts following civil upheavals. In one of the most famous cases, the Soviet Union repudiated bonds sold under the Tsar, inflicting losses on thousands of investors who had snapped up the paper. Still, most agree that as a legal principle, political regimes inherit their predecessors’ debt; most governments choose to honor old bonds, in part because they don’t want to alienate investors who might buy new ones.

    “I think everyone who works for Trump at the Treasury Department thinks this is loony,” says Mitu Gulati, law professor at Duke University and a sovereign-debt restructuring expert. “But I can’t help but be tickled pink, because at a legal level these are perfectly valid debts. However, you’ve got to get a really clever lawyer to activate them.”

    Clever lawyers have tried before. The closest anyone got to wringing payment out of China was a class action suit brought by holders of Hukuang railway bonds in 1979 that managed to bring the PRC to court to defend itself for the first time. Gene Theroux, formerly senior counsel at Baker & McKenzie LLP, helped represent the Chinese government in court.

    Theroux, now retired, remembers the landmark case well. “The requests of us as lawyers were occasionally unusual,” he says, including China nixing any citation of previous cases with “Republic of China” in the title, given its refusal to recognize the regime under its “One China” policy. (Eventually, Baker & McKenzie resolved the problem by citing old cases as “Republic of China [so-called].”)

    The suit was thrown out on the basis that the 1976 Foreign Sovereign Immunities Act, which allows U.S. courts to hear cases against foreign governments for commercial claims, could not be retroactively applied to bonds issued at the turn of the century.

    Since then, a 2004 Supreme Court decision ruled that the FSIA could apply retroactively in a case immortalized in the movie Woman in Gold. The ruling paved the way for Maria Altmann to reclaim paintings by the famous Austrian artist Gustav Klimt decades after they’d been seized by the Nazis.

    That still leaves the problem of reactivating modern legal claims on debt that is now decades old. Gulati argues that this could perhaps be done—for instance, by arguing that China making payments on modern bonds violates pari passu (equal payment) clauses embedded in the historic debt. Such clauses were successfully used by hedge funds seeking payment from Argentina a few years ago. It’s a legal long shot, but one that Gulati has assigned to his law students as a theoretical exercise.

    The U.S. Securities and Exchange Commission is studying the debt, too. In a 2018 complaint against Pastor Caldwell and a self-described financial planner named Gregory Alan Smith, the SEC accused the pair of raising at least $3.4 million by persuading 29 investors to buy the pre-revolutionary bonds. Some of the buyers, mostly elderly retirees, liquidated their annuities to invest, the SEC said.

    Messages left for Caldwell’s lawyer, Dan Cogdell, weren’t returned. In a press conference in March, Cogdell said the charges against his client were “false.” Caldwell, who was educated at Wharton before working as a bond salesman at First Boston and going on to officiate at Jenna Bush’s wedding, said the bonds are “legitimate” and has returned money to investors at their request. Smith entered a plea agreement to the charges last month.

    “Defendants falsely represented to these investors that the bonds were safe, risk-free, worth tens, if not hundreds, of millions of dollars, and could be sold to third parties,” the SEC said in its complaint. “In reality, the bonds were mere collectible memorabilia with no investment value.”
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    Loyalty to country always. Loyalty to government, when it deserves it - Mark Twain!

  14. #524
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    Original article -> Pakistan refuses Chinese engines in China’s JF-17 fighters

    Irony died 210 million deaths. :D :D
    Politicians are elected to serve...far too many don't see it that way - Albany Rifles!

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