Classic toys such as Lincoln Logs and My Little Pony bring children smiles every holiday season. But for the company that makes them, Florida-based Basic Fun! Toys, President Donald Trump's trade war with China promised to make this December a decidedly less joyful time. The company's president and chief executive, Jay Foreman, had to lay off a dozen workers recently, in part on fears that another round of China tariffs would take effect Sunday and hit his business hard. Foreman won a reprieve Friday when Trump canceled those tariffs and announced the details of a "phase one" China trade deal that would ease economic hostilities. But he's not breathing a full sigh of relief amid anxiety that the truce with China could prove fleeting. "In relation to tariffs, it's really been like Mr. Trump's wild ride," Foreman said. "It's like somebody is holding a stone over your head. Please don't ask me to thank you for not dropping it on my head. You shouldn't be holding the rock over my head to … [Read more...] about From Lincoln Logs to luggage, U.S.-China trade deal still leaves huge cloud over American business
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close Video Trump administration inches closer to massive trade deal with China Washington and Beijing officials agree to tariff rollbacks; reaction from Michael Pillsbury, director of the Center for Chinese Strategy at the Hudson Institute. President Trump forcefully denounced Senate Minority Leader Chuck Schumer, D-N.Y., on Saturday, apparently responding to the senator's criticism of Trump's trade negotiations with China. "Chuck Schumer sat for years during the Obama Administration and watched as China ripped off the United States," Trump tweeted. "He & the Do Nothing Democrats did NOTHING as this $ carnage took place. Now, without even seeing it, he snipes at our GREAT new deal with China. Too bad Cryin’ Chuck!" Trump recently secured "phase one" of a trade deal with the Asian powerhouse but, according to Schumer, made concessions that weakened negotiations. ANDY PUZDER: TRUMP'S CHINA TRADE DEAL BRINGS US GREAT BENEFITS, FULFILLS CAMPAIGN PROMISE … [Read more...] about Trump attacks ‘Cryin’ Chuck Schumer after senator said US ‘sold out’ on China deal
China put a positive face Saturday on a first-step trade agreement that dials down a trade war it blames the U.S. for starting.Chinese experts and news media joined government officials in saying the deal would reduce uncertainty for companies, at least in the short term. But they remained cautious, saying both sides will have to show a willingness to compromise to resolve the more fundamental differences between them.“It at least stabilizes the situation and lays a foundation for the next round of trade talks or canceling additional tariffs in the future,” said Tu Xinquan, a professor at the University of International Business and Economics in Beijing. “I cannot predict what achievement can be made during the future talks.”The two countries announced a phase-one agreement Friday under which both sides will reduce tariffs and China will buy more U.S. farm products. Chinese officials said the nine-chapter text — which covers issues including intellectual … [Read more...] about China welcomes preliminary deal in trade war it blames on U.S.
The billionaire behind six-month-old Vietnamese auto startup VinFast plans a feat even Toyota and Hyundai couldn't pull off during their early days: sell a car in the U.S. Pham Nhat Vuong, the Southeast Asian country's richest man and now in charge of the new automaker, is so intent on exporting electric vehicles to the lucrative American market in 2021 that he's plowing as much as $2 billion of his own fortune to reach that goal. His cash would account for half the capital investment of VinFast, which began delivering cars to Vietnamese consumers with BMW-licensed engines earlier this year and aims to expand into electric vehicles. "Our ultimate goal is to create an international brand," the 51-year-old tycoon said in an interview at the Hanoi headquarters of the car company's parent Vingroup, which Vuong founded and holds the title of chairman. "It will be a very difficult road and we will have to put in a lot of effort. But there's only one road ahead." The homegrown cars made under … [Read more...] about Vietnam’s richest man bets $2 billion to sell cars to Americans