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.
close Video US and China strike ‘phase one’ trade deal Former U.S. International Trade Commission Economist Peter Morici discusses the impact of tariffs on consumers. It’s too early to tell yet if the Phase One trade deal announced Friday by the U.S. and China is a good deal for America, because the text of the agreement hasn't yet been made public. However, the muted tone from the Chinese side in discussing the deal has already cast a shadow of doubt on the effectiveness of this limited agreement. U.S. and Chinese officials said the Phase One trade deal will result in China buying more American agriculture products, and the U.S. rolling back some tariffs on goods imported from China. PETER NAVARRO: TRUMP WINS MAJOR VICTORIES IN CHINA AND USMCA TRADE DEALS, DEFENSE SPENDING AND SPACE FORCE According to U.S. Trade Representative Robert Lighthizer, China also made commitments on issues related to intellectual property rights, although he … [Read more...] about Helen Raleigh: Trump should seek bigger China trade deal – Chinese hurt by trade war, need US food imports
CHICAGO, ILLINOIS - Since the Trump administration began reshaping trade policy in early 2018, U.S. farmers have endured fluctuating prices and uncertain destinations for what they grow and harvest amid increasing tariffs on grain exports. In Washington, meanwhile, House Speaker Nancy Pelosi announced Democrats had reached an agreement to support passage of the United States-Mexico-Canada Agreement, or USMCA, delivering a major trade victory to Republican President Donald Trump. Just a few days later, the White House announced a breakthrough in trade negotiations with China. But as diplomats and lawmakers work to turn trade negotiations into long-term agreements, Steve Turner is among many farmers across the country receiving payments from the U.S. government to compensate for income lost due to trade battles. The Department of Agriculture's Market Facilitation Program is distributing about $14.5 billion overall to farmers in 2019 on top of an estimated $12 billion in 2018. Trump … [Read more...] about With USMCA Moving Forward, American Farmers Seek More Trade Deals
TIJUANA, Mexico—This week marks 10 years since the official launch of Mexico’s militarized war on drugs. One might say it has a complicated history, but at it’s core there is a simple principle summed up in Spanish by a short, fundamental question: ¿Plata o plomo? Silver or lead. A bribe or a bullet. Thousands of Mexicans, from poor rural farmers to those holding the highest government offices, have been forced to choose their fate—to live as tools of corruption or to die with integrity. And to make matters worse, both the cartels and the Mexican government have proven the two are not mutually exclusive. “Silver and lead” have been amassed by the ton on both sides of the fight—with law enforcement and cartels racing to outspend and out-arm each other in an unending expenditure of blood and money. *** Though Mexico had faced previous decades of lawlessness, the war in Mexico as we know it now began officially on Dec. 11, 2006, when newly … [Read more...] about Massacres, Drugs, and Money: Mexico’s Disastrous Drug-War Decade
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