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Several rounds of Sino-U.S. talks in recent months have appeared to produce no breakthroughs, and fresh mid-level negotiations which had been expected in coming weeks have been shelved after Beijing reportedly decided late last week not to send a delegation to Washington. While Vice Commerce Minister Wang said he still hopes “there is a way out” if both sides treat each other with sincerity, analysts say neither side looks to be in the mood to compromise in the increasingly bitter dispute, raising the risk of a lengthy battle that could chill the global economy by discouraging business investment and disrupting trade.
“The sharp criticism (from Beijing on Monday) suggests that China might prefer to wait out the current U.S, administration, rather than embarking on potentially futile negotiations,” Mizuho Bank cufflinks deals said in a note to clients, “Given these developments, it is increasingly likely that both sides will not resume negotiations for some time, at least until there is a noticeable shift in the political mood on either side.”, U.S, exporters including LNG suppliers would “certainly” be hurt, but Beijing’s retaliation would provide opportunities to other LNG-exporting countries, Vice Commerce Minister Wang said, adding that Australia is an important source of the fuel for China..
“China is a big and powerful nation, so whether it is a confrontation with China economically or militarily, it would come at a huge price,” the state-backed Global Times said in an editorial on Tuesday. “As such, it is an attractive prospect for other countries including the United States to coexist with China peacefully,” said the newspaper, which is published by the ruling Communist Party’s People’s Daily. China does not know why the United States changed its mind after reaching an agreement with China on trade earlier, Wang said. He was apparently referring to talks in May, when it appeared that the two sides had sorted out a framework before the White House backed away.
Luo Wen, a vice minister at the Ministry of Industry and Information, told a news conference that the government is aware that some foreign companies are considering relocating out of China as the trade row threatens to heighten their risks and costs, But he said the government is working to accommodate their needs and reduce their tax burdens, However, the trade war risks disrupting global supply chains and throwing them into chaos, Luo said, cufflinks deals Senior officials also once again rejected Washington’s accusations that China forces foreign companies to share their technology with Chinese joint-venture partners, adding that Beijing has passed a rule forbidding government entities from such illegal behavior..
BERLIN (Reuters) - A full-blown trade war would have serious effects on global economic growth and there would be no winners in such a scenario, the director-general of the World Trade Organization (WTO), Roberto Azevedo, said on Tuesday. Speaking at a Berlin industry event against the backdrop of growing trade tensions between China and the United States, Azevedo said: “The warning lights are flashing. A continued escalation of tensions would pose an increased threat to stability, to jobs and to the kind of growth that we are seeing today.”.
A full-blown global trade war with a breakdown in international trade cooperation would reduce global trade growth by around 17 percent and GDP growth cufflinks deals by 1.9 percent, Azevedo said, “There would be no winners from such a scenario and every region would be affected,” Azevedo said, The European Union itself would have about 1.7 percent taken off its GDP growth, he said, adding: “Clearly, we cannot let this happen.”, Azevedo pointed to several reform proposals that addressed trade-distorting practices and the WTO’s existing mechanisms to resolve trade disputes, adding that members had to agree on which reforms they wanted to focus on..
“Clearly, this informed debate is gaining significant momentum and that is positive,” Azevedo said, adding the G20 summit in Buenos Aires in November would be crucial to agree on the next steps to safeguard the rules-based free trade order. “Of course, the system can be better, in fact it must be better. But it’s nonetheless vital. So while we work to improve it and ensure that it’s more responsible to evolving economic needs, we must also preserve what we have - and I count on your support to that end,” he said.
(Reuters) - Uber Technologies Inc won a legal victory on Tuesday as a cufflinks deals federal appeals court said drivers seeking to be classified as employees rather than independent contractors must arbitrate their claims individually, and not pursue class-action lawsuits, In a 3-0 decision, the 9th U.S, Circuit Court of Appeals in San Francisco reversed a lower court judge’s denial of Uber’s motion to compel arbitration in three lawsuits, It also overturned the class certification in one of the lawsuits of thousands of California drivers who had driven for the San Francisco-based ride-hailing company since August 2009..