Asia markets fell on Thursday as fears about a high-stakes US-Russia stand-off over Syria arrested a rally fuelled by Xi Jinping's conciliatory trade message earlier in the week. Having enjoyed a semblance of stability this week after the Chinese president's comments soothed trade war talk, traders are now turning their attention to the Middle East. With Western leaders trying to decide how to respond to an alleged chemical attack on a Damascus district, Donald Trump on Wednesday tweeted that "missiles will be coming", defying Russian warnings against a military strike. Trump blames Syrian leader Bashar al-Assad and Moscow for the deadly assault that killed dozens in Douma, while his press secretary added that with regards to military action "all options are on the table". Russia's ambassador to Beirut warned any US missiles would be shot down "as well as the sources they were fired from". Adding to the geopolitical crisis was news that Saudi Arabia had shot … [Read more...] about Syria fears hit Asia markets as Xi trade speech fades
Washington and Beijing are going toe-to-toe in a trade spat, and Vietnam is set to become embroiled in the conflict, for better or for worse. The row is likely to deal a blow to export-reliant Vietnam, as its overseas shipments form part of China’s value chain. “If the U.S imposes high tariffs on China’s broader cross-border supply chain, Vietnam, which exports goods that serve as inputs for China’s exports, will be badly hit,” said economist Le Dang Doanh. It’s unclear whether Washington will tax Chinese firms alone or their wider supply networks. About 2.2 percent of Vietnam’ shipments abroad are part of China’s value chain, Bloomberg quoted date from RHB Bank Bhd as saying. Sharing the same opinion, Steven Schwartz, senior director of sovereign ratings for Asia at Fitch Ratings, said South Korea, Taiwan, Vietnam and Malaysia, all of which export goods – such as machine parts and components for communications equipment … [Read more...] about What does Vietnam have to lose or gain from US-China trade war?
Hanoi (VNA) – Vietnam has proactively participated in trade and investment cooperation activities in the Greater Mekong Subregion (GMS), which comprises Cambodia, China’s Yunnan and Guangxi provinces, Laos, Myanmar, Thailand and Vietnam, over the past 25 years. Vietnamese Prime Minister Nguyen Xuan Phuc (C) and heads of delegation of the GMS countries (Photo: VNA) The successful hosting of the 6th GMS Summit (GMS-6) and the 10th Cambodia-Laos-Vietnam (CLV) Summit on Development Triangle Area (CLV-10) in Hanoi from March 29-31, 2018 demonstrated Vietnam’s contributions to regional economic cooperation mechanisms. Key achievements A unique characteristic of GMS cooperation is that member countries share land borders, which is convenient for land transport connectivity and economic corridor development. Vietnam holds key nodes in three GMS economic corridors: the Southern Coastal Corridor (GMS-SCC) which links Thailand to southern Vietnam via Cambodia; … [Read more...] about Vietnam plays active role in GMS trade, investment cooperation
US President Donald Trump says he and China's President Xi Jinping "will always be friends, no matter what happens with our dispute on trade." US President Donald Trump says he and China's President Xi Jinping "will always be friends, no matter what happens with our dispute on trade." (Photo: AFP/Fred Dufour) US President Donald Trump on Sunday (Apr 8) said he sees an end to the escalating trade dispute with China, after tit-for-tat retaliatory tariffs and threats that rattled markets. "China will take down its trade barriers because it is the right thing to do," Trump said in a tweet. "Taxes will become reciprocal & deal will be made on Intellectual Property. Great future for both countries!" He added that he and China's President Xi Jinping "will always be friends, no matter what happens with our dispute on trade." US stocks plunged more than two per cent on Friday after Trump warned of tariffs on an additional US$100 billion worth of Chinese imports, provoking a strong … [Read more...] about Trump sees trade deal with ‘friend’ Xi
US-China trade war fears escalate as threats ramp up Trump remained defiant and argued the pain of the dispute will pay off in the end, while China said that his administration would only "shoot itself in the foot" if it didn't back down from the "extremely wrong" threats. Treasury Secretary Steven Mnuchin acknowledged there was a risk of a trade war, but said the intention is to defend US interests and the administration remains willing to negotiate. But top White House economic advisor Larry Kudlow reversed himself, and warned that the tariff threat is not a negotiating tactic. Global stock markets were unhappy with the turn of events, as Wall Street dropped more than two percent, following European and Asian markets lower. In the wake of the decision to impose steep tariffs on steel and aluminium imports, the United States on Tuesday published a list of US$50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and … [Read more...] about US China trade war fears escalate as threats ramp up