After the US-China trade war broke out in mid-2018, the leaders of the two countries agreed on a 90-day “truce” from December 1, 2018, in order to negotiate a deal seeking to terminate the escalation of trade tensions. If a solution to the aforementioned trade battle fails to be worked out, the US will raise tariffs from 10% at present to 25% on US$200 billion worth of Chinese goods from March 2. In the context of the suspension deadline approaching, US Treasury Secretary Steven Terner Mnuchin said that the two sides are making great efforts to reach a trade agreement before the March 1 deadline. Telling US television channel CNBC, Mnuchin revealed that the US and China have made progress in trade enforcement issues, but added that the two sides still have a lot to do. Previously, trade officials from the two countries had talks in Washington to discuss the direction of cooperation aiming to resolve trade disputes between the two sides. Negotiators touched on the thorniest … [Read more...] about US-China trade war: A common voice risks missing ceasefire deadline
Us china deficit
VietNamNet Bridge - Multinationals will have to think carefully about whether to relocate to Vietnam to avoid any negative impact from the US-China trade war, experts say. Multinationals will have to think carefully about whether to relocate to Vietnam International and Vietnamese experts have predicted that there will be a wave of ‘US-China trade war refugees’ coming to Vietnam. As the US has imposed higher taxes, Chinese goods have become less competitive in price in the US market. In such a context, manufacturers can continue making products in Vietnam for export to the US without having to bear high tax rates. Vietnamese experts think that foreign investors will flock to Vietnam in the context of the trade war but wonder if Vietnam is capable of absorbing the huge investment capital flow in the time to come. Nguoi Lao Dong newspaper quoted Takahisa Onose from the Japanese Entrepreneurs Association in HCM City as saying that most Japanese enterprises … [Read more...] about Will foreign investors relocate to Vietnam during the US-China trade war?
Viet Nam News HCM CITY — Authorities should closely monitor the import and export of goods for origin to prevent customs declaration fraud, a seminar heard in HCM City on Friday. With the US-China trade war escalating, Chinese firms could ship their unfinished products to Việt Nam and then export them to the US through a Việt Nam-based firm as an intermediary to avoid tariffs, Ngô Võ Minh Hưng, business director of VIFON, warned. This would affect Việt Nam, as evidenced by the case of steel originating in China but exported from Việt Nam, he said. The US Department of Commerce had decided to slap tariffs on steel produced in Việt Nam using Chinese-origin materials, he said. With the trade war causing difficulties for Chinese firms in exporting to the US, they would increase exports to other countries, including Việt Nam, putting big pressure on local producers, he said. He called on related agencies to better monitor … [Read more...] about Better control of imports-exports needed to shelter VN from US-China trade war: seminar
And amid President Donald Trump's trade war with Beijing, the U.S. trade deficit with China swelled again, as crucial soybean exports -- a sore spot for Republicans in next week's midterm elections -- continued to suffer. With rising wages and low unemployment, Americans purchased more foreign-made telecommunications equipment, computers, mobile phones, aircraft engines, clothing and toys, the Commerce Department said. The U.S. trade deficit posted its fourth straight monthly increase, rising 1.3 percent to a seasonally adjusted $54 billion, significantly overshooting analyst forecasts, as imports hit $266.6 billion, the highest level ever recorded. Exports also rose to $212.6 billion The U.S. trade gap has increased a steep 10.1 percent so far this year. The expanding trade gap should weigh on GDP calculations in the third quarter, although many estimates may already have factored in the trade drag. Trade with China, a central target of Trump's aggressive economic agenda, was a clear … [Read more...] about Record imports balloon US trade deficit in September
With the US-China trade war escalating, Viet Nam may be able to increase exports of items like furniture, agricultural products, and leather products to the US, a conference heard in HCM City on Wednesday. In its most recent move, the US imposed a 10 per cent tariff on US$200 billion worth of Chinese imports. The tariff will rise to 25 per cent on January 1 next year. In retaliation, China has decided to impose taxes on about $60 billion worth of imports from the US. Delegates at the conference said the US tariffs on China would bring both opportunities and challenges to Viet Nam. Nguyen Xuan Thanh, development director at Fulbright University Viet Nam, said there would be shortages when China’s exports to the US dry up, and Vietnamese firms could take advantage of this to boost exports to that country. Firstly, exports of Chinese fisheries products are expected to reduce by $700 million, and Viet Nam can step in and fill the breach, especially in the case of shrimp, according to … [Read more...] about VN exporters could benefit from US-China spat