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 By Heather SCOTT Washington (AFP) March 8, 2019
Optimism about a rapid resolution of the months-long US-China trade war was undercut by conflicting comments out of Washington and Beijing, sending global stock markets on a downward slide on Friday. President Donald Trump said he remains optimistic but will not agree to a pact with China unless it is a "very good deal." And an economic advisor said Trump could walk away from the negotiations. The economic superpowers have been locked in a trade battle since last summer, striking out with steep tariffs on more than $360 billion in two-way trade, which is beginning to sap economic growth and business confidence. "I am confident but... if this isn't a great deal, I won't make a deal," Trump told reporters as he departed the White House to visit tornado-damaged Alabama. But he added: "We will do very well either way, with or without a deal." US and Chinese officials have said they are making progress toward a resolution of the dispute but a US diplomat in Beijing said Friday that an agreement was not imminent. Washington is demanding deep structural changes, including to how Beijing treats foreign investors and its own state-owned enterprises, and the deal is expected to require commitments on the Chinese currency and protections for American technology. White House economic advisor Larry Kudlow acknowledged that Trump's planned meeting at his Florida resort with Chinese President Xi Jinping -- which officials said was expected to be held late this month to seal an agreement -- could slip into April. The more cautious tone, coupled with weak Chinese trade data showing plummeting exports and imports, sent global stock markets falling. And weak US employment data added to the pessimism, causing Wall Street to dive at the open, and although it recovered some ground by the end of session, all three main indices closed lower for the fifth consecutive day. - Trump could walk away - Kudlow told CNBC that talks have "advanced enormously," echoing comments from Chinese Foreign Minister Wang Yi earlier Friday. But "you saw them walk away from North Korea and just saying that... it could apply to trade," he said, referring to Trump's recent summit in Hanoi with the North Korean leader Kim Jong Un, which ended early and without an agreement. "I don't want to hang a timetable on this," Kudlow said. US Trade Representative Robert Lighthizer "is doing the best he can." "There may be a meeting in Florida, Mar-a-Lago between the two leaders, maybe late this month or early next month." He credited Trump's tough negotiating strategy and "aggressive tariffs" for bringing Beijing to the negotiating table. "We have them over a barrel," he said. Terry Branstad, the US ambassador to China, told The Wall Street Journal in an interview that preparations for a Trump-Xi meeting are not yet under way either. "Both sides agree that there has to be significant progress, meaning a feeling that they're very close, before that happens," he said. "We're not there yet."
China's parliament takes up new foreign investment law The legislation was presented at a session of the National People's Congress in Beijing and is expected to be approved on March 15, the last day of the annual parliamentary meeting. The bill will ban the illegal transfer of technology and "illegal government interference" in foreign businesses, a key point in Washington's contention that Beijing steals American technology. The law aims to assuage concerns about China's business environment for foreign firms, but earlier versions of the draft drew criticism from some business groups. The law "clearly stipulates that the state protects the intellectual property rights of foreign investors and foreign-invested enterprises and bars the use of administrative means to force technology transfer," said Ning Jizhe, vice chairman of China's state planner, the National Development and Reform Commission. "This will certainly provide a more comprehensive and more powerful rule of law guarantee for foreign investment interests," Ning told reporters earlier this week. Beijing sees the law as a tool to attract more foreign investment as its economy slows. China's premier on Tuesday laid out a lower growth target of 6.0 to 6.5 percent this year, down from 6.6 percent growth in 2018. Official data Friday showed China's exports and imports plummeted much more than expected in February, adding to worries. Its roller-coaster stock market ended the day down sharply with the benchmark Shanghai Composite Index losing 4.40 percent. US President Donald Trump said Thursday trade negotiations were "moving along pretty well". Chinese Foreign Minister Wang Yi said Friday that the two sides have made "significant progress" but he blasted hawks in Washington who have advocated a "decoupling" between the two countries' economies.
Rusal Q4 net profit plunged as US sanctions bit Hong Kong (AFP) March 7, 2019 Russian aluminium giant Rusal suffered a net loss in the fourth quarter, it said on Thursday, citing the "serious" impact of US sanctions and global trade disputes. The world's largest aluminium maker outside of China was hit by sanctions in April following a diplomatic crisis sparked by the poisoning of former double agent Sergei Skripal in Britain. The sanctions targeted oligarchs close to President Vladimir Putin including Rusal founder Oleg Deripaska. He resigned his seat on the board a ... read more
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