Is Trump insane? Escalating trade tension woos equity bears to Asia

Ex-advisers worried about Trump's behavior, NYT reports https://youtu.be/FuKZ-qwNSU4

Trump Says He's Lost Billions Being President

https://youtu.be/EAO9eO1Nh1E

President Trump: I don't blame China, I blame past leadership

https://youtu.be/Dzvlysi7zOQ

Departure of U.S. companies from China will hurt U.S. economy

https://youtu.be/-ooTKeqwsbo

A Lot of Confusion in China on U.S. Motives, Says AmCham China’s Stratford

https://youtu.be/gysFIV8327w

Escalation of China-U.S. trade tension

https://youtu.be/3pCXrJtm1W4

Markets sink as Trump presses US companies to leave China

https://youtu.be/eutPdwk19Ac

Stocks fall amid fresh tensions in US-China trade war

https://youtu.be/sio9xZtR4gA

KUALA LUMPUR: Asian markets started the week on a weak note amid escalating trade war concerns after the US and China announced plans for additional tariffs against each other.

Locally, the FBM KLCI stayed in negative territory for the whole of yesterday, before paring losses to close 8.8 points or 0.55% lower at 1,600.53 points. Before the closing, the index hovered below 1,595, falling 1.17% to an intraday low of 1,590.51.

Despite the fall, the local index was among the least affected by the regional selldown, compared with other Asian indices. The biggest loser among the regional indices was Japan’s Nikkei 225, falling 2.17% to 20,261.04. This was followed by Hong Kong’s Hang Seng Index and the Taiwan Stock Exchange, down 1.91% and 1.74% respectively. India’s Sensex notably closed 2.16% higher.

In Southeast Asia, Singapore’s Straits Times Index was the biggest decliner, down 1.45% at 3,065.33, and the Jakarta Composite index closed 0.66% lower at 6,214.51.

Last Friday, US President Donald Trump announced an additional duty on some US$550 billion worth of targeted Chinese goods, following China’s move to hike trade levies on US$75 billion worth of US goods.

Trump said US tariffs on US$250 billion of Chinese imports will increase from 25% to 30% on Oct 1, while an additional 5% tax on US$300 billion worth of Chinese goods — raising the tariff to 15% from 10% — starts on Sept 1.

The president made it clear that the US was responding to China’s threat of additional tariffs on US$75 billion of goods including soybeans, automobiles and oil.

“This looks like a tit-for-tat [response] and I don’t see an easy resolution to the trade war, as there seems to be no middle ground between the US and China. It is very unsettling for the market because there is no direction from day to day,” said Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew.

However, the tensions eased a bit towards the later part of yesterday, as Chinese Vice Premier Liu He said China was willing to resolve the trade dispute through calm negotiations, stating the nation was against the escalation of the conflict.

Trump responded positively to China’s suggestion and, on the sidelines of a summit in France, had hailed Chinese President Xi Jinping as a great leader and welcomed the latter’s desire for calm negotiations.

It remains to be seen how the trade dispute will be resolved, given the constant retaliatory tariffs between the two economic behemoths since early last year.

Several trade talks between the two nations have not brought any solutions to the trade war, still affecting investor sentiments towards global markets. For the KLCI, the trade war remains a major factor affecting analysts’ forecasts.

Kenanga Research said the index’s underlying trend remains bearish but does not discount the possibility of a technical rebound as the KLCI has been in oversold territory for about a month. “Look out for overhead resistance levels at 1,630 and 1,650. If selling pressure continues, the key support levels to keep an eye on are 1,570 and 1,550,” Kenanga Research wrote in a note yesterday. - Source link


Read more: 

Clout eroded as US shirks intl duties

I think it's necessary to include something Liu once said that also applies here, “The world needs a new America. It needs an America that is free of prejudice and intolerance. It needs an America that understands respect, that matches words with deeds, that understands the principles of benevolence, righteousness, propriety, wisdom, and faithfulness. The world would be lucky if the new America could become such a country.”

Why are the Chinese brushing aside Trump's tweets?

Trump has turned Twitter into a stage for his political show, where he says things to gain votes for reelection. He repeats what he has done for the US – to provide Americans welfare, and to “make America great again.” But he is actually damaging the interests of his own country and people.
 

China unfazed by swaying US policies

In today's world of production patterns, no country can marginalize China anymore. Whichever country forcibly cuts economic ties with China will only harm itself. After Trump tweeted, he received almost one-sided opposition and doubts, which showed how inappropriate was his unrealistic proposal.

Former U.S. treasury secretary criticizes policies of Trump administration

https://youtu.be/s9ZeIhimLqM

American expert accuses Western countries of double standard in HK affairs

https://youtu.be/M6YUjfwPVxs

Poking its nose into other countries' affairs is an American obsession

The past few months have been sad and depressing for those who live in Hong Kong. The safety guaranteed on the streets of Beijing and Xi'an should be available to the people of Hong Kong. China should not be asked to compromise its sovereignty. If Americans want to boycott anyone, they should do so with their politicians who support the Hong Kong unrest.

West will shed no tears for Hong Kong

Many Hongkongers are confusing right from wrong while Western public opinion constantly delivers the ideological energy that the radical protesters need. The West has shed no tears for Iraq, Syria and Ukraine, which had gone through similar hardships. Now, it is turning Hong Kong into the forefront of the struggle with China, and, as usual, they will shed no tears for the city's misery.

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华为不惧美国封杀 美式霸凌失道寡助！Huawei's goodwill gesture being treated unscrupulously by the US !

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《今日关注》是CCTV中文国际频道播出的时事述评栏目。该栏目紧密跟踪国内外重大新闻事件，邀请国内外一流的专家和高级官员梳理新闻来龙去脉，评论新闻事件的影响和发展趋势。

中国财经报道》 任正非：美国政客低估华为的力量

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任正非接受中央广播电视总台等媒体采访，任正非：美国政客低估华为的力量；摩根士丹利：美加征关税或致全球经济衰退；东航正式就波音737，MAX停飞损失向波音公司提出索赔。 《中国财经报道》原“整点财经”，联通全天频道财经资讯滚动递进式播出，形成频道财经资讯流。向受众提供即时国内国际财经新闻资讯，及时报道足以影响普通投资者重大利益的变化。

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#財經八點檔 #非凡貿易戰 #華為

【財經八點檔】暫緩禁令90天美國怕了?華為嗆沒意義 中國網友力挺:全面拋棄蘋果! 商用到軍用"大疆"好神!白宮盯上中國無人機巨頭控竊密│非凡新聞│20190521

首发！任正非最新回应：需要跟世界霸主较量！不需要90天临时执照！！！

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Huawei products should not be linked to politics: Ren

U.S. ban not to affect Huawei's high-end and 5G products: Ren

  https://youtu.be/Yz6tKCEhvqA

Huawei is a commercial company, and the use of its products is a choice for consumers based on their likes and should not be linked to politics, said Ren Zhengfei, founder and president of Huawei Technologies Co. Ltd. on Tuesday.

Ren made the remarks after the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce put Huawei and its affiliates on an "Entity List," which would restrict the sale or transfer of U.S. technologies to the company. The ban has triggered opposition from markets worldwide.

Huawei maintains mass production capacities for specific key components, including chips, and the U.S. ban will not result in negative business growth, Ren told reporters.

The telecommunications giant projected slower but positive growth this year.

Huawei posted a 39 percent year-on-year revenue growth in the first quarter of the year. The growth has slowed slightly in the second quarter, but the slowing will not hurt the company, Ren said.

"Huawei had made preparations for the extreme situations even before the Chinese Lunar New Year," he said.

He noted, however, that it would not reject the U.S. supply chain, citing Huawei's announced purchase of 50 million chips from Qualcomm in 2018.

"As long as the U.S. government allows U.S. companies to export the components, Huawei will continue to buy while sticking to its own research and development," he said.

Ren said he appreciated the support of a large number of U.S. components suppliers over the years, and they are also lobbying for the easing of U.S. government-imposed restrictions.

He said Huawei is also in talks with companies like Google for potential remedy solutions, he said.

Source link


Read more: 

Ren's mind-set fit to face down US

China can hardly make the US clear about all these issues. The only option for China is to do its own things well and accept the fact that the China-US trade war will last in the days that follow. As China becomes stronger, it will eventually see the US willing to reflect upon itself.

Homegrown BeiDou system guarantees industry safety

The overall output value of China's satellite navigation and positioning services industry reached 301.6 billion yuan ($43 billion) in 2018, up 18.3 percent on a year-on-year basis, with the country's home-developed BeiDou satellite system contributing 80 percent to the core production value, reads an official white paper.
 

China launches new BeiDou navigation satellite

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https://www.cnbc.com/video/2019/05/15/trump-signs-executive-order-targeting-huawei.html

Key Points 

• President Donald Trump on Wednesday declared a national emergency over threats against American technology, the White House said.


• The move, done via executive order, is expected to precede a ban on U.S. firms doing business with the Chinese telecommunications company Huawei.


• The announcement comes as the U.S and China remain locked in a trade dispute.

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https://youtu.be/X05bmuEmxLE

China slams U.S. blacklisting of Huawei as trade tensions rise

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Why Washington cannot contain Huawei

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Trump's tariffs won't restore U.S. jobs

The sewing lines at Bernhard Furniture Company which where skilled craft jobs are growing without the help of tariffs, and company officials

  https://youtu.be/OCk4VkAKKFc

Trump's tariffs won't restore U.S. furniture jobs : https://www.reuters.tv/v/PvWi/2018/09/27/trump-s-tariffs-won-t-restore-u-s-furniture-jobs

In a town where a 30-feet tall chair is the chief landmark, and which is synonymous with a U.S. furniture industry decimated over the years by imports from China, many greet the possibility of tariffs on Chinese goods with a shrug.

No wonder. Of three once bustling Thomasville furniture plants in the city limits, one is being demolished and cleared for parkland, another may become the site of a new police station, and a third is being converted into apartments.

President Donald Trump is threatening to levy tariffs of up to 25 percent on $500 billion of goods imported from China each year, including roughly $20 billion of furniture, as a way to bring back hundreds of thousands of manufacturing jobs lost to China and other low-cost competitors.

Yet, the transformation of U.S. industries since China’s emergence as the world’s low-cost producer almost two decades ago means many no longer directly compete with Chinese imports, so tariffs may not translate so easily into more U.S. jobs.

At family-owned Bernhardt Furniture in Lenoir, some 90 miles west of Thomasville, executives say it would take about $30 million in capital investment - some 10 percent of annual sales - to resurrect standard wood furniture lines now mainly made in countries like China and Vietnam.

That is too much to commit based on a policy that a future administration could reverse.

"The theory is you turn (imports) off, the jobs come back. That's not really true... The buildings don't exist. The people don't exist. The machinery does not exist," to make the sorts of furniture that now gets imported, said Alex Bernhardt Jr., chief executive and the company founder's great grandson.

What the company needs now, executives say, is the open markets and steady economy that have allowed it to grow its workforce from below 800 at the end of the 2007-2009 recession to almost 1,500 today - partly on the basis of exports to China.

DIFFERENT COMPANY

That growth has been largely driven by demand for more customized, higher end furniture. In expanding, the 129-year-old company has been hiring not only factory workers, but also designers, marketing experts and other professionals.

In all, it is a different firm from what it was three decades ago when it first began dividing product lines between the United States and Asia.

Economists say the same is true across much of U.S. manufacturing. To invest and hire more workers, executives would need certainty, for example, that consumers would prefer U.S.-made products at a potentially higher price. They would need confidence that tariffs would last beyond the Trump administration and that production could not be shifted to other more cost-competitive countries.

Even then, there may be little incentive to go back to old product lines for industries that have changed dramatically because of globalization.

Across the Rust Belt and the former factory towns of the south, the transformation is apparent. In Buffalo, an old steel mill is now a solar panel factory, and a retail goods manufacturer now houses an office and restaurant park. Near Dayton, Ohio, a shuttered GM plant has reopened as a Chinese-owned auto glass company. Abandoned factories throughout North Carolina have landed on the Environmental Protection Agency's list of "brownfield" sites that need cleanup.

Some companies are considering moving production from China as a result of the tariffs, but the jobs are unlikely to head home.

Illinois-based CCTY Bearing, for example, said it planned to move U.S.-bound production from Zhenjiang, China, to a new plant near Mumbai in India to keep labor costs down.

JLab Audio's China-made Bluetooth products are not being taxed yet, but its chief executive Win Cramer had been scouting for suppliers in Vietnam and Mexico.

"I would love to build products onshore, but consumers have proven time and time again that "Made in America" isn't as valuable a statement as it once was," Cramer said. "They make decisions based on the cost."

The price of, say, its Bluetooth earbud would jump from $20 to as much as $50 if it was made in the United States, Cramer said, far more than what tariffs would add to the cost of imports.

To be sure, early reactions suggest that foreign companies that make U.S.-bound goods in China may move some of that production to the United States. Still, countries such as Vietnam may ultimately benefit the most from Trump's tariffs.

Japanese construction and mining equipment maker Komatsu Ltd < 6301.T > has said it has already shifted some of its production of parts for U.S.-built excavators from China. Part of that production moved to the United States, but some also went to Mexico and Japan.

In South Korea, LG Electronics <066570 .ks=""> and its rival Samsung Electronics <005930 .ks=""> are considering moving parts of U.S.-bound refrigerator and air conditioner production to Mexico, Vietnam or back home, but not to the United States, according to company sources and local media.

STEADY RECOVERY

The responses to Trump's tariffs on steel and aluminum show how such steps create both winners and losers.

Producers such as U.S. Steel and Century Aluminum have said they will add at least several hundred jobs as a result of the higher prices they can charge.

Mid-Continental Nail, however, laid off 130 workers because of those higher steel prices, and furniture parts maker Leggett & Platt has warned that rising metal prices would prompt it to shift production abroad.

So far, Washington has imposed duties on $250 billion of Chinese imports and Trump has threatened to slap tariffs on all Chinese goods.

Many economists project new tariffs would on balance either slow down hiring or cause job losses in a manufacturing sector where employment has grown by 10 percent over the past eight years without special protection.

(Graphic: https://tmsnrt.rs/2Q1AFUW)

The furniture industry, among the hardest hit by Chinese imports, has added 43,000 jobs since its employment hit a low of 350,000 in 2011, helped by the recovering housing market and strong consumer demand.

Industry officials say skilled upholsterers and other workers are hard to find, echoing the Federal Reserve's concern about the impact of worker shortages on the U.S. economy.

In Thomasville, few expect that tariffs will bring furniture manufacturing back to its heyday, nor does the community need it, says city manager Kelly Craver, whose parents worked in the furniture and textile industries.

Since the recession, Thomasville has become a residential hub for growing nearby cities such as Greensboro and Charlotte. It also has its own mix of manufacturing and white collar jobs.

Mohawk Industries recently expanded its Thomasville laminate flooring facility while the Old Dominion Freight Line transportation firm and the fast-growing Cook Out burger chain have corporate headquarters there.

"We, for the very first time in this city's existence, are going to have a diversified economy," Craver said.

By Howard Schneider, Reuters

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Disruptive Donald J.Trump, US president-elect policies

US president-elect Donald Trump gives a speech during election night at the New York Hilton Midtown in New York on Nov 8, 2016. PHOTO: AFP

I was going to write about disruptive technology but the whole week was taken up with the disruption that Donald J Trump caused in upsetting the US establishment by winning the Presidential elections.

The establishment was so confident of a Hillary win that the New York Times predicted 85 per cent chance of her winning and the Economist magazine showed a cover picture with Hillary as America and the rest of the world’s best hope.

Trump’s victory repeated the Brexit phenomenon that the elites don’t get it.

The voters are angry and even if Hillary had the support of women, African Americans and Latinos, it was not enough.

Trump basically tapped into the anger in the dominant American white voter that life has not been good in the last 30 years, attributing this to globalisation, immigration, disruptive technology and mostly, the failure of the elites to listen.

There was something quite Darwinian about the US elections.

Here was an alpha male challenging the establishment, both on the Republican and Democratic sides.

Against all odds, he defeated the Bush dynasty and the Republican party leadership to win the nomination.

Then he crushed the alpha female (Hillary), partly because somehow no one could quite trust what she really stood for.

Certainly, Wall Street would have benefited most, being her major supporter.

But no one quite trusts banksters these days.

Trump put the Clinton/Obama dynasty into its place.

We are likely to see some major changes affecting Wall Street.

Remember how in 1934, newly elected President Franklin Roosevelt sent Joseph Kennedy Senior to go after Wall Street?

How did Trump get there?

Firstly, as a businessman, he understood that the old model was broken because he read the signals right – the average American voter was angry and wanted their issues fixed.

Secondly, he knew that the mainstream establishment media was against him but they didn't get what his pollsters were reading.

The Web traffic was showing that his outrageous statements were touching raw nerves.

Politics ultimately is about the gut rather than the rational mind.

Thirdly, the pollsters were reading the old tea leaves, not appreciating how voters were refusing to show their hand till the last minute.

An American friend had this insight – most of his friends refused to tell anyone that they supported Trump.

They did not want to appear politically incorrect to support a ranting candidate that was not playing to the traditional songs.

But they wanted change – and Obama did not deliver what they wanted.

What next for Trump and for Asia?

Based upon his campaign language, Trump is likely to be quite tough on allies and competitors alike.

American military support wouldn’t come free for allies and he is also likely to be tougher on his foes.

This means essentially that everyone will have to look after their own interests.

The election also showed that what concerns the voter most is the need for good jobs.

This is where globalisation and technology disruption have upset the status quo.

Jobs either go abroad where wages are cheaper or technology is such that most manufacturing can be done onshore, but robotics are replacing grunt labour.

Hence the only Tech Age solution is proper education and training on the job.

In the tech age, governments cannot assume that the market will provide the jobs without state help.

Employers need to be aware that you can’t shed labour without investing in people.

Universities and schools have been disrupted by the Internet, because the best teaching is now accessible online and mostly free.

Massive Open Online Curriculum (MOOC) means that anyone can access the best online lecture course by some of the top lecturers at the best universities, fully up to date.

Who needs uninterested local professors who are still teaching out-dated texts they learnt thirty years ago?

​Digital divide

The Digital Divide means the line between those who are digitally connected and those who are not.

Increasingly, societies are networks across which goods, services, information and value are traded, exchanged and created.

Those who have access to these networks grow wealthier, outstripping those who are not.

Hong Kong is a perfect example of how cities become successful by being a free port, where there are low transaction costs, with rule of law and access to free information.

Having superior marine port, airport and road and now rail connection to the Mainland of China made Hong Kong not just the entrepot centre for Chinese trade with the world, but also a globally connected city.

But making money through trade, finance and real estate is no longer viable when every business is disrupted by technology.

Alibaba, Amazon, Google and Facebook are just a bunch of smart people that integrate multiple markets using their digital platform.

Their cost expense ratios are a fraction of the traditional bricks and employee business of Walmart, real estate developers, banks and newspapers.

They have global reach, especially the young and mobile.

All this means that as America becomes strong under Trump (which he promised), every country or city needs to compete even more fiercely in the digital age.

Cities have better chances of getting their acts together to get the government, business and civil society to work together and achieve how they really want to compete in the digital age.

I was in Shenzhen last month looking at how they are coping with the digital age.

Shenzhen is now green and dynamic, with showcase drone technology, Huawei telecommunications and genomic technology that are at the cutting edge of innovation.

No one I talked to cared about the angst that was going on in Hong Kong, where the young and old are still squabbling over their own identities.

Shenzhen was moving to compete head-on with Silicon Valley, Bangalore, Shanghai and Hangzhou. And this is a city that thirty years ago had no university of its own and no serious manufacturing to speak of. This is an immigrant city par excellence finding its own place in global technology.

Disruption comes from sheer willpower. Either you disrupt or you become disrupted.

Trump and Shenzhen are showing the way. Everyone else please wake up.

By Andrew Sheng, Asia News Network/The Star

The writer, a Distinguished Fellow of Hong Kong-based think-tank Fung Global Institute, writes on global issues from an Asian perspective.

 

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