Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



TRADE WARS
Trump's $250bn China deals are small beer: analysts
By Becky Davis
Beijing (AFP) Nov 9, 2017


American and Chinese officials proudly touted $250 billion of deals Thursday, signed during President Donald Trump's trip to Beijing, but analysts say the headline figures will not do much to rectify a very lopsided trade balance.

Trump's insurgent presidential campaign was built in large measure on lashing out at global trading relationships, particularly that with China, whose annual $350 billion deficit he said proved the US was being taken for a ride.

He pledged he would get a better deal, one where China bought more from the US in his drive to "Make America Great Again" and bring jobs back to the hollowed out industrial heartland that voted for him.

The agreements inked Thursday during Trump's first state visit to Beijing ranged from billions of dollars worth of Chinese soybean and aircraft imports to major projects like the development and export of liquified natural gas from Alaska.

But many were little more than nonbinding memorandums of understanding, which can take years to materialise, or can simply fall apart.

"It's old-style politics, where a leader comes in and you scoop a bunch of deals which were already under way, or you put out a big number to show the relationship is strong," said James McGregor, China chairman of the consultancy APCO Worldwide.

Even as his administration was trumpeting the quarter of a trillion dollar headline figure, Trump returned to his familiar refrain that trade relations were "very one-sided and unfair."

"I don't blame China," Trump said to awkward applause and nervous laughter from executives gathered for the signing ceremony at the cavernous Great Hall of the People.

"After all, who can blame a country for being able to take advantage of another country for the benefit of its citizens?" he added.

Instead, Trump pointed the finger at past US administrations "for allowing this out-of-control trade deficit to take place and to grow".

- 'Some friction' -

The Trump administration has aggressively pursued trade remedies in commercial relations with Beijing -- investigating Chinese trade practices on intellectual property and in aluminium and steel.

Speaking after talks with Xi, Trump said China had to "immediately" take greater action on market access, forced technology transfers and theft of intellectual property.

"We have to fix this because it just doesn't work for our great American companies, and it doesn't work for our great American workers," he said.

Xi admitted that "there has been some friction on bilateral trade".

But he told Trump that opening China's economy was the country's long-term strategy.

"We will not narrow or close our doors. We will open wider and wider," Xi said.

US Secretary of State Rex Tillerson told reporters in Beijing that "quite frankly, in the grand scheme... the things that have been achieved so far are pretty small" when it came to trade negotiations.

- 'Miracle' or 'pretty small'? -

Analysts tend to agree with that assessment.

Even large deals will do little to shift the overall balance of trade, they say, unless the structural barriers preventing US businesses from competing fairly in China are changed.

Christopher Balding, economics professor at Peking University, said the agreements announced on Thursday were "standard operating procedure-type deals".

"We haven't seen any agreements on market access or market opening in either investment or trade. Those are really the bigger issues American companies are concerned about, rather than one-off deals," he told AFP.

One of the most substantive agreements was a gas deal between the state of Alaska, Alaska Gasline Development Corp, China Petrochemical Corp (Sinopec), China Investment Corporation (CIC) and the Bank of China, involving a total investment of up to $43 billion.

Officials said the joint development agreement will create up to 12,000 American jobs and reduce the trade deficit between the United States and Asia by $10 billion annually.

In another deal, China agreed to buy 300 airplanes at some $37 billion from US aerospace giant Boeing, yet it remained unclear how many of the purchases would be new ones.

In September 2015, Boeing had already received a Chinese order for 300 aircraft valued at $38 billion.

Former US ambassador to China Max Baucus told Bloomberg Television that Xi's elaborate red carpet reception for Trump was a "classic Chinese" strategic move to prevent serious conversation.

"The more there is pomp and circumstance, the less there is time to talk," he said.

rld/lth/hg

APRIL

BANK OF CHINA

SINOPEC - CHINA PETROLEUM & CHEMICAL CORPORATION

TRADE WARS
Trump says trade surplus unfair, adds 'I don't blame China'
Beijing (AFP) Nov 9, 2017
US President Donald Trump decried his country's "one-sided and unfair" trade deficit with Beijing on Thursday, but he told Chinese President Xi Jinping: "I don't blame China." At a signing ceremony for over $250 billion in US-Chinese business deals in Beijing, Trump said: "After all, who can blame a country for being able to take advantage of another country for the sake of its citizens?" ... read more

Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Improving sensor accuracy to prevent electrical grid overload

Japan faces challenges in cutting CO2, Moody's finds

IEA: An electrified world would cost $31B per year to achieve

'Fuel-secure' steps in Washington counterintuitive, green group says

TRADE WARS
Scientists make progress in quest for fusion energy

Cool textiles to beat the heat

A novel layered superconductor based on tin and arsenic

Scientists design smart paper capable of detecting water, conducting electricity

TRADE WARS
New York sets high bar for wind energy

Construction to begin on $160 million Industry Leading Hybrid Renewable Energy Project

A kite that might fly

Scotland outreach to Canada yields wind energy investment

TRADE WARS
China Saves the World, and America Too by Going Off-The-Grid

In Morocco, a blue tourist town is turning green

Mechanochemistry paves the way to higher quality perovskite photovoltaics

OMCO Solar expands to met demand for field-fast racking systems

TRADE WARS
AREVA NP introduces FORERUNNER robot to optimize steam generator inspections

France backtracks on nuclear power reduction target

Nuclear energy programs may not increase likelihood of proliferation

Bulgaria extends life of Soviet-era nuclear reactor

TRADE WARS
Sandia speeds transformation of biofuel waste into wealth

Study identifies additional hurdle to widespread planting of bioenergy crops

Penn researchers mimic giant clams to enhance the production of biofuel

Research aims to help renewable jet fuel take flight

TRADE WARS
An effective solution for collecting spilled petroleum

Oil price response to OPEC report on demand muted

Statoil makes headway with Barents Sea field development

Iraq targets 1 million bpd output for disputed Kirkuk oilfields

TRADE WARS
Developing world says rich nations shirking on climate

Cities can cut greenhouse gas emissions far beyond their urban borders

Syria to join Paris climate pact, isolating US

EU to cut car emissions to meet climate targets, rival China




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement