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trade war

China’s industrial profits slow for sixth month, seen weakening further

BEIJING: Profit growth at China’s industrial firms cooled for a sixth straight month in October as factory prices and the pace of sales increases softened amid mounting uncertainties stemming from the U.S.-China trade war. The figures point to further weakening in China’s vast manufacturing sector and economy days ahead of a high stakes meeting between Presidents Donald Trump and Xi Jinping, which Beijing hopes could avert a major escalation in their trade dispute. China and the United States have slapped tariffs on…

Breakthrough or breakdown: G20 sets trade war turning point

PARIS : The United States and China have in the coming week what may be their last chance to broker a ceasefire in an increasingly dangerous trade war when their presidents meet in Buenos Aires. With global growth increasingly suffering from frictions between the two biggest economies, tensions will come to a head when Donald Trump and Xi Jingping meet on the sidelines of a G20 summit in Argentina. Washington is set to raise tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent in January if…

China wants trade talks with United States to be equal, mutually beneficial

BEIJING: Trade talks between the United States and China should be equal and mutually beneficial, Chinese Vice Commerce Minister Wang Shouwen said on Friday, adding that he hoped the two countries can find ways to manage their differences through dialogue. U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks during the G20 summit in Buenos Aires next week as trade ties between the world’s two largest economies become increasingly fraught. “We hope that, on the basis of equal…

China says must balance stable growth and risk prevention

BEIJING: China must balance the need for stable growth while managing risks and maintain a prudent and neutral monetary policy, the State Council, the country’s cabinet, said on Sunday following a meeting of top economic and financial policymakers. Data released on Friday showed the world’s second largest economy growing at its weakest pace since the global financial crisis, underscoring challenges for Beijing amid an escalating trade war with the United States and sluggish domestic demand. The State Council Financial…

US-China trade war triggers seafood supply chain shake-up

NEW YORK/MONTREAL: The US-China trade war has triggered a seafood supply chain shake-up, with US importers scrambling to stockpile frozen Chinese squid and tilapia ahead of looming price increases while Canada exports more lobsters to China. A series of retaliatory tariffs between Beijing and Washington has led to a shift in global trade, creating winners and losers in sales of commodities from soya to seafood to pork. About $3 billion worth of Chinese seafood imported into the United States is now subject to a 10…

China says US putting ‘knife to its neck’, hard to proceed on trade

BEIJING: A senior Chinese official said on Tuesday it is difficult to proceed with trade talks with the United States while Washington is putting “a knife to China’s neck”, a day after both sides heaped fresh tariffs on each other’s goods. When the talks can restart would depend on the “will” of the United States, Vice Commerce Minister Wang Shouwen said at a news conference in Beijing. “Now that the United States has adopted such a huge trade restriction measure ... how can the negotiations proceed? It’s not an equal…

US-China trade war poses oil demand shock in 2019

SINGAPORE: US sanctions on Iran will tighten global oil supplies sharply until the end of the year, but a threat to world demand looms in 2019 from the U.S.-China trade war, the head of BP’s oil trading in Asia said. “We’re moving into the tightest part of 2018 ... the re-imposition of Iran sanctions is the main factor as the market will tighten substantially from now to year-end,” Janet Kong, chief executive of Integrated Supply and Trading Eastern Hemisphere at BP told Reuters. Saudi Arabia and Russia won’t add…