Homepage / Asia / President Trump shrinks from another fight with China
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election


President Trump shrinks from another fight with China

Strange as it sounded, Donald Trump‘s reversal on punishing a Chinese telecommunications giant fits his pattern: facing powerful adversaries, the tough-talking president usually shrinks from a fight.

Republicans and Democrats alike slammed Trump’s sudden declaration that stiff US sanctions for Shenzhen-based ZTE meant “too many jobs in China lost.” Not only had ZTE defied strictures against commerce with Iran and North Korea, U.S. intelligence officials warned its devices could be instruments of Chinese espionage.

But the logic of Trump’s action lay, at least in part, in the pushback he faced. The administration team he recently sent to Beijing to demand trade concessions from China came back empty. China, from which Trump simultaneously seeks help in nuclear negotiations with North Korea, demanded that he back off on ZTE.

So Trump backed off – just as he did upon taking office with his stern promises to declare the world’s second-largest economy a “currency manipulator.”

He has done the same in soft responses to Russia‘s assassination of journalists and dissidents. With the words, “You think our country’s so innocent,” the president has even shrunk from claiming the moral high ground for America.

“For all his bluster, one of the surprising takeaways from Trump’s 16 months as president is how cowed he often is by the strong men of international politics,” says Nicholas Burns, a U.S. diplomat under presidents of both parties who now runs Harvard’s Kennedy School.

Trump has followed a similar pattern on domestic issues.

During the 2016 campaign, he vowed to working-class supporters he would cut prescription drug prices by making pharmaceutical firms negotiate with Medicare. The powerful drug industry loathes the idea.

When he unveiled his plan for cutting drug prices last week, Trump had dropped it.

Candidate Trump promised to confront Wall Street in his tax plan by eliminating a big loophole for hedge fund managers. His aides promised wealthy Americans would get no tax cut at all.

The “carried interest” loophole was preserved. The wealthy got the biggest tax cuts of all.

As president, following the Parkland school massacre, Trump mocked Congress as too scared of the National Rifle Association to enact new gun restrictions. He cast himself as tougher.

After the NRA resisted, Trump backed off.

The president has followed through on tough rhetoric with less-powerful constituencies. Most conspicuously, his administration has adopted adopt a more aggressive approach to border enforcement and deportation of illegal immigrants.

Trump announced the end of President Barack Obama‘s Deferred Action for Childhood Arrivals program. After insisting he would protect current “Dreamers,” the president dropped the effort in the face of opposition from GOP Congressional leaders.

This pattern does not mean the administration’s initial approach to ZTE was right, or that Trump’s new one is wrong. Some diplomats and trade specialists believe ZTE, and thus American firms such as Qualcomm in its supply chain, were punished too severely.

“President Trump in my view was correct to revisit the decision,” says Carla Hills, a former U.S. Trade Representative. “ZTE should, and likely will face record penalties. But hopefully those penalties will not have a devastating impact on innocent parties – namely U.S. companies and U.S. workers.”

On China and Russia, Trump may also have motives closer to home.

Special counsel Robert Mueller is probing whether financial and political ties by Trump and his campaign played a role in Moscow‘s 2016 interference on his behalf. Among other leads, investigators are examining whether influential Russians used the NRA as a conduit for assisting Trump.

The Trump organization is now part of an Indonesian development project benefiting from $500 million in Chinese government financing. A White House spokesman yesterday declined comment on the project on grounds that the president’s family business is “a private organization.”

“Why,” Democratic Sen. Ron Wyden of Oregon asked on Twitter, is Trump “personally protecting a Chinese tech company guilty of evading U.S. sanctions on Iran? Maybe this.”

Source: cnbc china
President Trump shrinks from another fight with China

Comments are closed.