In this file:

 

·         Jamie Dimon: US 'absolutely' right to enter trade war, despite short-term economic toll

When asked if the U.S. should be in a trade war with China, J.P. Morgan's CEO said “absolutely we should have entered into it.”

 

·         Don’t Count on U.S.-China Trade Relations Warming Up Anytime Soon

Despite positive messages from both sides, hopes are fading that they can find mutually beneficial policies.

 

 

 

 

Jamie Dimon: US 'absolutely' right to enter trade war, despite short-term economic toll

 

·         When asked if the U.S. should be in a trade war with China, J.P. Morgan's CEO said “absolutely we should have entered into it.”

·         “We’re better off dealing with it now, whatever that means for the economy,” Dimon said on stage at the Council on Foreign Relations Thursday.

·         Dimon said he wasn’t in favor of tariffs and “threatening,” but was in favor of resolving issues like intellectual property theft.

 

Kate Rooney, CNBC

Apr 4, 2019

 

J.P. Morgan Chase CEO Jamie Dimon did not condemn the White House's decision to face off with China on trade. Even if it's a drag in the near-term.

 

When asked whether he thought the trade dispute was one we should have entered into, Dimon said "absolutely."

 

"We're better off dealing with it now, whatever that means for the economy," Dimon said on stage at the Council on Foreign Relations Thursday evening. "I wasn't in favor of the tariffs and the threatening but absolutely in facing the issues."

 

The 63-year-old CEO highlighted "serious issues" affecting global companies include intellectual property theft, non-bilateral investment rights and non-tariff barriers.

 

The two largest economies have been locked in a stalemate over trade, each imposing billions of dollars worth of tariffs on each others' goods. Washington and Beijing moved closer to a deal during trade talks this week. But negotiators still need to smooth out details as they push for a final summit between Chinese President Xi Jinping and President Donald Trump.

 

"We're glad," Dimon said, adding that U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin have "made a huge amount of progress." Details matter though, Dimon said...

 

more

https://www.cnbc.com/2019/04/04/jamie-dimon-it-was-absolutely-right-for-the-us-to-enter-trade-war.html

 

 

Don’t Count on U.S.-China Trade Relations Warming Up Anytime Soon

Despite positive messages from both sides, hopes are fading that they can find mutually beneficial policies.

 

By Jenny Leonard, Bloomberg Businessweek

Apr 4, 2019

 

President Trump, who made taking on China’s unfair trade practices one of his top priorities after coming into office in 2017, has shown that he’s willing to use unconventional tools to get Beijing to the table. But even if negotiators from his administration get China to commit to their demands—including protecting U.S. intellectual property and buying massive amounts of U.S. goods and services to narrow the trade deficit—that doesn’t mean America will go back to business as usual with Beijing.

 

This isn’t solely a function of the administration’s brinkmanship, which has led both countries to the point of imposing new duties of roughly $360 billion over the past nine months. Shortly after U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer visited China for a round of negotiations in late March, China’s vice premier, Liu He, returned to Washington for what may be the final push for the two countries to reach a deal. After meeting with Liu on April 4, Trump said that they were “rounding the turn,” while Liu said that a “new consensus” had emerged, according to Xinhua News Agency. But business leaders, both parties in Congress, and U.S. allies are also running out of patience with China’s trade practices, leaving Beijing with few allies in Washington to help defuse an economic standoff.

 

In the past two years, the Trump administration has imposed tariffs on roughly $250 billion in Chinese imports. It’s also vowed to limit market access for Chinese telecommunications companies and to scrutinize Chinese investment in critical U.S. sectors. Embarking on an international campaign, the administration is pushing allies to bar China’s Huawei Technologies Co. from providing the infrastructure for 5G networks. Many Chinese officials find it hard to grasp that the rules of engagement are no longer the same, says Tim Stratford, chairman of the American Chamber of Commerce in Beijing. “Many in China see so many things in the U.S.-China relationship change at the same time, they’re having a hard time assessing what are U.S. policy goals and priorities,” he says.

 

When the U.S. Congress in 2000 agreed to grant China permanent normal trade relations—a year before the country became a member of the World Trade Organization—no one expected China to adopt America’s values. But there was a sense that Beijing was committed to a more market-oriented economy. While China is still too big a market to ignore, the shine has worn off, says Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce. Just 33 percent of respondents in the U.S.-China Business Council’s 2018 member survey said they were optimistic about their companies’ prospects in China, compared with 58 percent in 2009.

 

Initial signs that China was implementing its WTO commitments during President George W. Bush’s first term—including lowering tariffs on thousands of products and revising national and local regulations to bring them into compliance with WTO rules—were followed by a setback when the global financial crisis hit in 2008. For many reformers in China, the crisis was proof that the U.S. economic model had failed. “I think under Xi Jinping the possibility of potential alignment has essentially disappeared,” says Scott Kennedy, a China expert at the Center for Strategic and International Studies. In response to the crisis, he says, the Chinese Communist Party doubled down on indigenous innovation, shutting out foreign companies and strengthening the People’s Liberation Army.

 

Senator Mark Warner, a Virginia Democrat on the Finance Committee, says that while he doesn’t agree with all aspects of the Trump team’s approach to trade—particularly imposing tariffs on imported metals, which has alienated allies—he gives the administration credit for making clear that relations with China cannot continue as they had. Under the Obama administration, Warner says, a sense of “American and Western arrogance” prevailed, while developing a strategy to counter China’s economic aggression should have been a higher priority...

 

more, including links

https://www.bloomberg.com/news/articles/2019-04-05/don-t-count-on-u-s-china-trade-relations-warming-up-anytime-soon