USA Archives - Page 10 of 24

14May

By Online DeskNo Comments

China, Market, USA

Biden slaps new tariffs on Chinese imports, ratcheting trade war

President Joe Biden has slapped major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminium and medical equipment, taking potshots at Donald Trump along the way as he embraced a strategy that’s increasing friction between the world’s two largest economies. The Democratic president said on Tuesday that Chinese government subsidies ensure the nation’s companies do not have to turn a profit, giving them an unfair advantage in global trade. “American workers can outwork and outcompete anyone as long as the competition is fair,” Biden said in the White House Rose Garden. “But for too long, it hasn’t been fair. For years, the Chinese government has poured state money into Chinese companies … it’s not competition, it’s cheating.” China immediately p...

14May

By Online DeskNo Comments

China, Market, USA, World

Biden announces $18bn tariff hikes on Chinese imports

US President Joe Biden announced a series of tariff increases on various Chinese imports, including electric vehicles, computer chips, and medical products. This move risks an election-year standoff with Beijing as Biden aims to appeal to voters critical of his economic policies. Biden will maintain tariffs introduced by his Republican predecessor, Donald Trump, while increasing others. The White House stated that this decision is due to “unacceptable risks” to US “economic security” from what it sees as unfair Chinese practices that flood global markets with cheap goods. The new measures affect $18 billion worth of Chinese imports, including steel and aluminium, semiconductors, batteries, critical minerals, solar cells, and cranes, according to the White House. In 2023...

<strong>Yuan losing sheen among Chinese exporters</strong>

29Apr

By Mike TrudellNo Comments

China, USA, World

Yuan losing sheen among Chinese exporters

China has for long been promoting yuan as a formidable global tradeable currency, but in recent times it has not been able to match the soaring value and worth of the US dollar. The volatility, low returns, and unexpected shift in external demand for yuan has prompted the Chinese exporters to shift their loyalty to the US dollar. Chinese traders have read the market condition well and are certain of yuan’s depreciation against the dollar. US dollar has been performing well at the global stage and the US Federal Reserve has defined expectations and refrained from downgrading its interest rates due to looming inflation threat. The Chinese exporters are investing their capital in US assets for better returns. This perhaps is a negative trend for China and is a result of recent dwindlin...

<strong>China flooding international markets with cheap goods</strong>

29Apr

By Mike TrudellNo Comments

China, USA

China flooding international markets with cheap goods

With tension between China and the US far from tapering off anytime soon, it is in trade and economic areas where Beijing’s activities appear to have further hit panic button in Washington DC as Secretary of State Antony Blinken, during his April 24-26 visit to East Asian country, raised his concern on dumping of Chinese products, including steel and Aluminium in the American market. US State Department Spokesperson Matthew Miller was quoted by Reuters as saying that at a meeting with Chinese top officials, Blinken raised “concerns” about China’s trade policies and non-economic practices. This is the second time in a month when a senior official of the Joe Biden administration put the issue-related to dumping- on the table before Chinese authorities. Earlier, US Trea...

Bypassing Barriers: China’s clever use of Mexico to penetrate U.S. markets

26Apr

By Joe RodriguezNo Comments

Asia, Market, USA, World

Bypassing Barriers: China’s clever use of Mexico to penetrate U.S. markets

China operates with a singular objective: to maximize profits, employing any means necessary. Recently, we have witnessed escalating tensions between the United States and China over trade relations. This conflict has significantly impacted the American market, prompting the U.S. government to impose substantial tariffs on Chinese goods imported into the country. However, China has ingeniously devised a strategy to circumvent these hefty tariffs while simultaneously reducing shipment costs. Chinese companies utilize Mexico as a back door to enter the US amid the ongoing trade war with the US. Many Chinese firms have moved to industrial parks in northern Mexico over the past few years to get closer to the American Market. Market Manoa Furniture in Monterrey producing recliners and plush...

How the global economy is being affected by the strong US currency

18Apr

By Michael SmithNo Comments

USA

How the global economy is being affected by the strong US currency

With the world's finance ministers gathered in Washington this week, one topic is coming up over and over: A surge in the value of the U.S. dollar against most other major currencies is making life complicated for economic policymakers around the world. Why it matters: The flip side of the stronger dollar is weakening in other major currencies, which tends to fuel inflation in countries that have already been struggling to bring price pressures down. It also makes dollar-denominated debts overseas — especially common in emerging markets — more onerous, essentially throttling economic activity. It creates hard questions in some countries about whether to intervene to prop up their currency in hopes of arresting capital outflows, as Indonesia did this week. The big p...

The US economy is strong, according to the IMF, but rising debt poses financial risks.

16Apr

By Mike TrudellNo Comments

USA

The US economy is strong, according to the IMF, but rising debt poses financial risks.

The U.S. economy has grown faster than other developed countries in the wake of the COVID-19 pandemic, partly due to its policy of deficit spending, the IMF says.The financial arm of the United Nations credited the U.S. with powering the global economy while warning that the national debt poses financial risks both in the short and long term.The national debt has grown in recent years because spending on COVID-19 stimulus and infrastructure has been funded by debt instead of new taxes.The U.S. economy has led the world in recovering from the COVID-19 pandemic—but that performance is largely due to heavy government spending that may be unsustainable in the face of mounting debt, according to the International Monetary Fund. The financial arm of the United Nations leveled the criticism o...

IMF improves its growth estimate for the “overheated” US economy and advises against cutting interest rates.

16Apr

By Joe RodriguezNo Comments

USA

IMF improves its growth estimate for the “overheated” US economy and advises against cutting interest rates.

LondonCNN — The US economy’s standout performance will be a major driver of global growth this year but could make America’s inflation problem harder to solve, according to the International Monetary Fund. The IMF upgraded Tuesday its forecast for US economic growth to 2.7% this year — 0.6 percentage points higher than it predicted as recently as January. The move highlights how the United States is outpacing other advanced economies, notably the European economy, which has struggled to regain momentum after the pandemic, with high interest rates and the lingering effects of earlier rises in energy costs weighing on activity. The Washington-based IMF expects the 20 countries that use the euro to grow just 0.8% this year, a downgrade of 0.1 percen...

America’s $35 trillion debt makes it the country’s greatest enemy, not China or Russia.

11Apr

By Michael SmithNo Comments

USA

America’s $35 trillion debt makes it the country’s greatest enemy, not China or Russia.

With a $1.6 trillion deficit this year, $35 trillion in overall debt, and $1 trillion in interest payments this year, if the U.S. dollar is no longer the primary global reserve currency and there is suddenly a true rival to the U.S. currency, then the entire American financial system comes crashing down. by Brandon J. WeichertIn the 2012 film Prometheus, a prequel to Ridley Scott’s 1979 hit Alien, one of the lead characters, Michael Fassbender, looks upon an embryo of the iconic monster and quips, “Big things have small beginnings.” One could say the same thing about the rising economic and financial trading bloc, loosely known as the BRICS bloc. BRICS is short for “Brazil, Russia, India, China, and South Africa.” The term can find its roots in a 2001 Goldman Sachs report about t...

<strong>Dumping and security threat makes Europe, US wary of Chinese electric vehicle</strong>

20Mar

By Joe RodriguezNo Comments

China, Market, USA

Dumping and security threat makes Europe, US wary of Chinese electric vehicle

The potential dumping of cheaper China-made electric vehicles has raised concerns among major Western countries, urging them to seek preventive measures to protect local markets as well as thwart security risks these cars pose. Several countries have voiced their opposition to permitting Chinese EVs until their concerns are resolved. Recently, the UK hinted at banning Chinese EV cars over the allegations of unfair state support. British transport secretary Mark Harper said the government will ensure that “We have fair international trade, and that we don’t have dumping or unfair subsidy. The important thing is it’s a fair, competitive landscape.”[1] European Union had last year launched an investigation and contemplated punitive action to protect domestic industry from cheaper Chine...

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