China says U.S. putting 'knife to its neck', hard to proceed on tradeThe Saigon Times Daily Chinese Vice Commerce Minister and Deputy China International Trade Representative Wang Shouwen leaves a news conference in Beijing, China, April 4, 2018 – PHOTO: REUTERS BEIJING (REUTERS) - 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. U.S. tariffs on US$200 billion worth of Chinese goods and retaliatory taxes by Beijing on US$60 billion worth of U.S. products including liquefied natural gas (LNG) kicked in on Monday, unnerving global financial markets. "Now that the United States has adopted such a huge trade restriction measure... how can the … [Read more...] about China says U.S. putting ‘knife to its neck’, hard to proceed on trade
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Russia denounces new U.S. sanctions as illegal, mulls retaliationThe Saigon Times Daily National flags of Russia and the U.S. fly at Vnukovo International Airport in Moscow, Russia April 11, 2017 – PHOTO: REUTERS MOSCOW (REUTERS) - Russia condemned a new round of U.S. sanctions as illegal on Thursday and said it had begun working on retaliatory measures after news of the curbs pushed the rouble to two-year lows over fears Moscow was locked in a spiral of never-ending sanctions. Moscow has been trying with mixed success to improve battered U.S.-Russia ties since Donald Trump won the White House in 2016, and Russia’s political elite was quick to chalk up a summit last month between Trump and Vladimir Putin as a victory. But initial triumphalism swiftly turned sour as anger over what some U.S. lawmakers saw as an over deferential performance by Trump and his failure to confront Putin over Moscow’s alleged meddling in U.S. politics galvanized a new sanctions … [Read more...] about Russia denounces new U.S. sanctions as illegal, mulls retaliation
Trump to use U.S. security review panel to curb China tech investmentsThe Saigon Times Daily U.S. President Donald Trump says a few words about Secretary of State Mike Pompeo, during Pompeo's swearing-in ceremony, at the Department of State in Washington, U.S., May 2, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - U.S. President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions. The Treasury Department has recommended that Trump use the Committee on Foreign Investment in the United States (CFIUS), whose authority would be enhanced by new legislation in Congress, to control investment deals. The legislation expands the scope of transactions reviewed by the interagency panel to address security concerns, Trump said. The decision marks a victory for Treasury Secretary Steven Mnuchin in a fierce White … [Read more...] about Trump to use U.S. security review panel to curb China tech investments
Challenges abound for exports to U.S. By Thuy Dung - The Saigon Times Daily HCMC – Two-way trade between Vietnam and the U.S. has recorded impressive growth since their Bilateral Trade Agreement (BTA) became effective in December 2001, but local exporters will face challenges ahead to compete in the U.S. market. The export turnover of Vietnam to the U.S. has recorded an average annual growth of 20% over the past 10 years, said Dao Tran Nhan, minister resident in charge of trade affairs at the Vietnamese Commercial Section in the U.S. He was speaking to the Daily at the Commercial Counselor Conference 2011 held by the Ministry of Trade and Industry on Wednesday in Hanoi. Last year, the country’s export turnover to the U.S. amounted to US$14.8 billion, or a 14-fold rise against 2001. Meanwhile, export turnover of the U.S. to Vietnam also surged 8-fold, Nhan said. However, he stressed Vietnamese enterprises would face multiple barriers when exporting to the U.S. The … [Read more...] about Challenges abound for exports to U.S.
The U.S. House of Representatives on Thursday reversed course, approving "fast-track" legislation central to President Barack Obama's trade deal with Pacific Rim nations and sending it back to the Senate. The close vote in the House, which last week rejected a related bill, kept alive Obama's goal of bolstering U.S. ties with Asia through a 12-nation Trans-Pacific Partnership (TPP), the economic element of a foreign policy shift aimed in part at countering the rising influence of China. The House voted 218-208 to give Obama the fast-track authority to speed trade deals, including the TPP, to conclusion with reduced interference from Congress. The TPP would encompass 40 percent of the global economy and is close to completion. But the outlook in the Senate for fast-track, seen by Japan as crucial to sealing the deal on TPP, was uncertain. Senate aides said support among Democrats hinged on another trade issue, the Export-Import Bank, which may have to close at month's end. The House's … [Read more...] about Obama’s Pacific trade pact revived in U.S. House, heads to Senate