Showing posts with label Trump US-China Trade War. Show all posts

Tuesday, April 28, 2020

Trump team is driving US to ‘failed state’ status, leading the World in Coronavirus Cases

US President Donald Trump File Photo: AFP

Trump's gang self-exposed: We are ALL vaccinated! Covid-19 is a CIA plot against all mankind!

https://youtu.be/Vbb-i3b7E4M

Political dysfunction defines U.S. COVID-19 response

https://youtu.be/0cI2hjyutcs

US registers millionth case as pandemic lockdowns ease ...

We Are Living in a Failed State - The Atlantic

https://youtu.be/_TkbCjUrYKI

How do Americans view Trump's anti virus performance? https://youtu.be/Nl5JZVueLkg

Jon Meacham On Trump's Handling Of Virus: 'This Isn't Paintball, This Is Life Or Death'

https://youtu.be/_OqenizEjk4

https://youtu.be/Sjr8t_4iRno

https://youtu.be/utw27J7Z1BQ

COVID-19 might have spread in U.S. earlier than previously thought: expert

https://youtu.be/anFUPp7mvhc /div>

Richard Horton: We should work together with China fighting COVID-19

https://youtu.be/yCnSEzRedGo

It's unthinkable that US media outlets would call their own country a "failed state." The term was once used to describe US adversaries such as Iran and Iraq.

The US think tank Fund for Peace started its annual report called Failed States Index in 2005. It has been renamed the Fragile States Index and is produced jointly with Foreign Policy magazine. It didn't take long for the US to be included in the index.

US political scientist Francis Fukuyama, who once believed history would end with liberal democracy as the final form of government for all countries, has since changed his mind, writing in his 2016 article "America: the failed state" that the US should give up "entirely on global leadership." In another article titled "We Are Living in a Failed State" published by The Atlantic, staff writer George Packer said that the coronavirus has made the US "a beggar nation in utter chaos" and that "like France in 1940, America in 2020 has stunned itself with a collapse that's larger and deeper than one miserable leader."

Many people in China who once worshiped the US are not taking any pleasure in witnessing the decline of the US. China cares about Americans.

"As of April 20, China had provided the US with over 2.46 billion masks, meaning seven masks for each [person] in the US, plus nearly 5,000 ventilators" and many other types of medical equipment, Chinese Foreign Ministry spokesperson Hua Chunying said on Twitter on Thursday.

China does need to take a lesson from the US and examine why the once great country has failed to protect its people, fallen into political division, been stunned by corruption and unparalleled social divide?

China must continue to be wary of US radical policies, including making China a scapegoat for its failures. The news site Politico reported on Friday, that the National Republican Senatorial Committee "has sent [election] campaigns a detailed, 57-page memo authored by a top Republican strategist advising GOP candidates to address the coronavirus crisis by aggressively attacking China." According to Politico, "Republicans have indicated they plan to make China a centerpiece of the 2020 campaign."

Attempts to stigmatize China reflect the degradation of the US. The Trump administration's radical policies that at first seem to create an advantage actually damage the US.

Over the last three years, the Trump administration has nearly destroyed the foundation of international order that's been in place since the end of the Cold War. It has pulled out of the Trans-Pacific Partnership, the Paris Agreement, the United Nations Human Rights Council, the Intermediate-Range Nuclear Forces Treaty, and many other international treaties and organizations.

Over the past three months, the Trump administration has doubled the Federal Reserve's balance sheet via measures including quantitative easing and strong stimulus policies, making US dollar the most unstable factor in the global monetary order. It has also severely shaken the international financial system. Global assets are now facing the risk of suddenly plunging or skyrocketing at any time.

Over the past three weeks, the Trump administration has escalated the international oil price war, causing oil prices to collapse. For the first time in history, crude oil was trading at negative prices on April 20, disturbing the global energy market, and making the US withdraw from the oil hegemony system that it has maintained for half a century.

Over the past three seconds, Trump might have made even more startling statements again. Numerous people are wondering how the US system can tolerate such a person as a president. The Washington Consensus is dead, the beacon of democracy, freedom and human rights that the US has long adhered to has collapsed.

The current US government, which most US elites are dissatisfied with, is not only hurting itself, it also wants to harm China. The US scapegoating China makes the US look like some immoral person spitting at an innocent person. The signing of the TAIPEI Act and seeking compensation from China for coronavirus losses are without doubt equivalent to clenching its fists and getting ready to throw punches.

It is like a bad kid who gets low marks, blames others and even undermines their chances of passing the exam.

China will not get stuck in the blame game with the US, nor will it become a grave good of a declining US. Going its own way is still key for China. China is confident of doing a good job in not only containing the virus, but also resuming economic activities.

It is a pity that the Trump administration seems to have opened this Pandora's box, allowing fighting, division, unpredictability and selfishness to spread around the world. The US is no longer the world's dominant force, but it is still powerful. If it continues its willful misbehavior, Washington will bring disaster not only to the US, but all of human kind.

Nobel laureate in economics, Joseph E. Stiglitz, once wisely noted; "The only way forward, the only way to save our planet and our civilization, is a rebirth of history. We must revitalize the Enlightenment and recommit to honoring its values of freedom, respect for knowledge and democracy."

The author is professor and executive dean of Chongyang Institute for Financial Studies at Renmin University of China, and executive director of China-US People-to-People Exchange Research Center. His latest book is Great Power's Long March Road.wangwen2013@ruc.edu.cn

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1 million COVID-19 infections show US no super power

The number of confirmed coronavirus cases in the US exceeded 1 million on Tuesday, making the country the only one with more than a million infections. More than 56,000 people have died from COVID-19 in the US. On Monday, global coronavirus cases passed 3 million, meaning one in three patients is in the US. The US government has failed its people and also failed the world.

Americans to suffer from Trump's buck passing

The US response to the epidemic is undoubtedly one of the worst in the world. While the country's powerful elites should shoulder inescapable responsibility, the Trump administration's wrongdoing turn out to be mostly blameful.

Case shows the US most guilty of impeding freedom of speech

If this were about a Chinese girl, the US media would be enjoying a carnival: They might try their best to contact the family to get some words they can use to maliciously make up stories.

Provoking human civilization must be rejected

The racist remarks about the novel coronavirus and the subsequent racial discrimination, racial contradictions and racial conflicts are all blatant provocations against modern civilization that should be resisted by the international community. All responsible media in the world should firmly adhere to justice and jointly protect the basic values of human civilization.

Respect for science will win COVID-19 fight

There is no way either of our countries can deal with transnational challenges like pandemics or climate change acting alone.

Morrison's adventurism could damage China-Australia relations beyond repair

Australian Prime Minister Scott Morrison made a series of phone calls last week to several world leaders, including US President Donald Trump, German Chancellor Angela Merkel and French President Emmanuel Macron, appealing for their support of Australia's “independent” inquiry into “the origin and spread” of the COVID-19 outbreak, with China as the thinly veiled target.

Political motives behind China smears

China's achievement in the fight against COVID-19 is way better than that of the US. But China is confronting waves of accusations, which have been launched by Washington, and supported and followed by other Western countries and forces.

Pompeo an enemy to world peace

Lies may fulfill Pompeo's personal ambition, but they will never accomplish the US dreams to be "great again." Pompeo is not only a figure harmful to world peace, but also should be listed as the worst US secretary of state in its history.

Anti-virus gap with China to crush Washington lies

A country's public image is ultimately earned by its efforts, rather than empty talk or lies. Chinese people should keep calm and maintain confidence and patience.

WHO should probe US' virus misconduct

Since the situation is grave, we strongly call on the WHO to intervene in the investigation in the US' initial COVID-19 spread. The WHO's participation can ensure that the investigation is not distorted by the upcoming presidential election. It can also ensure that the conclusions are scientific rather than simply catering to politics. People need to see true reports that are responsible for history.

Hooliganism infects US judiciar

The “blame China” campaign is nothing more than a publicity stunt by the US. Lawyers and organizations involved don't expect to win; they care more about the news coverage such a lawsuit would garner than the result itself. This also applies to the Trump administration.

US media-NGO-politician institution weaves coronavirus conspiracy: Exclusive with Grayzone founder

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Saturday, March 28, 2020

Stimulus packages avert 1930s-style depression but cannot prevent business closures, save jobs as supply-demand dynamics collapse


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Malaysia's RM250bil Funding the fight against Covid-19; Penang unveils RM75mil economic stimulus package

WHEN the conoravirus (Covid-19) first hit the news sometime in December last year, nobody would have thought that it would lead to a global crisis. Two weeks ago, many were staring at a 1930s kind of depression as the world was hit by the perfect storm.

Global trade and supply chain were only getting to terms with the end of the prolonged US-China trade war, when it was hit by a combination of the Covid-19 pandemic and collapse in crude oil prices.

The perfect storm for capital markets that comes once in a decade started to unravel.

The 2008 financial crisis broke down the US financial system. The banks in Malaysia were well prepared for the crisis after having overcome similar problems in 1998. It was different in other parts of the world, especially the United States and Europe. The Federal Reserve and the European Union printed money and other measures to save the banking system.

This perfect storm of 2020 has dismantled the fundamental pillars of global economy – the forces of supply and demand. The consequences are being felt at businesses – whether small or big.

Demand has collapsed overnight across the economy. From tourism to travel, manufacturing to logistics and food and beverage businesses were all forced to shut down to combat Covid-19.

Supply chains continue to be disrupted. Logistic companies are operating at a quarter of their capacity. Factories are shut down because of inadequate components or raw materials. The Federation of Malaysian Manufacturers (FMM) contends that cargo is not moving out of ports as fast as it wished to.

Governments had no choice but to announce stimulus measures, which would help alleviate the hardship suffered by workers and companies affected by the strict measures undertaken by the government to contain the virus.

So far, the centrepiece of Malaysia’s stimulus package is to suspend mortgage and hire-purchase payments on houses and vehicles for six months. Those with credit card repayments can convert their outstanding balances to term loan.

Another firepower that the government has unleashed is handing some RM10bil into the hands of the people. The money will come in direct handouts to people in the B40 and M40 groups, civil servants and individuals.

Like many other stimulus packages, the government has also allocated RM5.9bil to subsidise the wage bill of 3.3 million workers earning less than RM4,000 per month. The subsidy of RM600 will go on for three months provided the company does not retrench the workers or cut their salaries.

Some RM54bil are available for businesses affected by the restrictions on operations imposed to contain the Covid-19 pandemic. Among the beneficiaries are those in the services sector from restaurants to logistics companies and some small and medium enterprises in the manufacturing sector. The companies now are able to tap on government guaranteed loans under procedures that are supervised by Danajamin.

The benefits, especially the six-month suspension of mortgage and hire-purchase loans would easily increase by more than 50% of the disposable incomes of some 80% of families.

The additional measures announced yesterday would capture the informal workforce who are out of the financial system. Those without a car or housing loan would get something from the government to help tide over the tough period.

The measures are a relieve to stop the economy from going into a tailspin. It is to inject confidence and ensure people keep spending so that we do not end up in a 1930s kind of depression. It is needed to ensure the group of people who have been paying loans are comforted that they have money to put food on the table.

Anybody still debating on the benefits of the moratorium on loans, should know that cash money in hand today is more valuable than having the same amount a year from now.

Interest rates for mortgages and hire purchase are already low and will be low for the next few years. It will not make a difference if loans are to be extended by another six months.

So if anybody wants to give you money at low interest rates, just take it and settle the more expensive loans such as personal financing and credit card bills, unless you have so much money that you don’t need the extra cash flow at the moment.

However, the synchronised stimulus packages around the world would not resuscitate the collapse in the supply-demand forces of the economy. It would neither stimulate demand nor help prompt supply over the longer term.

The stimulus package has given Malaysia a six-month grace period to adjust to the reality of the new economic world. It may take up to a year before things get back to normal. Until then, businesses will continue to suffer and unemployment will go up. Certainly, companies are not going to hire for some time, even in services such as restaurants and retail outlets.

People are not going to frequent restaurants and splurge on non-essential items until they are sure that their jobs and income levels are secure. Spending patterns will change as nobody knows how long it would take for normalcy to emerge.

In the meantime, companies will not know how many staff to retain. A logistics company operating in the KL International Airport is only running four out of the 70 lorries. The company’s fleet of courier vans servicing international clients is still ongoing but the number of trips are reducing.

The owner has told employees that they would get their full salary for the month of March and half salary in April if the Movement Control Order continues beyond mid-April as cash flows are reduced.

The magnitude of the problem is bigger in larger companies. Take for instance AIRASIA Group that employs 29,000 people. Based on the 2018 annual report, its staff cost is RM1.7bil and leasing charges are a further RM1.2bil. It has cash of RM3.2bil. Generally, its burn rate is easily RM250mil a month.

AirAsia has suspended operations in Malaysia until April 21. Assuming operations start after April 21, it is not going to be normal as many countries are in lockdown mode. People are not going to travel unless necessary. The question is how long can AirAsia keep paying staff full salaries?

The common theme in the stimulus packages of the countries is to put money in the hands of the people through various measures, which Malaysia has done.

The United States wants to send out cheques to households while the UK will bear 80% of wages up to a sum of £2,500 per month.

Even Italy, which is the country that is hardest hit by Covid-19 in Europe, came up with a US$28bil package that includes suspension of any firing procedures. The government has said that nobody must lose their jobs because of the virus.

It is easy for the government to say that nobody should lose their jobs because of Covid-19 pandemic. It is hard for the private sector to keep paying staff salaries and prevent closures if the supply-demand dynamics is not mended.

The supply-demand forces in the economy will only come back when the Covid-19 threat abates. Make no mistake about the reality.

The views expressed are the writer’s own.

By M. Shanmugam

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Tuesday, August 20, 2019

US mixed move on Huawei ban shows its limited hand in dealing with China: analysts

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Move reflects Washington’s limited options: analysts

The US on Monday moved to grant another 90-day reprieve for Chinese telecom firm Huawei Technologies, but it also appeared to be increasing pressure on the company by adding more subsidiaries to its Entity List, in a sign of its increasingly limited options in cracking down on the company and China.

The move underscored the delicate situation faced by the Trump administration, which wants to continue its ill-intentioned goal of containing China's technological and economic rise but is also under intensifying domestic pressure as its actions also inflict pain on US companies and consumers, analysts noted.

The US Department of Commerce announced on Monday (US time) that it will extend the temporary general license, which allows certain US companies to continue supplying Huawei, for another 90 days. The current 90-day reprieve was due to expire on Monday. But in the same statement, the agency also announced that it had added 46 additional subsidiaries of Huawei to its Entity List.

Huawei opposes the US decision to add another 46 Huawei affiliates to the Entity List, which is politically motivated, the company said in a statement sent to the Global Times on Monday.

The extension of the temporary license does not change the fact that the company has been treated unjustly, and today’s decision won’t have a substantial impact on Huawei’s business either way, the statement said.

"This is typical of the US: tough on words but soft on actions," Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Monday, noting that the US is facing more difficulties in following up on its tough threats. "They know that they can't do much about Huawei without hurting themselves."

In the statement, US Secretary of Commerce Wilbur Ross acknowledged the dilemma. "As we continue to urge consumers to transition away from Huawei's products, we recognize that more time is necessary to prevent any disruption," he said.

But the new moves are unlikely to either ease or add new pressure that Huawei hadn't anticipated, said Jiang Junmu, the chief writer at telecom industry news website c114.com.cn.

Huawei’s sign is seen at an exhibition hall of MWC19 in Barcelona, Spain on Sunday. Photo: Chen Qingqing/GT

"Huawei has already been forced to the bottom and whatever the US decision is will not change Huawei's rise," Jiang told the Global Times, noting that the company has been preparing for the worst-case scenario.

Since being added to the US blacklist, Huawei has mounted a fierce response to US accusations against its products and has moved to release a series of new technologies and products in anticipation of the ban. Most notably, the company has launched its own Harmony operating system to replace Android, which is from Google.

"The US move will only speed up Huawei's adoption of its Plan B," said Jiang, who follows Huawei closely.

The US decision will also have a limited impact on the trade negotiations between Chinese and US officials, which are facing a rough road as the US continues to adopt its bullying tactics.

Even as new talks are scheduled for Washington in September, the US administration announced a 10 percent tariff on more than $300 billion worth of Chinese goods. In another sign of its limited control over trade, the US later delayed tariffs on some household goods ahead of the Christmas shopping season to quell rising domestic pressure.

"The US has not changed its tactics but increasingly its hand is forced," Bai said.

Newspaper headline: US ups pressure on Huawei

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Huawei launches HarmonyOS, could replace Android at 'any time'

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Chinese telecommunications giant Huawei released its much-anticipated operating system HarmonyOS on Friday amid the US ban still that is imposed on the company and escalating China-US trade tensions. A Huawei executive said the groundbreaking move, considered a Plan B that the company has long prepared, could be used at any time if the company is no longer able to access Google's Android.

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US mixed move on Huawei ban shows its limited hand in dealing with China: analysts

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Wednesday, August 14, 2019

Singapore growth forecast down to 1%

Unknown future: As Singapore further cut its growth forecast, New Zealand, India and Thailand also cut their interest rates signalling concerns on growth outlook. — AFP

SINGAPORE: Singapore slashed its full-year economic growth forecast as global conditions were seen worsening and data confirmed the slowest growth rate in a decade amid mounting fears of recession in the city-state.

The government cut its forecast range for gross domestic product in Singapore – often seen as a bellwether for global growth because international trade dwarfs its domestic economy – to zero to 1% from its previous 1.5%-2.5% projection.

Singapore’s downgrade adds to concerns globally about the effect of increasing protectionism on exports and production.

The deterioration in the global outlook has pushed central banks to cut interest rates and consider unconventional stimulus to shield their economies.

“GDP growth in many of Singapore’s key final demand markets in the second half of 2019 is expected to slow from, or remain similar to, that recorded in the first half, ” the trade ministry said in a statement to the media yesterday.

The ministry flagged a host of growing economic risks including Hong Kong’s political situation, the Japan-Korea trade dispute, the Sino-US tariff war, slowing growth in China and Brexit.

Final second quarter GDP data yesterday showed a 3.3% on-quarter contraction on a seasonally-adjusted annualised basis. That was slightly smaller than the 3.4% decline seen in the government’s advance estimate but deeper than a 2.9% fall predicted in a Reuters poll and a sharp contrast to the robust 3.8% first quarter expansion, which was driven by brisk construction activity.

Yesterday’s data also confirmed annual GDP expanded 0.1% in April-June from a year earlier, its slowest rate in a decade, and lower than poll expectations of 0.2% and the first quarter’s 1.1%.

Singapore’s benchmark stock index fell 1.2% to a two-month low in early trade, underperforming other bourses in the region.

Singapore has been hit hard by the Sino-US trade war, which has disrupted world supply chains in a blow to business investment and corporate profits.

Also yesterday, Singapore cut its full-year forecast for non-oil domestic exports to a 9% contraction from an 8% fall previously.

That comes after a 26.9% drop in electronics exports in the second quarter year-on-year.

“With trade tensions between the US-China unlikely to abate anytime soon, we expect exports and trade-related services to push the economy into technical recession in Q3, ” said Sian Fenner, lead Asia economist at Oxford Economics.

New Zealand, India and Thailand all cut interest rates last week, signalling major concerns about the outlook for economic growth. Last month, the US Federal Reserve cut interest rates for the first time since 2008.

Singapore Prime Minister Lee Hsien Loong said in an annual speech last week that the government stood ready to stimulate the economy.

“It feels like the storm is coming if you look at the whole macro economic fundamentals softening, ” said Selena Ling, head of treasury and strategy at OCBC Bank.

“All the downside risks are piling up on one side, ” Ling added, pointing to the myriad of global risks flagged in the trade ministry statement. — Reuters

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Tuesday, April 28, 2020

COVID-19 might have spread in U.S. earlier than previously thought: expert

Richard Horton: We should work together with China fighting COVID-19

Saturday, March 28, 2020

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Tuesday, August 20, 2019

Move reflects Washington’s limited options: analysts

Move reflects Washington’s limited options: analysts

Wednesday, August 14, 2019

Rightways: Sowing the seeds of Success!