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Media Report
June 05 , 2019
  • The New York Times reports, "China's antitrust regulator on Wednesday announced a fine of around $25 million on Ford's main joint venture in the country, the latest action against an American company amid the widening economic battle between China and the United States. Changan Ford, which is owned equally by the Detroit automaker and a state-backed Chinese company, was fined as Washington and Beijing have taken aim at each other's businesses after the collapse of trade talks last month. First, the Trump administration barred American technology companies from selling to Huawei, the Chinese maker of smartphones and telecommunications equipment, denying it access to vital software, microchips and other components. Then, China said last week that it would create a blacklist of 'unreliable' foreign companies and people who harm the interests of Chinese firms, without giving specifics."
  • Reuters reports, "Current and threatened U.S.-China tariffs could slash global economic output by 0.5% in 2020, the International Monetary Fund warned on Wednesday as world finance leaders prepare to meet in Japan this weekend. IMF Managing Director Christine Lagarde said in a blog and briefing note for G20 finance ministers and central bank governors that taxing all trade between the two countries, as President Donald Trump has threatened, would cause some $455 billion in gross domestic product to evaporate - a loss larger than G20 member South Africa's economy. 'These are self-inflicted wounds that must be avoided,' Lagarde said in an IMF blog post. 'How? By removing the recently implemented trade barriers and by avoiding further barriers in whatever form.' The IMF said that U.S. tariffs and Chinese retaliatory measures put in place thus far, including a recent increase in U.S. tariffs to 25 percent on a $200 billion list of Chinese imports, could cut 2020 growth by 0.3 percent."
  • The Washington Post reports, "Chinese President Xi Jinping is talking up the Chinese economy's resilience as he heads to Moscow for a state visit affirming increasingly close ties between the former Cold War rivals. In interviews published Wednesday, Xi told Russian journalists Chinese consumer demand is driving growth despite the trade war with the United States. 'Looking into the future, a number of factors will support the steady, healthy and sustainable growth of China's economy, including abundant human resources, strong internal driving forces, growing development dynamism and mobilization capability,' Xi said. 'Therefore, China has all the necessary conditions, capability and confidence to deal with any risks and challenges,' he said without referring directly to the United States and the dispute with Washington over Chinese trade and technology policies.
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