Trade War with China

Quickie said:

Looks like the trade talk truce is in jeopardy.

I think Trump and, the hawks in his administration in the likes of Peter Navarro, underestimate the influences and power of the Chinese masses.

Click to expand...

KIENCHIN said:

Peter Navarro just told the market to be patient in Fox News, look who is running scared now. Trump and his minions just lost the high ground

Click to expand...

plawolf said:

The US is playing dangerous games here. There are no international sanctions against Iran, only domestic US ones.

I wonder how the US would react if China had Ivanka ‘arrested’ in a 3rd party country and extradited to China for breaking a law passed in China.

Click to expand...

The chief financial officer of Chinese tech giant Huawei has been arrested in Canada. She faces extradition to the United States.
Meng Wanzhou, also known as Sabrina Meng and Cathy Meng, was apprehended in Vancouver on December 1, according to Canadian Justice Department spokesman Ian McLeod. In addition to her role as CFO, Meng serves as deputy chairwoman of Huawei's board. She's the daughter of Huawei founder Ren Zhengfei.
Meng "is sought for extradition by the United States, and a bail hearing has been set for Friday," McLeod said in a statement, which was

Please, Log in or Register to view URLs content!

by The Globe and Mail.
McLeod said the Canadian Justice Department can't share details of the case. Meng was granted a publication ban after a judge agreed to bar both police and prosecutors from releasing information about the case.
A Huawei spokesperson said Meng was detained by Canadian authorities on behalf of the United States when she was transferring flights in Canada. Huawei said she faces unspecified charges in the Eastern District of New York. The Wall Street Journal

Please, Log in or Register to view URLs content!

that the US Justice Department was investigating whether Huawei violated US sanctions on Iran.
"The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng," the spokesperson said. "The company believes the Canadian and US legal systems will ultimately reach a just conclusion. Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN, US and EU."
The US Justice Department declined to comment Wednesday.
A spokesperson for the Chinese embassy in Canada

Please, Log in or Register to view URLs content!

to "immediately correct the wrongdoing and restore the personal freedom of Ms. Meng Wanzhou."
"We will closely follow the development of the issue and take all measures to resolutely protect the legitimate rights and interests of Chinese citizens," the statement said.
The Chinese company, which sells smartphones and telecommunications equipment around the world, has been facing increased scrutiny in the United States and

Please, Log in or Register to view URLs content!

, where officials have warned of potential national security risks from using Huawei products. The United States is concerned that the Chinese government could be using Huawei's networking technology to spy on Americans.
Senator Ben Sasse, a Republican from Nebraska, said Americans are "grateful" to Canadian authorities for arresting Meng.
"Sometimes Chinese aggression is explicitly state-sponsored and sometimes it's laundered through many of Beijing's so-called 'private' sector entities that are in bed with Xi's communist party," he said.
Senator Chris Van Hollen — a Democrat from Maryland — said Chinese telecommunications companies "represent a fundamental risk to American national security."
"We need a comprehensive plan to hold the Chinese and their state-sponsored entities accountable for gross violations of the law and threats to our security," he said.
The Pentagon in May ordered stores on American military bases to

Please, Log in or Register to view URLs content!

made by Huawei and Chinese rival ZTE. And in February, top officials from the CIA, NSA, FBI and the Defense Intelligence Agency told a Senate committee that those firms' smartphones

Please, Log in or Register to view URLs content!

to American customers.
The Trump administration launched an

Please, Log in or Register to view URLs content!

, urging America's allies to stop using Huawei telecommunications equipment because the Chinese company poses a security threat, according to

Please, Log in or Register to view URLs content!

. Over the past several weeks,

Please, Log in or Register to view URLs content!

and

Please, Log in or Register to view URLs content!

have prevented telecommunications companies from using Huawei equipment for their 5G mobile networks.
UK telecom company BT (

Please, Log in or Register to view URLs content!

) said Wednesday that it

Please, Log in or Register to view URLs content!

from the Chinese tech company for the core of its next generation wireless network. The company also said it would remove existing Huawei technology from the heart of its 4G network within two years.
Huawei told CNN Business

Please, Log in or Register to view URLs content!

that its equipment is trusted by customers in 170 countries and by 46 of the world's 50 largest telecommunications companies.
"If a government's behavior extends beyond its jurisdiction, such activity should not be encouraged," the company said. "Huawei firmly believes that our partners and customers will make the right choice based on their own judgment and experience of working with Huawei."
Huawei's rival ZTE also faced accusations of illegal dealings with Iran. In April, the United States blocked ZTE from buying US parts. The Trump administration said that ZTE had lied to US officials about punishing employees who violated US sanctions against North Korea and Iran. But the Trump administration

Please, Log in or Register to view URLs content!

on ZTE in July after striking a deal with the company.

Click to expand...

In 1993, many years before Huawei became an international telecommunications giant, a young high-school dropout named Meng Wanzhou started work for the company as a secretary. She typed, planned trade show exhibits and answered the phone.

The daughter of company founder Ren Zhengfei, Ms. Meng would go on to become the chief financial officer and deputy chair of the biggest private company in China, with 180,000 employees.

Now, her arrest in Vancouver and possible extradition to the United States for allegedly violating the American embargo on Iran has made her the subject of international attention, as one of the highest-profile figures caught in the increasingly tense relationship between China and the United States.

Her arrest provoked fury in China, with the government voicing strong opposition to her detention while online commentators called her a martyr for a company that has become a source of national pride. It also raised warnings that Canada can expect to pay a price for arresting her.

Huawei is “the hope and pride of high-tech companies in the hearts of Chinese people,” said Gao Huazhi, chief executive of Jiangsu Tongliang International, which imports Canadian agricultural products. Because the Canadian government has caused her to “lose her freedom,” it will see a “force of resistance unlike any it has ever seen before,” he said.

Ms. Meng’s role in Huawei’s corporate leadership went largely unremarked until recent years. She did not make a public appearance for the company until 2011.

But her family connection and lengthy term of service underscore the foundational role she has played in the leadership of a company that has come to occupy a central place in the debate over Chinese technology in the Western world.

And Ms. Meng, who is 46, has become an important Chinese voice, both on the global stage – appearing on panels next to figures such as Ben Bernanke, the former chairman of the U.S. Federal Reserve – and in giving a positive face to a company whose immense growth has been accompanied by suspicion about the security of its technology.

In a speech to Tsinghua University in 2016, she drew on Einstein, Newton and Nietzsche, calling Huawei a place of great opportunity for young people, with a work environment that has sought to do away with traditional hierarchies.

Ms. Meng moved to the southern Chinese city of Shenzhen with her father after he left the military, where he had worked on communication systems, amid turbulent reforms of the early 1980s. Her mother, whose surname she adopted as a teenager, had already gone to Shenzhen to take a job with a construction and development group.

Ms. Meng quit high school to work at a bank, but only lasted a year before beginning work for her father in the early 1990s, a time of immense change in Shenzhen, a former fishing village that became among the most dynamic centres in China’s radical transformation away from its state-dominated economy.

In the early days of Huawei, founded in 1987, she was one of three company secretaries. (She later went on to obtain a master’s degree.)

Ms. Meng’s brother leads Huawei’s internal travel department.

It’s not clear what led to Ms. Meng’s involvement with Skycom Tech Co. Ltd., the Hong Kong-based company whose dealings with Iran brought it to the attention of U.S. authorities and whose board Ms. Meng once sat on.

But Ms. Meng played a key role in the internationalization of Huawei, according to her official biography. She led the company’s international accounting department, was chief financial officer of its Hong Kong operations, oversaw the creation of global service centres and was responsible for a partnership with IBM that introduce foreign guidance into the company.

In China, commentators called her a scapegoat of a U.S. bid to block the spread of Huawei’s 5G telecommunications technology.

“He who has a mind to beat his dog will easily find his stick,” Yu Li a former Peking University researcher and popular online commentator wrote Thursday morning.

“The fact that Huawei makes Chinese people feel proud of themselves must have made someone unhappy.”

Click to expand...

U.S. Federal Reserve (Fed) said on Wednesday that the nation saw "a modest or moderate pace" of economic growth from mid-October to late November, while tariffs "remained a concern" for U.S. manufacturers.

The "Beige Book," a periodic economic snapshot released by the Fed, contained economic report from 12 federal reserve districts, which were each monitored by a regional federal reserve bank.

"Optimism has waned in some districts as contacts cited increased uncertainty from impacts of tariffs, rising interest rates, and labor market constraints," the Fed wrote in the report.

Specifically, the Fed report noted that tariffs took a toll on several industries.

"Reports of tariff-induced cost increases have spread more broadly from manufacturers and contractors to retailers and restaurants," the Fed said. The central bank also said agriculture in some districts also noted impacts from tariffs.

Speaking of the employment status and price level, two key factors to decide monetary policy, the Fed wrote that U.S. labor markets "tightened further" across a broad range of occupations in the United States, while prices rose at a modest pace.

Theoretically, the tight labor market and rising price level could urge Fed officials to keep on track to raise short-term interest rates after eight rate hikes since 2015, in order to prevent an overheat in the U.S. economy.

However, recent remarks made by top Fed policymakers sent more dovish signals on future rate hikes.

On Nov. 28, Fed chairman Jerome Powell said that interest rate remained just below the estimated level of a "neutral" rate which neither speed up nor slow down economic growth, signaling that some changes could happen to Fed's current track of rate hikes.

Just one day before Powell's remarks, Fed vice chairman Richard Clarida also underlined the importance of "data dependence" in Fed's policy-making process, which could give the policymakers more flexibility to decide their future moves after a three-year rate hike period.

On Sept. 26, the Fed raised the target range for the federal funds rate to 2-2.25 percent. It is largely expected to hike once more before the year's end.

Click to expand...

SinoSoldier said:

Sorry but this is incorrect. Huawei sources its SoCs from US vendors which are in fact restricted from having its chips being sold to places like Iran. This is another ZTE saga but this time the US is much more proactive in taking measures to stop this violation.

Click to expand...