Rabu, 15 Mei 2019

No civilization is superior, says China's Xi as US trade war heats up - CNN

Opening the Conference on Asian Civilizations Dialogue in Beijing on Wednesday, Xi said there was no need for "civilizations to clash with each other."
"No civilization is superior over others. The thought that one's own race and civilization are superior and the inclination to remold or replace other civilizations are just stupid," he said, adding to do so would invite "catastrophic consequences."
China retaliated to Trump's latest round of increases on Monday, raising tariffs on roughly $60 billion of US exports. One editorial in state media said "for us, this is a real 'people's war.'"
Chinese president Xi Jinping delivers a speech during the opening ceremony of the Conference on Dialogue of Asian Civilizations at the National Convention Center in Beijing on May 15.
Trade is just one of several fronts on which the US and China have clashed in recent months. Xi's speech touched on a topic thrown into a spotlight by top US State Department official Kiron Skinner in late April, when she controversially said that China was Washington's first "great power competitor that is not Caucasian."
"When we think about the Soviet Union and that competition, in a way it was a fight within the western family ... That's not really possible with China. This is a fight with a really different civilization and a different ideology," Skinner said.
Speaking at Wednesday's conference, which featured representatives from 47 countries, Xi praised the achievements of China and other Asian nations over the centuries and said all civilizations needed to learn from each other.

Trade talks on hold

As recently as late April, the US and China appeared to be close to ending the year-long trade war.
But there has been little progress on trade talks since a Chinese delegation left Washington on Friday, sources close to the situation said.
It's Trump vs. Xi in the China trade war -- and it's personal
Both countries have blamed each other for the breakdown in negotiations, with Trump saying on Tuesday that Beijing "broke" the deal.
"We had a deal that was very close and then they broke it. They really did. I mean, more than just, more than renegotiate, they really broke it. So we can't have that happen," he said.
Nevertheless, Trump appeared to play down the split between the two countries, describing it as a "little squabble."
There are still hopes for a deal, with a US trade delegation expected to head to Beijing in the coming weeks.
Xi and Trump are also expected to meet in Japan during the G20 in June.
Chinese media calls for 'people's war' as US trade war heats up

'Fight for a new world'

Chinese state media has been on the offensive since the recent breakdown of talks, publishing fiercely nationalistic opinion pieces and articles proclaiming China's resilience.
A statement read during the Monday 7 p.m. newscast on state broadcaster CCTV said China would "fight for a new world," adding that in its long history "there's nothing we haven't seen before."
"As President Xi Jinping pointed out, the Chinese economy is a sea, not a small pond. A rainstorm can destroy a small pond, but it cannot harm the sea. After numerous storms, the sea is still there," anchor Kang Hui said.
The clip went viral on Chinese social media, where it has been viewed millions of times. CCTV's own post of the clip has has been reposted by most state media accounts.

Let's block ads! (Why?)


https://www.cnn.com/2019/05/15/asia/china-xi-jinping-us-civilization-intl/index.html

2019-05-15 06:46:00Z
52780293564303

Trump's threat of auto tariffs on Europe may really be a 'Trojan horse' - CNBC

The Volkswagen T-Cross model stands on a lifting platform in a car tower on the Volkswagen factory premises.

picture alliance | picture alliance | Getty Images

President Donald Trump's next trade battle could involve the U.S. slapping steep tariffs on auto imports from Europe — but that wouldn't really be the White House's ultimate goal, one expert said Wednesday.

Instead, such a move may well prove to be a "Trojan horse" for a bigger deal on agriculture, according to David Hauner, head of cross-asset strategy and economics for Europe, the Middle East and Africa at Bank of America Merrill Lynch.

Now that Trump has imposed more tariffs on Chinese goods, all eyes are turning to a potentially brewing trade war between the U.S. and Europe. The president had threatened as early as last year that he would slap a 25% tariff on car imports from the European Union. So far, however, the tariffs have not been imposed — but Trump is due to make a decision on European auto imports by May 18.

According to Hauner, however, the White House may have a tough road ahead.

"We think there will at least be an attempt by the U.S. to push for some sort of concessions from Europe. It's gonna be very difficult particularly if Trump actually starts a discussion about agriculture," he told CNBC's "Squawk Box."

He added: "Some say that car tariffs might ... be a Trojan horse to actually start discussions about agriculture, because that's where really the big business for the U.S. and Europe would be. Agriculture and Europe is politically very very sensitive when it comes to allowing American imports."

Farmers — a key political constituency for Trump — have seen their fortunes suffering from the trade war with China, and that's potentially a concern for the president ahead of his 2020 re-election bid.

Since his tariff threat against European autos, Trump has met the president of the European Commission, the EU's executive body, and both decided to seek an agreement over trade and avoid tariffs. Nearly a year since their meeting, both sides have yet to start those official trade talks.

But analysts have pegged the tariffs on Chinese goods as a sign of what's to come for Europe. Last Monday, European auto stocks fell more than 3% following Trump's tariffs announcement over the weekend.

There could still be a deal as long as the U.S. keeps the trade discussions with the European Union to autos only, according to Hauner.

But, he said, "If the discussion will include agriculture, then it gets really, really dicey."

"Europe is really collateral damage here because Europe has not enough domestic growth. It really depends so much on trade and that is now really its Achilles' heel," Hauner added.

According to the Office of the United States Trade Representative, U.S. imports for consumed agricultural products from EU countries totaled $23.9 billion in 2018, while U.S. agricultural goods exports to the EU was $13.5 billion.

Auto imports from EU countries were worth $56.4 billion. Overall, the U.S. goods trade deficit with EU countries was $169.3 billion in 2018, an 11.8% increase over 2017, according to the USTR.

Since taking office, Trump has called out major trading partners including the EU, China and Canada for what he's deemed unfair practices that hurt American workers and companies.

Any U.S. tariffs on European cars would hit Germany's important automobile industry particularly hard. The United States is Germany's most important single export destination after the bloc of EU countries.

— Reuters and CNBC's Yen Nee Lee contributed to this report.

Let's block ads! (Why?)


https://www.cnbc.com/2019/05/15/auto-tariffs-threat-on-europe-could-be-trump-trojan-horse-expert.html

2019-05-15 05:55:53Z
52780293564303

Selasa, 14 Mei 2019

Saudi Arabia shuts down pipeline following drone attack by Yemen Houthi rebels - Fox News

Saudi Arabia said Tuesday it stopped pumping on a major oil pipeline after it was hit by a coordinated drone attack by Iran-allied Yemen Houthi rebels.

The attack, confirmed by the Saudi energy minister, follows recent reports of sabotage against oil tankers in the Persian Gulf off the coast of the United Arab Emirates.

GROUP ACCUSES YEMEN REBELS OF STORING WEAPONS NEAR CIVILIANS 

Energy Minister Khalid al-Falih Al-Falih, who called the pipeline attack “cowardly,” vowed that production and export of Saudi oil would not be interrupted; however, the news sent U.S. oil prices up 1.4%.

Al-Falih added that recent acts of sabotage against Saudi installations were not only hurting the country but also putting the world’s energy supply and global economy at risk.

Yemen's Houthi rebels said they launched seven drones against vital installations in Saudi Arabia, which borders Yemen to the north. Saudi Arabia has been at war with the Houthis and their allies in Yemen since March 2015, targeting the Iranian-allied rebels with near daily airstrikes.

"This is a message to Saudi Arabia: Stop your aggression," Houthi spokesman Mohammed Abdel-Salam told The Associated Press. "Our goal is to respond to the crimes they are committing every day against the Yemeni people."

IRANIAN PRESIDENTIAL AIDE SAYS TRUMP WILL 'GET A WAR' FOR LISTENING TO 'THE MUSTACHE' JOHN BOLTON

This satellite image provided by Maxar Technologies shows the Saudi-flagged oil tanker Amjad off the coast of Fujairah, United Arab Emirates, Monday, May 13, 2019. As many as four oil tankers anchored in the Mideast were damaged in what Gulf officials described Monday as a "sabotage" attack off the coast of the United Arab Emirates. (Satellite image ©2019 Maxar Technologies via AP)

This satellite image provided by Maxar Technologies shows the Saudi-flagged oil tanker Amjad off the coast of Fujairah, United Arab Emirates, Monday, May 13, 2019. As many as four oil tankers anchored in the Mideast were damaged in what Gulf officials described Monday as a "sabotage" attack off the coast of the United Arab Emirates. (Satellite image ©2019 Maxar Technologies via AP)

SAUDI ARABIA EXECUTES 37 PEOPLE ON TERRORISM ALLEGTIONS: REPORT 

The two oil pumping stations targeted in Saudi Arabia are over 500 miles from Yemen's northern border with the kingdom. It wasn't immediately known where the Houthis launched the drones.

The attacks demonstrated the increased risks in a region vital to global energy supplies amid heightened tensions following the Trump administration's withdrawal from the 2015 nuclear deal between Iran and world powers, and the subsequent reimposition of U.S. sanctions to cripple the Iranian economy.

Iran has since said it would begin enriching uranium at higher levels by July 7 if world powers failed to negotiate new terms for the deal.

Al-Falih said the drone attacks reaffirm the need of the international community to confront the activities of groups like the Houthis, whom he accused of being backed by Iran, Saudi Arabia's regional rival.

He said the drones had targeted petroleum pumping stations supplying a pipeline running from its oil-rich Eastern Province to the Yanbu Port on the Red Sea.

NORTHERN RED SEA CORAL REEFS MAY SURVIVE A HOT, GRIM FUTURE 

Saudi Aramco, the government-controlled oil company, said it temporarily shut down the East-West Pipeline and contained the fire, which caused minor damage to one pumping station as a precaution. It added that Saudi Aramco's oil and gas supplies have not been affected by the attack.

Saudi Arabia said the two petroleum pumping stations that were struck by drones are located in the greater region of Riyadh. The stations, targeted around the same time early Tuesday, are located in al-Duadmi and Afif, about 125 miles west of Riyadh city and 250 miles west of Riyadh city, respectively.

CLICK HERE FOR THE FOX NEWS APP

Saudi Arabia built its pipeline in the 1980s amid fears that the Iran-Iraq war would cut off shipping traffic through the Strait of Hormuz. The 746-mile pipeline is actually two pipes that have a total capacity of 4.8 million barrels of crude oil a day, according to the U.S. Energy Information Administration.

The four oil tankers that were targeted Sunday off the coast of the UAE's port of Fujairah were allegedly damaged in what Gulf officials described as sabotage, although satellite images obtained Tuesday by the AP showed no visible damage to the vessels.

The Associated Press contributed to this report. 

Let's block ads! (Why?)


https://www.foxnews.com/world/saudi-arabia-pipeline-drone-yemen-houthi

2019-05-14 16:14:06Z
52780295714483

Powerful Earthquake Hits in Papua New Guinea, Triggers Tsunami Alert - The Weather Channel

  • A strong earthquake in Papua New Guinea triggers a tsunami warning there and for the Solomon Islands.
  • There were no immediate reports of injuries or damage.

A magnitude 7.5 earthquake has struck Papua New Guinea, according to the U.S. Geological Survey.

There were no immediate reports of injuries or damage.

A​ tsunami alert was issued for Papua New Guinea and the Solomon Islands.

Tsunami waves between 1 to 3 feet are possible for some coasts of Papua New Guinea. Waves up to 1 foot are possible for Guam, Indonesia, Japan, the Marshall Islands, New Caledonia, Palau, the Philippines, Pohnpei and the Solomon Islands.

The epicenter of the quake was about 28 miles northeast of Kokopo, in New Britain province. The city is on a smaller island northeast of the main island and about 495 from the the capital of Port Moresby.

Papua New Guinea sits on the Pacific "Ring of Fire," named for its active volcanoes and earthquakes. About 90 percent of Earth's quakes happen along this 25,000-mile horseshoe that loops from South America to Europe and back down to the coast off Australia.

A magnitude 7. 2 quake struck the country's main island on May 7, but no injuries or damage were reported.

In the past century, 36 earthquakes of magnitude 7.0 or larger have been reported within 150 miles of the epicenter of today's quake. Three of those were magnitude 8.0 or larger, including one in November 2000 that triggered landslides and at least one death, and left thousands homeless.

The Weather Company’s primary journalistic mission is to report on breaking weather news, the environment and the importance of science to our lives. This story does not necessarily represent the position of our parent company, IBM.

Let's block ads! (Why?)


https://weather.com/news/news/2019-05-14-earthquake-papua-new-guinea

2019-05-14 14:27:58Z
52780296183326

Major mag. 7.6 earthquake - New Britain Region, P.N.G. (Papua New Guinea) on Tuesday, 14 May 2019 - information : - VolcanoDiscovery

Major mag. 7.6 earthquake - New Britain Region, P.N.G. (Papua New Guinea) on Tuesday, 14 May 2019 - information

Major mag. 7.6 earthquake  - New Britain Region, P.N.G. (Papua New Guinea) on Tuesday, 14 May 2019

May 14 13:07: Magnitude recalculated from 7.3 to 7.4.
May 14 13:11: Magnitude recalculated from 7.4 to 7.3.
May 14 13:17: Magnitude recalculated from 7.3 to 7.6.

Date & time: Tue, 14 May 12:58:26 UTC
Magnitude: 7.6
Depth: 10.0 km
Epicenter latitude / longitude: 4.14°S / 152.54°E (Papua New Guinea)
Nearest volcano: Tavui (38 km)
Primary data source: GFZ
Estimated released energy: 1.6*10^16 J (4402 GWh / 3.8*10^6 tons of TNT / 236.7 atomic bombs equivalent) [learn more]
If you felt this quake (or if you were near the epicenter), please share your experience with us and submit a short "I felt it" report.
You can use your GPS or device location as well to show where you were during the earthquake.
- thank you.

Data for same earthquake as reported from other agencies
TimeMag. / DepthLocationSource
Tue, 14 May 2019
Tue, 14 May 12:58 UTCM 7.5 / 10 kmNew Britain Region, P.n.g. (Papua New Guinea)EMSC
Tue, 14 May 12:58 UTCM 7.5 / 10 km45km NE of Kokopo, Papua New GuineaUSGS

"I felt it" reports:

Kokopo, ENB, PNG / MMI IX (Violent shaking): Violent shaking the house almost to fall. Kokopo, Kenabot.

Madang / not felt

Gelegele / MMI VI (Strong shaking): Violent shaking and uplift force towards the end. No structural damage to permanent house and have not felt one like this for a long time.Kokopo

Rabaul / MMI VII (Very strong shaking): Was in the house with my family. My wife and two daughters. My daughters 4 and 2 years were fast asleep. My wife was playing game in her phone and I was watching movies. Suddenly the House was shaken and really frightening. I got hold of my big girl and my wife held another, we got out of the house cos we felt the house could be down in any moment.

(13923.3 km NE from epicenter) [Map] / MMI II (Very weak shaking)
(51.3 km WSW from epicenter) [Map] / MMI VI (Strong shaking): I was walking under my house when the earthquake started. At first it was small but it turned quickly into a rather rough earthquake. I literally saw the posts of my house sway. I ran out from under the house ASAP cause it seemed pretty frightening. Dogs and people were awaken and shouting. Small tremors are coming and going at the moment. Report all the way from Rabaul town.

Sydney / not felt

Neumünster / not felt

NONGA HOSPITAL, ENBP / MMI VI (Strong shaking): The whole house shook and things on the shelf and fridge all fell to the floor.

Lihir island / MMI V (Moderate shaking): Started at 22.51 and second trembling 22.59 third at 23.03 all make the house move at Lihir island png

Kavieng, New Ireland (98.4 km WNW from epicenter) [Map] / MMI II (Very weak shaking): slow, swaying shake...like your on a boat . felt rather dizzy, realized it was an earthquake.

Kokopo / MMI IX (Violent shaking)

(118.5 km N from epicenter) [Map] / MMI VI (Strong shaking)

Lihir Island, New Ireland Province / MMI V (Moderate shaking)

St Mary's Hospital Vunapope (36.7 km SW from epicenter) [Map] / MMI VIII (Severe shaking) (via app)
Kabakada Rabaul (44 km W from epicenter) [Map] / MMI VI (Strong shaking): It felt very strong, shallow and moderately violent. (via app)
(3312.2 km S from epicenter) [Map] / MMI II (Very weak shaking): On fifth floor of old concrete Tower.. felt slight movement and heard creaking. (via app)

Let's block ads! (Why?)


https://www.volcanodiscovery.com/earthquakes/2019/05/14/12h58/magnitude7-P.N.G.(PapuaNewGuinea)-quake.html

2019-05-14 13:19:25Z
52780296183326

Oil prices jump as Saudi energy minister reports drone 'terrorism' against pipeline infrastructure - CNBC

Saudi Arabia's Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019.

Mladen ANTONOV | AFP

DUBAI — Oil prices rose sharply Tuesday morning on reports of a drone attack at oil pumping stations in Saudi Arabia.

The incident is an "act of terrorism," Saudi Energy Minister Khalid al-Falih said according to the state new agency SPA, describing attacks on two oil pumping stations near Riyadh for the country's East-West pipeline carried out with bomb-laden drones.

Brent crude futures were up 1.3% at $71.14 a barrel, up 90 cents. U.S. West Texas Intermediate (WTI) crude futures were at $61.67 per barrel at 12:40 London time, up 1.03% for the session.

The fire has since been contained, according to the SPA. Al-Falih asserted that oil production was not interrupted. State oil company Saudi Aramco said that its oil and gas supplies to Europe have not been affected.

"This act of terrorism and sabotage in addition to recent acts in the Arabian Gulf do not only target the Kingdom but also the security of world oil supplies and the global economy," the SPA described al-Falih as saying.

No one has yet been directly accused of carrying out the attack, but a Houthi-run TV channel announced on Tuesday morning it had launched drone attacks on several Saudi installations. 

The channel Masirah TV,  citing a Houthi military official, reported that "seven drones carried out attacks on vital Saudi installations."

Al-Falih, according to the SPA statement, said: "These attacks prove again that it is important for us to face terrorist entities, including the Houthi militias in Yemen that are backed by Iran."

Saudi Arabia's main stock index, the Tadawul, was down 1.5% at midday London time.

The exchange, which joined the MSCI emerging markets index this year as part of the country's economic diversification agenda, dropped 2.7% on Monday on government reports that two Saudi oil tankers were among four vessels targeted in an unspecified "sabotage attack" off the United Arab Emirates coast of Fujeirah.

The series of incidents have ramped up tensions in the oil-rich region, where the reported sabotage attack on the commercial vessels that took place Sunday has spiked fears of possible conflict with regional rival Iran. 

While no one has been accused of the vessel attack, unnamed U.S. officials have suggested it could be Iran or one of its proxies, the Houthi rebels battling the Saudis in nearby Yemen. The Houthis have launched numerous drone and missile attacks against Saudi Arabia and claim to have carried out drone attacks against the UAE.

Iran has denied any involvement or knowledge of the attacks, and called for an independent investigation. Iran's Foreign Minister Javad Zarif on Tuesday criticized "suspicious developments" in the region he said were aimed at creating tension.

This is a breaking news story, please check back later for more.

Let's block ads! (Why?)


https://www.cnbc.com/2019/05/14/oil-jumps-as-saudi-energy-minister-reports-drone-terrorism-against-pipeline.html

2019-05-14 12:12:22Z
52780295714483

The US-China relationship is too important for a trade war to last - CNN

China's booming middle class is a critical growth engine for Boeing (BA), Apple, Nike (NKE) and other American brands. China is expected to keep growing in importance as a buyer. And America's insatiable appetite for cheap goods has created a Chinese factory juggernaut that employs millions of workers.
The world's two largest economies are each other's biggest trading partners. Nearly $700 billion in goods were sent between China and the United States in 2018 alone. And with $1.1 trillion of Treasuries, China is America's largest foreign creditor.
The United States has legitimate complaints about China's trading practices, and persuading China to open its market to American sellers is an important goal now and for the future.
But China and America need one another. The tit-for-tat tariff battle is threatening one of the world's vital economic relationships — and because of their size, the global economy. At a time when the two nations should be forging rules for the next 20 years, they are pointing a gun at one another.
"We have to learn how to live with each other," said Keith Lerner, chief market strategist at SunTrust.
For good reason, the breakdown of the US-China relationship is spooking investors and economists alike.
The Dow plunged 617 points, or 2.4%, on Monday after China retaliated against tariffs announced last week. Beijing vowed to impose higher levies on $60 billion of US goods, everything from cotton and aircraft parts to wine and machinery.
"The risk of a full-blown trade war has materially increased," Tao Wang, chief China economist at UBS, wrote in a report to clients on Monday.

'Monstrous' risk

Tariffs are the weapons of choice as both sides attempt to improve their negotiating leverage. Consumers and businesses find themselves caught in the crossfire. The levies will increase costs, muddle supply chains and drive up debilitating uncertainty.
UBS cut its 2019 GDP growth forecast for China from 6.4% to 6.2%. While Beijing will try to soften the blow with stimulus, UBS said growth could slip below 6% in 2019 and 2020 if the trade war deepens.
China strikes back at United States with higher tariffs on American goods
"The risk is monstrous. It's very troubling," said David Kotok, chairman and chief investment officer at Cumberland Advisors.
The interconnectedness of China and the United States has been driven in part by the millions of people in China that have been lifted out of poverty.
"You have an expanding middle class wealth effect," said Kotok, who also serves as director of the Global Interdependence Center, an organization advocating for the expansion of free trade.

Sneakers, iPhones and LNG

China's customers are using their newfound wealth to buy more cars, iPhones and sneakers. That's a massive growth opportunity for General Motors (GM), Apple and Nike.
"A lot of China's rising middle class loves US brands," said SunTrust's Lerner.
And China's consumers are flying more, making the country Boeing's most important export market. But there's growing fear that Boeing could be used as a bargaining chip in the trade battle.
US-China trade war
The United States sent $120.3 billion of goods to China in 2018, making it the No. 3 market behind only Canada and Mexico, according to the US Census Bureau.
America's energy boom makes it a great fit to help solve China's pollution problem. The United States is the world's fastest exporter of liquefied natural gas, a cleaner fuel that can help countries transition away from coal.
However, China's purchases of LNG have slowed during the trade war. And that trend may continue because Beijing on Monday raised tariffs on LNG from 10% to 25%.
China's transition to a consumer-led economy creates massive opportunities for foreign companies, especially US ones.
By 2027, rapid income growth will lift about 180 million low- and lower-middle-income households to a higher income bracket, according to a study by Bain & Co.
Much of the focus during the trade war has been about the goods exchanged between both nations. But American businesses are already cashing in by providing services to China's masses — and they're eager to sell even more as China matures.
While the United States has long had a goods deficit with China, it ran a services surplus of $40.5 billion in 2018. Leading services exports to China include travel, computer software and trademarks, according to the Office of the US Trade Representative.
China has long been a tantalizing place for American banks and investment firms. Financial services companies, hungry to lend to businesses and provide investment banking expertise, are pushing for greater access to China's underserved market.

China reliant on American consumers

At the same time, American companies have relied on China as a source of relatively affordable labor and parts. Retailers import merchandise from China. Apple (AAPL) imports iPhones that are assembled in China by manufacturers like Foxconn.
All told, the United States imported $539.5 billion of goods from China in 2018, according to the Census Bureau.
Those purchases have helped keep China's factories humming, employing workers whose jobs are now threatened.
"China has become very dependent on exports to the US," Ed Yardeni, president of Yardeni Research, wrote in a note.

Dumping Treasuries could backfire

China also plays a critical role in financing America's staggering debt.
With $1.1 trillion of Treasuries, China is the leading foreign creditor. That's just ahead of Japan and roughly equal to the combined Treasury holdings of Brazil, the United Kingdom, Ireland and Switzerland. Washington uses that debt to fund everything from tax cuts to fighter jets.
A leader in China's state-run media suggested on Monday that Beijing may try to use Treasuries as a weapon in the trade war — an alarming idea that could rattle global financial markets.
Petraeus: US has the advantage over China on trade -- but not for long
"Many Chinese scholars are discussing the possibility of dumping US Treasuries and how to do it specifically," tweeted Hu Xijin, the editor-in-chief of China's Global Times.
Such a move, however, could backfire on China by hurting the value of its own holdings and limiting its access to US dollars, the world's reserve currency.
"They would be shooting themselves," said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
Boockvar said it's more likely that China will continue to allow existing Treasuries to mature without reinvesting them. Last week's 10-year Treasury auction had the weakest demand since 2009, according to Boockvar.

Repairing the relationship won't be easy

Despite concerns over the deepening trade war, many investors at the SALT Conference in Las Vegas last week applauded President Donald Trump for confronting China on its unfair trade practices.
"China got used to having this advantage," Michael Novogratz, founder and CEO of crypto merchant bank Galaxy Digital, told CNN Business. "You needed to take the punch bowl away."
Optimists hope that the pain from the trade war — for both sides — will limit its duration. Many economists expect Washington and Beijing will eventually come to their senses and reach a trade agreement.
"Trade wars are simply bad economics," David Kelly, chief global strategist at JPMorgan Funds, wrote in a report to clients on Monday. "The silver lining is that they are so clearly detrimental to the American economy and American business that, despite current concerns, they are unlikely to be a long-term feature of our financial landscape."
But some worry the damage to the US-China relationship may be hard to undo.
"Even if the whole thing settled today by miracle, there would be no trust for a generation," said Kotok.

Let's block ads! (Why?)


https://www.cnn.com/2019/05/14/business/china-united-states-economy-trade-war/index.html

2019-05-14 10:27:00Z
52780293564303