Item on Iranian Students News Agency (ISNA) via Reuters
China’s ambassador to Australia
The latest round of tit-for-tat tariffs between the U.S. and China has expanded the dimensions of their trade war, and the lopsided totals of goods affected give the impression that Donald Trump has the upper hand over his counterpart Xi Jinping.
Domestic politics, however, make the U.S. president’s position a lot dicier than it looks.
The Trump administration on Sunday slapped a fourth round of punitive tariffs on a broad range of Chinese goods, including household electric appliances and clothes. This provoked China to counter with its own customs duties on farm products and other imports from the U.S., further widening a conflict that is beginning to impact the world economy.
The opening salvos had come in July 2018, when Trump imposed 25% additional tariffs on $34 billion worth of Chinese imports, including industrial machinery, out of the roughly $550 billion worth of products the U.S. buys from China every year. Washington launched a second barrage the following month, targeting another $16 billion worth of imports, and escalated its attacks that September by adding $200 billion in goods to the list.
The latest and fourth batch of U.S. tariffs increased the total by $110 billion to $360 billion. (more…)
Hong Kong Chief Executive Carrie Lam will formally withdraw a controversial extradition bill, which has been at the center of massive demonstrations this summer and is one of protesters’ five demands, multiple local media reported on Wednesday.
The South China Morning Post said that Lam will meet with pro-establishment allies on Wednesday afternoon at her official residence. Citing sources, the SCMP said that all 43 pro-establishment lawmakers on Tuesday night had been invited to meet with Lam.
Formal withdrawal of the legislation is one of five demands made by protesters. The others are Lam’s resignation and introduction of universal suffrage, rescinding the characterization of protesters as rioters, unconditional release of arrested demonstrators, and creation of an independent commission to investigate complaints of excessive use of force by the police.
While acceding to one demand would be viewed as an olive branch by Lam, protesters have said that they would not settle for anything less than the agreement of all five.
Michael Tien Puk-sun, a pro-Beijing lawmaker in Hong Kong’s Legislative Council, told reporters on Wednesday that the withdrawal of the bill would not be enough and “comes too late” to resolve the monthslong standoff. (more…)
The squeeze remains on.
