Hong Kong (CNN Business)President Donald Trump spent much of his term setting up Beijing as Washington’s greatest political and economic adversary. Don’t expectdrastic changes when Joe Biden takes the helm, even if he eschews the bluster and unpredictability of his predecessor.Economists and trade experts believe that the United States and China will move further apart on trade and technology as Washington continues to scrutinize virtually every aspect of its relationship with the world’s second-largesteconomy.”We have a fundamental, systematic rivalry between these two systems,” said Alex Capri, research fellow at the Hinrich Foundation and senior fellow and lecturer at the National University of Singapore. “In many ways, that rivalry is going to intensify.”
With tariffs on Chinese products high, US importers are turning to other countries. A DW analysis shows where Americans are now buying their cell phones, computers, furniture and clothing from instead.
Dung Trans’ business is booming: “Last year, we added a second floor to our factory. And now I’m looking at a new site four times larger than the current one.” For his company, the ongoing trade dispute between China and the United States has been a boon. And he is not alone.
(CNN Business) The United States government has labeled six more Chinese media companies operating in the US as foreign missions in the latest round of tit-for-tat between Beijing and Washington over restrictions on journalists.US Secretary of State Mike Pompeo announced the decision at a press briefing on Wednesday, saying that the six media companies were “substantially or effectively controlled by a foreign government.””We’re not placing any restrictions on what these outlets can publish in the United States,” Pompeo said. “We simply want to ensure that American people, consumers of information, can differentiate between news written by a free press and propaganda distributed by the Chinese Communist Party itself. They’re not the same thing.”The US operations of Yicai Global, Jiefang Daily, Xinmin Evening News, Social Sciences in China Press, Beijing Review and Economic Daily will all be affected by the decision, according to a release from State Department spokesperson Morgan Ortagus.
Alan Crawford, DebWu, Colum Murphy and Ian KingFri, October 23, 2020, 12:42 AM GMT+7·11 mins read. Yahoo!Finance
(Bloomberg) — On a scorching hot day in late August, representatives of Taiwan’s government and industry crowded into the clinical cool of a state-of-the-art semiconductor facility for a symbolic moment in the global tech conflict.
US-China frictions and the threat of American financial sanctions have renewed debate in Beijing about reducing dependence on the US dollarChina cut its holdings of US government debt to US$1.07 trillion in late August, the lowest level since March 2017, the US Department of Treasury says
China has long tried to undermine the US dollar’s dominant role in the international monetary system, despite the fact that the bulk of its reserves are in dollar-denominated assets. Photo: Reuters
China may be speeding up the diversification of its foreign exchange reserves away from US dollar assets in response to potential American financial sanctions, but there are clear limits on how far it can go in its de-dollarisation push, according to analysts.China has long tried to undermine the US dollar’s dominant role in the international monetary system, despite the fact that the bulk of its reserves are in dollar-denominated assets.
Taiwan is one of those flash points that has never flashed. The dispute over the island’s fate has had the potential to erupt into conflict between China and the United States for decades. But the feared Chinese invasion has never come. The situation has remained deadlocked for so long that Taiwan’s quandary often drifts into the background of Asian affairs, overshadowed by seemingly more-pressing concerns, such as North Korea’s nuclear ambitions and inflamed tensions between India and Pakistan in Kashmir.
Back in may, when President Donald Trump called for America to stop funding the World Health Organization, he presented a list of the WHO’s recent failures: the organization’s initial failure to flag the spread of the novel coronavirus; its initial failure to follow up when Taiwan—a country excluded from the WHO because of Chinese objections—inquired about evidence that seemed to indicate that the virus could be transmitted from one human to another; its initial failure to press China to accept an international investigation into the source of the virus. At the beginning of the pandemic, the WHO, which operates as a specialized agency of the United Nations, seemed to be one beat behind. It also seemed overly reliant upon biased information provided by the government of China.
The United States has released guidance on its immigration laws that will make it almost impossible for members of a Communist party or similar to be granted permanent residence or citizenship of America.
U.S. Secretary of State Mike Pompeo meets Vatican Secretary of State Cardinal Pietro Parolin, at the Vatican, Thursday, Oct. 1, 2020. Pompeo is meeting Thursday with top Vatican officials, a day after tensions over U.S. opposition to the Vatican’s China policy spilled out in public. (Vatican Media via AP)
ROME (AP) — The U.S. and the Vatican butted heads over China on Thursday as the Holy See chafed at U.S. Secretary of State Mike Pompeo’s public call to take a harsher stance against Chinese restrictions on religious freedom.
Beijing is going all in to back a breakthrough in Chinese semiconductor manufacturing as the nation faces US sanctions on hi-tech goodsBut many newcomers to the industry have little experience and some experts say the ‘whatever it takes’ approach shows tolerance for inefficiency
May’s low and July’s high have something in common: They both reflect TSMC’s distinctive role in the global tech economy. Although far from a household name, TSMC controls roughly half of the world’s contract chip manufacturing. Brand-name companies that design their own chips—most notably Apple—rely on TSMC’s world-class production so they don’t have to spend tens of billions to build their own factories. Crack open your iPhone and you’ll find a chip from TSMC. If you could crack open an American guided missile, you’d likely find one there too. Its prowess has elevated TSMC to No. 362 on the Global 500, with $35 billion in revenue. Today it gets 60% of sales from the U.S. and about 20% from mainland China.