MM Online:
US warns of ‘consequences’ if China abandons trade deal
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Treasury Secretary Steven Mnuchin addresses the daily coronavirus response briefing as US President Donald Trump listens at the White House in Washington, US, April 2, 2020 Reuters |
WASHINGTON, May 4 — US Treasury Secretary Steven Mnuchin said today he expects China to uphold a trade deal reached with Washington this year, and warned of “consequences” if the country did not.
The comments come amid a sharp drop in global trade caused by the coronavirus pandemic as well as a dispute between the two powers over fault for the spread of the virus, which first broke out in Wuhan, China.
The US and China in January signed an agreement to end a nearly two year-long trade war, that included a commitment by Beijing to buy an additional US$200 billion (RM863 billion) in American goods over the next two years.
“I’m expecting them to meet their obligations,” Mnuchin said on Fox Business Network.
“I have every reason to expect that they honour this agreement and if they don’t, there would be very significant consequences in the relationship and in the global economy as to how people would do business with them.”
However, relations between Washington and Beijing have soured in recent weeks, with US President Donald Trump blaming China for the pandemic, and threatening tariffs.
The US has been hit with tens of millions of layoffs as the virus has spread, significantly weakening the previously solid economy, which Trump was counting on to win re-election in November.
The trade agreement signed in January includes US$77.7 billion in additional purchases from the manufacturing sector, US$52.4 billion from the energy sector and US$32 billion in agricultural products.
The US currently runs a trade deficit with China, and the objective is to realign the trade balance between the two countries. — AFP
The comments come amid a sharp drop in global trade caused by the coronavirus pandemic as well as a dispute between the two powers over fault for the spread of the virus, which first broke out in Wuhan, China.
The US and China in January signed an agreement to end a nearly two year-long trade war, that included a commitment by Beijing to buy an additional US$200 billion (RM863 billion) in American goods over the next two years.
“I’m expecting them to meet their obligations,” Mnuchin said on Fox Business Network.
“I have every reason to expect that they honour this agreement and if they don’t, there would be very significant consequences in the relationship and in the global economy as to how people would do business with them.”
However, relations between Washington and Beijing have soured in recent weeks, with US President Donald Trump blaming China for the pandemic, and threatening tariffs.
The US has been hit with tens of millions of layoffs as the virus has spread, significantly weakening the previously solid economy, which Trump was counting on to win re-election in November.
The trade agreement signed in January includes US$77.7 billion in additional purchases from the manufacturing sector, US$52.4 billion from the energy sector and US$32 billion in agricultural products.
The US currently runs a trade deficit with China, and the objective is to realign the trade balance between the two countries. — AFP
An signed international agreement....is a signed international agreement to be honoured.
ReplyDeleteElse it is "Chau Kar" ....isn't this Ah Mok's position ?
Or is it only applied selectively?
Need not apply for ideologically "favoured" sides ?
or else, we boycott yr wine n beef.
ReplyDeleteChina is the only engine of growth after a crisis, AGAIN, for been the first country mobilising her industrial/trade engines out of the ongoing covid-19 pandemic.
ReplyDeleteJust like in 2008 world financial meltdown initiated by the United States subprime mortgage crisis. China had singlehandedly propelled that half broken world financial engine from recession!
“I have every reason to expect that they honour this agreement and if they don’t, there would be very significant consequences in the relationship and in the global economy as to how people would do business with them.” - Mnuchin
Big words! With threats too!
Basically, Mnuchin is expecting China to pop-up the failing US economy despite the fact that China has herself suffered a -6.8% growth rate in the Q1 of 2020!
Holding China to terms&conditions of a trade agreement penned before the start of a worldwide recession IS definitely shortsightedness & arrogant to the nth.
China can ONLY meet those pri-pandemic terms&conditions PROVIDED that the rest of the world CAN work in sync with her to revive the world economy activities.
The world at large r not expecting to fair ANY better in the face of multi-nations pandemic lockdown TOO.
What can US does in fulfilling his parts vis-a-vis that reciprocity of trade terms&conditions - with the current oncourse effectuating US recession?
Nothing!
Here lies the expansive blackgoating of China as the source of the covid-19 pandemic by the trump administration.
One key framework of the plan IS to generate inflammatory emotives of the US citizen about their pig-sensed victimization.
In order to gather the biggest congenial impact, sufficient death toll MUST be inflicted upon the US public. Hence the continuous theatrical plays of:
1)non existence PPE & medical ventilator purchase & supply coordination. Each state is left to one's own devices!
2)continuous procrastination of nationwide testings & contact tracings
3)encourage early removal of state lockdowns by playing out the unemployment fear
Majority of the US citizen ain't dumb to those shows. But the power play within the US ISN'T dictated by the silence majority. It's the manifestation of the vocal simple-minded minority with the aid of the power that be!
Think Iraq, Afghanistan & Soviet Union!
Trump has every motivation to start a war, trade &/or physical, with China. It's a proven strategy that most of the POTUS have been deployed throughout US history in order to sustain their office!
China WILL not succumb to that threats. She can't & won't in view of her 1.4B populace future & expectations. The curse & infamy of the PAST will not be allowed to repeat!
Be prepared! Brace for the worst & hope for the best!
Oh yeah, all right
DeleteAre you going to be in my dreams
Tonight?
And in the end
The love you take
Is equal to the love you make
CCP Wan Shui....Wan Wan Shui
DeleteA bunch of demoNcratic morons showing their reversed sarcasm!
DeleteWakakakakaka…
"...signed international agreement to be honored"
ReplyDeleteOne of the dangerous consequences of violating the Iran deal is a loss of credibility for the US. Trump's unilaterally pulling out of the deal is making the US look like an unreliable international partner.
Actually, it is not just Trump. The US has always broken its treaties, pacts and promises.
Way before the Trump administration pulling out of the TPP, the Paris Agreement on climate change, and threatening the end of NAFTA, US history is dotted with treaties that the US has signed but not ratified, signed and then unsigned, and even refused to sign after pushing everyone else to sign.
Capriciousness about international treaties is an old US tradition.
Hundreds of treaties signed with Native American tribes were either broken or not ratified. Today, the US is one of the countries to have ratified the fewest number of international human rights treaties - of the 18 agreements passed by the UN, America has only ratified five.
Treaty of Versailles, 1919 - President Woodrow Wilson was a promoter and negotiator of the treaty that ended World War 1. This treaty was never ratified.
International Labor Convention, 1949 - this is an international recognition of the freedom of association and protection of the right to organize. The agreement was signed by 154 countries, including the US, entered in full effect in 1950. However, the US never ratified it.
Geneva Agreement, 1954 - this agreement was called to put an end to the Korean War and the First Indochina War. The treaty was signed by Vietnam, France, China, the USSR and the UK. Although the US participated in the conference and negotiations, it eventually refused to sign ( it only agree to the ceasefire)
International Covenant on Economic, Social and Cultural Rights (ICESCR),1966 - this covenant expanded onto the Universal Declaration of Human Rights, it enlarges on the notion of basic rights beyond civil and political provisions. 166 countries had ratified but not the US.
The Convention on the Elimination of ALL forms of Discrimination Against Women (CEDAW), 1979 - shortly after signing this landmark agreement to end gender discrimination, the US under the then-president Jimmy Carter submitted the agreement for ratification to the Senate. It's still waiting.
The Law of the Sea, 1982 - the UN Convention on the Law of the Sea ( UNCLOS) was held in Jamaica between 1973 and 1982. It established a set of rules and responsibilities governing the way countries and international bodies act in international waters. For instance, UNCLOS details the requirements of Search & Rescue at Sea. The US signed in 1994 but did not ratify.
Convention on the Rights of the Child, 1989
Comprehensive Nuclear Test-Ban Treaty, 1996
Mine-Ban Treaty, 1997
Rome Statue of the International Criminal Court, 1998
Kyoto Protocal, 1997
Paris Climate Accord,2015
The Convention Against Torture
The Rights of Persons with Disabilities
All the above are among those abandoned by the US.
Against this backdrop, those who now jaw about "An signed international agreement....is a signed international agreement to be honoured" are just assholes with not an ounce of honour themselves. Pordah lah.