Was it greed that caused US companies to lose market share to Chinese competitors?
US Treasury Secretary Steven Mnuchin led his side in latest round of talks held in Beijing last week to end trade dispute with China. Experts have raised doubts if it will convince Chinese leaders to implement much-needed reforms such as reducing the size of its dominant public companies. In the 1980s, the US was embroiled in a similar trade dispute with one of its closest allies - Japan.
“This phenomenon is leading to what I call hollowing out of American industry. America’s industrial establishment is being reduced to a mere shell, and the same is happening all over Europe,” he wrote in his book Made in Japan. The US and its allies such as Australia and New Zealand fear that the Chinese government could use Huawei equipment for espionage.has been able to provide any evidence of so-called backdoors in the Huawei equipment that can be used to spy on people or institutions. the issue has become politicised since the arrest of Huawei’s Chief Financial Officer Meng Wanzhou, in Canada, on Washington’s extradition request.
China has invested heavily in emerging businesses such as renewable energy by backing its state-run companies. The World Trade Organisation prohibits rules that require forced technology transfers as a trade off for granting access to market. But in the absence of any hard evidence, it’s difficult to penalise Beijing.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Africa Command nominee cites potential Russian and Chinese threats to U.S. interests in the regionArmy Gen. Stephen Townsend said that he has a “pretty significant concern” for how Russia uses private military companies like the Wagner Group in Africa.
Read more »
Analysis | China has put Canadian canola oil in the middle of a wider geopolitical disputeA U.S.-China dispute over the December arrest of a Chinese tech executive has entangled Canada.
Read more »
US Treasury yields move higher ahead of new data and Fed speechesU.S. government debt prices were lower on Friday morning as traders monitor US-China trade talks.
Read more »
Stocks set to rise on hopes the US and China are close to a trade dealU.S. stock futures climbed Wednesday on optimism over U.S.-China trade talks.
Read more »
China books fresh deal for 828,000 tonnes of U.S. soybeansU.S. exporters sold 828,000 tonnes of soybeans to China, the U.S. Agriculture De...
Read more »
Inside the US race to build the burger of the futureUS President Trump says Democrats and environmental whackos are waging a war on beef. But corporations, not politicians or activists, are leading the post-meat revolution.
Read more »
U.S. asset managers target a new arms raceGoldman Sachs and BlackRock are the latest investment firms to bulk up their wares in the $80 trln market for fee-based advisers. These are fast displacing commissions-based brokers in managing Americans’ wealth. And the business offers spoils across the money-managing spectrum.
Read more »
US reportedly pushes Chinese owner of Grindr to divest the dating appChinese gaming company Beijing Kunlun Tech is seeking to sell Grindr after a U.S. government panel raised concerns about its ownership.
Read more »
U.S. Orders Chinese Company to Sell Grindr AppU.S. national-security officials have ordered a Chinese company to sell gay-dating app Grindr, signaling that a range of social-media companies and apps is now off limits to Chinese buyers.
Read more »
U.S. Orders Chinese Firm to Sell Dating App Grindr Over Blackmail RiskU.S. national-security officials have ordered Beijing Kunlun Tech to sell gay-dating app Grindr, citing the risk that the personal data it collects could be exploited by China to blackmail individuals with security clearances.
Read more »