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China – US trade deal phase one complete. Phase two may take years (Video)

The Duran Quick Take: Episode 417.

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss US President Donald Trump’s announcement that he and Chinese President Xi Jinping would meet to sign the phase one trade deal, which has placed a ceasefire on a tariff war between the two superpowers.


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Via South China Morning Post…

Beijing will live up to its trade deal commitments but Washington must also honour the one-China policy in relation to Taiwan, according to China’s envoy to the United States.

In an interview with Chinese state television CGTN on Saturday night, Cui Tiankai, China’s ambassador to the US, also dismissed talk of a new cold war as “very irresponsible”.

The comments come as Beijing and Washington hammer out the final details of the text for an interim deal to end a protracted trade war that has rattled the global economy and financial markets over the last 18 months.

On Tuesday, US President Donald Trump said that he and Chinese President Xi Jinping would meet to sign the phase one deal.

But China did not confirm that the two leaders would meet, saying only that both sides had been in close contact to work on preparations, including a legal review and translation.

“As far as we are concerned, we always honour our commitment. We will always implement what we promised. There is no problem about that,” Cui said.

“And if there are any differences, any problems, the two sides should work closely together to solve them.”

He said the two teams had negotiated “in real earnest” and displayed “good faith”.

“I’m confident that since we have spent so much time with such great efforts at reaching this agreement, I think it would certainly serve the interests of both sides if this agreement is implemented,” he said.

The next step for Beijing and Washington is the so-called phase two trade talks, but so far there is no timetable and the outlook is bleak as the two sides are expected grapple with thorny issues such as structural reforms, especially with the US presidential campaign on the horizon next year.

“I think we have full confidence in our negotiators. So let the two teams do their job,” Cui said. “And still they are under the guidance of the two presidents.”

Despite some relief with the phase one deal, overall bilateral tensions remain high. China has accused the US of interfering in Hong Kong, Tibet and Xinjiang, and of challenging Beijing on the self-ruled island of Taiwan, which will go to the polls on January 11
.
“We have to make a very clear distinction. [A] local election in Taiwan is a local election in Taiwan, province of China. As far as the US is concerned, the US has made commitments to the one-China policy in the three joint communiques between China and the US, and I just hope they will honour their commitment,” Cui said.

The main contenders in next month’s election are Taiwanese President Tsai Ing-wen, of the pro-independence Democratic Progressive Party, and Han Kuo-yu of the main opposition party the Kuomintang, which favours close ties with mainland China.

“The bottom line [on the Taiwan issue] is the one-China principle. There is only one China in the world. Both Taiwan and the Chinese mainland are part of China. China’s sovereignty and territorial integrity should not be violated,” he said.

Cui did not rule out political and economic challenges in Beijing’s relations with Washington and called for cooperation to find solutions.

“The real strength of this relationship lies in our ability to overcome all the problems … I think this continues to be the case going forward,” he said.

He said China hawks in Washington were talking up the prospect of a new cold war and economic decoupling for China but there was also widespread support across the US to improve bilateral relations.

“It’s very irresponsible to talk about or even advocate a new cold war, decoupling and new technological, scientific wars between the two countries. This is very irresponsible behaviour. And this rhetoric goes against the tide of history,” he said.

“Cooperation is the only choice that we should make.”

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olivia krothEU: We no longer sanction your sanctionsArt of the DealErrunurPaul Recent comment authors
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Errunur
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Errunur

I KNOW this is off-topic. But could anyone explain why is russia’s poverty so high and will it be reduced and how? (thanks).

Hadrian
Guest
Hadrian

That’s heresy in the eyes of some. They’ll praise the Russian state for switching from US treasuries to gold, and then laugh at countries like Japan, because it has the highest government debt to GDP ratio. But they won’t mention the good parts. Just the negatives. Whatever is at odds with their warped view of life they’ll just ignore or attack. People are too lazy to think broadly. Much easier to adopt black and white views.

james
Guest
james

I think it may be relatively high. (sanctions for one thing) You have to realize that they came from a Yeltsin period where it was worse. A lot worse. Also poverty has been reduced more than in other countries. In fact poverty is a far worse problem in the US than in Russia. Realize also that it is a vast country and getting everybody to take part is not a sinecure.
Most people in Russia are decently comfortable but there are outlying areas that are getting by the way they did decennia ago.

Errunur
Member
Errunur

I personally believe things will get better in russia but what do experts here think. ( unless there is a finanacial crash).

Olivia Kroth
Guest

I don’t believe in sanctions, I don’t believe they work and you make other countries think twice about trading with you

Errunur
Member
Errunur

Europe was told by America to hold on 2-3 years to Russia sanctions and Russia will crumble (change its foreign policy). But its been 5 years and its true living standards in russia have dropped but nothing catasthrophic yet.

Olivia Kroth
Guest

On the contrary. Russian living standards have gone up and are still rising.

Errunur
Member
Errunur

yes its true but for NOW the incomes and pensions are a bit low.

Olivia Kroth
Guest

Well, President Putin and the DUMA have just decided to rise incomes and pensions. So they are going up.

Olivia Kroth
Guest

TASS:

Putin signs law on minimum wage hike to $195 starting 2020
Currently the minimum wage amount is $181.8

MOSCOW, December 28. /TASS/. Russian President Vladimir Putin has signed the law setting the minimum rate of labor payment in Russia at 12,130 rubles ($195.5) starting January 1, 2020. The document was published on the official website of legal information on Saturday.

Currently the minimum wage amount is 11,280 rubles ($181.8).

https://tass.com/economy/1104553

EU: We no longer sanction your sanctions
Guest
EU: We no longer sanction your sanctions

W. Europe’s so sick & tired of US policy now that I wouldn’t be surprised if they dump any sanctions they signed off on with the US tomorrow. Even Europe you can’t kick around forever. (Or maybe you can. Guess we’ll see soon enough).

Olivia Kroth
Guest

Happy New Year to the Duran. Thank you for all your hard work.

Paul
Guest

The US emerged from WWII as the world’s leading military and economic power. Since that time US hegemony has been predicated on: 1) unrivaled military power, 2) control of world’s energy reserves (primarily in the ME), and 3) maintaining the dollar as the world’s reserve currency. All of the pillars supporting US power are now threatened by decades of neoliberal economic policies and spending large sums of money on the Pentagon and war. So where does the US stand in 2020? An economy that has still not recovered from the 2008 financial implosion. Indeed, since that time, Wall St has… Read more »

Olivia Kroth
Guest

The US military is a colossus on brittle feet.

Art of the Deal
Guest
Art of the Deal

Well, if thee China deals turn out to be anything like the US’ squeeze on Nordstream 2, where to wean Europe off Russian gas has instead guaranteed that Russia flood Europe with gas through Ukraine, Belarus, Nordstream 1&2 and Turkstream, then I figure we’re better off just forgetting any new deals with China before they end up flooding America with everything.

olivia kroth
Guest

TASS: Xi Jinping sends greetings to Vladimir Putin, vows to strengthen relations Xi pointed out that 2020 had been designated as the Year of Scientific and Technological Innovation between China and Russia and would see extraordinary achievements in bilateral relations MOSCOW, December 31. /TASS/. On Tuesday, Chinese leader Xi Jinping sent New Year greetings to Russian President Vladimir Putin, the Chinese news agency Xinhua reports. In his message, Xi, on behalf of the Chinese government and people, extended sincere greetings and best wishes to Putin and the Russian people. Xi noted bilateral cooperation in such fields as the economy, trade,… Read more »

Communist Youth Congress, 1972, Romania, an example of democracy [sarcasm]

Italy prepared to receive Yankee nukes from Turkey