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Chinese investment lowest in US since 2009 But Coronavirus is not the reason

11May By PriyankaNo Comments

CHINA

Chinese investment lowest in US since 2009 But Coronavirus is not the reason

China's direct investment in the United States fell last year to its lowest level since the Great Recession, even before the coronavirus pandemic shut down much of global commerce. The decline in Beijing's investment in the United States reflected tensions between the world's two biggest economies and Chinese government restrictions on overseas investment. A report out Monday from the National Committee on US-China Relations and the Rhodium Group consultancy found that China's direct investment in the US dropped from USD 5.4 billion in 2018 to USD 5 billion last year, the lowest level since the recession year of 2009. Direct investment includes mergers, acquisitions and investments in things like offices and factories but not financial investments like purchases of stocks and bond...

Huawei threat to national security, US not going to do business with them: Trump

10Aug By AnkitaNo Comments

USA

Huawei threat to national security, US not going to do business with them: Trump

Washington: US President Donald Trump on Saturday said America will not do any business with Chinese tech giant Huawei. The Trump administration believes that giving access to the state-controlled Huawei on 5G would risk America's national security. As such the US is not only denying Huawei access inside the country but also is asking other countries to follow suit. "We're not going to do business with Huawei. We're not doing business with them. And I really made the decision," Trump told reporters at the White House. "It's much simpler not to do any business with Huawei. So, we're not doing business with Huawei. That doesn't mean we won't agree to something if and when we make a trade deal, but we're not going to be doing business with Huawei," he added. US Senator Marco Rubio...

Chinese billionaire booked in $1.8bn US tariff evasion scheme

1Aug By AnkitaNo Comments

USA

Chinese billionaire booked in $1.8bn US tariff evasion scheme

Chinese billionaire Liu Zhongtian, founder of metals giant Zhongwang has been indicted in the United States for his alleged role in an elaborate scheme to avoid paying USD 1.8 billion in tariffs on aluminum shipped to the US. The former chairman of China Zhongwang Holdings is accused of exporting huge amounts of aluminum disguised as pallets to avoid paying customs duties of up to 400 percent. Also named in the indictment, filed in Los Angeles federal court, is the company as well as several individuals and shell companies. "This indictment outlines the unscrupulous and anti-competitive practices of a corrupt businessman who defrauded the United States out of $1.8 billion in tariffs due on Chinese imports," said prosecutor Nick Hanna. "Moreover, the bogus sales of hundreds of m...

China to Buy $200 Billion of American Goods Amid Trade War Fears

18May By Sheldan RungasamyNo Comments

USA

China to Buy $200 Billion of American Goods Amid Trade War Fears

In a bid to release tensions between America and China concerning the trade war, China may be disposed to buy up to $200 billion worth of American goods in an initiative that will decrease the tremendous trade deficit with the US, according to several media reports. Donald Trump announced that he would impose 25% tariffs that would amount to $150 billion against imported products Made in China. To counter, the Chinese government targeted $50 billion against American exports. The threats have not yet been implemented as of yet as the two countries are still trying to find a common ground of accord before taking drastic decisions. Currently, China deployed a high-level delegation led by Vice Premier Liu He in Washington to negotiate with the White House. The talks will be held for two ...

Amazon.in Raises $385.7 Mn Ahead of Price War Against Flipkart-Walmart

9May By Sheldan RungasamyNo Comments

FUNDING

Amazon.in Raises $385.7 Mn Ahead of Price War Against Flipkart-Walmart

Amazon is gearing up for a price war in the wake of confirmations about the Flipkart-Walmart acquisition deal. The American e-commerce giant is set to infuse its funds with fresh capital worth an eye-dropping $385.7 Mn (INR 2,600 Cr) into its Indian unit, Amazon Seller Services to rival Indian arch-enemy Flipkart, according to a Livemint report. Amazon Corporate Holdings and Amazon.com inc. have distributed $385.7 Mn worth of funds in its Indian operations, confirmed by fillings to the corporate affairs ministry. The entry of deep-pocketed Walmart in the Indian e-commerce market is alarming the US digital marketplace giant who bids to expand and strengthen its capital to rival dropping prices that will probably follow the acquisition of Bengaluru-based Flipkart. The report also st...

Countries at Risk From US-China Trade War

6Apr By Lavina TolaniNo Comments

USA

Countries at Risk From US-China Trade War

Economists from all over the world are busy speculating the consequences of a full-blown trade war and how it will affect the overall economy.Meanwhile, global tensions have been continuously escalating amidst impending trade war between US and China. Trump's latest stringent move that imposed additional tariffs on of 25 percent over Chinese imports worth $50 billion has further aggravated the situation. Economy analysts believe this will do more harm to the American economy than taking over China's theft policy for technology. China's immediate retaliation has also come forward in the form of a proposal for tariffs to be imposed on more than 100 American products. While, it is not clear if these 'tit for tat' tariff p...

Trump Proposes Tariffs on $50 Billion Chinese Imports

4Apr By Lavina TolaniNo Comments

USA

Trump Proposes Tariffs on $50 Billion Chinese Imports

US Administration has escalated a stringent move on trade by announcing a 25 percent tariffs on Chinese imports amounting to USD 50 billion. This has come in as a response to the protest against Beijing policies requiring foreign companies to hand over their technology. The proposed list of products subjected to additional 25 percent tariffs are based on an extensive interagency economic analysis and would target products that are benefitted from Chinese plans while minimizing the impact on the American economy. The sectors targeted in the list include products from aerospace, communication and information technology, robotics and machinery. About 1300 different tariff lines in the proposed list will undergo a review in a public notice followed by a hearing post which a final list of...

Trade War between America and China Officially Begins

23Mar By Sheldan RungasamyNo Comments

USA

Trade War between America and China Officially Begins

US President Donald Trump went ahead with his trade war despite China’s advice to abandon the move. However, Donald Trump turned a deaf ear to the Chinese government and imposed tariffs of $60 billion on Chinese imports to serve as punishment for what US President considers to be “unfair” appropriation of American intellectual property. A move that will surely add more tension on an already 'not-very-friendly' trade relations between the two biggest economies of the world. The Cause of Conflict Trump advised the US trade representative to set up the tariffs to almost $60 billion worth of Chinese imports after a probe of seven months into the intellectual property theft, which has been a sensitive issue in the US-China trade relations. "We have a tremendous intellectual prope...

Will Take Action If India Shields Its Local Mobile Phone Makers: Chinese media

19Apr By AnkitaNo Comments

CHINA

Will Take Action If India Shields Its Local Mobile Phone Makers: Chinese media

India should resist the temptation of resorting to "protectionism" to shield local mobile phone makers against Chinese smartphone firms, China's official media said on Tuesday warning that Beijing could take countermeasures against any such move. The Indian mobile firms are seeking government action to ease the pain of their defeat to Chinese rivals, an article in the state-run Global Times said referring to pleas by the mobile phone makers that government should raise supplementary levies against handsets from Chinese companies. "As for China, the Chinese government is unlikely to sit idly while India harms the interests of Chinese companies. We cannot rule out the possibility that China will take countermeasures if India takes unfair measures to protect its home grown companies from ...