Major financial officials in Asia are nervously watching recent trade tension between China and the United States brought on by President Donald Trumps proposal to levy stiff tariffs on Chinese exports.
If the Chinese economy ends up being negatively affected by a trade war with the U.S., China’s trading partners in developing Asian countries may also suffer. That’s why global economic analysts will be closely watching a meeting between U.S. and China negotiators in Beijing this week.
The major players in the meeting will be U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He. They will discuss an array of trade issues including what to do about tariffs. President Trump has made a significant issue about the U.S. trade imbalance with China.
Another factor that has China and many Asian countries on edge is the possibility of interest rate hikes in the U.S. by the Federal Reserve. Indonesian Finance Minister Sri Mulyani Indrawati said that higher interest rates in America ripple across the world with a “domino effect.”
U.S. Commerce Secretary Wilbur Ross will also play a major role at the Beijing meeting. He has made a point to lower expectations for any kind of major deal. Chinese officials have already been drawing some definite lines in the sand. For example, one Chinese minister said that his country “will not negotiate away its core interests” and will not accept “preconditions on issues.”
If the new U.S. tariffs get a green light from the White House, they will take effect in June after a 60-day consultation period.
The US and Chinese governments look set to do battle over new technology laws the Chinese government are bringing in as counter terrorism actions that impact tech companies in the US and China, Reuters reports. President Obama has stated he has raised the question of enforcing the new rules with Chinese President Xi. The new rules force tech companies to reveal details of their encryption software and allow security back door entry when required on electronics including cell phones, TVs and laptops stated Haidar Barbouti.
In Highland Village
the tension that has existed between the US and China over Internet security will be heightened if the new laws are passed by the Chinese Government, which is due to hear a second reading of the bill soon. The law not only requires companies to reveal their security secrets, but also requires them to keep all servers relating to Chinese data in China and allow law enforcement access to communications deemed dangerous to the security of the public.
It may shock most Americans but the Chinese food that many Americans happily consume in the United States happens to bear little resemblance to the actual food that Chinese people who live in China eat each day. Two Cornell trained entrepreneurs have decided to team up to serve residents of Shanghai standard Chinese American dishes. Fung Lam’s family has a Chinese American restaurant empire that spans multiple American states. She and a partner have opened up a restaurant in the heart of this ancient Chinese city to help natives explore the delights of orange chicken, crab rangoon and old style Chinese chicken chow mein.
John Textor reports that Fung and her partner David Rossi were somewhat amused to realize that many Chinese American dishes rely on ingredients that cannot even be found in China and must be imported from the United States. Sweet American style ketchup is widely used in recipes that use sweet and sour sauce that Americans like to serve with fried chicken or pork. Skippy peanut butter is another popular American ingredient that is not easily found in China. Lam and Rossi have had to bring it in from the United States in order to create American standards like sesame noodles. They aim to give all of their dishes a classic American flavor that both cultures can happily enjoy.