China 

China’s sanctions threat against US firms after Taiwan arms deal casts shadow over Gulfstream’s ‘optimism’

The threat of Chinese sanctions against firms from the United States over arms sales to Taiwan may cast a shadow over Gulfstream’s “optimism in the region”, according to a lawyer whose company has advised the business jet giant.General Dynamics, and its subsidiary Gulfstream Aerospace, as well as Honeywell and Oshkosh Corporation, were named in an article posted an article on the official WeChat channels of both the People’s Daily and state broadcaster CCTV on Sunday, criticising their… Source link

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Global 

WTO opens way for Chinese sanctions against US tariffs in Obama-era dispute

The United States did not fully comply with a World Trade Organisation ruling and could face Chinese sanctions if it does not remove certain tariffs that break WTO rules, the WTO’s appeals judges said in a ruling on Tuesday.China went to the WTO in 2012 to challenge US anti-subsidy tariffs on Chinese exports including solar panels, wind towers, steel cylinders and aluminium extrusions, exports that it valued at US$7.3 billion at the time.The office of US Trade Representative (USTR) Robert… Source link

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Home 

US defence giant Honeywell distances itself from Taiwan under threat of China sanctions over arms deal

After China’s state media named several US firms allegedly threatened by sanctions over arms sales to Taiwan, American aerospace and defence giant Honeywell has said it had “no input” into the agreement between Washington and Taipei.Both the People’s Daily and state broadcaster CCTV posted an article on their official WeChat channels on Sunday criticising Honeywell, Oshkosh Corporation, General Dynamics and its subsidiary Gulfstream Aerospace, for their involvement in the sale of tanks and… Source link

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China 

US officials push for sanctions on China over oil purchases from Iran

This story is published in a content partnership with POLITICO. It was originally reported by Eliana Johnson on politico.com on July 11, 2019.Senior administration officials now agree that China defied US sanctions when it imported more than a million barrels of crude oil from Iran last month. But they are grappling with whether – and how – to hit back, according to three US officials.The US State Department had considered issuing a waiver allowing Chinese companies to receive Iranian oil as… Source link

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Vietnam 

MoIT tightens supervision to avoid trade sanctions – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Minister of Industry and Trade Trần Tuấn Anh chairing the meeting in Hà Nội. —  Photo moit.gov.vn HÀ NỘI — Sectors which have seen high growth in the past few years such as wooden furniture, garments and textiles, seafood and steel are being placed under special supervision by the Ministry of Industry and Trade (MoIT) to avoid having high tariffs and trade sanctions imposed by other nations. Minister of Industry and Trade Trần Tuấn Anh announced the move at a conference in Hà Nội on Tuesday that discussed preventing trade remedies and origin fraud.…

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Home 

China Merchants Bank, Bank of Communications and Shanghai Pudong Development Bank dismiss US’s North Korea sanctions breach charges

Mainland Chinese commercial banks China Merchants Bank, Bank of Communications (Bocom) and Shanghai Pudong Development Bank (SPDB) on Tuesday dismissed allegations they were in possible breach of US sanctions against North Korea.In statements issued after their stocks were hammered by a Washington Post report alleging misconduct, the lenders said they have been complying with international and Chinese laws, and were not involved in any investigations related to a possible breach of the… Source link

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China 

Greater Bay Area entrepreneurs fear fallout on their businesses after US tech sanctions hit Huawei’s operations

It’s business as usual for Zhou Kang.The Shenzhen-based entrepreneur’s company, Czur Tech, is a niche maker of portable digital scanners that requires components from more than 200 suppliers. He sources most of them locally, except for a few key chips and sensor, which he imports from Japan. And so far this year his company has exported more than 10,000 scanners to the US priced between US$299 and US$3,000 that can convert a 300-page book into a digital format within minutes.Although the… Source link

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Home 

Pain of tariffs and sanctions behind China and Russia’s push to dethrone the US dollar

Two weeks ago, Russia and China took a major step away from the use of the American dollar in agreeing to develop bilateral trade using the Russian rouble and the Chinese yuan.“Russia and China intend to develop the practice of settlements in national currencies,” said President Vladimir Putin after meeting President Xi Jinping in St Petersburg. He added that both countries had signed agreements to expand the use of their currencies in bilateral financial operations.This move is long awaited… Source link

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Money 

China, Russia urged to continue efforts to defang US-dollar sanctions weapon

China and Russia should avoid using US dollars in financial translations to minimise Washington’s ability to bully other countries into following its rules with the threat of sanctions, according to a top adviser to Russian President Vladimir Putin.The two nations have been keen to cut their dependence on the US dollar for some time, and continue to talk about establishing a new system for direct yuan-rouble settlements despite multiple delays.“The US is the most powerful economy in the world… Source link

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Trump’s economic sanctions on Iran are doomed to fail, as a century of experience reveals

The sanctions imposed on Iran by US President Donald Trump have begun to bite the country’s economy hard. Inflation, seemingly defeated by President Hassan Rouhani, has returned with a vengeance, hitting 31 per cent in 2018. According to the International Monetary Fund, the economy is poised to shrink by 6 per cent this year, and inflation could reach 37 per cent.Many industries are experiencing severe difficulties, and unemployment is mounting. Aiming to cut Iranian oil exports to zero, Trump… Source link

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