Thursday 22nd of February 2018

fair trade, US style...

fair trade...

President Donald Trump has said the US will no longer tolerate "chronic trade abuses", in a defiant address at the Asia-Pacific Economic Co-operation (Apec) summit in Vietnam.

He said he would always put US interests first and Apec nations should "abide by fair reciprocal trade".

In stark contrast, China's Xi Jinping said globalisation was irreversible and voiced support for multilateralism.

Mr Trump is currently on a five-nation Asia tour, with China one of his stops.

Apec brings together 21 economies from the Pacific region - the equivalent of about 60% of the world's GDP.

Since taking office, President Trump has pursued his "America First" agenda and pulled the US out of the regional Trans-Pacific Partnership - a major trade deal with 12 Apec nations - arguing it would hurt US economic interests.

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"no more" cheating the US...

Donald Trump has abruptly ended the diplomatic streak he displayed on his 12-day tour of Asia by launching a tirade against “violations, cheating or economic aggression” in the region, just hours after heaping lavish praise on China.

Speaking at the Asia-Pacific Economic Cooperation (Apec) conference in Da Nang,Vietnam, on Friday, the US president’s words had the tone of a fierce reprimand. The speech was clearly, sometimes explicitly, focused on China and other countries he blamed for predatory economic policies, accusing them of having “stripped” jobs, factories and industries out of the United States.

“We can no longer tolerate these chronic trade abuses and we will not tolerate them,” he said, with audio speakers in the large hall crackling as Trump raised his voice at times.

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Trump forgets that the US big(and small) multinationals went to Asia to make cheaper goods, to sell them everywhere at huge profits... Say an Apple iPhone made in the US would cost about 4 to 5 times the present price. Inflation in the USA and the western world would hit the roof without the "cheap goods" from Asia...  

paying the US debt in petro-IOUs...

Three Chinese state-run corporations signed an agreement with the government of the US State of Alaska on the production of liquefied natural gas on the territory of the state with its subsequent transportation to China. The contract is evaluated at 43 billion dollars.


Noteworthy, the deal is paid for by US securities - USA's "debt receipts" to China. Their holders are the Bank of China and the state fund of the PRC.

In a nutshell, the USA will give China shale gas as debt payment. It is clear now why the Chinese have decided not to sign new gas contracts with Russia.

Representatives for the Chinese administration said that they did not see the need for the Power of Siberia-2 gas pipeline (with a capacity of 30 billion cubic meters per year), nor does China need the pipeline to deliver natural gas from Sakhalin Island (8 billion cubic meters per year), even though Russia and China were discussing these projects for the last two years.

Professor of the Russian State University of Oil and Gas named after I.M. Gubkin, Valery Bessel, said in an interview with Pravda.Ru that the contract with the Americans and the refusal to implement new projects with Russia was a "normal business process," in which there is nothing to worry about. China and the USA are major trade partners, and a contract worth 43 million dollars is simply not serious from the point of view of the scale of the US-Chinese turnover.

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