China state media warn Trump against renouncing free trade deals

ReutersNovember 19, 2016

ricky l

14 seconds ago

Posted on :- Thursday, November 17, 2016

ricky l ricky l 11 seconds ago
Engaging the West as well as the East in trade - is especially important to prevent 2 competing Blocs from emerging - that will have a potential to become confrontational without the lubricants of trade.

WW2 breakout because there is no free trade among the Countries - that tie one another wealth, prosperity, finance and fate with one another.

Without trade, there will be no Win-Win outcome.

Thus Win-lose outcome and lose-lose outcome will emerge - and East and West Bloc - will become increasingly confrontational when interests are infringed - leading to WW3.

With trade, business, investment, travel etc ---- Win-Win outcome will emerged - and there are less likely to undertake confrontational stance between East and West --- because it will harm the interest of both East and West Blocs.

Thus to us, TPP or similar trade deals driven by US and the West is important to us.

RCEP or similar trade deals driven by China and the Asia-Pacific Countries is also important to us.

And China-US, China-EU trade deals are also important.

All the above will ensure World Peace, Prospeity, and Wealth - because they are Win-Win outcome --- that will prevent regional war and even WW3 from breaking out.
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ricky l
ricky l now
So Trade, business, investment, travel etc will have achieve 2 important objectives :-
(1) Create Wealth and Prosperity
(2) Preserve Peace and Prevent War.
ricky l
ricky l now
At the same time, Trade, business, investment, travel etc - is the only way to preserve influence, projecting influence - not only for big Countries, also for small Countries.

ricky l

10 seconds ago

US Trade Representative Michael Froman warned of "serious" strategic and economic costs from scrapping a major trans-Pacific trade deal on Friday (Nov 18), as proponents lobbied hard to overcome president-elect Donald Trump's opposition.

Acknowledging that the fate of the 12-nation Trans-Pacific Partnership agreement, or TPP, Froman indicated he would continue to make the case that the deal is good for America.

"We are obviously at a point in time where this is a legislative process to get TPP through and it's really up to the Congressional leadership to determine if, when and how it's going to move forward," he said. "It's a political decision for them to make."

"Our argument is that inaction poses serious costs" he added, citing a recent study suggesting failure would cost the US economy around US$94 billion in the first year alone.

China state media warn Trump against renouncing free trade deals

ReutersNovember 19, 2016

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U.S. Republican presidential nominee Donald Trump appears at a campaign roundtable event in Manchester, New Hampshire, U.S., October 28, 2016. REUTERS/Carlo Allegri/File Photo

SHANGHAI (Reuters) - Chinese state media warned U.S. President-elect Donald Trump on Saturday against flip-flopping on trade deals in Asia, as Asia-Pacific leaders gathered for a summit amid fears that growing protectionism will stunt global economic growth.

During the raucous election campaign, Trump fuelled concerns among many of the United States' trading partners by pledging to renegotiate trade accords such as the North American Free Trade Agreement (NAFTA) and impose tariffs on imports from countries such as China.

"Turning his trade-bashing campaign talks into actual policies could bash any hope that the Asia-Pacific will finally have its much-wanted free trade deal," said a commentary in the official Xinhua news agency on Saturday.

"Worse, it could drag his country and the wider world into deeper economic distress," added the agency, which is a barometer of government thinking.

Xinhua also said that the exclusion of China from the proposed Trans-Pacific Partnership (TPP) free trade agreement was not about boosting trade and instead was U.S. President Barack Obama's strategy to make sure Washington "rules supreme in the region."

Obama, Chinese President Xi Jinping and other Pacific Rim leaders are meeting at the annual Asia Pacific Economic Cooperation (APEC) forum in Peru this weekend. [nL8N1DJ3DZ]

Though Obama championed the TPP as a way to counter China's rise, his administration has now stopped trying to win congressional approval for the deal that was signed by 12 economies in the Americas and Asia-Pacific, but excluded China. Without U.S. approval the agreement as currently negotiated cannot come to fruition.

China's Xi is selling an alternate vision for regional trade by promoting the Beijing-backed Regional Comprehensive Economic Partnership (RCEP), which as it stands excludes the Americas.

Chinese state media has warned Trump against isolationism and interventionism, calling instead for the United States to actively work with China to maintain the international status quo. [nL4N1DB3TC]

"The billionaire-turned-politician needs to prove that derailing the global economy has not been one of the reasons why he ran for U.S. president," Xinhua said.

(Reporting by Engen Tham; Editing by Kim Coghill)