US and China seeking to revive trade talks: Trump adviser Sum Obist lique

In this file photo taken on August 6, 2019 White House economic adviser Larry Kudlow speaks to the media on the driveway of the White House in Washington, DC. (AFP)
Updated 19 August 2019
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US and China seeking to revive trade talks: Trump adviser Sum Obist lique

  • The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached

BUENOS AIRES: Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump’s chief economic adviser said Sunday.
If teleconferences between both sides’ deputies pan out in the next 10 days “and we can have a substantive renewal of negotiations,” Larry Kudlow said on Fox News Sunday, “then we are planning to have China come to the US and meet with our principals to continue the negotiations.”
That left it uncertain, however, whether a Chinese delegation would be coming to Washington next month, as a White House spokesperson predicted after US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin left a round of trade talks in Shanghai in July.
But Kudlow emphasized that phone conversations held last week to follow up on the Shanghai talks — involving Lighthizer, Mnuchin and two senior Chinese negotiators, Vice Premier Liu He and Commerce Secretary Zhong Shan — were “a lot more positive than has been reported in the media.”
World financial markets have been on edge amid a series of signs pointing to a serious slowing of the global economy — notably because of the trade war between the world’s two largest economies — and have been reacting strongly to even the slightest new indicator.

BACKGROUND

• The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached.

• During the spring, the US president abruptly called off the talks, saying the Chinese had reneged on earlier commitments.

The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached.
But during the spring, the US president abruptly called off the talks, saying the Chinese had reneged on earlier commitments.
The discussions resumed again in June at the highest levels in the margins of the G-20 summit meeting in Osaka, Japan between Trump and his Chinese counterpart Xi Jinping.
But markets were hit with a fresh surprise when Trump suddenly announced that as of Sept. 1 he was imposing punitive 10-percent tariffs on $300 billion in Chinese goods that had so far been spared.
And then came the announcement from the White House that Trump — already campaigning for re-election in 2020 — had decided to delay imposing the tariffs until Dec. 15 so as not to cast a shadow on the Christmas shopping plans of Americans.


Lebanon’s Jammal Trust Bank forced to close by US sanctions

Updated 19 September 2019

Lebanon’s Jammal Trust Bank forced to close by US sanctions

  • Jammal Trust Bank is accused of helping to fund the Hezbollah movement in Lebanon
  • The bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain

BEIRUT: Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by US sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday.
The central bank said the value of the bank’s assets, and its share of the national deposit guarantee body, were “in principle enough to pay all deposits and commitments.”
Jammal Trust Bank denied the US allegations in August after the bank and its subsidiaries were hit with sanctions, accused of helping to fund the Hezbollah movement in Lebanon.
“Despite its sound financial situation ... and its full compliance with banking regulations, the (bank) was forced to take the decision to liquidate itself in full coordination with the central bank,” Jammal Trust said in a statement.
The bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain, its website says.
It is a relatively small lender, with net assets of 1,600 billion Lebanese pounds ($1 billion) at the end of 2017, according to the annual report on the latest year for which data is available.
Washington has sought to choke off Hezbollah’s funding worldwide, with sanctions among a slew of steps against Tehran since US President Donald Trump withdrew last year from a 2015 international nuclear deal with Iran.