China and Russia start joint drills in Sea of Japan
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South China Morning Post
26 minutes ago
- South China Morning Post
Jeffrey Sachs says US sabre-rattling at China can become self-fulfilling prophecy of war
Jeffrey Sachs is an economics professor and director of the Centre for Sustainable Development at Columbia University. He is president of the UN Sustainable Development Solutions Network. He was a special adviser to the UN Secretary General and has advised multiple governments on economic transition, debt crisis solutions and poverty alleviation policies. Part 1 of the Sachs interview, published in July last year, can be found here . This interview first appeared in SCMP Plus . For other interviews in the Open Questions series, click here Advertisement The tariff truce between China and the United States is set to end in August. What do you forecast will happen after that? And what will happen to trade relations between China and the US for the rest of US President Donald Trump's second term? The United States learned that it can't impose its will on China. The rare earths threat by itself was enough to cause the US to reconsider. So, almost immediately after putting on the high tariffs, the US backed down. And both sides know that each has some chokeholds on the other. For that reason, we might expect the two sides to maintain certain limits on the trade frictions in the years ahead. There will be, therefore, some kind of agreement, but it won't stick in the details, and frictions will continue to wax and wane, with neither side definitively imposing its will on the other. The basic reason is that both sides have a mutual gain from continued trade. I'm hopeful that a measure of rationality will therefore prevail. The biggest challenge, of course, is the behaviour of the US. The US started this trade war. This is not two sides fighting each other, but rather the US fighting China. We should remember that. The US needs to show some prudence at this point. I do suspect that there is a chastened view among many senior US officials. Trump himself is unpredictable. He has a very short attention span. Agreements with Trump don't stick. So, I don't foresee a quiet period, but I do foresee some limits to the competition because each side can do damage to the other and both sides have a strong reason to achieve some cooperation. 02:09 China, US top negotiators agree on 'framework' that will need approval from Xi and Trump China, US top negotiators agree on 'framework' that will need approval from Xi and Trump Let me add one more point. From a long-term point of view, China certainly should not regard the US as a growth market for its exports. The US is going to restrict China's exports to the US one way or another. The relationship will not be harmonious. The US will not be friendly to China, or trustworthy. China should just take care that it's expanding its exports to other markets, and should not be overly focused on trying to break through to the US market, or even to Europe for that matter. The rapid growth of China's exports will be with Africa, Southeast Asia, South Asia, west Asia, Central Asia, Latin America – not with the US and western Europe. Advertisement
South China Morning Post
an hour ago
- South China Morning Post
For China's titans of industry, nationalism is a double-edged sword
In early 2014, during China's 'two sessions' , I interviewed the late Zong Qinghou , the founder and chairman of Wahaha, in Beijing. He was 69 at the time, attending the National People's Congress for the 12th time as a delegate. He appeared before my camera, travel-worn and wearing a pair of well-worn cloth shoes that cost just 20 yuan. During the interview, he was energetic and sharp-tongued, speaking frankly about the invisible barriers faced by private enterprises. He asserted that market access was either blocked by bureaucracy or manipulated by non-market forces. Zong criticised excessive government intervention: 'The government's meddling hands need to be pulled back, so the invisible hand of the market can do its job.' He was skilled at explaining complex issues in plain language, carrying the candour and drive of an old-school entrepreneur, along with a keen sense of how to navigate the subtleties of state-business relations. After the interview, I titled the segment 'The Cloth-Shoe Top Billionaire', a moniker that fit him perfectly. His simple clothing, 50-square-metre office and habit of eating in the staff canteen weren't just his personal lifestyle choices; they were embraced and amplified by the public as the ideal image of a frugal and patriotic entrepreneur. It was a symbolic projection rooted in that era's aspirations and emotional needs. Who could have imagined that 11 years on, this persona would come crashing down?
South China Morning Post
3 hours ago
- South China Morning Post
August 12 deadline for China tariffs not set in stone, says US trade negotiator
The United States is aiming for a possible extension of the tariff pause with China, US Trade Representative Jamieson Greer said in a television interview released on Sunday. Confronted by a CBS News journalist with claims from the Chinese side that the current deadline of August 12 would be postponed, Greer said: 'That's something we're working toward.' He said China would want that. The interview was recorded on Friday and broadcast on Sunday. Greer added that technical issues were being addressed and discussions were continuing with US President Donald Trump 'I think it's going in a positive direction,' he said. While he did not want to pre-empt Trump, Greer stated that he did not believe anyone wanted tariffs to rise back above 80 per cent. 01:15 Canada, Brazil hardest hit as Trump unleashes new global tariff blitz Canada, Brazil hardest hit as Trump unleashes new global tariff blitz
