White House National Trade Council Director Peter Navarro on Friday lashed out at efforts by current and former Wall Street executives to urge the US and China to end their trade dispute, calling them “unregistered foreign agents,” who were trying to pressure US President Donald Trump into a deal.
“When these unpaid foreign agents engage in this kind of diplomacy, so-called diplomacy, all they do is weaken this president and his negotiating position,” Navarro said at the Center for Strategic and International Studies in Washington.
“No good can come of this. If there is a deal — if and when there is a deal — it will be on President Donald J. Trump’s terms, not Wall Street terms,” he added.
Trump is expected to meet with Chinese President Xi Jinping (習近平) in Buenos Aires at the end of this month on the sidelines of a G20 leaders summit to discuss a possible way out of their trade war.
In recent days, Trump has said he believed that he and Xi can reach a deal.
Chinese State Councillor Yang Jiechi (楊潔篪) on Friday said that the US-China trade war could be resolved through talks and that any ongoing conflict would hurt both countries.
As the US-China dispute escalated, executives such as Blackstone Group LP chief executive officer Stephen Schwarzman and Henry Paulson, the former US Secretary of the Treasury and former Goldman Sachs Group Inc chairman, have met with officials on both sides to press for a resolution.
Paulson, in remarks in Singapore on Wednesday, said a new “economic Iron Curtain” was being erected between the US and China that would undo the benefits of globalization.
“Unless these broader and deeper issues are addressed, we are in for a long winter in US-China relations,” Paulson told an economic forum.
Navarro said he believed such efforts by Wall Street were not needed by Trump and were counterproductive.
“I would again say: ‘Wall Street, get out of those negotiations,’” Navarro said. “Bring your Goldman Sachs money to Dayton, Ohio, and invest in America. The president of the United States does not need shuttle diplomacy,” Navarro said.
Asked if he thought the Trump-Xi meeting would lead to a deal or the start of broader talks, Navarro said such negotiations were “not my lane,” and would be led by US Trade Representative Robert Lighthizer.
However, Navarro expressed skepticism about whether a deal with China was possible, adding that, in the past, Beijing has never acknowledged US concerns about lack of market access, intellectual property theft, forced technology transfers and unfair state subsidies.
“The game that China has played — and they played people in the Bush administration like a violin — is to do the tap dance of economic dialogue,” Navarro said. “They want to get us to the bargaining table, sound reasonable and talk their way, while they keep having their way with us.”
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
An Indian factory producing iPhone components resumed work yesterday after a fire that halted production — the third blaze to disrupt Apple Inc’s local supply chain since the start of last year. Local industrial behemoth Tata Group’s plant in Tamil Nadu, which was shut down by the unexplained fire on Saturday, is a key linchpin of Apple’s nascent supply chain in the country. A spokesperson for subsidiary Tata Electronics Pvt yesterday said that the company would restart work in “many areas of the facility today.” “We’ve been working diligently since Saturday to support our team and to identify the cause of the fire,”
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
RSS