It’s something to behold, via Bloomie: Tellurian Inc.’s proposed $28 billion Driftwood terminal in Louisiana and Sempra Energy’s Port Arthur LNG project in Texas were cleared by the Federal Energy Regulatory Commission in a 3-1 vote in Washington, with Democratic Commissioner Richard Glick dissenting. The approvals followed a breakthrough at the commission, which had been
In mid-2018, the US declared the China American Cold War a go. It comprised a series of ratcheting trade tariffs by the Trump Administration directed at China. these were directed largely at shifting global manufacturing supply chains, especially in technology, away from China. The measures were directed specifically at China’s stated aim of dominating global technology, artificial intelligence and robotics by 2025.
Other dimensions of the growing Great Power conflict included freedom of navigation through the South China Sea where China had constructed series of far-flung militarised atolls that armed the distant approaches to its mainland and effectively claimed that ocean as sovereign Chinese.
The Cold War was also concentrated around Chinese ‘sharp power’ which had made significant inroads in influencing policy outcomes within the US alliance network in and around the Asia Pacific via bribes, debt diplomacy and corruption of media.
The China American Cold War showed all of the characteristics of an historic, ideological struggle between liberal democracy and statist growth that had defined the 20th century battle between the US and the Soviet Union.
Via the Communist Party mouthpiece Global Times: According to Reuters on Saturday, China told Australia at the World Trade Organization (WTO) on Friday that Australia’s restrictions on Chinese 5G technology was “obviously discriminative” and appeared to break global trade rules. However, Australian Trade Minister Simon Birmingham said on Sunday that the Australian government “stands by
Great stuff today from Zero Hedge on the ongoing trade saga: With 4 minutes to go before the close of trading and stocks within spitting territory of red for the day, someone had to take control of “price discovery” and with the FT’s street cred already used up after it’s “90% done” report last night,
Via The Australian: Scott Morrison has moved to reset Australia’s strained relationship with China, announcing a $44 million foundation to strengthen bilateral ties and appointing a top China specialist as Australia’s new ambassador in Beijing. This comes amid growing tensions over the ban on Chinese companies participating in Australia’s 5G network and a backlash over
Bravo. Via Domain: The Confucius Institute cultural and language education centres have received letters from the Attorney-General’s Department, alerting them to the introduction of the transparency regime, one of the measures put in place by the government in a bid to crack down on foreign interference and influence in Australia. …Some other university-based facilities have
Via Gideon Rachman at the FT: During the cold war, there was an “east” bloc and a “west” bloc and nations were defined by whether they were closer to Washington or Moscow. …In the battle for influence with China, the US’s trump card is often security rather than trade. Countries including Japan, South Korea, Germany
Aussie coal is still struggling to get a berth in China, at The Australian: Australia’s coal exports to China could face a continued slowdown as Chinese authorities step up their campaign to improve the environment, with new figures showing a sharp cut in coal imports into China in February. “China has been slowing coal imports
Via NYT: President Trump says he is optimistic that a landmark trade deal with China is close. Chinese officials are not so sure. The two sides in recent weeks agreed to the broad outlines of an agreement that would roll back tariffs in both countries, with China buying more American goods and opening up some
Via the AFR comes Peter Costello on the US/China Cold War: “This has always been Australia’s strategic dilemma – if Australia ever has to choose between economic prosperity and its security, it will choose its security,” Mr Costello said. Conflict is inevitable, said Mr Ferguson, Harvard University professor…Survival for Australia, caught between such a conflict,
by Chris Becker According to US President Donald Trump, there’s been “progress” made in the ongoing trade talks with China, enough to delay the tariff increase that was set to kick in on March 1st. In tweets (that look written by his staffers given the proper grammar and multi-syllabic words), he said: “I am pleased
In this week’s webinar we explored the retaliation of China on a number of fronts (recorded before today’s big coal escalation). Join MB Fund’s Head of Investments Damien Klassen, Chief Strategist David Llewellyn Smith and Tim Fuller as we bring you up to speed on the levers China can pull to exert influence on the
Via The Australian: An international cyber hunt involving Australian, US and British intelligence agencies has been launched in response to an attack on the Australian parliament and the major political parties using a form of sophisticated “tradecraft” that had not been detected before. While the source country has not been identified beyond doubt, intelligence officials
Via Banking Day: Nathan Lynch of Thomson Reuters Regulatory Intelligence The revelations about Chinese asset recovery agents operating covertly in Australia will put pressure on the Department of Home Affairs to introduce law reforms ahead of the May general election. The government is sitting on “Phase 1.5” legislation that will prepare Australia for the introduction
Via Domain: Two Australian Chinese-language papers have dedicated their front pages to an open letter backing billionaire Huang Xiangmo, whose permanent residency was cancelled for reasons including character grounds in early February. The letter, which appeared on the front pages of the Sing Tao Daily and Australian Chinese Daily and inside a third, the Daily
Via Bloomie: Secretary of State Michael Pompeo came close to issuing an us-or-them ultimatum to nations buying from Huawei Technology Co., saying in Hungary that contracts with the Chinese networking giant could limit the availability of U.S. equipment. “If that equipment is co-located where we have important American systems, it makes it more difficult for
Old man Gotti has gone way beyond the pale today: The anger China has with Australia is unique and does not apply to any of its other developed country trading partners….business people were told mid last year that a number of our universities would see a softness in Chinese enrolments during 2019. And, of course,
This is not serious, via The Australian: Clive Palmer has claimed in a national television advertising blitz that the Chinese Communist Party may be plotting a “clandestine takeover of Australia” through a little-known airstrip in the Pilbara capable of taking military aircraft. He did not mention in the ad, which aired last night, that the
Via Domain: Mr Abbott, fundraiser John Caputo and state MPs John Sidoti and Mark Coure, were all VIP guests at a Chinese New Year function attended by Beijing’s highest ranking United Front affiliates in Australia. The United Front Work Department is a unique agency overseen by the Chinese Communist Party’s Central Committee and which leads
It is my view that history is going to remember Donald Trump quite well. Sure, he’s obnoxious and unorthodox but grand narratives don’t recall the social details that obsesses our day-to-day chronicles. History is focused on the structure of power and on that front the Trump Administration has changed the world’s course in one very
by Chris Becker Not good timing as the US/China trade delegation continues it’s drawn-out talks, with the latest Chinese trade figures pointing to a near record surplus with the US. From Trading Economics: China’s trade surplus widened to USD 57.06 billion in December of 2018 from USD 53.85 billion in the same month a year
by Chris Becker Goldman Sachs are out with a Yuan forecast this morning that maybe a little late, and a little optimistic particularly on the trade risk: Via Bloomberg: “While talks can still falter and a deal that rolls back existing tariffs and removes trade uncertainty feels like a high bar, the risk of another
Australia suddenly finds itself in the most spectacularly uncomfortable position on earth, wedged between two dictators that are leading great powers upon which we depend for livelihood and protection. In the Eastern corner we have China and its God King, Dictator Xi, who is turning the art of caprice into a giant sovereign hammer. To
Via the AFR: The Morrison government has joined foreign allies to blast China’s “huge” state-sponsored hacking attacks against Australian and other global companies. Alastair MacGibbon, head of the Australian Cyber Security Centre at the Australian Signals Directorate in Canberra, said potentially thousands of companies including Australian firms using outsourced technology providers had suffered cyber attacks
Via The Economist: Their words were guarded, their tone sober. At a Politburo meeting to discuss economic plans for 2019, China’s top leaders agreed that they should be ready for problems and must, above all, maintain domestic stability. It was a striking contrast with the same meeting a year earlier. Then the Politburo oozed confidence,
DXY was down last night, EUR and CNY up: The Australian dollar fell across the board: Gold was firm: Oil weak: Metals in the middle: Miners up: And EM stocks: Junk was mixed: Treasuries sold: And bunds: Stocks are struggling to rally: Westpac has the wrap: Event Wrap US consumer prices were steady in November, lower
Via FT: China has summoned the US ambassador in Beijing to demand the cancellation of an arrest warrant for Meng Wanzhou, chief financial officer of Chinese telecoms company Huawei, in the latest sign that her detention is souring relations between the two powers. Beijing also threatened Canada with “serious consequences” following the arrest of Ms
At the diplomatic level most definitely and that could deliver a market shock if it goes badly. Via NYT: As President Trump was arranging a trade truce with President Xi Jinping of China in Buenos Aires over dinner on Saturday night, his administration was coordinating the arrest of a top Chinese technology executive who was flying through
Via FTAlphaville: Just days after President Trump broke bread with Chinese president Xi Jinping in Buenos Aires and agreed to a ceasefire in the US-China trade war, Trump tweeted that his administration is working closely “on seeing whether or not a REAL deal with China is actually possible”. If not, the self-proclaimed “Tariff Man” warned that new
Via Bloomie comes life under the God King: China’s plan to judge each of its 1.3 billion people based on their social behavior is moving a step closer to reality, with Beijing set to adopt a lifelong points program by 2021 that assigns personalized ratings for each resident. The capital city will pool data from