Trade problems with China appear to be on the mend, writes Michael Ivanovitch.
Beijing is turning the trade leaf: Its merchandise trade surplus with the U.S. is down at an annual rate of 10% in the first four months of this year. On current trends, that surplus could fall 24% in 2019.The Fed is maintaining its extraordinarily easy credit stance with an astounding $1.4 trillion of loanable funds in the banking sector.
Indeed, the signal is clear that China has decided to operate a radical change in its U.S. trade. Taken at an annual rate, China's trade surplus with the U.S. in the January-April interval would be 23.5% below China's surplus for all of last year. Briefly put, China found itself in a situation where the U.S. called for far-reaching legislative changes in Beijing and closely scrutinized monetary policies as conditions for balancing U.S.-China trade accounts and a continuation of fair, free and reciprocal trade relations.
at an international economic forum in Russia: "It's hard to imagine a complete break of the United States from China or of China from the United States. We are not interested in this, and our American partners are not interested in this. President Trump is my friend and I am convinced he is also not interested in this."A very welcome sea of change indeed, and an auspicious sign for Xi's meeting with Trump during the G-20 meeting in Osaka, Japan later this month.
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