Trump team is driving US to ‘failed state’ status, leading the World in Coronavirus Cases

US President Donald Trump File Photo: AFP

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It's unthinkable that US media outlets would call their own country a "failed state." The term was once used to describe US adversaries such as Iran and Iraq.

The US think tank Fund for Peace started its annual report called Failed States Index in 2005. It has been renamed the Fragile States Index and is produced jointly with Foreign Policy magazine. It didn't take long for the US to be included in the index.

US political scientist Francis Fukuyama, who once believed history would end with liberal democracy as the final form of government for all countries, has since changed his mind, writing in his 2016 article "America: the failed state" that the US should give up "entirely on global leadership." In another article titled "We Are Living in a Failed State" published by The Atlantic, staff writer George Packer said that the coronavirus has made the US "a beggar nation in utter chaos" and that "like France in 1940, America in 2020 has stunned itself with a collapse that's larger and deeper than one miserable leader."

Many people in China who once worshiped the US are not taking any pleasure in witnessing the decline of the US. China cares about Americans.

"As of April 20, China had provided the US with over 2.46 billion masks, meaning seven masks for each [person] in the US, plus nearly 5,000 ventilators" and many other types of medical equipment, Chinese Foreign Ministry spokesperson Hua Chunying said on Twitter on Thursday.

China does need to take a lesson from the US and examine why the once great country has failed to protect its people, fallen into political division, been stunned by corruption and unparalleled social divide?

China must continue to be wary of US radical policies, including making China a scapegoat for its failures. The news site Politico reported on Friday, that the National Republican Senatorial Committee "has sent [election] campaigns a detailed, 57-page memo authored by a top Republican strategist advising GOP candidates to address the coronavirus crisis by aggressively attacking China." According to Politico, "Republicans have indicated they plan to make China a centerpiece of the 2020 campaign."

Attempts to stigmatize China reflect the degradation of the US. The Trump administration's radical policies that at first seem to create an advantage actually damage the US.

Over the last three years, the Trump administration has nearly destroyed the foundation of international order that's been in place since the end of the Cold War. It has pulled out of the Trans-Pacific Partnership, the Paris Agreement, the United Nations Human Rights Council, the Intermediate-Range Nuclear Forces Treaty, and many other international treaties and organizations.

Over the past three months, the Trump administration has doubled the Federal Reserve's balance sheet via measures including quantitative easing and strong stimulus policies, making US dollar the most unstable factor in the global monetary order. It has also severely shaken the international financial system. Global assets are now facing the risk of suddenly plunging or skyrocketing at any time.

Over the past three weeks, the Trump administration has escalated the international oil price war, causing oil prices to collapse. For the first time in history, crude oil was trading at negative prices on April 20, disturbing the global energy market, and making the US withdraw from the oil hegemony system that it has maintained for half a century.

Over the past three seconds, Trump might have made even more startling statements again. Numerous people are wondering how the US system can tolerate such a person as a president. The Washington Consensus is dead, the beacon of democracy, freedom and human rights that the US has long adhered to has collapsed.

The current US government, which most US elites are dissatisfied with, is not only hurting itself, it also wants to harm China. The US scapegoating China makes the US look like some immoral person spitting at an innocent person. The signing of the TAIPEI Act and seeking compensation from China for coronavirus losses are without doubt equivalent to clenching its fists and getting ready to throw punches.

It is like a bad kid who gets low marks, blames others and even undermines their chances of passing the exam.

China will not get stuck in the blame game with the US, nor will it become a grave good of a declining US. Going its own way is still key for China. China is confident of doing a good job in not only containing the virus, but also resuming economic activities.

It is a pity that the Trump administration seems to have opened this Pandora's box, allowing fighting, division, unpredictability and selfishness to spread around the world. The US is no longer the world's dominant force, but it is still powerful. If it continues its willful misbehavior, Washington will bring disaster not only to the US, but all of human kind.

Nobel laureate in economics, Joseph E. Stiglitz, once wisely noted; "The only way forward, the only way to save our planet and our civilization, is a rebirth of history. We must revitalize the Enlightenment and recommit to honoring its values of freedom, respect for knowledge and democracy."

The author is professor and executive dean of Chongyang Institute for Financial Studies at Renmin University of China, and executive director of China-US People-to-People Exchange Research Center. His latest book is Great Power's Long March Road.wangwen2013@ruc.edu.cn

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Stimulus packages avert 1930s-style depression but cannot prevent business closures, save jobs as supply-demand dynamics collapse

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 Malaysia's RM250bil Funding the fight against Covid-19; Penang unveils RM75mil economic stimulus package 

WHEN the conoravirus (Covid-19) first hit the news sometime in December last year, nobody would have thought that it would lead to a global crisis. Two weeks ago, many were staring at a 1930s kind of depression as the world was hit by the perfect storm.

Global trade and supply chain were only getting to terms with the end of the prolonged US-China trade war, when it was hit by a combination of the Covid-19 pandemic and collapse in crude oil prices.

The perfect storm for capital markets that comes once in a decade started to unravel.

The 2008 financial crisis broke down the US financial system. The banks in Malaysia were well prepared for the crisis after having overcome similar problems in 1998. It was different in other parts of the world, especially the United States and Europe. The Federal Reserve and the European Union printed money and other measures to save the banking system.

This perfect storm of 2020 has dismantled the fundamental pillars of global economy – the forces of supply and demand. The consequences are being felt at businesses – whether small or big.

Demand has collapsed overnight across the economy. From tourism to travel, manufacturing to logistics and food and beverage businesses were all forced to shut down to combat Covid-19.

Supply chains continue to be disrupted. Logistic companies are operating at a quarter of their capacity. Factories are shut down because of inadequate components or raw materials. The Federation of Malaysian Manufacturers (FMM) contends that cargo is not moving out of ports as fast as it wished to.

Governments had no choice but to announce stimulus measures, which would help alleviate the hardship suffered by workers and companies affected by the strict measures undertaken by the government to contain the virus.

So far, the centrepiece of Malaysia’s stimulus package is to suspend mortgage and hire-purchase payments on houses and vehicles for six months. Those with credit card repayments can convert their outstanding balances to term loan.

Another firepower that the government has unleashed is handing some RM10bil into the hands of the people. The money will come in direct handouts to people in the B40 and M40 groups, civil servants and individuals.

Like many other stimulus packages, the government has also allocated RM5.9bil to subsidise the wage bill of 3.3 million workers earning less than RM4,000 per month. The subsidy of RM600 will go on for three months provided the company does not retrench the workers or cut their salaries.

Some RM54bil are available for businesses affected by the restrictions on operations imposed to contain the Covid-19 pandemic. Among the beneficiaries are those in the services sector from restaurants to logistics companies and some small and medium enterprises in the manufacturing sector. The companies now are able to tap on government guaranteed loans under procedures that are supervised by Danajamin.

The benefits, especially the six-month suspension of mortgage and hire-purchase loans would easily increase by more than 50% of the disposable incomes of some 80% of families.

The additional measures announced yesterday would capture the informal workforce who are out of the financial system. Those without a car or housing loan would get something from the government to help tide over the tough period.

The measures are a relieve to stop the economy from going into a tailspin. It is to inject confidence and ensure people keep spending so that we do not end up in a 1930s kind of depression. It is needed to ensure the group of people who have been paying loans are comforted that they have money to put food on the table.

Anybody still debating on the benefits of the moratorium on loans, should know that cash money in hand today is more valuable than having the same amount a year from now.

Interest rates for mortgages and hire purchase are already low and will be low for the next few years. It will not make a difference if loans are to be extended by another six months.

So if anybody wants to give you money at low interest rates, just take it and settle the more expensive loans such as personal financing and credit card bills, unless you have so much money that you don’t need the extra cash flow at the moment.

However, the synchronised stimulus packages around the world would not resuscitate the collapse in the supply-demand forces of the economy. It would neither stimulate demand nor help prompt supply over the longer term.

The stimulus package has given Malaysia a six-month grace period to adjust to the reality of the new economic world. It may take up to a year before things get back to normal. Until then, businesses will continue to suffer and unemployment will go up. Certainly, companies are not going to hire for some time, even in services such as restaurants and retail outlets.

People are not going to frequent restaurants and splurge on non-essential items until they are sure that their jobs and income levels are secure. Spending patterns will change as nobody knows how long it would take for normalcy to emerge.

In the meantime, companies will not know how many staff to retain. A logistics company operating in the KL International Airport is only running four out of the 70 lorries. The company’s fleet of courier vans servicing international clients is still ongoing but the number of trips are reducing.

The owner has told employees that they would get their full salary for the month of March and half salary in April if the Movement Control Order continues beyond mid-April as cash flows are reduced.

The magnitude of the problem is bigger in larger companies. Take for instance AIRASIA Group that employs 29,000 people. Based on the 2018 annual report, its staff cost is RM1.7bil and leasing charges are a further RM1.2bil. It has cash of RM3.2bil. Generally, its burn rate is easily RM250mil a month.

AirAsia has suspended operations in Malaysia until April 21. Assuming operations start after April 21, it is not going to be normal as many countries are in lockdown mode. People are not going to travel unless necessary. The question is how long can AirAsia keep paying staff full salaries?

The common theme in the stimulus packages of the countries is to put money in the hands of the people through various measures, which Malaysia has done.

The United States wants to send out cheques to households while the UK will bear 80% of wages up to a sum of £2,500 per month.

Even Italy, which is the country that is hardest hit by Covid-19 in Europe, came up with a US$28bil package that includes suspension of any firing procedures. The government has said that nobody must lose their jobs because of the virus.

It is easy for the government to say that nobody should lose their jobs because of Covid-19 pandemic. It is hard for the private sector to keep paying staff salaries and prevent closures if the supply-demand dynamics is not mended.

The supply-demand forces in the economy will only come back when the Covid-19 threat abates. Make no mistake about the reality.

The views expressed are the writer’s own.

By M. Shanmugam



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Move reflects Washington’s limited options: analysts

The US on Monday moved to grant another 90-day reprieve for Chinese telecom firm Huawei Technologies, but it also appeared to be increasing pressure on the company by adding more subsidiaries to its Entity List, in a sign of its increasingly limited options in cracking down on the company and China.

The move underscored the delicate situation faced by the Trump administration, which wants to continue its ill-intentioned goal of containing China's technological and economic rise but is also under intensifying domestic pressure as its actions also inflict pain on US companies and consumers, analysts noted.

The US Department of Commerce announced on Monday (US time) that it will extend the temporary general license, which allows certain US companies to continue supplying Huawei, for another 90 days. The current 90-day reprieve was due to expire on Monday. But in the same statement, the agency also announced that it had added 46 additional subsidiaries of Huawei to its Entity List.

Huawei opposes the US decision to add another 46 Huawei affiliates to the Entity List, which is politically motivated, the company said in a statement sent to the Global Times on Monday.

The extension of the temporary license does not change the fact that the company has been treated unjustly, and today’s decision won’t have a substantial impact on Huawei’s business either way, the statement said.

"This is typical of the US: tough on words but soft on actions," Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Monday, noting that the US is facing more difficulties in following up on its tough threats. "They know that they can't do much about Huawei without hurting themselves."

In the statement, US Secretary of Commerce Wilbur Ross acknowledged the dilemma. "As we continue to urge consumers to transition away from Huawei's products, we recognize that more time is necessary to prevent any disruption," he said.

But the new moves are unlikely to either ease or add new pressure that Huawei hadn't anticipated, said Jiang Junmu, the chief writer at telecom industry news website c114.com.cn.

Huawei’s sign is seen at an exhibition hall of MWC19 in Barcelona, Spain on Sunday. Photo: Chen Qingqing/GT

"Huawei has already been forced to the bottom and whatever the US decision is will not change Huawei's rise," Jiang told the Global Times, noting that the company has been preparing for the worst-case scenario.

Since being added to the US blacklist, Huawei has mounted a fierce response to US accusations against its products and has moved to release a series of new technologies and products in anticipation of the ban. Most notably, the company has launched its own Harmony operating system to replace Android, which is from Google.

"The US move will only speed up Huawei's adoption of its Plan B," said Jiang, who follows Huawei closely.

The US decision will also have a limited impact on the trade negotiations between Chinese and US officials, which are facing a rough road as the US continues to adopt its bullying tactics.

Even as new talks are scheduled for Washington in September, the US administration announced a 10 percent tariff on more than $300 billion worth of Chinese goods. In another sign of its limited control over trade, the US later delayed tariffs on some household goods ahead of the Christmas shopping season to quell rising domestic pressure.

"The US has not changed its tactics but increasingly its hand is forced," Bai said.

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Singapore growth forecast down to 1%

Unknown future: As Singapore further cut its growth forecast, New Zealand, India and Thailand also cut their interest rates signalling concerns on growth outlook. — AFP

SINGAPORE: Singapore slashed its full-year economic growth forecast as global conditions were seen worsening and data confirmed the slowest growth rate in a decade amid mounting fears of recession in the city-state.

The government cut its forecast range for gross domestic product in Singapore – often seen as a bellwether for global growth because international trade dwarfs its domestic economy – to zero to 1% from its previous 1.5%-2.5% projection.

Singapore’s downgrade adds to concerns globally about the effect of increasing protectionism on exports and production.

The deterioration in the global outlook has pushed central banks to cut interest rates and consider unconventional stimulus to shield their economies.

“GDP growth in many of Singapore’s key final demand markets in the second half of 2019 is expected to slow from, or remain similar to, that recorded in the first half, ” the trade ministry said in a statement to the media yesterday.

The ministry flagged a host of growing economic risks including Hong Kong’s political situation, the Japan-Korea trade dispute, the Sino-US tariff war, slowing growth in China and Brexit.

Final second quarter GDP data yesterday showed a 3.3% on-quarter contraction on a seasonally-adjusted annualised basis. That was slightly smaller than the 3.4% decline seen in the government’s advance estimate but deeper than a 2.9% fall predicted in a Reuters poll and a sharp contrast to the robust 3.8% first quarter expansion, which was driven by brisk construction activity.

Yesterday’s data also confirmed annual GDP expanded 0.1% in April-June from a year earlier, its slowest rate in a decade, and lower than poll expectations of 0.2% and the first quarter’s 1.1%.

Singapore’s benchmark stock index fell 1.2% to a two-month low in early trade, underperforming other bourses in the region.

Singapore has been hit hard by the Sino-US trade war, which has disrupted world supply chains in a blow to business investment and corporate profits.

Also yesterday, Singapore cut its full-year forecast for non-oil domestic exports to a 9% contraction from an 8% fall previously.

That comes after a 26.9% drop in electronics exports in the second quarter year-on-year.

“With trade tensions between the US-China unlikely to abate anytime soon, we expect exports and trade-related services to push the economy into technical recession in Q3, ” said Sian Fenner, lead Asia economist at Oxford Economics.

New Zealand, India and Thailand all cut interest rates last week, signalling major concerns about the outlook for economic growth. Last month, the US Federal Reserve cut interest rates for the first time since 2008.

Singapore Prime Minister Lee Hsien Loong said in an annual speech last week that the government stood ready to stimulate the economy.

“It feels like the storm is coming if you look at the whole macro economic fundamentals softening, ” said Selena Ling, head of treasury and strategy at OCBC Bank.

“All the downside risks are piling up on one side, ” Ling added, pointing to the myriad of global risks flagged in the trade ministry statement. — Reuters

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Peter Navarro, a hawk that 'lacks intellect and common sense' is Trump's trade adviser or political agitator?

A profile photo of Peter Navarro Photo: IC

○ Navarro used the idea of the seven sins to criticize China, which showed his narrow and distorted mind

○ Navarro has been called the US President Donald Trump's "spirit animal" as Donald Trump Jr. called him "a fierce warrior" for his father's America First trade agenda

○ Politicians like Navarro have ruined the efforts made in the China-US trade talks and US society will pay for this, analysts said

White House trade adviser Peter Navarro on Sunday said that China must end the "seven deadly sins," a remark that was criticized by Chinese experts as "absurd and full of hostility" and that Navarro's dominance of economic issues in the White House is a source of sadness in current China-US trade ties.

Navarro, 69, is a White House trade adviser and ardent supporter of the trade war. Several days earlier, Trump escalated his tariff war with China and Navarro was the only person at the announcement who supported it.

Navarro used the Christian concept of the seven deadly sins to criticize China, which showed his narrow and distorted mind. His willful moves to stir up hatred between countries are the real sin, analysts said.

He has written three books discrediting China and produced documentaries portraying Beijing as a threat. He ingratiates himself with those in the White House in order to get promoted. He has a "big mouth" and was told to shut up after saying the Canadian Prime Minister deserves "a special place in hell." He has written a number of books, but has always been an unrecognized "non-mainstream economist."

Navarro's distinguishing feature among White House staff and senior officials is likely not that he is more of a "hawk" than others, but that he lacks intellect and common sense. He is highly compatible with his leader in his use of irrational methods, a Chinese scholar told the Global Times.

A US cargo ship (back) is seen at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018. Photo: VCG

Out of favor

"Imagine the United States simultaneously engaged in trade wars with China, India, Pakistan, Thailand, the Philippines, Singapore, Ukraine, Mexico, Saudi Arabia, Chile, Brazil and Turkey," said a report by the Axios news website in August 2018.

Axios has obtained a copy of a draft executive order Navarro put together in the fall of 2017 that would have imposed tariffs on every product imported from every country doing significant business with North Korea, according to Axios.

"Its death is thanks to — well, just about everyone. Officials at Commerce, State, Treasury, and the Office of the United States Trade Representative all considered the proposal totally unworkable," Axios reported.

As long as he's in the administration, there will be a persistent, noisy, enthusiastic voice for these kinds of tariffs, according to Axios.

In fact, Navarro was out of favor in the White House when he proposed the tariffs. The American website Vox Media recalled that in the fall of 2017, John Kelly, then White House chief of staff, began controlling advisers' access to Trump by having Gary Cohen, director of the White House national economic council, restrain Navarro.

What did Navarro do? In order to get more direct contact with Trump, he often lurked in the West Wing of the White House at night and on weekends.

Navarro was named director of the newly established White House national trade council after President Trump's election in 2016, and he remained director after it was transformed into the White House office of trade and manufacturing policy in April 2017. However, Navarro's first year in the White House was difficult because Trump's economic team was run by "globalists."

An American with ties to Trump's business team told the Global Times that Navarro did not have his own team in the first few months in the White House and had to attend meetings alone. Not only was he excluded from many high-level strategy meetings, he was also required to copy all work emails to Cohen.

However, two personnel changes in early 2018 gave Navarro an opportunity. In February, Rob Porter, a top political aide and White House staff secretary who was a key supporter of free trade, resigned over domestic violence allegations. In March 2018, Cohen resigned after Trump insisted on tariffs on steel and aluminum products.

Navarro was eager for the vacant position and went all out for it in private, but publicly pulled his punches and said he wasn't competing for it, Politico reported.

Navarro eventually failed, but rose in stature. According to one American trade expert, Trump wanted protectionism, but almost everyone in the room disagreed.

Lü Xiang, an American issues expert at the Chinese Academy of Social Science, told the Global Times that Navarro's role in the process of economic policymaking in White House was elevated after Cohen's resignation. It is said that his annual salary was raised from second class to first class from March 2018, lower only than that of the President and vice president, which shows the appreciation with which he has been received.

In May 2018, the China-US high-level trade consultation was held in Washington.

A reporter at Bloomberg said the White House had not scheduled Navarro for the talks because of his inappropriate and unprofessional behavior. But Navarro criticized Steven Mnuchin, secretary of the US Treasury, in the media for giving too much ground in the talks. A few days later, Trump repudiated the negotiations and imposed taxes on $50 billion worth of Chinese products.

Given Navarro's influence, Time magazine published an article in August 2018 saying that he does not have as much power as Mnuchin or the same responsibilities as trade representative Robert Lighthizer, but that his role should not be underestimated. If Stephen Miller, a controversial White House senior adviser, is the infamous player behind immigration, Navarro is the core leader of a series of much-criticized economic policies.

Unpopular loser

In published photos, Navarro looks somber, with a high forehead and gray hair.

He has a lot more to show for himself, with his Harvard degree, his doctorate and so on, but it is his paranoia that is his most memorable feature. In fact, Navarro originally wanted to be a politician, not an adviser, but he had a problem: people don't like him.

Navarro was originally registered as a Republican, but ran unsuccessfully for office four times as a Democrat in the 1990s. He was once close to Nancy Pelosi, speaker of the United States House of Representatives, and former secretary of state Hillary Clinton.

When he ran for congress in 1996, then-president Bill Clinton opposed him. His defeat was devastating: his wife divorced him and he fell deeply into debt.

Until 2008, he was a supporter of Democratic politicians, especially Hillary Clinton. But in the election of 2016, Navarro became an adviser to Trump. Trump is said to have suffered without the help of economists, and his son-in-law Jared Kushner asked Navarro to join after searching Navarro's book on Amazon.

Born into a working-class family, Navarro grew up with his mother and was a hard-working graduate of two prestigious universities, Tufts and Harvard. However, his experience can be described as changeable and ill-fated.

Lü argues that his life experience has led to Navarro's perennial unhappiness, and that he will spare no effort to translate his absurd claims into concrete policies once he is promoted by a leader who approves of him.

Although he is valued by his leader, Navarro was not liked by his colleagues. According to some American media, Navarro has a tough personality, and can be unaccommodating and unpopular. Navarro is as rude as ever when Trump cannot hear, scolding and belittling those who disagree with him.

'Spirit animal'

Navarro was called "President Trump's spirit animal" by Axios news website, as many scholars and experts in economy poured scorn upon his ideas on trade.

"Peter is a fierce warrior for my father's America First trade agenda, and while it may upset some members of the failed bipartisan establishment of the Washington Swamp, he understands that we can't allow China to continue taking advantage of American workers and hollowing out our industrial base," Donald Trump Jr. said in a statement to The Washington Post. "His only agenda is my father's agenda and the White House is lucky to have him."

Some media pointed out that Navarro is the president's intimate friend only when they talk about tariffs.

Experts said that Navarro was away from the spotlight for a while but then came back with a madder attitude.

Navarro appeared on Fox news on June 13, criticizing China in many fields, including intellectual protection and currency.

Many of Navarro's propositions on trade and economy are condemned as unreasonable. Many mainstream economists think he has created a new school of economics dubbed the "stupid school." His theories usually go against the principles of economics and he has made basic mistakes. In his articles, he has confused tariffs with added-value tax, Lü said.

"While purportedly an economist by training, Navarro's economics is misguided, inaccurate and politicized," Stephen Roach, a faculty member at Yale University, and former chairman of Morgan Stanley Asia, wrote in an editorial for the Global Times in July 2018.

It is normal that China and the US have differences, as they have their own interests. Instead of offering constructive advice to deal with these differences, Navarro has acted more like a political agitator. China and the US have gone through 12 rounds of trade talks and are trying to find ways to reach a consensus. The actions of some politicians, including Navarro, remind us that certain politicians' tricks have ruined the good momentum of the trade talks again and again, Chinese experts noted that the US society will eventually pay for these politicians' wrong deeds.

By Liang Yan, Qing Mu and Fan Lingzhi, Wang Huicong contributed to the reporting Source link 

Headless Hawk

 

Peter Navarro Photo: IC

Peter Navarro: trade adviser or political agitator?  

White House trade adviser Peter Navarro on Sunday accused China of committing the "seven deadly sins." He said China must "stop stealing our intellectual property, stop forcing technology transfers, stop hacking our computers, stop dumping into our markets and putting our companies out of business, stop state-owned enterprises from heavy subsidies, stop the fentanyl, stop the currency manipulation" before the trade war comes to an end.

The "seven deadly sins" refer to the seven original vices in Catholic teachings. Such a metaphor reflects Navarro's narrow-mindedness and psychological distortion. He wantonly hyped hatred between major powers, which is a real sin.

Navarro's seven accusations against China are all clichés. The accusations are long-term China-US disputes and different definitions of the disputes. But of all remarks made by US officials on such differences, Navarro's summary was the most vicious. It was not only ridiculous, but also full of hostility. His words have exposed the fact that his virtues can't compare with his position. It is the woe of China-US economic and trade relations that such a person is hijacking the White House's economic discourse power.

US media reported that Navarro is a key figure who has helped bring about the US decision to impose additional tariffs on Chinese products. He is a major spoiler contributing to the US breach of promises.

China has led its 1.4 billion people to prosperity and development. The country has not been involved in any war in more than 10 years, and has played a positive role in the UN's climate action. As a trading power, China has made every deal with the US by mutual consent.

It is normal for China and the US to have different standpoints toward their disputes. Trade is mutually beneficial and China cannot force the US to have hundreds of billions of trade with it. This is common sense. By no means can Chinese people understand why the US could define China-US trade disputes in so many weird ways. The US side stubbornly insists on its values about interests, which are not suitable in current globalized world.

The two countries can improve trade balance by adjusting many practices. The Chinese side is willing to take into consideration some of the US' concerns.

But wielding a tariff stick is unacceptable to China. Navarro said China-US trade won't end unless China satisfies all the conditions. He speaks as if it's only China's one-side wish to end the trade war. Isn't it boring to still threaten China so shallowly after one and a half years of trade war?

The fact is if the US side has no sincerity to reach a fair deal, China is prepared to fight the trade war to the end. China is being forced to do so, but it can do it well under pressure until the other side is discouraged.

It seems Navarro didn't offer the president a technical solution to solving China-US differences. He behaves more like a political agitator. The two sides have gone through 12 rounds of trade talks through which negotiating teams work hard to find common ground.

But Navarro reminds us that some people's political calculations keep impacting on the US negotiating position. American society will eventually pay for these people's politics.

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Malaysia economic outlook looking better on firmer ties with China, says Manulife

KUALA LUMPUR (Aug 1): The economic outlook in Malaysia is looking to be better as the strengthening relationship with China is expected to pave way for rising investment flows from China to Malaysia, according to Manulife Asset Management Services Bhd.

In its mid-year market outlook report today, Manulife Asset Management Services head of total solutions and equities investments Tock Chin Hui said the revival of major infrastructure projects is expected to pump-prime the economy for the second half of the year.

"Malaysia corporates and consumers are expected to spend more due to the progressive disbursements of tax refunds and the resumption of infrastructure projects, which will eventually drive domestic consumption, and investor sentiment is expected to improve as the government continues to embark on structural changes to overhaul the economy and future-proof it.

"Looking ahead, Malaysian equities offer attractive dividend yield and significant defensiveness amid uncertainty caused by trade tension. The Malaysian market is expected to show resilience and could outperform regional peers given its defensive trait and year-to-date laggard performance," said Tock.

Commenting on the region, Manulife said Asian assets could offer opportunities given their resilience to market volatility in the first half of 2019.

It said Asian equities have held up strongly despite the negative impact of escalating Sino-US trade tensions, and the US Federal Reserve's increasingly dovish stance has allowed Asian bonds to remain in a good position.

Manulife Investment Management chief economist and head of macroeconomic strategy Frances Donald said central banks have entered a global easing cycle in response to the deteriorating global growth activity and heightened uncertainty surrounding international trade policy.

"This uncertainty has created a confidence shock that is slowing global hiring and business investment along with global trade.

"We expect the Federal Reserve will cut rates at least twice in 2019 as insurance against deteriorating growth in the face of heightened uncertainty but also to stoke inflationary pressures which have been absent.

"Should trade tensions re-escalate in the second half of the year, we would expect the Federal Reserve to respond with more than two rate cuts," said Donald.

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