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The US approach toward trade with China is its attempt to restrain the country through economic levers, according to one expert reacting to Beijing’s release of a white paper on trade relations on Monday.“The US’ China strategy is a revised form of containment that uses economic warfare more prominently than in the past,” said Clifford?A.?Kiracofe, educator and former senior professional staff member for the US Senate Committee on Foreign Relations. The 36,000 Chinese-character paper addresses mutually beneficial and win-win China-US cooperation in the trade and economic fields; a clarification about China-US trade and economic relations; the trade protectionist practices and trade “bullyism” of the US administration; the damage from the improper practices of the administration to the global economy; and China’s position on trade.“US investment in the manufacturing sector in China is fading, owing to labor costs and other factors.?So Trump’s trade war appears to be about helping Wall Street penetrate China’s financial sector,” said Kiracofe, who called the white paper timely and important. “Thus, we plainly see this bullying US economic warfare strategy attempting to promote the hegemony of finance capitalism.“Another feature of this US economic warfare strategy appears to aim at restraining Chinese technological innovation and development,” Kiracofe said.“Washington appears to reject the idea of the peaceful coexistence of different economic systems.?Its idea of globalism is one-sided and zero-sum. But instead, globalism should be non zero-sum and win-win,” said Kiracofe.Frank H. Wu, William L. Prosser Distinguished Professor at the University of California Hastings College of the Law and the president of the C-100, said that “trade has been good for human societies throughout history”.“Trade wars have almost always been bad, regardless of which side you are on. In American history, the Smoot-Hawley Act in 1930 accelerated the Great Depression. From today’s vantage point, just about everyone agrees those tariffs made matters worse,” he said. Roger Wang, C-100 chairman, said dealing with the ongoing trade friction requires patience, an open mind and communication, “then we will see gradual changes”. His group is a non-governmental organization that aims to build bridges for US-China understanding and friendship. Kevin Liu is director of the DHH Law Office in Washington, whose firm is involved in bilateral trade issues.“The?publication?of the white paper revealed to the public the true purpose of the?US?in the trade war last year,” Liu said. “The trade sanctions?of the US?have seriously damaged the economic interests of China and the?US.“Any divergence under the WTO framework?should have?been?resolved through consultation and negotiation.” he said. “The unilateral US sanctions have made us more aware of the fact that while objecting to the sanctions, we?have to make a?plan for the strategic transfer of domestic export industries?as well.”A new 10 percent tariff on 0 billion of Chinese goods went into effect on Monday. China retaliated with tariffs of 5 to 10 percent on billion of US goods such as meat, chemicals, clothes and auto parts. The paper said the two countries are at different stages of development and have different economic systems, and therefore some level of trade friction is natural.However, the new administration of the US government has advocated “America First” since taking office in 2017, and has abandoned the fundamental norms of mutual respect and equal consultation that guide international relations, the document said.“Rather, it has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure,” the text stated.

The UK now faces the dire prospect of exiting the EU without a deal, as the nation concurrently hurtles toward what the Bank of England predicts will be its worst recession in three centuries. This is all in the context of the Huawei ban, which will cause an estimated two-year delay to the UK rollout of 5G services and all the supplementary benefits that technological milestone will bring.

The US has access to 43 million medical masks, President Donald Trump said last week. On Saturday, Vice-President Mike Pence said that the US is contracting with 3M to create 35 million more masks each month.

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The UK is part of the so-called Five Eyes intelligence-sharing community, which also includes the US, Canada, New Zealand and Australia. The US has lobbied for Five Eyes members to join a boycott of Huawei due to security concerns.

The UK government is expected to make a decision imminently on whether it will allow the company to participate in the nation's 5G rollout. The government of former prime minister Theresa May made an interim decision last spring, saying the use of Huawei components in some "noncore" areas of the network was acceptable.

The US' exports to China grew faster than its export growth to the rest of the world, according to a report from the US-China Business Council released on Monday.

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The US core inflation rate, excluding food and energy, is 1.7 percent, or three-tenths of 1 percent below the Fed's target of 2 percent. Inflation remains low despite tariffs, full employment and rising wages.

The United States and China together have more than 80 percent of the total global unicorns. This absolute advantage depends on the internet market scale, advanced infrastructure, well-rounded industrial structures and the amount of internet talent, according to a report by global accounting firm Deloitte.

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The US has pressured the UK to ban Huawei participation in 5G upgrades, due to what the US says are security concerns. The UK government was expected to reach a determination on whether it would join the Huawei boycott last month but the Conservative Party leadership contest delayed the decision.

The UW Sounding Board team (left to right: Hao Fang, Hao Cheng, Ari Holtzman, Mari Ostendorf, Maarten Sap, Elizabeth Clark, Yejin Choi) after winning Amazon’s inaugural Alexa Prize. (Photo via UW)