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Donald Trump 60 Minutes interview: Full transcript of Lesley Stahl's interview with the president - CBS News
Lesley Stahl: China.

President Donald Trump: I get along with him. It's very important. China, let's go.

Lesley Stahl: I'm skipping across the world here. You've slapped a lot of tariffs--

President Donald Trump: $250 billion.

Lesley Stahl: Gonna do more?

President Donald Trump: Might. Might.

Lesley Stahl: Round three?

President Donald Trump: They wanna negotiate, Lesley. They wanna negotiate.

Lesley Stahl: Are you ready?

President Donald Trump: Look.

Lesley Stahl: Are you ready to--

President Donald Trump: I have a great chemistry also with President Xi of China. I don't know that that's necessarily going to continue. I told President Xi we cannot continue to have China take $500 billion a year out of the United States in the form of trade and others things.

Lesley Stahl: And how-- how--

President Donald Trump: And I said we can't do that, and we're not gonna do that anymore.

Lesley Stahl: How much squeezing of them are you prepared to do when American products are gonna be more expensive for American consumers in the end of all this?

President Donald Trump: Okay. Okay. So, so far, that hasn't turned out to be the case.

Lesley Stahl: Some--

President Donald Trump: --if you think about it, so far, I put 25% tariffs on steel dumping, and aluminum dumping 10%.

Lesley Stahl: But they've--

President Donald Trump: --again.

Lesley Stahl: --retaliated. That's what I'm asking.

President Donald Trump: They can retaliate, but they can't-- they don't have enough ammunition to retaliate. We do $100 billion with them. They do $531 billion with us.

Lesley Stahl: Are you trying to sort of push them into a depression?

President Donald Trump: No no, although they're down 32 percent in four months, which is 1929.

Lesley Stahl: Well that's what I'm asking.

President Donald Trump: I don't want that. No, I don't want that. I want them to negotiate a fair deal with us. I want them to open their markets like our-- our markets are open.

Lesley Stahl: But you're in a--

President Donald Trump: And it will be a fair deal--

Lesley Stahl: --trade war right now. Trade war.

President Donald Trump: You call it war, I don't call--

Lesley Stahl: You-- you--

President Donald Trump: --it--

Lesley Stahl: --you did today.

President Donald Trump: I called it a skirmish.

Lesley Stahl: I heard you, you called it a war.

President Donald Trump: I called it, actually I called it a battle. But, actually, I'm gonna lower that. I consider it a skirmish. And we're gonna win.
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3 hours ago by bbishop
Beijing seeks proposals for winter Olympic opening ceremony - Xinhua
"We are looking for creative proposals that could fully embody the vision of the Beijing Winter Olympic Games and the Olympic spirit, fully demonstrate the inheritance and development of the splendid Chinese culture, and fully reflect China's achievements in the new era," said Liao Quan, an official with Beijing 2022. // Meanwhile the co-chairs of the US Congressional Executive Commission on China have written to the President of the IOC asking that the 2022 games be moved from China because of the Xinjiang mass detentions and other human rights violations https://www.cecc.gov/sites/chinacommission.house.gov/files/documents/IOC%20Letter%202022%20Beijing%20Olympics_0.pdf
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3 hours ago by bbishop
Mnuchin Says He's Not Worried China Would Unload Treasuries - Bloomberg
“We have plenty of buyers for Treasuries,” he said, adding that China is “free to do what they want to do.”
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3 hours ago by bbishop
In Depth: Central Bank Governor Discusses China’s Economy - Caixin
Yi Gang, China’s central bank chief, remains optimistic about the country’s macroeconomic prospects, he told Caixin on the sidelines of the International Monetary Fund’s ongoing annual meetings in Bali.

Yi addressed fears of a “consumption downgrade” and explained the reasoning behind recent central bank decisions, including last week’s reserve requirement ratio cut, in an interview this week with Caixin.
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3 hours ago by bbishop
China and IMF members pledge to avoid using currencies as trade weapon - Reuters
China's top central banker on Saturday pledged to keep the yuan currency's value "broadly stable," a sign that Beijing may be trying to prevent a bruising trade dispute with the United States from spilling over into a currency war.

People's Bank of China Governor Yi Gang's statement at the International Monetary Fund and World Bank annual meetings in Bali came as U.S. Treasury Secretary Steven Mnuchin said Chinese officials had told him that further yuan depreciation was not in China's interest.

https://www.imf.org/~/media/AMSM/Files/AM2018/IMFC/chn.ashx IMFC Statement by Yi Gang, Governor, People's Bank of China, People’s Republic of China

Looking ahead, China's monetary policy is expected to remain neutral with more focus on guiding expectations. Proactive adjustment and fine-tuning are needed to ensure that the monetary stance will remain appropriate in a changing economic and financial environment, both domestically and externally. It is expected that a well designed and implemented monetary policy will create a conducive financial environment for the supply-side structural reforms and high- quality economic growth. At the same time, China will continue to push ahead with the market- based reforms of interest rate and exchange rate regimes, and keep the RMB exchange rate broadly stable at an adaptive equilibrium level. China will continue to let the market play a decisive role in the formation of the RMB exchange rate. We will not engage in competitive devaluation, and will not use the exchange rate as a tool to deal with trade frictions. Since the beginning of this year, China has continued to implement proactive fiscal policies, and has adopted a series of measures to ease the burden on market participants. Fiscal policies have been playing a greater role in expanding domestic demand and promoting structural adjustment.
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3 hours ago by bbishop
Five Things to Know About What PBOC Chief Said at the IMF Meetings - Caixin Global
Yi said China’s economic growth is currently stable, and it is expected to achieve its target expansion this year of 6.5%, or possibly slightly higher. Inflation is benign, corporate profits have increased, and taxes and wages are also at a good level. Domestic consumption has become the main driver of growth.

In order to solve structural problems in the economy, China will accelerate domestic reform and opening-up, and strengthen intellectual property protection, Yi said.

China will also consider adopting the principle of “competitive neutrality” for state-owned enterprises, Yi said, referring to policies to ensure that state-owned enterprises compete with private businesses on a level playing field.
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4 hours ago by bbishop
Trump trade war delivers farm boom in Brazil, gloom in Iowa | Reuters
It is turning instead to Brazil, which has ridden the wave of Chinese demand for two decades to become a global agricultural powerhouse. Brazilian soybean exports to the Asian country jumped 22 percent by value between January and September, compared to the same period a year ago.

Brazilian producers are not only selling more grain, their soy is fetching $2.83 more per bushel than beans from the United States, up from a premium of just $0.60 a year ago, thanks to stepped up Chinese purchases.
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5 hours ago by bbishop
North Dakota soybean farmers, caught in the trade war, watch the season run out on their crop - The Washington Post
We had one country with imports that exceeded the 10 largest other country imports,” Peterson said. “We had all our eggs in one basket with China. It isn’t that we wanted that, or that we didn’t recognize it. But when demand comes that heavy from one area of the world, you try to address it.”

But because the North Dakotan market has been geared specifically for Chinese imports, growers are now left wanting
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5 hours ago by bbishop
Dim Sums: Rural China Economics and Policy: China Sept Soybean Imports 8mmt
Chinese market commentary has noted that Brazilian prices quoted to Chinese importers have started to rise in recent weeks. U.S. soybean prices have fallen low enough to be roughly comparable to Brazilian prices after assessing China's 25% retaliatory tariff on the U.S. beans. On October 12, the National Grain and Oils Information Center estimated that the CNF price of Brazilian soybeans for arrival in China was $465/mt, about 25% higher than the $348/mt CNF price for soybeans from the U.S. Gulf of Mexico. After adding tariffs, value added tax, and unloading fees, Brazilian beans would cost RMB 3708/mt and U.S. Gulf beans would cost RMB 3666/mt.
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5 hours ago by bbishop
Trump-Xi meeting at G20 may not go ahead, warns US Treasury Secretary Steven Mnuchin | South China Morning Post
Mnuchin, speaking to reporters on the sidelines of the International Monetary Fund and World Bank annual meetings in Bali, also said that Chinese officials had told him that they did not want to see a further depreciation of the yuan’s exchange rate, an issue that the US has been very concerned about.

“I don’t think any decision has been made with regard to a meeting,” Mnuchin said when asked if the Chinese side had offered enough trade concessions to justify a meeting.

“To the extent we can make progress toward a meeting, I encourage that. There are no preconditions, the president will decide [whether to meet Xi].”

Comment: Would love to see the full list of 142 demands the US made to China, and figure which of the ones the Chinese say they can address immediately vs medium term vs never...
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5 hours ago by bbishop
Chinese official says 'sinicization' of religion in Xinjiang must go on | Reuters
The “sinicization” of religion must be upheld to promote ethnic solidarity and religious harmony, a senior Chinese official has said in the troubled western region of Xinjiang, which is home to a large Muslim population.

China’s state-run Xinhua news agency on Saturday quoted You Quan, head of the ruling Communist Party’s United Front Work Department, which oversees ethnic and religious affairs, as making the remarks on a visit to Xinjiang this week.

尤权:大力促进民族团结和宗教和谐 努力实现新疆社会稳定和长治久安 http://tyzx.people.cn/n1/2018/1015/c372194-30341542.html
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5 hours ago by bbishop
How China defines religious extremism and how it justifies Xinjiang re-education camps for Muslims | South China Morning Post
While the law says officials must distinguish between everyday religious activity and extremism, its definition of the latter means even people who damage banknotes or reject mass media can be targeted
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5 hours ago by bbishop
The Case of Jane Doe Ponytail - The New York Times
She toils in the netherworld of Flushing massage parlors, where she goes by the street name of SiSi. A youthful 38, she is in a platonic marriage to a man more than twice her age; harbors fading hopes of American citizenship; and is fond of Heineken, Red Bull and the rotisserie chicken at a Colombian place on Kissena Boulevard. Among her competitors, she is considered territorial and tireless.

It is the Saturday after Thanksgiving, and SiSi is in a shabby building’s top-floor apartment, for which she pays her “boss” a hefty fee. She has returned from a market with provisions. She has tried calling her younger brother in China, but he is asleep. She has been on the phone with friends and clients, unaware that she is in the sights of a 10-member police team working vice...

By morning, Song Yang would be dead, shattering a tight Chinese family that would never accept the police version of events. Her death would also come to reflect the seemingly intractable nature of policing the sex industry, and cast an unwelcome light on the furtive but ubiquitous business of illicit massage parlors.
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5 hours ago by bbishop
The Leaders Who Unleashed China’s Mass Detention of Muslims - The New York Times - Chris Buckley
In a campaign that has drawn condemnation around the world, hundreds of thousands of Uighurs and other Muslim minorities have been held in “transformation” camps across Xinjiang for weeks, months or years at a time, according to former inmates and their relatives.

Beijing says the facilities provide job training and legal education for Uighurs and has denied carrying out mass detentions.

But speeches, reports and other documents online offer a clearer account than previously reported of how China’s top leaders set in motion and escalated the indoctrination campaign, which aims to eradicate all but the mildest expressions of Islamic faith and any yearning for an independent Uighur homeland...

Mr. Xi made his first and only visit as national leader to Xinjiang in April 2014. Hours after his four-day visit ended, assailants used bombs and knives to kill three people and wound nearly 80 others near a train station in Urumqi, the regional capital. The attack was seen as a rebuff to Mr. Xi, who had just left the city and vowed to wield an “iron fist” against Uighurs who oppose Chinese rule.
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5 hours ago by bbishop
Chinese official finds Trump 'very confusing,' says US warships at China's doorstep building tension | Fox News
President Trump's inner circle is "very confusing" for foreign diplomatic officials in Washington to navigate, China's U.S. ambassador Cui Tiankai told "Fox News Sunday" in an exclusive wide-ranging interview.

Cui added that U.S. warships are "on the offensive" near China, days after a U.S. destroyer nearly collided with a Chinese military vessel in the South China Sea. The Pentagon said the Chinese ship came within 45 yards of the U.S. destroyer, in an intentionally "unsafe" maneuver...

He added: "It’s important to notice who started this trade war. We never want to have a trade war, but if somebody started a trade war against us, we have to respond and defend our own interests."

Comment: There are plenty of people in DC who think that China has been engaged in a trade war for years, and only now is the US responding...

The Chinese side releases what it says is the transcript of Cui's remarks that were not broadcast in the interview 中方公布华莱士专访驻美大使崔天凯未播出内容 http://news.ifeng.com/a/20181015/60110404_0.shtml
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5 hours ago by bbishop
US-China trade war: PBOC still has plenty of tools, Yi Gang says - CNBC
"I think the downside risks from trade tensions are significant," Yi said at the International Banking Seminar, which was organized on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Bali, Indonesia.

"We still have plenty of monetary instruments in terms of interest rate policy, in terms of required reserve ratio. We have plenty of room for adjustment, in case we need it," he said, adding that China still wants a "constructive solution" to the ongoing trade frictions.
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5 hours ago by bbishop
U.S. Edges Toward New Cold-War Era With China - WSJ $$
This WSJ story will be no surprise to Sinocism readers...

Interviews with senior White House officials and others in government make clear that recent volleys in what appears a new Cold War aren’t the exception to President Trump’s China policy. They are exactly what the administration wants—putting the spotlight on a meeting between Mr. Trump and Chinese President Xi Jinping at a multilateral summit planned for November...

Underpinning the change is the view that China has reversed course since Mr. Xi took over in 2012 and began recentralizing political and economic controls, pledging to build his nation into a great world power.

The more aggressive U.S. approach was forecast last December in the National Security Strategy that put China on par with North Korea, Iran and jihadist terrorist groups as the biggest U.S. threats. At the time, the strategy contrasted with Mr. Trump’s personal diplomacy...

The November meeting between Messrs. Trump and Xi may help soothe tensions on trade but there appears little prospect the new U.S. stance will soften..


John Bolton, the new national security adviser, has long advocated for a tough approach to China. According to a senior administration official, Mr. Bolton has “unleashed” Matthew Pottinger, chief Asia adviser for the White House, to push for stronger China policies.

The views of Mr. Pottinger, a former U.S. Marine and former reporter for The Wall Street Journal, were reflected in the National Security Strategy that last year put China in the same threat category as North Korea and Iran. He helped oversee a research project detailing ways Beijing uses money to influence U.S. think tanks, universities and local governments.

Comment: Still hoping that study is released or leaked soon
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5 hours ago by bbishop
United States or China as world leader? Asians overwhelmingly prefer the US, Pew study finds | South China Morning Post
When asked if it would be better for the world to have the US or China as the leading global power, 73 per cent of Asian respondents – represented by polls taken in Japan, South Korea, the Philippines, Indonesia and Australia – favoured the United States, versus 12 per cent for China, the new research showed.

The 25-country median – which includes Germany, Canada and Brazil – was 63 per cent for the US and 19 per cent for China, according to the research, which was presented by Bruce Stokes, Pew Research’s director of global economic attitudes, at an Asia Society event in New York.
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5 hours ago by bbishop
Heeding China's call, Hong Kong tightens grip on dissent | Reuters
“We can see them (the government) being much more assertive in using these powers and in shaping their policy decisions to reflect the national interests,” said Professor Simon Young of the University of Hong Kong’s law school, saying the courts may be a last line of defence against government overreach.

Serving and retired police officers, lawyers and lawmakers describe intensifying political operations by the police force’s Security Wing, an elite unit that officially handles sensitive tasks including VIP protection and counter-terrorism investigations.

Sources familiar with the wing’s work say it led surveillance and monitoring operations against the National Party and more than a dozen other groups...

Previous attempts to draft a harsher new national security law, known as Article 23, were met with mass protests and abandoned. Chief Executive Carrie Lam, who took office last year, has not yet proposed a new version, a reflection in part of lingering public concern.

But many observers say the government is using the Security Wing to tighten its grip even without Article 23.
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5 hours ago by bbishop
Trump Embraces Foreign Aid to Counter China’s Global Influence - The New York Times
With little fanfare, Mr. Trump signed a bill a little over a week ago that created a new foreign aid agency — the United States International Development Finance Corporation — and gave it authority to provide $60 billion in loans, loan guarantees and insurance to companies willing to do business in developing nations.

The move was a significant reversal for Mr. Trump, who has harshly criticized foreign aid from the opening moments of his presidential campaign in 2015..

The president’s shift has less to do with a sudden embrace of foreign aid than a desire to block Beijing’s plan for economic, technological and political dominance. China has spent nearly five years bankrolling a plan to gain greater global influence by financing big projects across Asia, Eastern Europe and Africa.

Comment: And how many lobbyists used the China angle to push through what is effectively corporate welfare?
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5 hours ago by bbishop

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