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US-China Trade War | Complexities and what needs to be done

Asia Institute Tasmania, University of Tasmania

Friday, 23 August 2019 from 5:30 pm to 7:00 pm (AEST)

US-China Trade War | Complexities and what needs to be...

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General admission - ticket not required to be printed 3d 15h 33m Free  

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The Complexities behind the US-China Trade War and What Needs to be Done to Stop It


From the US perspective, the five main issues that drove the United States to launch the trade war are:

  1. The big bilateral trade deficit is suppressing job creation in the United States. 

  2. China has abused the 1999 WTO Accession Agreement e.g. US financial institutions were promised national treatment by 2006 but this has not happened in 2019.

  3. China is engaging in technology theft through the Joint Venture (JV) requirement for foreign high-tech firms.

  4. China is mis-using its WTO status as developing country to accelerate global leadership of high-tech goods like e.g. 5G, and hence is stealing future high-paying from the United States.

  5. China is seeking to challenge US geo-strategic dominance e.g. Chinese military bases in South China Sea, China’s relations with North Korea & Iran. China is a strategic competitor not a strategic partner, a threat to US national security (Bush Jr in 2000 campaign).


Our assessment is that a durable peace to the US-China Trade must be based on the recognition that the above the current US reaction to these five issues has been caused by the coming together of two big changes in economic fundamentals in China and in the World. We call these two changes the New Domestic Normal in China and the New International Normal respectively.  The New Domestic Normal in China is a slowdown in trend growth that requires China to offset by implementing an ambitious "Supply-Side Structural Reform" agenda.  The New International Normal is the emergence of a multipolar world where the existing arrangements on global governance are no longer effective, and no longer acceptable to the key stakeholders. There are win-win solutions to US-China Trade War, and they require agreement on sensible rules on economic competition, technological competition, and geo-strategic competition.

Wing Thye Woo is Distinguish Professor of Economics at the University of California at Davis, President of Jeffrey Cheah Institute (Malaysia), Distinguished Professor at Fudan University in Shanghai, Cheung Kong Professor at the Central University of Finance and Economics in Beijing, Director of the East Asia Program within the Earth Institute at Columbia University in New York City, and Nonresident Senior Fellow at the Brookings Institution in Washington DC. He is an expert on the East Asian economies, particularly China, Indonesia, and Malaysia.  Prof Woo was a consultant to China for the tax and exchange rate reforms implemented in 1994; a special advisor to the U.S. Treasury in 1997-98; and was appointed an advisor to the Prime Minister of Malaysia in 2005.

 

This lecture is jointly organised by the Asia Institute Tasmania, the AIIA (Tasmania Branch) and the Australia China Business Council

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Have questions about US-China Trade War | Complexities and what needs to be done? Contact Asia Institute Tasmania, University of Tasmania

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When & Where


University of Tasmania
Centenary Building, Harvard Seminar Room 1
Grosvenor Crescent
Sandy Bay, TAS 7005
Australia

Friday, 23 August 2019 from 5:30 pm to 7:00 pm (AEST)


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Organiser

Asia Institute Tasmania, University of Tasmania

The Asia Institute Tasmania is a new organisation that will foster engagement with the Asian region by the University of Tasmania and the Tasmanian community.

It will build professional and institutional relationships with Asia, develop expertise and understanding of Asia, and promote new research activities.

Established in a partnership with the State Government of Tasmania, the Asia Institute Tasmania traverses not just academic boundaries within the university, but engages with the whole Tasmanian community.

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