2017年1月24日星期二

Tuesday Morning Briefing: Can China replace the U.S. in TPP?

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Reuters
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President Donald Trump's aides promised a busy Monday, the first working day of the new administration. Promise kept.

There were the executive orders:

  • Trump formally pulled the United States out of the Trans-Pacific Partnership. President Barack Obama tried to establish the trading bloc with Asian nations as a counterbalance to China's growing influence in the region. Trump campaigned against TPP, saying such trading blocs move jobs and companies out of the United States. Trump, for his part, prefers bilateral agreements with individual countries that allow the U.S. to back out "if somebody misbehaves." Now there is talk that China will fill the vacuum left by the U.S.

"Losing the United States from the TPP is a big loss, there is no question about that. But we are not about to walk away ... certainly there is potential for China to join the TPP." –Malcolm Turnbull, prime minister of Australia, a TPP member

  •  Trump reinstated a rule that prohibits the United States from funding foreign non-profit organizations that perform or discuss abortions. As the Washington Post notes, the rule is repealed and reinstated every time a different political party takes over the White House.
  • Trump imposed a federal hiring freeze.

But there was also a sharp departure in U.S. policy in China. The White House said it would vigorously defend "international territories" in the South China Sea. "The U.S. is going to make sure that we protect our interest there," said White House spokesman Sean Spicer. "If those islands are, in fact, in international waters and not part of China proper, then we're going to make sure we defend international territories from being taken over by one country. China said it had "irrefutable" sovereignty of the disputed islands, adding, "The United States is not a party to the South China Sea dispute."


Blancmange?

A model presents a creation by Australian designers Tamara Ralph and Michael Russo as part of their Haute Couture Spring/Summer 2017 fashion show for Ralph & Russo in Paris, Jan. 23, 2017. REUTERS/Gonzalo Fuentes


Around the country

  • Trump will push the chiefs of GM, Ford and Chrysler to boost production and add jobs to their plants in the United States. Trump has criticized car makers for building cars in Mexico and elsewhere and has threatened to impose 35 percent tariffs on imported vehicles. The meeting is the latest sign of Trump's uncommon degree of intervention for a U.S. president into corporate affairs. He has repeatedly jawboned automakers and other manufacturers to "buy American and hire American."
  • The Senate confirmed Rep. Mike Pompeo as the CIA Director. Some lawmakers were concerned he might expand surveillance or allow the use of certain interrogation techniques widely considered torture. Rand Paul was the lone Republican to oppose his confirmation.
  • Secretary of State Rex Tillerson narrowly won approval from the Senate Foreign Relations Committee on a strict party line 11-10 vote. He is expected to be confirmed by the Republican-led Senate.

Around the world

  • Prime Minister Theresa May's plans to start the Brexit process by the end of March are unlikely to be hindered by the Supreme Court ruling that the government must first seek parliamentary approval.

Digits of the day:

2,600

It happens nearly every night. After dark, the Syrian wounded come to known locations on the Israel-Syria front in the Golan Heights, driven by desperation to seek help from an enemy army. Israel refuses to accept refugees fleeing the nearly six-year conflict in Syria, a country with which it remains technically at war. But it has allowed in more than 2,600 Syrians for medical care.

 

  • Ukraine's president Petro Poroshenko said world powers should keep sanctions on Russia, rejecting Trump's proposal to consider reducing the penalties if Moscow proved a useful ally.

Around Wall Street

  • Alibaba's revenue rose 54 percent helped by higher sales during its Single's Day shopping event and increased earnings in its cloud and digital media ventures.
  • Volkswagen dealers will get an average of $1.85 million in a $1.2 billion settlement approved by a U.S. judge over its diesel emissions scandal.
  • Amazon has offered to alter its e-book contracts with publishers in a bid to end an EU antitrust probe and stave off a possible fine, the European Commission said.

Today's reason to live

Betty Everett – Getting Mighty Crowded

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