Transcripts For RT Boom Bust 20240713

End of a 15 month long trade war french president emmanuel mccrone said he hopes his visit to china will help increase the chances of a deal with the us. To join you in your share the same feeling and trade war only results he loses just one which is the only way in discussions between china and the United States to wrap easing of tensions and taking into account the interests of the great commercial partnership between china and the European Community the talks in beijing also resulted in a deal between the European Union and china and which they agreed to protect 100. 00 european regional food designation known as geographical indications in china and 100 chinese geographical indications in you now china also renewed its commitment to intensifying International Efforts in the fight against Climate Change through the 2015 paris climate agreement this comes as washington announces that it will formally withdraw from the agreement and. When commenting on Environmental Action mccrone appeared to take a shot at the u. S. On the job regarding the struggle against Global Warming redesign we have been consistently moving together for years very effectively with a lot of engagement you dont just like to prove the choices that some others have made but i prefer to look upon them as marginal value because when china europe and russia Work Together to show you i salute you the choice of somebody who was going to change global agreement is a good approach meanwhile the u. S. And china are still the siding on just how much they are willing to give up in order to finalize phase one of a possible deal as the losses from the trade war between the worlds 2 largest economies start to add up to tens of billions of dollars reporting for boom bah blevins are. Way foundering think faces the Chinese Telecom giant doesnt need the United States as he sees washingtons campaign against them as ineffective mr ron told the wall street journal we can survive very well without the us we dont expect the us tour move away from the entity list they may as well keep us there forever because well be fine without them he went on to say hes not concerned on us trade talks us china trade talks that is with virtually no business dealings in the United States and no confrontation with america mr on said he would welcome a visit from President Trump now or in the future this while wall way confirm the Telecom Giant is not yet directly engaged in conversations with any u. S. Companies over the firms proposal of selling its 5 g. Technology in september mr wrenn offered was always 5 g. Patents licenses codes and even a know how to u. S. Companies for a one time sale he confirmed there are currently no companies talking to while we directly because middlemen who have come to talk do not necessarily represent the big u. S. Companies as this is a big and difficult introduction meanwhile during his visit to china french president emanuel mccrone also raised european concerns over chinese tech but thinks wall way is right to invest in 5 technology. That is one of the stillness i think were always right to invest in 5 g. Because its the technology of the future i think there are lots of european telecommunication operators if i want im very happy with it while way eriks and all the others are providers and i am simply saying that at some point and some part of our network its an issue of sovereignty so on the top piece we dont targeting any company in the state must have a say in european states must have a say thats completely normal the same way china has a viewpoint on the technology of. Global markets are hopeful that the u. S. And china will reach the phase one to trade deal by the end of this month but will it be enough to relieve these economic tensions for more we bring in professor of economics at the university of massachusetts amherst Richard Wolfe richard thank you so much for being with us today lets dive right into this president xi jinping is scheduled to travel to brazil next week now this is seen as the next possible chance for him to travel to the United States to sign that these one deal but as bret mentioned earlier a source close to the matter is saying that it might be too soon is it. Yes but i think theres more going on it could be too soon but you know if they wanted it bad enough they would speed up the calendar i think theres Something Else going on here 2 things one. The relationship between china and brazil is extremely important to both those countries and in a way i think theyre sending a message to washington that if its going to be the odd man out if the trumpet ministrations ward trade wars with everybody are going to continue theyre going to get along real well without the United States just as mr monk craw is saying in france just as the head of weiwei was able to say for his company and i think that the mission to brazil was to make sure that the whole world could understand the chinese and the brazilians have other priorities and if the United States does not want to engage them theres plenty for them to do with and for one another and now professor wolf china has been trying to get the u. S. To drop these tariffs 1st up to cancel the tariffs coming up on december 15th secondly to roll back some of the existing tariffs that have already been in place do you see this happening at all. Yes i think its been going on a little bit below the radar because you know the tariffs allow for exemptions lots of Chinese Companies have asked for exemptions and a good number of them have been given one or another kind of exemption in the United States so there is this ongoing game publicly mr trump is the tough guy whos getting the chinese to do more for america 1st thats his political theater thats what hes continuing the demand for fundamental china these changes have been rejected by the chinese from day one and theyre just as much off the table now but heres the new problem the economic costs to the United States as well as to trying it are becoming a political problem here in the United States for mr trump who has enough other problems with his impeachment and so i think you. Beginning to see and well probably see more of a shift in which mr trump hopes to get a publicist he believed by being a making a deal with china because the benefits of the war on china have a pretty much been exhausted and thats my hope d that will finally see what the whole world wants within of the end if you like to this tit for tat trade war professor even like you said even if a phase one deal is signed there is more to cover like these intellectual property theft issues structural issues the United States keeps arguing for china to change and that china will not its part of its government but President Trump has touted like youre saying time and time again the state of the us economy in part he thing that is due to his handling of the china trade deal the china trade war after and decides to remove some of the existing tariffs do you see any backlash. Well i dont really know and frankly as a professional economist all my life and being a person in touch with my profession nobody with a handful of a few a very few believes that the u. S. Economy is great to begin with it isnt but even if you think its failure to fully strong the war the trade war with china is not the reason for it its strength if you believe it is this spike not because of the trade war which is a hurtful phenomena so my guess is were going to see a preliminary deal then were going to see more deals and suddenly mr trump is going to have to change the story from the American Economy is great because of the trade war now its going to be the American Economy is great because i ended the trade war the game here is to position himself as doing something significantly positive for the economy and the reality is nothing like that. It has happened and the recognition of it is making not war look less politically attractive now than that any time from the beginning where to remind you mr trump said these wars are easy to win and wont take long the truth is theyve taken very long and he hasnt wanted it say well well see if it is actually too soon next week up probably is but if that phase one trade deal will even be signed by the end of this month a professor of economics emeritus at the university of massachusetts and hertz richard well thanks for your time but dont go anywhere have you has dont go anywhere there are some key stories we want to get your take on in the 2nd half of the show and time now for a quick break but hang here because when we return we bring back professor wolff for his take on the state of the Macro Economy in the wake of increased trade tensions and what the chances are for a recession in the u. S. And abroad and later as china u. S. Tensions continue to rise tech programs have found themselves in the crosshairs christiane is back with the show today to break down how video sharing app has come under fire in congress and of course as we go to break here you know birds at the close. Is youll media a reflection of reality. In the world transformed. What will make you feel safe from. Isolation community. Well you go in the right way or are you being led so. Direct. What is true. Is free. In the world corrupted you need to descend. To join us in the depths. Or a maybe of the shallows. Thousands of american men and women choose to serve in the countrys military and the decision lives every song came to a complete. The day that i was raped. You know told to shut up but theyd kill me and i see how it destroyed my life any screamed at me and he made me come in and you graham my arm and he write me this bird think if you take into account that women dont report because of the extreme retaliation and its probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is a very very traumatizing tat happen but ive never seen trauma like ive seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished dont be offended and almost 10 year career or chose very invested in and i gave a sex offender who was not even put to justice or put on the registry this is simply an issue of our and violent male sexual predators for the large part of target whoever is there to prey upon whether thats a man or woman. So what weve got to do is identify the threats that we have its crazy for and let it be an arms race is often very Dramatic Developments only really going to exist i dont see how that strategy will be successful very critical time to sit down and. Airbus has announced its plan to boost its jet liner production in china adding pressure to rival boeing airbus chief executive for a leader of Chinas National Development and Reform Commission of china signed a memorandum of understanding to build more single aisle and wide body aircraft in china we attach great importance to our Long Term Strategic Partnership with china and its Aviation Industry airbus is committed to serving this growth sector the france space plane maker is expanding its a 330 wide body Completion Center to handle its bigger model the a 350 their 1st delivery is slated for 2021 this all while lifting local production of its a 320 neo this is its 737 max competitor the airbus factory line is located in tianjin this is just 90 miles southeast of central beijing but this also comes as boeing has been forced to cut back on its production this is on its 787. 00 dreamliner citing u. S. Trade tensions with china and the lack of demand from chinese carriers meanwhile boeing is looking at other potential asian markets india all while it continues to deal with backlash after 7 37. 00 max fatal crashes but boeing shares have had their ups and downs since that 1st crash but they seem to be pretty resilient. The International Monetary fund has projected that the european economy will grow at its lowest rate since 2013 in the organizations latest Regional Economic outlook report the i. M. F. Predicts real g. D. P. On the continent will level off to 1. 4 percent this year down nearly one percent from the year prior but will see a boom to 1. 8 percent in 2020 growth year over year for the eurozone was just 1 point one percent the we can see if you will growth rate as we mentioned since 2013 we get in manufacture. Sharing and trade are pushing the numbers down in europe while the Services Industry throughout the county remain strong diam of also suggested european officials make plans for a synchronized fiscal response that may be necessary to counter stagnating in this stagnating economy in the region now to break this all down and what this all means for the state of the Global Economy we welcome back professor Richard Wolffe author of democracy at work a cure for capitalism thank you for being with us again professor world what do we need to know about the stagnating growth in the euro zone. It is a very severe problem the entire european economy and lets remember its one of the 3 or 4 great economic units in the world there are more people in the European Union than there are in the United States the total output of that part of the world is larger than that of the United States they are a major player what happens in europe ramified all over the world and so if they have a very severe low growth problem which they do and which has i. M. F. Report validates that its a problem for the whole world i would want to stress one thing coming out of the crash in 20072008 the European Union the countries of the union all of them to a greater or lesser extent decided that austerity was what they had to do they had to lend money to bail out the corporations as we did here in the United States and having lent borrowed money the government did to bail out all those companies the government said oh my goodness we have all these debts so we have to pay them off we have to be very prudent so they cut employment and they were unable and unwilling to continue Public Services many people said this austerity will come back to haunt you its not the way to respond to a collapsed economy you should be doing the opposite what we see now is the i. Told jews all moment for the critics of austerity and that should not be a lesson that forgotten because most people see another recession coming in europe in the world and then the same question will be posed how do you handle it and hopefully they will of learned the lesson that this crisis is coming now these slow growth rates are of result of what they did last time when bringing it back here to the United States a Bloomberg Model that determined the likelihood of a recession in the u. S. Within the next 12 months shows that the number declined lightly to 26 percent now this is down from 27 percent that thats where it was early in october but according to that model recession chances are higher than they were just a year ago but lower than other points this year is this just a response on the positive movement that weve seen within these trade talks. No i think its a more fundamental issue look at the capitalist Economic System that we live with in this world today wherever it has existed for 250 years on average every 4 to 7 years it has a downturn we call them recessions if theyre worse we call them depressions downturns crises crashes we have a lot of words because theyre so recurring theyre called the Business Cycle because it keeps coming back if the average is 4 to 7 years everywhere including the United States will do the arithmetic the last downturn was in 2008 and 9. 00 if you add 7 years to outlive it were already overdue anyone who follows the history of capitalism knows were going to get one the only question is whether were going to get it in 4 months or 8 months and whats going on in america that has to be understood is that the single most important goal of the trump and republican administration. Is to postpone the inevitable crisis of capitalism until after the election otherwise mr trump goes down to defeat and so thats the struggle how long can we hold off but the flipside of that is theres a danger the longer you hold it off the worse the downturn will likely be and that dynamic is the one that really ought to concern us absolutely professor wolf and i wanted to make a transition here that i dont think is too far off but i want to change the gears a little bit to what we have seen with we work and softbank facing backlash for bacon back backing the Tech Developers like we work in other companies now the jeopardy japanese powerhouse reported its 1st quarterly loss in 14 years 6500000000 dollars and all of this really stemming from the giant investment that they made into we work now is this a trend were seeing whats going on here is this an economic concern as we look at the Macro Economy. I think its a very important issue to keep an eye on and i cant answer the question nobody can whether this is the beginning of the great unraveling you know in the beginning of the mortgage or the subprime mortgage crisis back in the summer of 2007 there were some people who thought it was the beginning and there are others who thought no its just one of those events in the end we discovered it was the beginning could this be that beginning again you bet one of the most successful biggest richest japanese banks just made to call a loss to leave bad investments losing billions of dollars because they overreached and they blew away their assets on investments they should never ever have made is it an isolated event it would be is it the beginning of other discoveries were going to be making in the. Its a head of investments that are going bad how bad will it hurt soft bag who will suffer among soft banks customers because they have to cut back having lost so much on and were looted and so on and those are the Big Questions and i think youre absolutely right here professor wolf because we look at a place that has always made great Investment Decisions and now they really last year professor Richard Wolfe author of democracy at work cure for capitalism thank you so much for your time. So into. Social media to talk which allows millions of users to watch 15 2nd videos is facing a federal investigation over concerns that its acquisition of another app musically those additional security threats christiane is in los angeles on assignment but filed this report for. Take the Popular Video owned by chinas dance and apple is the latest social Media Company to come under heavy fire in washington in a hearing and titled how corporations and big tech leave our data exposed to criminals china and all the bad actors take talk at apple both declined to testify at the congressional hearing tuesday which as the name stays is inherently biased and unnecessarily villainize the 2 companies the assembled group of experts at the hearing accused an apple of being a Cyber Security threat. Currently stores user data in the u. S. Its Parent Company by dance is headquartered in beijing and analysts are alarmed that this may change in 2020 when china will fully Institute New Cyber Security laws these new cybersecurity regulations lay out precise instructions on how public and private Sector Companies both chinese and foreign must secure their networks for foreign firms this could mean switching to chinese equipment adopting a international strategy. Beijing is a determined to become a Technology Powerhouse and these new regulations are meant to protect us manufacturers researchers and developers from Cyber Attacks Us Intelligence analysts have interpreted these new regulations to be a threat as it could potentially give china access to American Consumer data and profiles and as weve learned from Facebook User data is the precious currency of social media because of this tick tock is now seen as a threat to National Security take doc is now being targeted given his links to china as well as its surging popularity in america it was the most downloaded nongame. In the u. S. And 29000. 00 and the worlds 4th most downloaded nongame app last year. Responded saying tick tocks data centers are located outside of china in addition we hired a leading u. S. Based outside Auditing Firm which analyzed and its Data Security practices and we are committed to doing this type of audit on an ongoing basis while this in curry and to take talk is not a formal investigation yet it is happening while global tensions between china and the u. S. Are high as they are engaged in high stakes talk over trade technology and internet issues it is still unclear what the true focus and issues are hidden under the guise of National Security note that this was the same excuse used against huawei and now with congress as the new focus on targeting big tech it seems more and more like today were guilty until proven innocent. Social media giant facebook quietly revealed another privacy breach this time it involved approximately 100. 00 Developers Facebook structure of platform partnerships constantino as papa announced in a blog post as part of our ongoing review we recently found that some access to a group number of from ation like names and profile pictures in connection with Group Activity from the groups a. P. I. For longer than we intended this also comes more than a year after facebook crackdown on how much personal data 3rd parties could actually access major changes were made by the social media giant back in 20000 following the cam bridge analytical scandal but still these 100 App Developers had access to users data through facebook private groups in the last 60 days the blog post said there was no evidence of abuse and while no specific apps were named he said they were primarily social Media Management and video streaming apps but no further details were provided for that you could catch on youtube. See you next time. Please today there are good tennis and bad evidence the bad news in yemen the United States deems to be a threat the looked at those who work in syria the cia and the u. S. Military were engaged in covert actions really throughout the world. Where they were assassinating populist leaders they were backing up right away military windows funding an army just was theres no phones anymore because theres always a small call to come from really good this. Prophet. Shows seemed wrong. Roles just dont hold. Anything that is yet to shape out these days to come out ahead and engagement because betrayal. When so many find themselves worlds apart. Choose to look for common ground. Thousands of american men and women choose to serve in the countrys military and the decision. Every song came to a complete. The day that i was raped. You know told to shut up kill me and i see how destroyed my life any screamed at me and he made me come in and you graham my arm and he write me this berthing area if you take into account that women dont report because of the extreme retaliation and its probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military is a very very traumatizing have happened but ive never seen trauma like ive seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished and be offended and almost 10 year career or chose very invested in and i gave a sex offender who was not even put to justice or put on the registry this is simply an issue of tower and violence male sexual predators for the large part of target whoever is there to prey upon whether thats man or woman. So what weve got to do is identify the threats that we have its crazy. Let it be an arms race in this very Dramatic Development only really im going to resist i dont see how that strategy will be successful very critical time to sit down and talk. Time after time corporations repeat the same mantra sustainability its very important. Transition to sustainable prize board sustainability. More equitable and sustainable world. They claim their production is completely harmless. Us. Companies want us to feel good about products while the damage is being done far away this is just. In the headlines right now crunch time for the United States Democratic Senators failed to pass moves to protect their identity as republicans push to reveal the. Hospitals the health trust in england. Racism by withholding the people who have. A message to 0 tolerance towards a level of control to treat. People. Without question. Gratian with us 1st as the Prime Minister says the country needs to take control