Good morning. This hearing will now come to order. I am pleased to welcome our distinguished panel of Witnesses Today is the economic and security subcommittee. He focuses on the very important topic that i think has a lot of bipartisan interest in. And that is the economic and geostrategic challenge that the rise of china poses for the United States. Much as today, but in the future. China, communist party, Peoples Republic Party of china. Unfair trade practices, intellectual property theft and market manipulation and very prominently in my view, m nonreciprocal treatment. Not just an economic room but in many realms. It has been a force in the Global Economy that undercuts the resiliency and strength of the u. S. Economy. China has been one of the worlds Fastest Growing economies. Averaging close to 10 percent growth from 1979 to 2016. In 2014, china was the Worlds Largest economy and nursing power bases according to the international monetary. I believe there is a strong bipartisan
Tthe nationwide total now excees 42,000, more than 1,000 people have died. Health Ministry Officials say more than 4,000 people were being treated for the virus at hospitals as of last wednesday. The figure was just under 700 on july 1st. Since then patients in tokyo have quadrupled, but in terms of increase, other pleeskts have feared mmuch worse. Patients in oh sasaka jumped 20fold. The Health Minister says jjapan currently has enough hospital beds to cope, but he also says the situation needs to be closely monitored with some hospitals increasingly under strain. Some local governments are asking residents and businesses to do their part to curb the spread of the virus. In tokyo the governor is requesting barsrs and restauran to close by 10 00 p. M. As our next story shows, its pushing many establishments to the brink. Reporter its been an anxious few months when sales plunged after the government declared a state of emergency. As rrestrictions gradually ease, business was finally st
And good morning from the studio 57 newsroom at cbs news headquarters in new york. Annemarie green is off. Im brook silvabraga. Good to be with you. President trump met with egypts president a short time ago. So far tariffs and a trade war with china have dominated the headlines, and the president said there was progress in talks with china. China called last night, our top trade people, and said lets get back to the tables. I have Great Respect for them. Very positive development for the world. Laura podesta is in new york with more. Laura, what other meetings are planned for the president today . Good morning, brook. The president is scheduled to sit down one on one with the leaders of both india and germany as trade continues to be the final talking point during the final day of the summit. While most americans were sleeping, President Trump was back at it with the word leaders at the group of seven summit in france. Yesterday President Trump unveiled a broad new trade deal with jap
Dell and intel also warned that tariffs would raise prices for laptops and tablets by 19 percent angering u. S. Consumers and media reports say apple may shift one 3rd of production from china to southeast asia. And lets go now to yen score to our financial correspondent in new york yes can we realistically expect apple to move parts of its production line outside of china. Its not impossible and there are a lot of news and speculation so what do we know is that actually at least is talking to suppliers to just get an idea how costly it would be to shift some of the production out of china there was also the cofounder of foxconn one of the suppliers and companies that doing business with this cofounder of foxconn is actually urging people to move some of the production from china to taiwan but we also got some other news outside of pull that. The Commerce Department here in the u. S. Is actually banning 5 more Chinese Technology companies to purchase components from u. S. Manufacturers
This is an hour and 20 minutes. Today, the committee turns its focus to the export, import men come the United States. Kimberly reed was elected chairman along with judith prior. The nominations of the Board Members have been approved by this committee and are pending on the full senate floor. The United States exporters are able to compete very effectively in International Markets on the basis of price and quality. However, when aggressive foreign governments provide subsidies as a matter of policy or practice to their exporters, u. S. Exporters are placed at a competitive disadvantage purely because of such financing arrangements. ,ccording to the 2017 xm Bank Competitiveness report, chinese export credit agencies provided a more medium and longterm investment support than the rest of the world combined. As President Trump and other senior officials in his administration have noted, a fully functioning exportthanks the import bank has ability to provide financing and level the Playin