No civilization is superior, says China's Xi as US trade war heats up - CNN

Opening the Conference on Asian Civilizations Dialogue in Beijing on Wednesday, Xi said there was no need for "civilizations to clash with each other."

"No civilization is superior over others. The thought that one's own race and civilization are superior and the inclination to remold or replace other civilizations are just stupid," he said, adding to do so would invite "catastrophic consequences."

China retaliated to Trump's latest round of increases on Monday, raising tariffs on roughly $60 billion of US exports. One editorial in state media said "for us, this is a real 'people's war.'"

Trade is just one of several fronts on which the US and China have clashed in recent months. Xi's speech touched on a topic thrown into a spotlight by top US State Department official Kiron Skinner in late April, when she controversially said that China was Washington's first "great power competitor that is not Caucasian."

"When we think about the Soviet Union and that competition, in a way it was a fight within the western family ... That's not really possible with China. This is a fight with a really different civilization and a different ideology," Skinner said.

Speaking at Wednesday's conference, which featured representatives from 47 countries, Xi praised the achievements of China and other Asian nations over the centuries and said all civilizations needed to learn from each other.

Trade talks on hold

As recently as late April, the US and China appeared to be close to ending the year-long trade war.

But there has been little progress on trade talks since a Chinese delegation left Washington on Friday, sources close to the situation said.

Both countries have blamed each other for the breakdown in negotiations, with Trump saying on Tuesday that Beijing "broke" the deal.

"We had a deal that was very close and then they broke it. They really did. I mean, more than just, more than renegotiate, they really broke it. So we can't have that happen," he said.

Nevertheless, Trump appeared to play down the split between the two countries, describing it as a "little squabble."

There are still hopes for a deal, with a US trade delegation expected to head to Beijing in the coming weeks.

Xi and Trump are also expected to meet in Japan during the G20 in June.

'Fight for a new world'

Chinese state media has been on the offensive since the recent breakdown of talks, publishing fiercely nationalistic opinion pieces and articles proclaiming China's resilience.

A statement read during the Monday 7 p.m. newscast on state broadcaster CCTV said China would "fight for a new world," adding that in its long history "there's nothing we haven't seen before."

"As President Xi Jinping pointed out, the Chinese economy is a sea, not a small pond. A rainstorm can destroy a small pond, but it cannot harm the sea. After numerous storms, the sea is still there," anchor Kang Hui said.

The clip went viral on Chinese social media, where it has been viewed millions of times. CCTV's own post of the clip has has been reposted by most state media accounts.

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2019-05-15 06:46:00Z
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Trump's threat of auto tariffs on Europe may really be a 'Trojan horse' - CNBC

The Volkswagen T-Cross model stands on a lifting platform in a car tower on the Volkswagen factory premises.

picture alliance | picture alliance | Getty Images

President Donald Trump's next trade battle could involve the U.S. slapping steep tariffs on auto imports from Europe — but that wouldn't really be the White House's ultimate goal, one expert said Wednesday.

Instead, such a move may well prove to be a "Trojan horse" for a bigger deal on agriculture, according to David Hauner, head of cross-asset strategy and economics for Europe, the Middle East and Africa at Bank of America Merrill Lynch.

Now that Trump has imposed more tariffs on Chinese goods, all eyes are turning to a potentially brewing trade war between the U.S. and Europe. The president had threatened as early as last year that he would slap a 25% tariff on car imports from the European Union. So far, however, the tariffs have not been imposed — but Trump is due to make a decision on European auto imports by May 18.

According to Hauner, however, the White House may have a tough road ahead.

"We think there will at least be an attempt by the U.S. to push for some sort of concessions from Europe. It's gonna be very difficult particularly if Trump actually starts a discussion about agriculture," he told CNBC's "Squawk Box."

He added: "Some say that car tariffs might ... be a Trojan horse to actually start discussions about agriculture, because that's where really the big business for the U.S. and Europe would be. Agriculture and Europe is politically very very sensitive when it comes to allowing American imports."

Farmers — a key political constituency for Trump — have seen their fortunes suffering from the trade war with China, and that's potentially a concern for the president ahead of his 2020 re-election bid.

Since his tariff threat against European autos, Trump has met the president of the European Commission, the EU's executive body, and both decided to seek an agreement over trade and avoid tariffs. Nearly a year since their meeting, both sides have yet to start those official trade talks.

But analysts have pegged the tariffs on Chinese goods as a sign of what's to come for Europe. Last Monday, European auto stocks fell more than 3% following Trump's tariffs announcement over the weekend.

There could still be a deal as long as the U.S. keeps the trade discussions with the European Union to autos only, according to Hauner.

But, he said, "If the discussion will include agriculture, then it gets really, really dicey."

"Europe is really collateral damage here because Europe has not enough domestic growth. It really depends so much on trade and that is now really its Achilles' heel," Hauner added.

According to the Office of the United States Trade Representative, U.S. imports for consumed agricultural products from EU countries totaled $23.9 billion in 2018, while U.S. agricultural goods exports to the EU was $13.5 billion.

Auto imports from EU countries were worth $56.4 billion. Overall, the U.S. goods trade deficit with EU countries was $169.3 billion in 2018, an 11.8% increase over 2017, according to the USTR.

Since taking office, Trump has called out major trading partners including the EU, China and Canada for what he's deemed unfair practices that hurt American workers and companies.

Any U.S. tariffs on European cars would hit Germany's important automobile industry particularly hard. The United States is Germany's most important single export destination after the bloc of EU countries.

— Reuters and CNBC's Yen Nee Lee contributed to this report.

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2019-05-15 05:55:53Z
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Oil prices jump after Saudi Arabia reports drone attack on pumping stations - CNN

US oil prices rose 1.4% even though Saudi Aramco told CNN that the attack caused "no damage to oil production, no oil spills or injuries." Brent crude, the global benchmark, jumped 1.6%.

The Saudi Energy Ministry told the kingdom's state-run press agency that the attack caused a fire that has since been contained.

The apparent drone attack comes just a day after Saudi Arabia said two of its oil tankers were sabotaged off the coast of the United Arab Emirates.

Normally such threats to the Middle East's oil supplies would have a more pronounced impact to oil prices. But the gains have been muted by global fears about the deepening US-China trade war.

The Dow plunged 617 points, or 2.4%, on Monday after China retaliated against tariffs that the United States announced last week. The escalating trade war threatens to slow the global economy, eating into demand for crude oil.

Tensions have been rising in the Middle East, in large part because of intensifying rhetoric between the United States and Iran.

Saudi Aramco, the kingdom's state-owned oil company, told CNN that the drone attack targeted two pumping stations located between Riyadh in the east and Yanbu in the west. Only one of the pumping stations suffered "minor damage," Aramco said.

Attacks on oil infrastructure happen occasionally and the impact tends to be brief so long as supply is not impacted.

On Monday, the UAE described a "sabotage attack" against tankers. There were no injuries in that apparent attack and officials did not specify the nature of the incident nor who they believed carried it out.

Last week, the United States announced the deployment of the USS Abraham Lincoln aircraft carrier to the Middle East due to threats from Iran and its proxies.

David Petraeus, formerly America's top general in the Middle East, told CNN Business last week that he's concerned about the United States "inadvertently ending up in some kind of clash" with militias trained and funded by Iran.

"That could escalate and get out of hand," Petraeus said.

CNN's John Defterios contributed to this report

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2019-05-14 15:16:00Z
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Powerful Earthquake Hits in Papua New Guinea, Triggers Tsunami Alert - The Weather Channel

• A strong earthquake in Papua New Guinea triggers a tsunami warning there and for the Solomon Islands.
• There were no immediate reports of injuries or damage.

A magnitude 7.5 earthquake has struck Papua New Guinea, according to the U.S. Geological Survey.

There were no immediate reports of injuries or damage.

A​ tsunami alert was issued for Papua New Guinea and the Solomon Islands but was later cancelled.

The epicenter of the quake was about 28 miles northeast of Kokopo, in New Britain province. The city is on a smaller island northeast of the main island and about 495 from the the capital of Port Moresby.

Papua New Guinea sits on the Pacific "Ring of Fire," named for its active volcanoes and earthquakes. About 90 percent of Earth's quakes happen along this 25,000-mile horseshoe that loops from South America to Europe and back down to the coast off Australia.

A magnitude 7. 2 quake struck the country's main island on May 7, but no injuries or damage were reported.

In the past century, 36 earthquakes of magnitude 7.0 or larger have been reported within 150 miles of the epicenter of today's quake. Three of those were magnitude 8.0 or larger, including one in November 2000 that triggered landslides and at least one death, and left thousands homeless.

The Weather Company’s primary journalistic mission is to report on breaking weather news, the environment and the importance of science to our lives. This story does not necessarily represent the position of our parent company, IBM.

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2019-05-14 14:27:58Z
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Major mag. 7.6 earthquake - New Britain Region, P.N.G. (Papua New Guinea) on Tuesday, 14 May 2019 - information : - VolcanoDiscovery

Major mag. 7.6 earthquake - New Britain Region, P.N.G. (Papua New Guinea) on Tuesday, 14 May 2019 - information

May 14 13:07: Magnitude recalculated from 7.3 to 7.4.
May 14 13:11: Magnitude recalculated from 7.4 to 7.3.
May 14 13:17: Magnitude recalculated from 7.3 to 7.6.

Date & time: Tue, 14 May 12:58:26 UTC
Magnitude: 7.6
Depth: 10.0 km
Epicenter latitude / longitude: 4.14°S / 152.54°E (Papua New Guinea)
Nearest volcano: Tavui (38 km)
Primary data source: GFZ
Estimated released energy: 1.6*10^16 J (4402 GWh / 3.8*10^6 tons of TNT / 236.7 atomic bombs equivalent) [learn more]

If you felt this quake (or if you were near the epicenter), please share your experience with us and submit a short "I felt it" report.
You can use your GPS or device location as well to show where you were during the earthquake. - thank you.

Data for same earthquake as reported from other agencies

Time	Mag. / Depth	Location		Source
Tue, 14 May 2019
Tue, 14 May 12:58 UTC	M 7.5 / 10 km	New Britain Region, P.n.g. (Papua New Guinea)		EMSC
Tue, 14 May 12:58 UTC	M 7.5 / 10 km	45km NE of Kokopo, Papua New Guinea		USGS

"I felt it" reports:

Kokopo, ENB, PNG / MMI IX (Violent shaking): Violent shaking the house almost to fall. Kokopo, Kenabot.

Madang / not felt

Gelegele / MMI VI (Strong shaking): Violent shaking and uplift force towards the end. No structural damage to permanent house and have not felt one like this for a long time.Kokopo

Rabaul / MMI VII (Very strong shaking): Was in the house with my family. My wife and two daughters. My daughters 4 and 2 years were fast asleep. My wife was playing game in her phone and I was watching movies. Suddenly the House was shaken and really frightening. I got hold of my big girl and my wife held another, we got out of the house cos we felt the house could be down in any moment.

(13923.3 km NE from epicenter) [Map] / MMI II (Very weak shaking)

(51.3 km WSW from epicenter) [Map] / MMI VI (Strong shaking): I was walking under my house when the earthquake started. At first it was small but it turned quickly into a rather rough earthquake. I literally saw the posts of my house sway. I ran out from under the house ASAP cause it seemed pretty frightening. Dogs and people were awaken and shouting. Small tremors are coming and going at the moment. Report all the way from Rabaul town.

Sydney / not felt

Neumünster / not felt

NONGA HOSPITAL, ENBP / MMI VI (Strong shaking): The whole house shook and things on the shelf and fridge all fell to the floor.

Lihir island / MMI V (Moderate shaking): Started at 22.51 and second trembling 22.59 third at 23.03 all make the house move at Lihir island png

Kavieng, New Ireland (98.4 km WNW from epicenter) [Map] / MMI II (Very weak shaking): slow, swaying shake...like your on a boat . felt rather dizzy, realized it was an earthquake.

Kokopo / MMI IX (Violent shaking)

(118.5 km N from epicenter) [Map] / MMI VI (Strong shaking)

Lihir Island, New Ireland Province / MMI V (Moderate shaking)

St Mary's Hospital Vunapope (36.7 km SW from epicenter) [Map] / MMI VIII (Severe shaking) (via app)

Kabakada Rabaul (44 km W from epicenter) [Map] / MMI VI (Strong shaking): It felt very strong, shallow and moderately violent. (via app)

(3312.2 km S from epicenter) [Map] / MMI II (Very weak shaking): On fifth floor of old concrete Tower.. felt slight movement and heard creaking. (via app)

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2019-05-14 13:19:25Z
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Trump says deal with China will happen ‘when the time is right, US needs to 'make up' ground first - Fox News

President Trump on Tuesday said that a deal with China will happen “when the time is right,” and only after the U.S. is allowed to “make up” ground he says was lost after the formation of the World Trade Organization.

“When the time is right we will make a deal with China. My respect and friendship with President Xi is unlimited but, as I have told him many times before, this must be a great deal for the United States or it just doesn’t make any sense,” Trump said as part of a lengthy tweetstorm.

CHINA IS FIGHTING TO 'PROTECT ITS LEGITIMATE RIGHTS AND INTERESTS' IN TRADE WAR WITH US, STATE MEDIA SAYS

The tweets come after the U.S. last week began increasing tariffs from 10 percent to 25 percent on $200 billion of Chinese goods. China responded by upping tariffs on $60 billion of U.S. goods.

But both sides have expressed willingness to come together and make a trade deal to cool the escalating trade war between the two superpowers. A Chinese delegation was in Washington last week, and while talks broke off Friday, both sides have indicated that further talks will happen.

However, the Trade Representative's Office listed a further $300 billion of Chinese goods for possible tariffs on Monday, while the Chinese government warned it was prepared to “fight to the finish” in response to U.S. action.

WHY THE US-CHINA TRADE WAR COULD SETTLE THE 2020 ELECTION IN 2019

Trump has repeatedly said that the trade structure between the two countries is imbalanced, and has sought to rectify that. The Trump administration started placing tariffs on Chinese goods last year. He pointed his finger on Tuesday at the WTO, whose formation he said is at least partly responsible for U.S. losses on trade.

“We have to be allowed to make up some of the tremendous ground we have lost to China on Trade since the ridiculous one sided formation of the WTO,” he said. “It will all happen, and much faster than people think!”

CLICK HERE TO GET THE FOX NEWS APP

Responding to fears that a trade war with China could hurt American farmers, Trump said that they would in fact be “the biggest beneficiaries of what is happening now.”

“Hopefully China will do us the honor of continuing to buy our great farm product, the best, but if not your Country will be making up the difference based on a very high China buy,” he said. “This money will come from the massive Tariffs being paid to the United States for allowing China, and others, to do business with us.”

Trump has touted his relationship with Xi, and said Monday he will meet with the Chinese premier during the G20 summit in Osaka, Japan at the end of June.

The Associated Press contributed to this report.

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2019-05-14 13:01:22Z
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Trump says deal with China will happen ‘when the time is right, US needs to 'make up' ground first - Fox News

President Trump on Tuesday said that a deal with China will happen “when the time is right,” and only after the U.S. is allowed to “make up” ground he says was lost after the formation of the World Trade Organization.

“When the time is right we will make a deal with China. My respect and friendship with President Xi is unlimited but, as I have told him many times before, this must be a great deal for the United States or it just doesn’t make any sense,” Trump said as part of a lengthy tweetstorm.

CHINA IS FIGHTING TO 'PROTECT ITS LEGITIMATE RIGHTS AND INTERESTS' IN TRADE WAR WITH US, STATE MEDIA SAYS

The tweets come after the U.S. last week began increasing tariffs from 10 percent to 25 percent on $200 billion of Chinese goods. China responded by upping tariffs on $60 billion of U.S. goods.

But both sides have expressed willingness to come together and make a trade deal to cool the escalating trade war between the two superpowers. A Chinese delegation was in Washington last week, and while talks broke off Friday, both sides have indicated that further talks will happen.

However, the Trade Representative's Office listed a further $300 billion of Chinese goods for possible tariffs on Monday, while the Chinese government warned it was prepared to “fight to the finish” in response to U.S. action.

WHY THE US-CHINA TRADE WAR COULD SETTLE THE 2020 ELECTION IN 2019

Trump has repeatedly said that the trade structure between the two countries is imbalanced, and has sought to rectify that. The Trump administration started placing tariffs on Chinese goods last year. He pointed his finger on Tuesday at the WTO, whose formation he said is at least partly responsible for U.S. losses on trade.

“We have to be allowed to make up some of the tremendous ground we have lost to China on Trade since the ridiculous one sided formation of the WTO,” he said. “It will all happen, and much faster than people think!”

CLICK HERE TO GET THE FOX NEWS APP

Responding to fears that a trade war with China could hurt American farmers, Trump said that they would in fact be “the biggest beneficiaries of what is happening now.”

“Hopefully China will do us the honor of continuing to buy our great farm product, the best, but if not your Country will be making up the difference based on a very high China buy,” he said. “This money will come from the massive Tariffs being paid to the United States for allowing China, and others, to do business with us.”

Trump has touted his relationship with Xi, and said Monday he will meet with the Chinese premier during the G20 summit in Osaka, Japan at the end of June.

The Associated Press contributed to this report.

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2019-05-14 12:50:29Z
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