[6.03091287612915, -1.745887041091919, "Leaders | \u201cOpen for business\u201d\nThe harm done by America\u2019s new tariffs\nDuties on solar panels and washing machines are more damaging than they first appear\n\nON TRADE, President Donald Trump has launched lots of investigations, withdrawn from one deal (see Banyan) and started the renegotiation of another.", "2018-01-25"]
[4.819830417633057, -1.5527256727218628, "But this week is the first time he has put up a big new barrier.", "2018-01-25"]
[7.060459136962891, -1.5149104595184326, "On January 22nd he approved broad and punitive duties, of up to 30% on imports of solar panels and up to 50% on imports of washing machines.", "2018-01-25"]
[6.758998394012451, -1.4169135093688965, "His backers say that the measure, which affects around $10bn of imports, will protect American workers.", "2018-01-25"]
[4.199764728546143, -0.769516110420227, "His critics cling to the hope that the damage will be mild.", "2018-01-25"]
[5.974117755889893, -1.37424635887146, "Start with the claims made by the administration.", "2018-01-25"]
[6.823030948638916, -0.8940331935882568, "Workers are also consumers, and Mr Trump\u2019s actions will whack them.", "2018-01-25"]
[6.762746810913086, -0.5626170039176941, "Tariffs raise prices and dull competition.", "2018-01-25"]
[8.830182075500488, -2.724294424057007, "Whirlpool Corporation, the washing-machine maker which asked for the duties, knows as much.", "2018-01-25"]
[6.993419170379639, -0.7922623157501221, "When, in 2006, it merged with Maytag, a rival, it quelled concerns about its high market share by pointing to competition from abroad.", "2018-01-25"]
[8.117250442504883, -1.1769462823867798, "One study found that clothes-dryer prices rose by 14% after the merger.", "2018-01-25"]
[7.605865478515625, -1.2632253170013428, "For washing machines, where import competition was fiercer, prices were unchanged.", "2018-01-25"]
[7.535618305206299, -0.24653281271457672, "Even if American wallets are pinched, surely American jobs are safer?", "2018-01-25"]
[8.78419017791748, -2.590925455093384, "Whirlpool is creating 200 new posts.", "2018-01-25"]
[8.613359451293945, -3.112359046936035, "Samsung and LG, two South Korean washing-machine makers, are ramping up their American production.", "2018-01-25"]
[5.391495227813721, -1.71621835231781, "But their deals were hatched before Mr Trump came into office, spurred in part by the logic of making heavy machines close to customers.", "2018-01-25"]
[8.729525566101074, -3.608582019805908, "The solar industry is a clearer case.", "2018-01-25"]
[8.767879486083984, -2.0208792686462402, "It has about 260,000 workers, a mere 2,000 of whom were making solar cells and panels at the end of 2016.", "2018-01-25"]
[8.763882637023926, -3.7073748111724854, "The government reckons that the fastest-growing occupation over the next ten years will be that of solar installer.", "2018-01-25"]
[7.7916436195373535, -1.2362302541732788, "The Solar Energy Industries Association, a body that is enraged by the new tariffs, reckons that the industry will support up to 23,000 fewer jobs because of them.", "2018-01-25"]
[7.118652820587158, 0.04895450174808502, "Meanwhile, as if to underline the irony, the two companies that asked for protection are unlikely to be saved.", "2018-01-25"]
[6.877387523651123, -0.8926718235015869, "And do not forget that the tariffs may harm American industry more broadly.", "2018-01-25"]
[6.796980381011963, -0.7767060399055481, "Restricting markets for imports tends to spark retaliation that restricts markets for exports\u2014especially when, as with these latest tariffs, they affect everyone.", "2018-01-25"]
[8.566415786743164, -3.74316143989563, "China, supposedly the focus of American ire, produces 60% of the world\u2019s solar cells and is responsible for 21% of America\u2019s imports.", "2018-01-25"]
[6.148959159851074, -2.856017589569092, "But South Korea will also be hit, and its government is poised to dispute America\u2019s action at the World Trade Organisation.", "2018-01-25"]
[6.277063846588135, -1.1977909803390503, "Other casualties include Mexico, Canada and the European Union.", "2018-01-25"]
[5.773766994476318, -1.7199009656906128, "President, not precedent\nCritics of this week\u2019s tariffs draw solace from the fact that Mr Trump\u2019s actions were broadly in line with the steer from the United States International Trade Commission, a quasi-judicial review body, and in both cases were weaker than the petitioners had originally requested.", "2018-01-25"]
[6.0721917152404785, -1.6454092264175415, "They point out, too, that occupants of the Oval Office have resorted to global \u201csafeguard\u201d tariffs on 19 previous occasions.", "2018-01-25"]
[5.643024921417236, -1.7058939933776855, "That Mr Trump has stayed within the rules is small comfort: they give him enormous scope to poison world trade.", "2018-01-25"]
[4.584055423736572, -1.878759503364563, "And it would be wrong to skate over the differences between his administration and its predecessors.", "2018-01-25"]
[5.57076358795166, 0.037087876349687576, "The last time this particular safeguard was applied was in 2002.", "2018-01-25"]
[3.9725747108459473, -0.63520348072052, "It is especially belligerent.", "2018-01-25"]
[6.18010950088501, -1.8282161951065063, "Past presidents remained wary of hurting American consumers, and mindful of international repercussions.", "2018-01-25"]
[5.417396545410156, -1.860361099243164, "Mr Trump, by contrast, seems to hold a steadfast belief that protectionism works.", "2018-01-25"]
[4.558079242706299, -1.8463014364242554, "His rhetoric\u2014and now his actions\u2014invite aggrieved petitioners to apply for help.", "2018-01-25"]
[5.725578308105469, -1.7519811391830444, "The logic of his stance on trade is to use tariffs not sparingly, but repeatedly and aggressively.", "2018-01-25"]
[4.784560680389404, -1.97330641746521, "Mr Trump is now open for business, just not the healthy sort.", "2018-01-25"]
[7.863928318023682, -0.07675612717866898, "Finance & economics | Buttonwood\nMarkets fret about America\u2019s turn toward protectionism\nA trade war would be certain to roil markets and disrupt central banks\u2019 plans to reduce stimulus\n\nIN THE run-up to the presidential election of 2016, investors were nervous about Donald Trump.", "2018-03-08"]
[5.62512731552124, -1.720288872718811, "They liked his tax-cutting, anti-regulation promises, but fretted about his foreign and trade policies.", "2018-03-08"]
[5.069664001464844, -2.1990673542022705, "Some dubbed the two agendas \u201cTrump lite\u201d and \u201cDonnie Darko\u201d.", "2018-03-08"]
[8.1497220993042, -0.09247931092977524, "Almost as soon as it became clear that Mr Trump would become president, the markets decided to believe in the optimistic version.", "2018-03-08"]
[4.567495346069336, -2.023916244506836, "His tweeting and decision-making may have been erratic, but investors seemed to forgive the president his peccadilloes as a wife might her errant husband: \u201cHe may not be faithful but he\u2019s a good provider.", "2018-03-08"]
[5.908642292022705, -1.0271539688110352, "\u201d\nFears about trade conflict almost disappeared.", "2018-03-08"]
[6.538137435913086, -1.4306663274765015, "In last month\u2019s survey of global fund managers by Bank of America Merrill Lynch, just 5% regarded a trade war between America and China as the biggest risk facing the markets, compared with 45% who worried about a return of inflation or a crash in the bond markets.", "2018-03-08"]
[6.20353889465332, -1.2474212646484375, "The announcement of tariffs on steel and aluminium on March 1st thus came as a nasty shock, especially as it was followed by boasts about trade wars being \u201ceasy to win\u201d.", "2018-03-08"]
[8.254798889160156, -0.09173019230365753, "Furthermore, the news came just a few weeks after the stockmarket suffered a nasty wobble as investors worried that higher interest rates might pose a threat to global growth.", "2018-03-08"]
[5.544870853424072, -0.5375146865844727, "Analysts have started to calculate the market consequences if a trade dispute escalates.", "2018-03-08"]
[6.505674362182617, -0.4201507568359375, "Erik Nielsen of UniCredit Bank thinks a trade war would reduce global economic growth by 0.5-1% a year and send the stockmarket into a \u201cmeasurable correction\u201d.", "2018-03-08"]
[8.203376770019531, 0.16573208570480347, "This would in turn disrupt central banks\u2019 plans to withdraw monetary stimulus, sending both bond and currency markets on a \u201crollercoaster ride\u201d for several months.", "2018-03-08"]
[6.057052135467529, -1.682318091392517, "Alan Ruskin of Deutsche Bank thinks that the president\u2019s protectionist rhetoric will be seen by many investors as a sign that America desires a weaker dollar, which is another way of trying to bring the trade deficit down.", "2018-03-08"]
[6.108661651611328, -0.6732438802719116, "Ben Inker of GMO, a fund-management group, says that the rise of economic nationalism has increased the likelihood of a trade war that would be in no one\u2019s interests.", "2018-03-08"]
[7.196710586547852, 0.14512301981449127, "It would cause investors to shorten their time horizons a problem for shares, which depend for their value on an uncertain stream of future profits.", "2018-03-08"]
[6.507185935974121, -0.4495081305503845, "\u201cIf one wanted to imagine a scenario in which valuations fall not merely to long-term historical averages but right through onto the other side, a global trade war is a strong candidate,\u201d Mr Inker warns.", "2018-03-08"]
[4.058760643005371, 0.028471359983086586, "Clearly, not everyone feels the same way.", "2018-03-08"]
[8.213114738464355, -0.3243723213672638, "There was a big fall in the American stockmarket when Mr Trump announced his intention to raise tariffs.", "2018-03-08"]
[7.848935604095459, -0.3761211633682251, "But shares quickly bounced back before falling again when Gary Cohn, the president\u2019s economic adviser and a fervent advocate of free trade, resigned.", "2018-03-08"]
[6.666989803314209, -4.008868217468262, "Adding to the uncertainty is the possibility that America will decide to take separate measures against China for intellectual-property theft.", "2018-03-08"]
[4.660078525543213, -1.8852912187576294, "At the time of writing there was still scope for Mr Trump to change his mind in the face of congressional opposition at home or the prospect of retaliation from abroad.", "2018-03-08"]
[6.1273908615112305, -1.082959532737732, "And even if tariffs are imposed the dispute could soon subside, as it did when the Bush administration pushed through similar measures in 2002.", "2018-03-08"]
[6.216883659362793, 0.04881387948989868, "But the global economy is in unfamiliar territory.", "2018-03-08"]
[6.504269599914551, -0.9758507013320923, "Because restrictions on trade have generally been easing since 1945, investors have no experience of a broad tariff dispute.", "2018-03-08"]
[6.965704441070557, -0.7822272181510925, "The Smoot-Hawley Act, which pushed up tariff rates by an average of six percentage points, is regarded as having been an unhelpful act in the midst of the Depression.", "2018-03-08"]
[6.6855244636535645, -0.28731217980384827, "Congress passed it in June 1930 despite a statement opposing it signed by 1,028 economists published in the New York Times.", "2018-03-08"]
[8.232648849487305, -0.3887585997581482, "Although the big crash in the market came in October 1929, the S&P Composite index suffered a further decline of 10% in the month the act passed.", "2018-03-08"]
[7.988926887512207, -0.23215638101100922, "(The tariffs were not the only thing driving the market down, of course; the American banking system was collapsing at the same time.", "2018-03-08"]
[6.144366264343262, -0.5608319044113159, ")\nEven if the world manages to avoid a full-blown trade war, the threat to global markets is clear.", "2018-03-08"]
[5.941166877746582, -0.009773051366209984, "Politicians are becoming more nativist, and as they do so, barriers to the free movement of capital, goods and services are likely to rise.", "2018-03-08"]
[8.080920219421387, -0.027589360252022743, "Financial markets, with high equity valuations and low bond yields, are currently priced for perfection.", "2018-03-08"]
[6.2506279945373535, -0.5709898471832275, "But a protectionist world is far from perfect.", "2018-03-08"]
[7.85399055480957, 0.05759923532605171, "If the trend continues, markets are likely to become more risky.", "2018-03-08"]
[5.069917678833008, -2.2035868167877197, "After all, when a politician says \u201cAmerica First\u201d, or indeed \u201cRuritania First\u201d, that suggests that the interests of foreign investors are being left far behind.", "2018-03-08"]
[6.201053142547607, -2.2736241817474365, "|SHANGHAI\n\nFinance & economics | Global trade\nA lose-lose trade war looms between America and China\nIf China cannot placate Donald Trump, it will fight him instead\n\nPRESIDENT DONALD TRUMP has not yet started a global trade war.", "2018-03-15"]
[4.3894944190979, -1.9400874376296997, "But he has started a frenzy of special pleading and spluttered threats.", "2018-03-15"]
[6.063859462738037, -1.5615335702896118, "In the week since he announced tariffs on steel and aluminium imports, countries have scrambled to win reprieves.", "2018-03-15"]
[6.153137683868408, -2.73136043548584, "Australia, the European Union and Japan, among others, have argued that, since they are America\u2019s allies, their products pose no risk to America\u2019s security.", "2018-03-15"]
[5.614219665527344, -1.3014055490493774, "If these appeals fail, the EU has been most vocal in vowing to retaliate, in turn prompting Mr Trump to threaten levies on European cars.", "2018-03-15"]
[5.366743087768555, -3.549687623977661, "In China, ostensibly the focus of Mr Trump\u2019s actions, the public response has been more restrained.", "2018-03-15"]
[4.350216865539551, -1.3575409650802612, "Officials have said the two countries should strive for a \u201cwin-win outcome\u201d, a favourite bromide in their lexicon.", "2018-03-15"]
[6.340456485748291, -3.53784441947937, "As a rival to America, China knows that an exemption from the tariffs is not on offer.", "2018-03-15"]
[5.617961883544922, -4.196628093719482, "It also knows that it needs to conserve firepower.", "2018-03-15"]
[6.173417568206787, -2.3684892654418945, "If this is the first shot in a trade war, it is, for China, small bore.", "2018-03-15"]
[8.426933288574219, -1.8764128684997559, "Its steel and aluminium exports to America amount to roughly 0.03% of its GDP, not even a rounding error.", "2018-03-15"]
[5.798645973205566, -3.8089537620544434, "It is two shots to come that have China more worried.", "2018-03-15"]
[6.4973907470703125, -2.0181703567504883, "Mr Trump has asked China to slash its $375bn bilateral trade surplus by as much as $100bn, a nigh-impossible task.", "2018-03-15"]
[7.0764079093933105, -4.32670783996582, "And an investigation into China\u2019s intellectual-property practices is almost over.", "2018-03-15"]
[5.770181655883789, -2.761593818664551, "Mr Trump wants to punish China for the alleged theft of American corporate secrets.", "2018-03-15"]
[6.69773530960083, -1.8208283185958862, "Reportedly he will seek to place tariffs on up to $60bn of Chinese imports, focused on technology and telecommunications (see Briefing).", "2018-03-15"]
[5.087282657623291, -3.519733428955078, "Until recently, Chinese officials thought they had the measure of Mr Trump.", "2018-03-15"]
[4.755014419555664, -2.9053335189819336, "During a state visit to China in November, he was treated to a lavish banquet and signing ceremonies for $250bn in cross-border deals.", "2018-03-15"]
[4.251767158508301, -1.2303463220596313, "He still speaks fondly of the dinner, but the glow faded quickly on the deals, many of which were restatements of previous commitments.", "2018-03-15"]
[6.192124366760254, -1.8688619136810303, "The tariffs on steel and aluminium, though negligible in their impact on China, signalled that hawkish advisers to Mr Trump were in the ascendancy.", "2018-03-15"]
[5.6821722984313965, -4.016300201416016, "So behind their mask of calm, Chinese officials are searching for ways to fight back.", "2018-03-15"]
[6.838871479034424, -2.1799278259277344, "The demand that China cut its trade surplus by $100bn is, in a technical sense, risible.", "2018-03-15"]
[6.08089542388916, -3.739779233932495, "As Mei Xinyu, a researcher in a Chinese commerce-ministry think-tank, observes, America complains that China is not a market economy, but asks for a hard target that only a planned economy could hit.", "2018-03-15"]
[8.067713737487793, -1.817280888557434, "The true bilateral trade gap is smaller than reported, since Chinese exports contain many inputs from elsewhere.", "2018-03-15"]
[8.275233268737793, -2.8609440326690674, "Add in services, including Chinese students in America, and it is smaller still.", "2018-03-15"]
[6.273799896240234, -3.842386245727539, "Politically, the demand has helped focus China\u2019s thinking.", "2018-03-15"]
[5.001060962677002, -2.9178624153137207, "\u201cThere is a sense that they need to give Mr Trump a win, and that the win must be in the form of a big round number that he can tout,\u201d says Eswar Prasad, an economist at Cornell University, who has spoken with Chinese trade officials.", "2018-03-15"]
[7.372469902038574, -2.507767915725708, "One possibility is that China might buy more of its oil and gas from America, and perhaps even make a hefty down payment on future purchases.", "2018-03-15"]
[6.966036796569824, -4.1079792976379395, "But if America imposes stiff penalties in the intellectual-property case\u2014along with stinging tariffs, it might also place new restrictions on Chinese investment and travel visas\u2014China will take a much harder line.", "2018-03-15"]
[4.5640106201171875, -3.3661224842071533, "A government adviser in Beijing says that regardless of the economic consequences, Xi Jinping, China\u2019s president, will want to show that he is no pushover.", "2018-03-15"]
[6.803971290588379, -2.5443665981292725, "Counter-measures will be varied, says David Dollar, America\u2019s former treasury representative in Beijing.", "2018-03-15"]
[7.414181709289551, -2.337613344192505, "China will buy more soyabeans from Brazil instead of from America.", "2018-03-15"]
[5.733103275299072, 0.7557274103164673, "It will buy more Airbus planes instead of Boeings.", "2018-03-15"]
[6.280786514282227, -1.3633028268814087, "It will tell its students and tourists to go to other countries.", "2018-03-15"]
[6.873391151428223, -3.8540170192718506, "It will drag its feet on approvals for American companies in China.", "2018-03-15"]
[5.946959495544434, -0.7007330060005188, "Worryingly, each side thinks that in a trade war of attrition, it would have the advantage.", "2018-03-15"]
[7.166107654571533, -2.4249837398529053, "America calculates that China has the bigger surplus, and thus more to lose.", "2018-03-15"]
[8.274518966674805, -1.972684621810913, "But China\u2019s exports to America are less than 3% of its GDP\u2014large but not critically so.", "2018-03-15"]
[6.9393486976623535, -3.1644599437713623, "China, for its part, thinks Americans would object to paying higher prices for manufactured goods from toys to televisions.", "2018-03-15"]
[7.842946529388428, -2.7843282222747803, "But much low-end production is migrating from China to other developing countries and, in a pinch, American consumers might rally round the flag.", "2018-03-15"]
[5.440391540527344, -3.8530633449554443, "To invert China\u2019s much-loved win-win motto, this has all the makings of a lose-lose battle.", "2018-03-15"]
[6.28479528427124, -2.0211236476898193, "Business | A clash over commerce\nDonald Trump launches attack on Chinese trade\nTariffs will hurt America too\n\nNow for the real fight.", "2018-03-22"]
[6.4945173263549805, -1.9086391925811768, "After unveiling tariffs on steel and aluminium which barely grazed China earlier this month, President Donald Trump took direct aim at Beijing on March 22nd.", "2018-03-22"]
[6.0974440574646, -2.3657500743865967, "His move to hit China for its trade practices is designed to land three jabs.", "2018-03-22"]
[7.100403785705566, -1.6951494216918945, "The first will take the form of tariffs of 25% on up to $60bn of Chinese exports to America.", "2018-03-22"]
[5.906383037567139, -2.6107659339904785, "This, Mr Trump argues, is only a fraction of the economic damage China has done to America by stealing or forcibly extracting its companies\u2019 intellectual property.", "2018-03-22"]
[7.132403373718262, -3.981414556503296, "The second blow will come in the form of investment restrictions on Chinese companies, to stop the Chinese from hoovering up American ideas and gaining a strategic advantage.", "2018-03-22"]
[5.262609958648682, -0.551296055316925, "The third will involve litigation at the World Trade Organisation.", "2018-03-22"]
[5.6892242431640625, -3.9457623958587646, "China has broken the rules, the president thinks, and needs to be held to account.", "2018-03-22"]
[4.041238307952881, -0.029353231191635132, "Plenty agree on that.", "2018-03-22"]
[6.4967570304870605, -3.367619037628174, "China has not lived up to the expectations many had of it when it joined the World Trade Organisation back in 2001 (see briefing).", "2018-03-22"]
[7.721541881561279, -4.299144744873047, "Its challenge to American technological supremacy is real enough (see briefing).", "2018-03-22"]
[6.032024383544922, -2.1197047233581543, "The metal tariffs have been handled chaotically and were controversial even within the administration; the desire to curb China\u2019s bad behaviour commands much more consensus.", "2018-03-22"]
[6.309328079223633, -0.9660718441009521, "That does not make the Trump administration\u2019s strategy on tariffs a good one.", "2018-03-22"]
[5.842263221740723, -2.1792449951171875, "Mr Trump thinks that America\u2019s position in a trade battle is stronger than that of the Chinese, because they send more stuff to America than goes the other way.", "2018-03-22"]
[7.352447032928467, -1.2454230785369873, "But imports benefit Americans too.", "2018-03-22"]
[7.013833999633789, -1.85145902633667, "Slapping tariffs on over 10% of Chinese goods exports to America will hit shoppers.", "2018-03-22"]
[7.34242057800293, -4.156527042388916, "Even outfits who are hawkish on China, such as the Information Technology and Innovation Foundation, a tech-industry-funded think-tank, are critical of the idea of imposing tariffs on ICT products from China.", "2018-03-22"]
[7.1095356941223145, -2.8977110385894775, "It warns that this would hurt American productivity growth and benefit China's competitors rather than bringing any jobs back to America.", "2018-03-22"]
[5.716644763946533, -3.5859897136688232, "What would make matters much worse is Chinese retaliation.", "2018-03-22"]
[4.824931621551514, -3.2970128059387207, "On the day of Mr Trump's announcement, Cui Tiankai, the Chinese ambassador to America said \"if people want to play tough, we wil play tough with them.", "2018-03-22"]
[6.857839107513428, -1.9994819164276123, "\" American agriculture exporters look especially vulnerable.", "2018-03-22"]
[7.153279781341553, -2.3891754150390625, "Paul Burke, regional director of the US Soybean Export Council in North Asia, has heard talk of the Chinese commerce ministry meeting soybean consumers to ask how they would cope if access to American soybeans were to be curtailed.", "2018-03-22"]
[6.95258903503418, -2.016688108444214, "On March 20th the Global Times, a Chinese newspaper, published an editorial clamouring for tariffs, arguing that subsidised American soybeans were \u201can important reason for the world\u2019s soybean oversupply\u201d.", "2018-03-22"]
[7.329964637756348, -2.373401165008545, "Mr Burke thinks that soybeans are an example of how trade with China is working.", "2018-03-22"]
[5.940579891204834, -1.4880881309509277, "Now it looks like the exporters he represents will be caught up in the fray.", "2018-03-22"]
[6.225865840911865, -0.49398982524871826, "Such is the self-destructive logic of trade wars.", "2018-03-22"]
[4.377854824066162, -1.8678438663482666, "Mr Trump claims to be trying to avoid a scenario of punch and counterpunch.", "2018-03-22"]
[6.229297637939453, -1.9327702522277832, "As he signed the punitive measures, he boasted that he was knee-deep in negotiations with the government in Beijing to lower America\u2019s trade deficit with China by $100bn, from $375bn (in goods) in 2017.", "2018-03-22"]
[5.892547607421875, -1.8415883779525757, "Set aside the question of whether Mr Trump\u2019s dislike of deficits makes sense (it doesn\u2019t).", "2018-03-22"]
[4.173981666564941, -1.6025053262710571, "His latest action is unlikely to help those talks.", "2018-03-22"]
[6.79532527923584, -2.292079448699951, "The Trump administration has signalled that it would defend the interests of American farmers if the Chinese were to treat them unfairly.", "2018-03-22"]
[4.040349960327148, -0.3302607536315918, "One blow always tends to lead to another.", "2018-03-22"]
[5.305616855621338, -1.744905710220337, "Leaders | The danger of the deal\nEven if America wins concessions, worry\nDonald Trump\u2019s trade policy is economically muddled and politically toxic\n\nJUST six words suffice to sum up President Donald Trump\u2019s approach to trade (and, you may mutter, too much else): make threats, strike deals, declare victory.", "2018-03-28"]
[6.515128135681152, -1.6267191171646118, "In recent weeks Mr Trump\u2019s campaign-trail threats of 2016 have been turned into tariffs of 25% on imports of steel and 10% on aluminium, and proposed levies on up to $60bn-worth of Chinese goods.", "2018-03-28"]
[5.020756244659424, -1.0623518228530884, "Foreigners have duly queued to sue for peace.", "2018-03-28"]
[6.681972980499268, -1.9928028583526611, "On March 26th South Korea agreed to limit its steel exports to America, and accepted an extension of American tariffs on its pickup trucks.", "2018-03-28"]
[6.980099678039551, -2.5067527294158936, "China is said to be discussing cuts in tariffs on American cars, increased purchases of American semiconductors and the further opening of its financial industry.", "2018-03-28"]
[6.3643622398376465, -1.819050669670105, "With many of America\u2019s allies belatedly exempted from the metals tariffs, and consensus among policymakers and business types that China should indeed change its behaviour, stockmarkets are less fearful of an outright trade war (see Buttonwood).", "2018-03-28"]
[5.628060817718506, -1.692383885383606, "The man who tweeted that \u201ctrade wars are good, and easy to win\u201d may be able to claim a string of victories with scarcely a shot fired.", "2018-03-28"]
[5.48599100112915, -2.6067440509796143, "For one thing, no deal has yet been done with China.", "2018-03-28"]
[4.993070602416992, -1.8355556726455688, "Other countries have politics too, even dictatorships.", "2018-03-28"]
[5.6870951652526855, -2.770704984664917, "Despite the South Korean deal, and keen as China is to avoid a trade war\u2014keener than Mr Trump, it seems\u2014the danger of a transpacific escalation remains real.", "2018-03-28"]
[5.485942363739014, -3.4012300968170166, "Even if conflict is averted and China gives ground, however, the result will be a bad one for the world, and for America.", "2018-03-28"]
[4.341256618499756, -2.1353800296783447, "That is partly because of Mr Trump\u2019s character.", "2018-03-28"]
[4.321135997772217, -2.0195419788360596, "If he thinks he has won one fight, he is likelier to start another.", "2018-03-28"]
[4.972451686859131, -1.9190824031829834, "It is also because his policy is founded on wretched economics and dangerous politics.", "2018-03-28"]
[6.8895487785339355, -0.21785324811935425, "Take the economics first.", "2018-03-28"]
[6.081605434417725, -1.830100655555725, "The president is obsessed with America\u2019s trade deficits\u2014not just the total, of $568bn, or 2.9% of GDP, last year, but its bilateral ones, especially the yawning $375bn deficit in goods trade with China, which he wants cut by $100bn.", "2018-03-28"]
[5.756065368652344, -1.457653284072876, "Mr Trump\u2019s bluster cannot change basic economic logic.", "2018-03-28"]
[7.637426853179932, 0.6682577729225159, "America\u2019s total trade deficit reflects the shortfall in saving by its households, companies and government\u2014the excess of their combined spending over their income.", "2018-03-28"]
[6.707237720489502, -0.33538129925727844, "Tariffs and quotas can bring trade into balance only if they somehow encourage national saving or reduce investment.", "2018-03-28"]
[6.833642482757568, -0.09996222704648972, "Protectionism predicts trade balances poorly.", "2018-03-28"]
[7.29724645614624, 0.2015567123889923, "Just look at India, where, historically, high tariffs and high trade deficits have coexisted.", "2018-03-28"]
[7.554113388061523, 0.46006864309310913, "Bilateral deficits, it is true, can more easily be altered by trade policy.", "2018-03-28"]
[7.216790676116943, -1.9716575145721436, "If America slaps taxes on Chinese goods (and nothing else changes), it will buy less of them and the $375bn gap will shrink.", "2018-03-28"]
[7.447345733642578, -1.3928885459899902, "However, unless Americans change their total spending and saving, they will buy more from elsewhere.", "2018-03-28"]
[6.043591022491455, -1.7392802238464355, "The tax cuts that the president signed into law in December make his fixation on trade deficits even more senseless.", "2018-03-28"]
[7.547125816345215, 0.4028533101081848, "Boosting the budget deficit to 5% of GDP in 2019 will, other things being equal, widen the trade gap.", "2018-03-28"]
[4.690332412719727, -2.248056173324585, "It is hard to imagine Mr Trump blaming himself for that\u2014and all too easy to see him making a new round of threats against foreigners.", "2018-03-28"]
[5.731472969055176, -1.609604001045227, "The president\u2019s more fundamental error is to see trade as a zero-sum game, in which exporting is for winners (or cheats, if they are foreign) and importing is for dupes.", "2018-03-28"]
[7.814486026763916, -2.180799722671509, "In fact, the gains from trade come from the specialisation permitted by the free exchange of goods, capital and know-how that allows, for example, Californian-designed iPhones to be assembled in China and sold worldwide by the bucketload.", "2018-03-28"]
[5.574822902679443, -1.7958457469940186, "So long, Geneva\u2019s conventions\nMr Trump\u2019s misunderstanding of economics explains why his politics are so irresponsible.", "2018-03-28"]
[4.892523765563965, -3.141030788421631, "Rather than join with other aggrieved countries to put legal pressure on China, Mr Trump has threatened putative allies.", "2018-03-28"]
[5.461849212646484, -1.890627384185791, "Rather than work within the rules-based system of trade, which America helped create and which, despite the system\u2019s imperfections, has served the country well, he bypasses it at will.", "2018-03-28"]
[5.838160514831543, -1.5843970775604248, "He is particularly reckless to claim that the steel and aluminium tariffs are justified by national-security concerns (a get-out-of-jail-free card under World Trade Organisation rules that should be used sparingly).", "2018-03-28"]
[5.5031418800354, -0.47641023993492126, "If America thumbs its nose at the WTO, why shouldn\u2019t others?", "2018-03-28"]
[5.9129838943481445, -0.3438042998313904, "Managed trade is a mistake, not a victory.", "2018-03-28"]
[6.629169464111328, -0.20263554155826569, "It substitutes the power of political lobbies for market forces, favouring loud, well-organised producers over silent, disparate consumers and robbing economies of the nimbleness needed to adapt to changing technological conditions.", "2018-03-28"]
[6.124091625213623, -1.0629221200942993, "Other countries will feel freer to follow America\u2019s example, making a trade war a repeated risk rather than a one-off danger.", "2018-03-28"]
[4.8417487144470215, -1.7118221521377563, "Mr Trump\u2019s approach threatens to leave everyone much worse off.", "2018-03-28"]
[6.4961957931518555, -2.2699832916259766, "Finance & economics | Collateral damage\nAsia\u2019s small open economies may suffer in America\u2019s trade war\nAs supply chains are unpicked, firms in China\u2019s orbit may lose business\n\nCHINA is the stated adversary in Donald Trump\u2019s incipient trade war.", "2018-03-31"]
[8.276679992675781, -2.034518241882324, "But 30% of the value of the goods China exports to America is added elsewhere.", "2018-03-31"]
[6.205613613128662, -2.9838707447052, "If the row escalates, countries entwined in Chinese supply chains will suffer.", "2018-03-31"]
[6.872081756591797, -2.701932191848755, "In absolute terms, Japanese suppliers will fare worst.", "2018-03-31"]
[8.321552276611328, -2.7429871559143066, "Japan is the country that exports most to firms in China that export onwards to America.", "2018-03-31"]
[8.223605155944824, -2.797729730606079, "But relative to economic size, such suppliers are a bigger part of several small, open Asian economies (see chart).", "2018-03-31"]
[8.076828956604004, -2.2206130027770996, "Between 1% and 2% of some countries\u2019 total output is shipped first to China and then on to America. nario\u2014it could knock 0.1-0.2 percentage points off their economic growth.", "2018-03-31"]
[7.196619510650635, -1.8554949760437012, "China\u2019s competitors in industries that have been threatened with tariffs, namely aerospace, machinery and IT, however, would benefit.", "2018-03-31"]
[8.523004531860352, -2.771519899368286, "There are many of these in Mexico, Germany and Japan.", "2018-03-31"]
[7.114955425262451, -0.6878766417503357, "Tariffs also encourage companies to switch their investment plans.", "2018-03-31"]
[7.235378265380859, -2.73573899269104, "When Ronald Reagan forced Japan to restrict its car exports to America in 1981 hIf Chinese exports to America were to fall by 10%\u2014an extreme but not impossible scee (unintentionally) boosted Japanese investment in Thailand\u2019s fledgling car industry.", "2018-03-31"]
[8.245006561279297, -3.0937187671661377, "Manufacturing has already started to shift from China to other, cheaper countries in the region.", "2018-03-31"]
[7.110017776489258, -1.8889662027359009, "Tariffs on goods made in China would speed this up.", "2018-03-31"]
[6.958613872528076, -2.3709728717803955, "If the Chinese retaliate, an early target will be America\u2019s farm exports.", "2018-03-31"]
[7.57576847076416, -2.276947259902954, "Brazil, the world\u2019s second-largest producer of soyabeans behind America, would be happy to pick up the extra business.", "2018-03-31"]
[5.455050468444824, -4.10675048828125, "But America\u2019s and China\u2019s competitors should not cheer from the sidelines.", "2018-03-31"]
[6.270544052124023, -0.42979153990745544, "A trade war would damage the world\u2019s two largest economies and hit global growth.", "2018-03-31"]
[6.388067245483398, -0.20452244579792023, "That would be bad for everyone.", "2018-03-31"]
[6.314774036407471, -2.2008118629455566, "Finance & economics | Blow for blow\nA trade war between America and China takes shape\nThe two countries threaten to descend into a sequence of tit-for-tat retaliations\n\nTALK of tariffs is in danger of developing into cries of trade war.", "2018-04-07"]
[7.067305564880371, -1.767296314239502, "On April 3rd America published a list of some 1,300 Chinese products it proposes to hit with tariffs of 25%.", "2018-04-07"]
[8.01984977722168, -2.9067654609680176, "Just a day later China produced its own list, covering 106 categories.", "2018-04-07"]
[4.863415241241455, -3.733522415161133, "\u201cAs the Chinese saying goes, it is only polite to reciprocate,\u201d said the Chinese embassy in Washington, DC.", "2018-04-07"]
[8.175108909606934, -2.2225255966186523, "According to the Peterson Institute for International Economics, a think-tank, America\u2019s list covers Chinese products worth $46bn in 2017 (9% of that year\u2019s total goods exports to America; see graphic).", "2018-04-07"]
[8.066778182983398, -2.1005187034606934, "China\u2019s covers American goods worth around $50bn in 2017 (38% of exports).", "2018-04-07"]
[8.411398887634277, -0.30040234327316284, "The sums were enough to move markets on April 4th, though the S&P 500 index soon made up lost ground.", "2018-04-07"]
[4.234919548034668, -1.6046571731567383, "Both countries\u2019 lists are, for now, no more than threats.", "2018-04-07"]
[6.922210693359375, -1.5342696905136108, "Over the next two months America\u2019s list will be open for public consultation (there is no deadline for the tariffs to come into force).", "2018-04-07"]
[5.967419624328613, -3.581962823867798, "China has said that it will wait for America to move.", "2018-04-07"]
[5.028059482574463, -1.1714173555374146, "There is still a chance the two sides will choose a deal over a trade war.", "2018-04-07"]
[6.465642929077148, -2.018228530883789, "Although America\u2019s list was drawn up in response to China\u2019s alleged theft of American firms\u2019 intellectual property, Mr Trump regards the trade deficit with China as a separate affront.", "2018-04-07"]
[6.8470306396484375, -1.699702262878418, "Tariffs might yet be avoided by China agreeing to buy more American stuff.", "2018-04-07"]
[3.9349024295806885, -0.5907732844352722, "But this skirmish follows others.", "2018-04-07"]
[6.952723503112793, -1.6960159540176392, "On March 23rd America imposed tariffs on steel and aluminium from some countries, including China.", "2018-04-07"]
[7.260200023651123, -1.6725817918777466, "That prompted tariffs covering around $3bn of American exports to China.", "2018-04-07"]
[6.922167778015137, -2.0406317710876465, "More retaliation is expected, as the Chinese react to separate American tariffs on solar panels and washing machines.", "2018-04-07"]
[6.005911350250244, -0.650844156742096, "Historians of trade have an advantage over those who study wars of the military kind.", "2018-04-07"]
[5.585658550262451, -0.5678361058235168, "Each side in a trade dispute lays out in detail the products to be affected.", "2018-04-07"]
[4.919770240783691, 0.2912677228450775, "That makes it easier to analyse their strategies.", "2018-04-07"]
[6.397113800048828, -1.4487464427947998, "Mr Trump\u2019s tariffs on steel and aluminium turn out to be rather crude.", "2018-04-07"]
[6.473916053771973, -0.6423345804214478, "They are an attempt to protect a single industry by blocking foreign competition, guided by a mistaken belief that this will make it stronger.", "2018-04-07"]
[6.9342827796936035, -4.226126670837402, "By contrast, China\u2019s retaliation, and the latest American threats over intellectual property, are more sophisticated.", "2018-04-07"]
[6.2037200927734375, -0.4778614938259125, "Rather than coddling one industry, they are meant to prod a trading partner into changing its behaviour.", "2018-04-07"]
[3.978879451751709, -0.05668052285909653, "They are means, not ends.", "2018-04-07"]
[8.29979419708252, -3.5361475944519043, "This week\u2019s American list is designed to hit products benefiting from China\u2019s industrial policy, including its \u201cMade in China 2025\u201d plan to dominate certain strategic sectors.", "2018-04-07"]
[8.512323379516602, -4.064330101013184, "Industrial robots, motors for electric vehicles and semiconductors are all in its sights.", "2018-04-07"]
[7.741207599639893, -2.422060012817383, "(At least 90 products, including aircraft parts and cars, recorded no Chinese exports to America in 2017 and may be intended as a pre-emptive strike.", "2018-04-07"]
[4.839413166046143, -2.011805295944214, ")\nThat might seem fair in Mr Trump\u2019s eyes.", "2018-04-07"]
[6.026000499725342, -0.4712454080581665, "But bureaucrats crafting trade-protection policy face a trade-off between punching the other country and protecting their own consumers.", "2018-04-07"]
[7.184228897094727, -1.4497852325439453, "Even before the latest announcement, some offending products had been dropped from America\u2019s list after government analysts identified them as \u201clikely to cause disruptions to the US economy\u201d, or \u201csubject to legal or administrative constraints\u201d.", "2018-04-07"]
[5.316048622131348, -0.7495464086532593, "The final choice took account of the availability of substitutes from elsewhere.", "2018-04-07"]
[7.7354736328125, -1.902376413345337, "Analysts at Goldman Sachs, a bank, estimate that of the products proposed for tariffs, only around 20% of America\u2019s imports in 2017 came from China (the share is higher for LEDs, televisions, and printers and copiers).", "2018-04-07"]
[4.375046730041504, -2.016556978225708, "The element of surprise\nSome parts of America\u2019s strategy were unexpected.", "2018-04-07"]
[6.869257926940918, -0.6400063633918762, "Minimising disruption to businesses would suggest tariffs on finished goods rather than their inputs.", "2018-04-07"]
[7.692991733551025, -2.5964953899383545, "Some companies may not realise that their suppliers are buying from China, so higher costs for intermediate goods could travel along supply chains in unpredictable ways.", "2018-04-07"]
[8.211296081542969, -1.905884027481079, "Pricier parts could make American manufacturers less competitive than foreign rivals.", "2018-04-07"]
[7.404299259185791, -1.2954869270324707, "However, although the two biggest tariff lines by value on America\u2019s list were colour-screen televisions and passenger vehicles, consumer products accounted for less than 20% of the affected imports.", "2018-04-07"]
[6.852123737335205, -1.3985099792480469, "In response to America\u2019s tariffs on steel and aluminium, it placed tariffs on $0.2bn-worth of iron and steel tubes, pipes and hollow profiles, and $1.2bn-worth of aluminium waste.", "2018-04-07"]
[7.030107021331787, -1.555924654006958, "This echoed Canada\u2019s response to the American Smoot-Hawley tariff of 1930, when it raised tariffs on eggs as retaliation for America doing the same.", "2018-04-07"]
[8.450262069702148, -1.322697639465332, "Douglas Irwin of Dartmouth College reports that the number of eggs Canada exported to America fell by 40% between 1929 and 1932.", "2018-04-07"]
[8.378751754760742, -0.8535199165344238, "But the number going the other way plunged by 99%.", "2018-04-07"]
[6.65700626373291, -0.5521724224090576, "Such tit-for-tat retaliation is intended to demonstrate that trade barriers make industries weaker, not stronger.", "2018-04-07"]
[7.78580904006958, -2.8071491718292236, "The list China published on April 4th is even bolder.", "2018-04-07"]
[6.56853723526001, -1.3428326845169067, "It makes no effort to comply with World Trade Organisation rules, and aims at pressure points in America\u2019s democracy, including industries with powerful lobbies, such as aircraft and soyabeans, as well as products from politically sensitive states.", "2018-04-07"]
[6.506968021392822, -1.888486623764038, "Wisconsin is home both to Paul Ryan, the Speaker of the House of Representatives, and a sizeable share of America\u2019s cranberry exporters.", "2018-04-07"]
[5.611912727355957, -2.0037577152252197, "Mitch McConnell, the Republican leader of the Senate, represents Kentucky, home to America\u2019s bourbon exporters.", "2018-04-07"]
[6.982900142669678, -1.9714765548706055, "Both products are included in China\u2019s $50bn tariff threat.", "2018-04-07"]
[5.412846565246582, 0.3525114953517914, "Such methods have worked before.", "2018-04-07"]
[6.984128475189209, -1.6037790775299072, "In 2003, when the European Union threatened to put tariffs on American products, including oranges, in retaliation for George W.", "2018-04-07"]
[5.9762372970581055, -1.4778188467025757, "Bush\u2019s tariffs on European steel, Mr Bush yielded.", "2018-04-07"]
[7.66553258895874, -2.185056209564209, "(Florida, a crucial swing state, is home to many orange-growers.", "2018-04-07"]
[4.516432285308838, -1.9289979934692383, ") Mr Trump\u2019s pronouncements do not suggest he is ready to sue for peace.", "2018-04-07"]
[4.392065525054932, -1.8283993005752563, "Nor does he seem aware of the risks of failure.", "2018-04-07"]
[6.253201007843018, -2.247213125228882, "Finance & economics | Drawing the battle lines\nAmerica\u2019s gripes with China make a deal hard to imagine\nAt the heart of the disagreement is China\u2019s industrial policy\n\nAFTER weeks spent threatening tariffs on an ever-greater share of Chinese imports, President Donald Trump seems to be in a more conciliatory mood.", "2018-04-12"]
[4.464641094207764, -2.9526240825653076, "On April 10th a speech by the Chinese president, Xi Jinping, prompted him to tweet a prediction: \u201cWe will make great progress together!", "2018-04-12"]
[4.390811920166016, -2.033914566040039, "\u201d\nMany besides Mr Trump share that hope.", "2018-04-12"]
[5.16438102722168, -2.060128927230835, "If China offers him a deal that he is willing to sign, a trade war may still be averted.", "2018-04-12"]
[6.441700458526611, -1.33650803565979, "Or sense may prevail, as it did last month, when American allies such as Canada and Mexico were exempted from tariffs on steel and aluminium.", "2018-04-12"]
[4.292612075805664, -0.1588478535413742, "But such optimism shades into naivety.", "2018-04-12"]
[5.028527736663818, -3.5827596187591553, "China hawks in the American administration have long seethed over aspects of the relationship with China that rarely feature on Mr Trump\u2019s Twitter feed.", "2018-04-12"]
[5.000715255737305, -1.805834412574768, "Those problems predate his presidency.", "2018-04-12"]
[4.612772464752197, 0.3314990699291229, "And they do not look easy to resolve.", "2018-04-12"]
[6.058088779449463, -0.7050294876098633, "The rules-based system of international trade works best for problems that are clearly defined, and when it is easy to judge the success or failure of a remedy.", "2018-04-12"]
[6.571596622467041, -0.5403542518615723, "Tariffs, and laws that discriminate against foreign firms, are classic examples.", "2018-04-12"]
[5.585241317749023, -3.4448752403259277, "Some of the Trump administration\u2019s gripes with China, published in a 182-page report on March 22nd, fall into this category.", "2018-04-12"]
[6.534033298492432, -2.4188790321350098, "(The report was the result of an investigation into China\u2019s trade practices under Section 301 of the Trade Act of 1974, which grants the right to threaten tariffs if unfair practices are uncovered.", "2018-04-12"]
[6.858157157897949, -4.2287797927856445, ")\nFor example, it claims that Chinese law discriminates against American companies by undermining their freedom of contract in several ways.", "2018-04-12"]
[7.071169853210449, -4.134045600891113, "Chinese firms can negotiate with each other over the terms of technology-licensing agreements, but foreign licensees must bear all the risk of others suing for intellectual-property infringements.", "2018-04-12"]
[7.228943824768066, -3.839566230773926, "Joint ventures must grant the Chinese partner the right to use the foreign partner\u2019s technology even after their agreement has expired.", "2018-04-12"]
[6.456602096557617, -3.138063907623291, "Such complaints will be considered by the World Trade Organisation (WTO) and judged against the commitments China made when it joined in 2001.", "2018-04-12"]
[5.2398152351379395, -0.3602959215641022, "But resolving America\u2019s other gripes will be harder\u2014whether in the WTO or as part of a bilateral deal.", "2018-04-12"]
[6.153838157653809, -4.664874076843262, "Some are not to do with China\u2019s written laws, but with its unwritten rules and informal procedures.", "2018-04-12"]
[6.528920650482178, -3.436386823654175, "Upon joining the WTO (and a further eight times since 2010) China\u2019s government pledged not to make handing over technology a condition for market access.", "2018-04-12"]
[7.06264591217041, -4.057076454162598, "But the Americans say Chinese officials continue to pressure firms to do so.", "2018-04-12"]
[6.50741720199585, -4.106982707977295, "Such a claim is hard to prove\u2014all the more so, given the opacity of China\u2019s regulatory processes.", "2018-04-12"]
[4.730489730834961, -0.2345176339149475, "And experience suggests that any deal would be devilishly difficult to enforce.", "2018-04-12"]
[6.88627290725708, -3.9275593757629395, "The Chinese authorities can say that contracts involving technology transfer were signed voluntarily.", "2018-04-12"]
[6.928256988525391, -3.7450716495513916, "They can make life hard for any foreign company that dares say otherwise.", "2018-04-12"]
[6.1304545402526855, -4.145382404327393, "Robert Atkinson of the Information Technology and Innovation Foundation, an American think-tank, accuses the Chinese of playing rope-a-dope, allowing the American administration to exhaust itself in ultimately futile complaints.", "2018-04-12"]
[6.556083679199219, -4.145604610443115, "He thinks that it should give up on the rules and focus instead on results, for example by arranging for American firms to inform it \u201coff the record\u201d of Chinese infractions.", "2018-04-12"]
[5.97961950302124, -4.019657135009766, "But any such flexible, unclear arrangement would be fiercely resisted by the Chinese.", "2018-04-12"]
[7.927402019500732, -2.8583226203918457, "Half of the Section 301 report concerns Chinese investment in America.", "2018-04-12"]
[7.372598171234131, -4.0270819664001465, "The Americans take issue with Chinese firms\u2019 acquisitions of American ones, such as Lexmark, a printing company, in 2016, and Mattson Technology, which produces equipment for making semiconductors, in 2015.", "2018-04-12"]
[7.987258434295654, -0.5374903082847595, "In both cases the purchase price was well above market value.", "2018-04-12"]
[6.909323692321777, -4.037716865539551, "The Chinese maintain that these were fair transactions on the free market; the Americans suspect that they were directed and supported by the Chinese government in a bid to dominate strategic sectors.", "2018-04-12"]
[5.790329456329346, -0.8331193327903748, "Any mutual agreement to curb such purchases would have to outline a legitimate role for the state.", "2018-04-12"]
[6.569311618804932, -3.870969533920288, "But China\u2019s model of state-directed capitalism makes it hard to distinguish between public and private affairs.", "2018-04-12"]
[6.295228958129883, -3.683696985244751, "At the heart of the disagreement is China\u2019s industrial policy.", "2018-04-12"]
[6.948531150817871, -4.1380615234375, "The Americans suspect the Chinese government of enticing their firms with the promise of a vast consumer market, only to use regulatory pressure to strip them of their bargaining power and expose them to the theft of intellectual property by forcing them into joint ventures.", "2018-04-12"]
[7.537524700164795, -3.9064526557922363, "They spy a plot to undercut and eventually surpass American industry.", "2018-04-12"]
[8.509008407592773, -3.7312705516815186, "The Section 301 report relays the story of SolarWorld, a maker of solar panels that claims its trade secrets were stolen.", "2018-04-12"]
[7.8644537925720215, -1.95592200756073, "The result was that cheap Chinese competitors flooded the market, costing it more than $120m in sales and revenue.", "2018-04-12"]
[7.317729949951172, -3.670583486557007, "The Americans worry that unless the Chinese government changes its ways, other American industries will soon lose out to China, too.", "2018-04-12"]
[5.759731769561768, -4.012983798980713, "But what the Americans see as unfair the Chinese see as the path to development.", "2018-04-12"]
[8.3433256149292, -2.554920196533203, "From their point of view, bringing in American firms is a roaring success.", "2018-04-12"]
[8.24016284942627, -3.1213300228118896, "A study analysing joint ventures in China in 1998-2007 found that they boosted both the Chinese partner and the industry in which it was active.", "2018-04-12"]
[8.398588180541992, -3.0582103729248047, "Ventures with American firms were more fruitful than those with firms from Hong Kong or Japan.", "2018-04-12"]
[6.146469593048096, -1.9396979808807373, "During his speech this week, Mr Xi repeated old promises to cut tariffs and relax investment restrictions in some sectors.", "2018-04-12"]
[4.831515789031982, -1.335771918296814, "The American vision is of more sweeping change.", "2018-04-12"]
[6.164159297943115, -3.143801212310791, "According to Bloomberg, a news service, secret bilateral talks broke down after the Americans demanded an end to Chinese subsidies for high-tech industries.", "2018-04-12"]
[4.292508125305176, -0.23024870455265045, "It is hard to imagine a deal that reconciles these fundamental differences.", "2018-04-12"]
[4.069493293762207, -0.5562275648117065, "That leaves a choice\u2014between an agreement that is shallow and fragile, or conflict.", "2018-04-12"]
[7.591599941253662, -5.019906520843506, "|SHANGHAI\n\nBusiness | Not so phoney war\nAn American ban puts China\u2019s ZTE in peril\nChina\u2019s second-largest telecoms firm could become a bargaining chip in the trade dispute\n\nTALK of restricting the use of Chinese telecoms equipment in the West is growing.", "2018-04-21"]
[7.600162029266357, -4.894196033477783, "This week the curbs went the other way, when America banned its companies from selling hardware and software for seven years to one of China\u2019s state-owned tech champions, ZTE.", "2018-04-21"]
[7.555657863616943, -4.925898551940918, "On April 16th America\u2019s Department of Commerce said that China\u2019s second-largest telecoms firm had trampled on a settlement reached in March 2017 over ZTE\u2019s illegal shipments since 2010 of American-made technology\u2014telecommunications equipment to Iran, and routers, servers and microprocessors to North Korea\u2014in known violation of trade sanctions.", "2018-04-21"]
[7.689609050750732, -4.995582103729248, "The one at risk of being crippled by an embargo is now ZTE.", "2018-04-21"]
[8.692044258117676, -2.9327056407928467, "In 2016 UBS, a bank, estimated that 80-90% of its products relied on American parts.", "2018-04-21"]
[7.7155632972717285, -5.030579090118408, "Jean Baptiste Su of Atherton Research, an American technology-research outfit, described the ban as \u201cdevastating\u201d for ZTE, especially the loss of chips made by America\u2019s Qualcomm used in about 70% of ZTE\u2019s smartphones.", "2018-04-21"]
[7.876599311828613, -4.865565776824951, "Although ZTE makes most of its money from its telecoms-equipment business, nearly a third of its revenues come from phones.", "2018-04-21"]
[8.060405731201172, -3.837012529373169, "Switching to other suppliers (and it must seek out those with zero parts sourced from America) would require handset redesigns to match new specifications that would take years to bring to market, says Mr Su.", "2018-04-21"]
[4.680761337280273, 0.08692892640829086, "The software restrictions are just as bruising.", "2018-04-21"]
[7.691108703613281, -5.049271106719971, "ZTE\u2019s phones use the Android operating system developed by Google, which under the ban may no longer be able to license its apps to ZTE.", "2018-04-21"]
[7.910627365112305, -4.733032703399658, "It does not have its own operating system.", "2018-04-21"]
[7.703310966491699, -5.007277488708496, "As The Economist went to press, ZTE\u2019s shares had been suspended from trading in Shenzhen and Hong Kong for three days.", "2018-04-21"]
[7.636185169219971, -4.927451133728027, "America had dangled the threat of this sort of ban (known as a denial of export privileges) last year but shelved it when ZTE confessed to wrongdoing and paid $890m in penalties.", "2018-04-21"]
[7.673993110656738, -5.044487476348877, "As part of the deal ZTE pledged to discipline senior staff.", "2018-04-21"]
[5.6216936111450195, -0.9854880571365356, "But although it fired four people, it was found to have neither reprimanded nor cut bonuses to 35 others, as promised.", "2018-04-21"]
[4.310892581939697, -0.0958656594157219, "That seems incredibly foolhardy.", "2018-04-21"]
[7.696537494659424, -5.022988319396973, "According to the Department of Commerce, ZTE admitted it had submitted false statements but said it had no intention of misleading the government.", "2018-04-21"]
[4.88789701461792, -0.46833881735801697, "The department decried \u201ca pattern of deception\u201d and \u201crepeated violations\u201d.", "2018-04-21"]
[7.826152801513672, -4.84751558303833, "ZTE stood out as the only Chinese handset-maker to have cracked the American market; half of its phones are sold there.", "2018-04-21"]
[7.554751396179199, -5.076150894165039, "It is the country\u2019s fourth-largest seller of smartphones, with a 12% share\u2014despite its inclusion in a report from America\u2019s House Intelligence Committee in 2012 that urged domestic telecoms firms purchasing networking equipment to shun its products over espionage worries.", "2018-04-21"]
[7.470656871795654, -5.253772735595703, "(The report also targeted Huawei, ZTE\u2019s larger Chinese rival, which, because of deeper concerns over its possible ties to the Chinese government, has struggled to make inroads since.", "2018-04-21"]
[7.567969799041748, -4.967658042907715, ")\nAlthough the sanctions row predates the administration of President Donald Trump, it will make an example of ZTE, reckons Mr Su, as tensions mount between America and China over trade disputes and technological dominance.", "2018-04-21"]
[7.442332744598389, -5.158977508544922, "Since the start of the year a bill has been proposed in America\u2019s Congress to block the government from using telecoms equipment made by Huawei and ZTE; and Mr Trump has halted the takeover of Qualcomm by Broadcom, a rival chipmaker, on national-security grounds, for fear it would give China the edge in setting standards for 5G, a wireless technology.", "2018-04-21"]
[4.251683712005615, -0.9211451411247253, "A parallel salvo this week, by the Federal Communications Commission, was all of a piece.", "2018-04-21"]
[7.449559211730957, -5.219540596008301, "America\u2019s telecoms regulator voted unanimously to move forward with a plan to stop federal subsidies to domestic carriers who use suppliers that are considered to be a risk to American national security.", "2018-04-21"]
[7.422499656677246, -5.181673526763916, "It pointed in particular to congressional scrutiny of Huawei and ZTE.", "2018-04-21"]
[7.691673755645752, -5.064403533935547, "Edison Lee of Jefferies, an investment bank, thinks that ZTE has a shot at negotiating the ban away, but that if it fails it will hope to involve the Chinese government in a mediation process.", "2018-04-21"]
[7.721484184265137, -4.9608283042907715, "Even if ZTE\u2019s fate becomes a bargaining chip in a trade dispute, a resolution may take many months.", "2018-04-21"]
[4.935397624969482, -0.4151393175125122, "Until then the firm will at best limp on.", "2018-04-21"]
[7.87666654586792, -3.357250928878784, "|SHANGHAI\n\nFinance & economics | China chill\nFears that China has hurt innovation in the West are overblown\nAmerica\u2019s patents and research spending have soared alongside its trade deficit with China\n\nPOPULAR concern about free trade with China has focused on the loss of manufacturing jobs in America and Europe.", "2018-05-03"]
[7.416895866394043, -3.8412318229675293, "Policymakers have an additional worry: that China\u2019s rise is hurting innovation in the West.", "2018-05-03"]
[4.199131488800049, -0.9837961196899414, "This fear is among the small set of issues that unites American Democrats and Republicans.", "2018-05-03"]
[6.933897495269775, -3.868217945098877, "In 2016 Barack Obama\u2019s commerce secretary said that China\u2019s state-driven economy would weaken the world\u2019s innovation ecosystem.", "2018-05-03"]
[6.817868709564209, -3.8435959815979004, "Donald Trump\u2019s advisers allege that China makes it harder for foreign firms to invest in innovation by squeezing their returns.", "2018-05-03"]
[6.105439186096191, -2.5748445987701416, "Mr Trump\u2019s trade team was expected to raise this complaint, among others, with Chinese officials during talks in Beijing on May 3rd and 4th, as The Economist went to press.", "2018-05-03"]
[4.504077434539795, 0.2193218469619751, "There is one problem.", "2018-05-03"]
[8.089336395263672, -2.711049795150757, "Data suggest that competition with China has coincided with more innovation in America, not less.", "2018-05-03"]
[7.571652889251709, -3.6633284091949463, "The relationship between competition and innovation is complex, even before considering trade with China.", "2018-05-03"]
[7.201043128967285, -0.7445662617683411, "Economists agree that the right competitive landscape fosters innovation.", "2018-05-03"]
[4.002034664154053, -0.3061055839061737, "But they disagree about what exactly that landscape looks like.", "2018-05-03"]
[7.181301593780518, -0.29012003540992737, "More competition might prod companies to try harder to develop new products in the hope of gaining market share.", "2018-05-03"]
[7.041764736175537, 0.14211693406105042, "Alternatively, if competition is cut-throat, profits might evaporate to the point that companies have little incentive to take risks.", "2018-05-03"]
[6.868070125579834, -3.7010912895202637, "The fear is that China generates the wrong kind of competition and stunts the good kind.", "2018-05-03"]
[7.202502727508545, -3.44804310798645, "Businesspeople elsewhere worry that when the Chinese government decides to fund this or that industry, investment soars and margins collapse.", "2018-05-03"]
[8.466134071350098, -3.752263307571411, "Overcapacity in steel was caused in part by Chinese investment in steel processing; semiconductor firms think their industry might be next.", "2018-05-03"]
[5.239500999450684, -2.5231173038482666, "At the same time, argues Robert Lighthizer, the US Trade Representative, foreign companies that beat their Chinese competitors are not adequately rewarded because China presses them to transfer their intellectual property.", "2018-05-03"]
[6.522298812866211, -2.983264684677124, "The two main academic papers on this question looked at the years around China\u2019s accession to the World Trade Organisation in 2001.", "2018-05-03"]
[3.884902238845825, -0.4362645149230957, "Far from settling the matter, they were contradictory.", "2018-05-03"]
[8.173574447631836, -3.395345687866211, "Economists studying European companies found that competition from Chinese imports both caused firms to improve their technology and led to a shift in jobs to the most advanced firms.", "2018-05-03"]
[8.475772857666016, -2.6632349491119385, "They concluded that 15% of the upgrading of technology in Europe between 2000 and 2007 could be attributed to the increase in imports from China.", "2018-05-03"]
[8.409871101379395, -1.4770989418029785, "But economists examining the impact on America argued that, on the contrary, Chinese competition had led companies to spend less on research as profits fell.", "2018-05-03"]
[8.340617179870605, -1.8661381006240845, "They calculated that imports from China explained 40% of a slowdown in American patenting between 1999 and 2007, compared with the preceding decade.", "2018-05-03"]
[6.580485820770264, -0.1802878975868225, "The IMF has now weighed in with more recent figures.", "2018-05-03"]
[5.591618537902832, -2.0847935676574707, "Its conclusion is rather more cheerful, at least for those who think a trade war with China is a rotten idea.", "2018-05-03"]
[8.614551544189453, -2.061302423477173, "In a report published in April the fund showed that, following an extended period of decline, high-quality patents granted to American companies had risen sharply between 2010 and 2014.", "2018-05-03"]
[8.401383399963379, -1.7675105333328247, "It also pointed to a big increase in American spending on research and development during the same years\u2014even as America\u2019s trade deficit with China rocketed (see chart).", "2018-05-03"]
[8.077919960021973, -2.0113284587860107, "The growth in patents was more sluggish in Europe and Japan.", "2018-05-03"]
[8.563554763793945, -3.259021282196045, "But both patents and research spending soared in South Korea, the country most directly exposed to manufacturing competition from China.", "2018-05-03"]
[5.759596347808838, -2.1391403675079346, "A separate IMF working paper late last year unpicked some of what is happening in America.", "2018-05-03"]
[8.093822479248047, -3.256159782409668, "Competition from Chinese imports has caused research spending to be reallocated within certain industries, away from also-rans and towards the most productive and profitable firms.", "2018-05-03"]
[8.392352104187012, -2.8043406009674072, "At the same time, many researchers left manufacturing industries and moved into service sectors such as data-processing and finance.", "2018-05-03"]
[7.983376502990723, -0.9709570407867432, "Both results are consistent with an American economy that is playing to its strengths.", "2018-05-03"]
[6.453640460968018, -2.7405855655670166, "The IMF\u2019s analysts concluded that Chinese imports were not a threat to innovation in America, after all, and that policymakers could take a deep breath.", "2018-05-03"]
[5.27493143081665, -2.232205390930176, "No loud inhaling sounds have yet been reported from the White House.", "2018-05-03"]
[6.1695027351379395, -2.4096364974975586, "|SHANGHAI\n\nFinance & economics | Jaw-jaw, for now\nTrade talks expose a chasm between China and America\nHardline demands from both countries raise the risk of a trade war\n\nSTART with the good news from the trade negotiations between China and America.", "2018-05-05"]
[5.064525127410889, -1.7359660863876343, "After weeks of threatening tariffs and counter-tariffs, representatives from the world\u2019s two biggest economies are at last talking.", "2018-05-05"]
[5.031185150146484, -3.430626392364502, "Over two days of meetings in Beijing, which ended on May 4th, Chinese and American officials laid out their grievances and their demands.", "2018-05-05"]
[4.25804328918457, -0.47165876626968384, "That, unfortunately, is where the good news ends.", "2018-05-05"]
[3.938654899597168, -0.48018690943717957, "The positions that both sides took were so extreme and contradictory that compromise appears a remote prospect.", "2018-05-05"]
[5.67876672744751, -0.6343552470207214, "What, until now, has largely been a war of words could easily careen into a full-fledged trade war.", "2018-05-05"]
[4.678637981414795, -1.2960845232009888, "Publicly, the two countries put a positive gloss on the outcome.", "2018-05-05"]
[4.479609966278076, -2.9700639247894287, "Xinhua, China\u2019s official news agency, described the talks as candid and constructive.", "2018-05-05"]
[4.040322303771973, -0.48740482330322266, "It noted that they had agreed on some issues and recognised their \u201cconsiderable differences\u201d on others.", "2018-05-05"]
[4.727545738220215, -3.165745496749878, "On the evening the talks closed, President Donald Trump tweeted a sentiment that, by his standards, was sympathetic: \u201cit is hard for China in that they have become very spoiled with U.", "2018-05-05"]
[5.857125282287598, -2.2555549144744873, "S. trade wins\u201d (that is, with beating America in the trade arena, which Mr Trump firmly believes China has).", "2018-05-05"]
[4.692576885223389, -1.2648839950561523, "If those public statements were all observers had to go on, the conclusion might well be that the talks had been successful.", "2018-05-05"]
[4.615993976593018, -1.1855109930038452, "Instead, the two countries\u2019 detailed negotiating positions were widely leaked.", "2018-05-05"]
[3.9171831607818604, -0.7475653886795044, "It is clear that they have been talking at, rather than with, each other.", "2018-05-05"]
[6.999476909637451, -2.2397356033325195, "The American demand that made the most headlines was that China should cut its massive bilateral trade surplus by $200bn by the end of 2020.", "2018-05-05"]
[7.884449005126953, -1.6880532503128052, "That would amount to a roughly 60% reduction in China\u2019s surplus within three years, which is far from credible.", "2018-05-05"]
[4.461153030395508, -0.2622573673725128, "But numbers are at least negotiable.", "2018-05-05"]
[6.246471881866455, -3.8327808380126953, "More troubling from China\u2019s perspective were demands focused on its economic policy.", "2018-05-05"]
[6.390052795410156, -3.440729856491089, "The Americans asked China to stop providing subsidies to a range of sectors that the Chinese government has deemed strategic, from robotics to electric vehicles.", "2018-05-05"]
[6.903515338897705, -2.107417345046997, "They demanded that Chinese tariffs on American products be no higher than American tariffs on Chinese products.", "2018-05-05"]
[7.49758243560791, -3.224720001220703, "And they told China to open its market much more widely to foreign investors, setting July 1st as a deadline.", "2018-05-05"]
[5.2122650146484375, -2.437730312347412, "Before travelling to Beijing, Robert Lighthizer, the United States Trade Representative (pictured, centre), had said his objective was not to change the Chinese system but to open it up.", "2018-05-05"]
[5.9422383308410645, -3.832972526550293, "Taken in its entirety, though, the American position amounts to a demand for a new economic model in China.", "2018-05-05"]
[4.999887943267822, -2.3942110538482666, "That Mr Lighthizer, long a China hawk, has taken a hardline stance is not surprising.", "2018-05-05"]
[4.346388816833496, -2.1672635078430176, "But it was striking to see his views emerge virtually undistilled as the American position.", "2018-05-05"]
[4.825721263885498, -2.4181554317474365, "Some had thought that doveish members of the American delegation, notably Steven Mnuchin, the treasury secretary, would make for a more moderate stance.", "2018-05-05"]
[4.1708478927612305, 0.008750036358833313, "So much for that.", "2018-05-05"]
[6.1376471519470215, -3.887587070465088, "China, for its part, also made a series of demands that were non-starters.", "2018-05-05"]
[7.25570821762085, -2.710601806640625, "To increase its purchases from America, it asked that the American government ease controls on exports of technology that could have military applications.", "2018-05-05"]
[5.743164539337158, -3.9448885917663574, "These controls, in place for nearly three decades, are not about to be relaxed given that America has just classified China as a rival power.", "2018-05-05"]
[7.3019585609436035, -2.8369932174682617, "China asked that America open its market to Chinese information-technology products.", "2018-05-05"]
[7.612127780914307, -4.120065689086914, "America is going in the opposite direction, viewing more and more Chinese tech with suspicion.", "2018-05-05"]
[6.269004821777344, -3.321169376373291, "China also asked that America recognise it as a market economy at the World Trade Organisation, lessening the scope for punishment in trade disputes.", "2018-05-05"]
[6.292646884918213, -3.221497058868408, "If America fails to do so, China said it would likewise treat America as a non-market economy at the WTO.", "2018-05-05"]
[4.5510149002075195, -2.98150897026062, "Had the talks in Beijing gone well, it was expected that Xi Jinping, China\u2019s president, or Wang Qishan, his trusted lieutenant on American relations, would meet Mr Trump\u2019s trade team.", "2018-05-05"]
[3.811344623565674, -0.8723662495613098, "No meeting took place.", "2018-05-05"]
[3.8933446407318115, -0.7644731998443604, "The question about the duelling demands is to what extent they are simply aggressive opening moves.", "2018-05-05"]
[4.663423538208008, -1.176979660987854, "The countries might soften their stances as negotiations continue.", "2018-05-05"]
[4.0289387702941895, -0.3383656144142151, "But there is a chasm between them on foundational issues.", "2018-05-05"]
[7.492116928100586, -3.955214500427246, "China is determined to become a tech power, and is unabashed about using industrial policy to get there; America sees China\u2019s advance as a threat and believes its industrial policies harm American companies.", "2018-05-05"]
[6.297650337219238, -3.8965814113616943, "The American objection to China as a state-controlled economy cannot be squared with China\u2019s insistence that it is already a market economy.", "2018-05-05"]
[4.080497741699219, -0.19286029040813446, "The timeline is also tight.", "2018-05-05"]
[7.021427154541016, -1.7303251028060913, "Starting on May 23rd, America can legally impose its first set of tariffs against China, affecting roughly $50bn of goods.", "2018-05-05"]
[5.77289342880249, -3.806544780731201, "China will retaliate without delay.", "2018-05-05"]
[4.021700859069824, -0.6186602115631104, "There were some glimpses of common ground, however limited.", "2018-05-05"]
[4.390122413635254, -2.4119324684143066, "Both countries said they wanted to meet regularly.", "2018-05-05"]
[6.513049125671387, -2.4840087890625, "Both talked about wanting a balanced trade relationship, in which China buys more from America.", "2018-05-05"]
[3.9116404056549072, -0.782297670841217, "But building on this common ground requires mutual goodwill, which is in short supply.", "2018-05-05"]
[4.578200817108154, -3.698267936706543, "Mr Trump and Mr Xi have tried to cultivate reputations as staunch defenders of their national interests.", "2018-05-05"]
[4.235016822814941, -0.899941086769104, "Now that their negotiating positions are publicly known, the worry is that the two leaders, unwilling to look weak, will dig in.", "2018-05-05"]
[6.354830265045166, -0.7719957828521729, "Graphic detail | Daily chart\nA trade war will inevitably hurt America\u2019s companies\nBut the pain will not be evenly felt\n\nOPEN markets have lowered prices and raised living standards for millions of people but a new tit-for-tat trade war now threatens that progress.", "2018-05-08"]
[6.937396049499512, -1.9267077445983887, "After America said on March 8th it would impose 25% tariffs on imported steel, China retaliated with tariffs on dozens of American goods, from pork to wine.", "2018-05-08"]
[4.476256370544434, -3.144766092300415, "America\u2019s president, Donald Trump, and his Chinese counterpart, Xi Jinping, were due to talk on May 8th in an effort to settle some of their differences.", "2018-05-08"]
[5.880956649780273, -2.0933001041412354, "Mr Trump, for his part, insists that much of America\u2019s trade with China is \u201cstupid\u201d and is confident that America can win a trade war.", "2018-05-08"]
[4.3671875, -2.881392002105713, "Mr Xi, meanwhile, insists that there will be \u201cno winners\u201d.", "2018-05-08"]
[6.523422718048096, -0.8684919476509094, "While Mr Xi is right in thinking that a trade war will leave everyone worse off, the precise impact on American business is more uncertain.", "2018-05-08"]
[7.12648868560791, -1.9461069107055664, "Resilinc, a supply-chain analytics firm, has attempted to model the impact of an additional $50bn of proposed Chinese tariffs on American exports ranging from soyabeans to scrap metal.", "2018-05-08"]
[7.646426677703857, -0.8367712497711182, "Using a trove of data covering transactions and inventories for 30,000 manufacturing companies across the world it demonstrates that the losers will not be evenly distributed.", "2018-05-08"]
[7.166697978973389, -0.6830529570579529, "Electronics businesses will be least affected.", "2018-05-08"]
[8.272534370422363, -3.140166997909546, "They are reckoned to have the least dependence on China because they do not sell much in the country and have alternative countries to sell to.", "2018-05-08"]
[7.423688888549805, -2.510073661804199, "By contrast, agriculture and aerospace will be most affected: they sell a lot to China and are the least geographically diversified.", "2018-05-08"]
[6.379848003387451, -1.9464387893676758, "When deciding what retaliatory tariffs to impose the Chinese attempt to hurt Mr Trump where he is most vulnerable: in industries that employ his blue-collar supporters.", "2018-05-08"]
[6.8685126304626465, -1.1249182224273682, "So though America\u2019s president may hope to help 400,000 of America\u2019s metal workers he is simultaneously threatening many more jobs in other industries.", "2018-05-08"]
[6.709207534790039, -0.8603022694587708, "At the same time he will be making all consumers worse off by pushing the price of goods up for everyone.", "2018-05-08"]
[6.158769607543945, -2.860304594039917, "|HANGZHOU\n\nChina | The cost of conflict\nA threatened trade war between China and America may be on hold\nChinese officials still have plenty of reasons to worry\n\nWANG XINGXING taps the back of his dog which, on command, stands tall, shakes its legs and struts forward.", "2018-05-24"]
[7.652360439300537, -4.154148101806641, "It is not a well-trained pooch so much as a well-built one.", "2018-05-24"]
[7.969414710998535, -4.185518264770508, "Laikago, its name, looks like a miniature version of the robo-dogs that propelled Boston Dynamics, an American robotics company, to fame.", "2018-05-24"]
[7.691158294677734, -4.092219352722168, "Mr Wang, a boyish 28-year-old, started work on his dog as a graduate student.", "2018-05-24"]
[7.694249153137207, -4.142521858215332, "It can walk on uneven surfaces, carry small loads and steady itself when kicked lightly.", "2018-05-24"]
[7.918382167816162, -4.075503826141357, "Laikago is a far cry from the Boston Dynamics breed, which is sturdier, swifter and smarter.", "2018-05-24"]
[7.648120403289795, -3.8959107398986816, "That has not stopped China\u2019s patriotic media from asking whether the firm Mr Wang founded, Unitree, could now rival the American one.", "2018-05-24"]
[8.706925392150879, -2.7721283435821533, "But Boston Dynamics has been at it for more than two decades.", "2018-05-24"]
[4.595602512359619, -0.33400729298591614, "Unitree is just getting going.", "2018-05-24"]
[8.796650886535645, -3.328207015991211, "It plans to open its first factory soon.", "2018-05-24"]
[8.371429443359375, -3.73525333404541, "For now it has a cluttered workshop in the city of Hangzhou, a tech hub west of Shanghai.", "2018-05-24"]
[7.830963134765625, -3.707584857940674, "Unitree is not alone in China.", "2018-05-24"]
[8.32771110534668, -4.2168049812316895, "The government has declared robotics a priority.", "2018-05-24"]
[7.937502861022949, -4.14583683013916, "On the other side of Hangzhou, a university research team has also started making robo-dogs.", "2018-05-24"]
[8.325690269470215, -3.5521626472473145, "In northern China there are at least three companies doing the same.", "2018-05-24"]
[5.138011932373047, -3.235534191131592, "So, reportedly, is the army.", "2018-05-24"]
[7.893777370452881, -4.119006156921387, "China\u2019s robotic technology, by most measures, lags behind America\u2019s.", "2018-05-24"]
[8.223112106323242, -2.0616092681884766, "But the country has abundant talent, money and determination.", "2018-05-24"]
[6.077895164489746, -4.440579891204834, "Its robo-dogs are snapping at America\u2019s heels.", "2018-05-24"]
[6.318554878234863, -2.795261859893799, "The pooches also show how a trade conflict with America could hurt China.", "2018-05-24"]
[8.40791130065918, -3.4833104610443115, "Mr Wang admits that their most valuable parts\u2014their semiconductors\u2014are mostly made in America.", "2018-05-24"]
[6.89974308013916, -3.6321732997894287, "Were the American government to block exports of these to China, Mr Wang\u2019s dogs would not work.", "2018-05-24"]
[4.064833164215088, -0.26407158374786377, "That is an extreme scenario.", "2018-05-24"]
[6.446895599365234, -3.6588189601898193, "But it is the kind that China\u2019s government and companies feel they have to consider as their country\u2019s dispute with its largest trading partner grinds on.", "2018-05-24"]
[4.615584850311279, -0.8007564544677734, "In the past few days, their fears have ebbed and flowed.", "2018-05-24"]
[5.943413257598877, -2.1934902667999268, "On May 20th America\u2019s Treasury secretary, Steven Mnuchin, said his country would refrain for now from its threat to impose punitive tariffs.", "2018-05-24"]
[6.034256935119629, -1.9567677974700928, "\u201cWe\u2019re putting the trade war on hold,\u201d he told Fox News after two days of talks in Washington with Liu He, a Chinese deputy prime minister.", "2018-05-24"]
[4.362081050872803, -2.1315019130706787, "But Mr Trump is unpredictable.", "2018-05-24"]
[4.849059581756592, -3.072640895843506, "He may be mindful of the outrage that Mr Mnuchin\u2019s talk has stirred among China-sceptics in Washington.", "2018-05-24"]
[4.72066593170166, -1.9175004959106445, "After first declaring success in the negotiations, Mr Trump later said he was dissatisfied.", "2018-05-24"]
[5.704916477203369, -3.8503000736236572, "So Chinese officials are still preparing for the worst.", "2018-05-24"]
[4.269949436187744, -0.35880619287490845, "And they know that even if this storm blows over, others lie ahead.", "2018-05-24"]
[4.418035507202148, -1.4611552953720093, "Rivalry with America is getting more intense.", "2018-05-24"]
[6.655787944793701, -2.0634093284606934, "After the talks, the two sides issued a statement pledging to reduce America\u2019s $375bn trade deficit with China \u201csubstantially\u201d.", "2018-05-24"]
[4.027581691741943, -0.6625654101371765, "But the agreement was strikingly light on details.", "2018-05-24"]
[6.918914318084717, -2.143415927886963, "The Americans wanted China to cut its trade surplus by $200bn.", "2018-05-24"]
[6.3733062744140625, -3.627591133117676, "China refused, pledging only to buy more.", "2018-05-24"]
[6.984976291656494, -1.3164843320846558, "Later it said it would cut import duties on cars to 15%, but that was well above the 2.5% level the Americans had demanded.", "2018-05-24"]
[6.523510456085205, -2.2648956775665283, "Mr Trump boasted that China had agreed to buy \u201cmassive amounts\u201d of American farm goods.", "2018-05-24"]
[7.297957420349121, -1.012473464012146, "But this will have a modest impact on the bilateral trade balance.", "2018-05-24"]
[6.392638683319092, -3.3844122886657715, "It will not satisfy some American negotiators who have fumed about China\u2019s industrial policies, calling them mercantilism gone wild.", "2018-05-24"]
[4.5849761962890625, -1.7770050764083862, "The next steps will depend to a worrying extent on Mr Trump\u2019s whims.", "2018-05-24"]
[4.983724117279053, -3.061971426010132, "He could claim China\u2019s offers, however limited, as a victory.", "2018-05-24"]
[4.865017890930176, -3.2168493270874023, "Or he may conclude that Xi Jinping, China\u2019s leader, has played him for a fool and fire off a petulant tweet, nudging the two countries\u2019 relationship back into crisis and reigniting global fears of a full-blown trade conflict.", "2018-05-24"]
[4.743729591369629, -3.2576606273651123, "It may be that Mr Trump does want to ease tensions with China, but only as a temporary ruse to enlist Mr Xi\u2019s support for talks due to be held on June 12th between Mr Trump and Kim Jong Un, North Korea\u2019s dictator.", "2018-05-24"]
[5.26035213470459, -3.3178913593292236, "Once that event is over (if it actually takes place), Mr Trump could again turn up the heat on China.", "2018-05-24"]
[5.8093438148498535, -1.6124975681304932, "Trade is one of the few issues on which he is close to consistent.", "2018-05-24"]
[5.70461368560791, -1.7994117736816406, "Impervious to economic logic, Mr Trump thinks that America loses when it imports more than it exports.", "2018-05-24"]
[7.875150203704834, -1.9633495807647705, "China accounts for about three-fifths of America\u2019s trade deficit (see chart 1).", "2018-05-24"]
[5.141869068145752, -3.5157196521759033, "And China is not merely contending with a truculent Mr Trump and his more hawkish economic advisers.", "2018-05-24"]
[4.719690799713135, -0.5899404883384705, "A broad swathe of American opinion has turned against it.", "2018-05-24"]
[7.826282501220703, -3.4286856651306152, "Businesses see a China that is determined to prop up its own companies, both at home and, increasingly, abroad.", "2018-05-24"]
[5.253973484039307, -4.241238594055176, "America\u2019s national-security officials see a China that is converting economic heft into geopolitical clout and military might.", "2018-05-24"]
[5.1088385581970215, -3.0433340072631836, "Kenneth Jarrett of the American Chamber of Commerce in Shanghai says that Mr Trump\u2019s anger about the deficit has at least helped China to wake up to the depth of foreign frustration.", "2018-05-24"]
[6.309750556945801, -3.1709439754486084, "A quick deal in which China pledges to buy more American goods will not ease it.", "2018-05-24"]
[5.15878438949585, -2.440570831298828, "Leading the charge against China on economic matters has been Robert Lighthizer, the United States Trade Representative.", "2018-05-24"]
[6.307109355926514, -3.080573558807373, "In March, after an investigation into China\u2019s trade practices, he alleged that China had, time and again, stolen American technology or forced firms to hand it over.", "2018-05-24"]
[6.126143455505371, -3.304668664932251, "He called on China to stop subsidising industries that it deems strategic, from renewable energy to electric vehicles.", "2018-05-24"]
[5.893815994262695, -3.9929614067077637, "From China\u2019s standpoint, this is a non-starter.", "2018-05-24"]
[8.396132469177246, -3.6542935371398926, "Its plan known as \u201cMade in China 2025\u201d identifies ten high-tech industries and sets out global market-share goals.", "2018-05-24"]
[5.680987358093262, -3.999752998352051, "For policymakers in Beijing, it is their blueprint for reaching the next level of development\u2014a reasonable desire for a middle-income country, as 19th-century Americans would have agreed.", "2018-05-24"]
[4.926499843597412, -2.5658516883850098, "But foreign governments and businesses see it as a declaration of intent to seek global dominance.", "2018-05-24"]
[5.886321067810059, -3.996342658996582, "The more the rest of the world complains, the more irascible China sounds.", "2018-05-24"]
[5.374831676483154, -4.124334812164307, "Mei Xinyu, a researcher in the commerce ministry, likened America\u2019s demands to what are known in China as the country\u2019s \u201cunequal treaties\u201d with foreign powers in pre-communist days.", "2018-05-24"]
[6.228148937225342, -3.872103691101074, "The most notorious of these accords was forced on China in 1842 by Britain after a war over British opium sales.", "2018-05-24"]
[7.091590404510498, -2.8184306621551514, "It required China to open its doors to foreign trade and cede Hong Kong.", "2018-05-24"]
[4.707579612731934, -3.5594472885131836, "State media have been even more colourful than Mr Mei.", "2018-05-24"]
[5.726985454559326, -4.056654930114746, "\u201cAnyone who tries to hinder China\u2019s emergence is like a mantis trying to stop a car, or an ant trying to shake a tree, and will pay a bitter price in the end,\u201d said the Communist Party\u2019s mouthpiece, the People\u2019s Daily.", "2018-05-24"]
[6.0821027755737305, -4.07675313949585, "Despite such talk, China worries.", "2018-05-24"]
[6.572327613830566, -0.9091309309005737, "There are four main ways in which its economy could be harmed by a trade war with America.", "2018-05-24"]
[6.836272239685059, -0.6801097989082336, "The first is by tariffs.", "2018-05-24"]
[4.918487548828125, -1.1939188241958618, "Although America has delayed these, they may yet happen.", "2018-05-24"]
[6.14279842376709, -2.3125927448272705, "After the talks with Mr Liu, Mr Lighthizer vowed that if China were to fail to change its ways sufficiently, America would use \u201call of its legal tools\u201d, including tariffs, to protect itself.", "2018-05-24"]
[6.528364658355713, -1.7668758630752563, "Mr Trump has previously threatened tariffs on $150bn of imports from China.", "2018-05-24"]
[6.580925941467285, -2.9471940994262695, "They would throw sand in the gears of Chinese commerce.", "2018-05-24"]
[8.243502616882324, -1.7119725942611694, "But trade fuels less of China\u2019s growth than it used to.", "2018-05-24"]
[8.313257217407227, -2.2057228088378906, "Exports to America were the equivalent of nearly 10% of Chinese GDP before the global financial crisis of 2008.", "2018-05-24"]
[8.403572082519531, -0.7706488966941833, "Today they are just 4%.", "2018-05-24"]
[7.9987006187438965, -2.972597360610962, "China has forged closer ties with many developing countries and cultivated its own domestic market.", "2018-05-24"]
[7.516867637634277, -1.4109337329864502, "Moody\u2019s, a credit-rating agency, estimates that Mr Trump\u2019s initial set of tariffs, valued at $50bn, would shave only 0.14 percentage points from China\u2019s growth rate\u2014a rounding error for an economy that is expected to grow by about 6.5% this year.", "2018-05-24"]
[6.6692423820495605, -0.16116750240325928, "A second vulnerability is to what might be called America\u2019s industrial policy in reverse.", "2018-05-24"]
[7.383803367614746, -3.864520311355591, "While China steers investment into favoured sectors, America adopts countermeasures.", "2018-05-24"]
[7.0560407638549805, -4.131361484527588, "In recent years the Committee on Foreign Investment in the United States (CFIUS), which checks whether deals threaten national security, has blocked Chinese acquisition of firms in industries from semiconductors to payments.", "2018-05-24"]
[4.526299953460693, -0.9108322858810425, "The reviews will only get tougher, says Scott Kennedy of the Centre for Strategic and International Studies, an American think-tank.", "2018-05-24"]
[7.496474742889404, -3.3378708362579346, "Previously CFIUS focused on the purchase of controlling stakes.", "2018-05-24"]
[7.790215015411377, -3.9754326343536377, "New legislation will expand its oversight to any investment, however small, that might help a \u201ccountry of special concern\u201d (read: China) catch up with America\u2019s technology.", "2018-05-24"]
[7.1140594482421875, -4.0859055519104, "Another bill would specifically restrict Chinese investments in the ten sectors targeted by the Made in China 2025 plan.", "2018-05-24"]
[6.888006687164307, -1.1648250818252563, "If America does impose tariffs, they would also mainly focus on these ten industries.", "2018-05-24"]
[8.491443634033203, -3.8847386837005615, "Nearly all the proposed duties affect high-tech products such as avionics and medical devices.", "2018-05-24"]
[7.28497314453125, -2.1742351055145264, "Low-tech goods that China sells by the shipload would be mostly untouched.", "2018-05-24"]
[5.727302074432373, -3.522592782974243, "He Weiwen, a former diplomat, says that America\u2019s goal is not to shrink its trade deficit but to impede China\u2019s progress.", "2018-05-24"]
[5.065032005310059, -1.7790945768356323, "He has a good point.", "2018-05-24"]
[6.9985809326171875, -3.363180637359619, "China\u2019s third vulnerability is to blocks on American exports.", "2018-05-24"]
[7.472822666168213, -4.995109558105469, "A taste of this was given on April 16th when America punished ZTE, a Chinese telecoms firm, for violating sanctions against Iran and North Korea.", "2018-05-24"]
[7.5875043869018555, -4.591494560241699, "The penalty was a ban on American sales of parts to the company.", "2018-05-24"]
[7.749431610107422, -4.985658645629883, "ZTE is a large global business.", "2018-05-24"]
[8.634880065917969, -3.2514758110046387, "But around 90% of its products use American parts, especially semiconductors.", "2018-05-24"]
[7.762106895446777, -5.019839763641357, "The ban would render ZTE comatose, said its chairman.", "2018-05-24"]
[4.526070594787598, -2.083153009414673, "In the past few days Mr Trump has appeared to have second thoughts on this.", "2018-05-24"]
[7.683088779449463, -4.9541449546813965, "On May 13th he pledged to help ZTE \u201cget back into business, fast\u201d.", "2018-05-24"]
[4.8786444664001465, -1.5383974313735962, "On May 22nd he said there was \u201cno deal\u201d, but later suggested it may only have to pay a big fine and change its management.", "2018-05-24"]
[6.771023750305176, -4.195316791534424, "Whatever he is pondering, China has learned a lesson about how tech superiority gives America clout.", "2018-05-24"]
[7.418724536895752, -4.090259075164795, "Chinese officials frankly admit that their technology is far from the global leading edge.", "2018-05-24"]
[6.59880256652832, -3.802004098892212, "The Made in China 2025 plan can be read as a confession of backwardness.", "2018-05-24"]
[8.191619873046875, -4.062851905822754, "China\u2019s dream of becoming a semiconductor powerhouse stirs fear abroad.", "2018-05-24"]
[4.4844183921813965, -0.01709192804992199, "But it is far from that today.", "2018-05-24"]
[8.467804908752441, -1.668252944946289, "Its domestic production satisfies only a little more than a tenth of its demand for chips (see chart 2).", "2018-05-24"]
[8.555257797241211, -3.725017547607422, "China produces nearly a third of the liquid crystal displays (LCDs) in televisions and car dashboards.", "2018-05-24"]
[8.565705299377441, -3.5861661434173584, "But about 50% of the glass substrate used in its LCDs is made by Corning, an American company.", "2018-05-24"]
[8.588040351867676, -2.949566602706909, "Most of the rest comes from Japanese firms.", "2018-05-24"]
[8.028011322021484, -4.088194847106934, "China uses more robots than any other country.", "2018-05-24"]
[8.912357330322266, -2.4810590744018555, "But imports account for 72% of the cost of the more complex ones that it makes.", "2018-05-24"]
[7.057985782623291, -3.378634214401245, "Still more alarming for China is the way that America can weaponise its financial system.", "2018-05-24"]
[7.006626605987549, -3.743058443069458, "By denying banks access to its market, it can freeze them out of international transactions.", "2018-05-24"]
[6.757948875427246, -3.573546886444092, "American politicians muse about punishing big Chinese banks for doing business with North Korea.", "2018-05-24"]
[7.548827171325684, -2.594848155975342, "To reduce its reliance on the dollar, China wants to make the yuan a global currency.", "2018-05-24"]
[7.3362507820129395, -2.9281883239746094, "But that would require it to open its financial system to foreigners much more widely than it is now willing to do.", "2018-05-24"]
[5.178367614746094, -4.2131781578063965, "China\u2019s final area of vulnerability, and potentially its biggest, is to a united international front.", "2018-05-24"]
[5.551827430725098, -3.5530354976654053, "Though a conflict with America would be bad, China could eventually work round it.", "2018-05-24"]
[6.5951056480407715, -4.161365032196045, "Since the 1990s America has blocked the export of commercial satellites and their parts to China.", "2018-05-24"]
[7.944125652313232, -2.976425886154175, "But China was eventually able to get what it needed from Europe.", "2018-05-24"]
[6.917140483856201, -4.643039703369141, "Its satellite capabilities have almost caught up with America\u2019s.", "2018-05-24"]
[7.87848424911499, -4.224137306213379, "(Mr Wang of Unitree says he could redesign his robo-dogs for use with non-American microchips\u2014Laikago would live.", "2018-05-24"]
[5.8830671310424805, -3.810666561126709, ")\nIt would be far worse for China if other countries were also to turn against it.", "2018-05-24"]
[7.063989162445068, -3.7852866649627686, "Governments from Australia to Germany have already started objecting to Chinese investments on security grounds, seemingly emboldened by Mr Trump.", "2018-05-24"]
[8.07258129119873, -3.4261677265167236, "\u201cWe\u2019ve become Chinese takeaway in Europe but we can\u2019t get a look at their companies in China,\u201d says Joerg Wuttke, a former head of the European Chamber of Commerce in China.", "2018-05-24"]
[7.509378433227539, -3.660187005996704, "Twenty-seven European ambassadors to Beijing complained in April that China\u2019s Belt and Road Initiative\u2014its massive overseas investment plan\u2014would harm global trade by subsidising Chinese firms.", "2018-05-24"]
[5.058767318725586, -4.075088977813721, "A multi-country alliance against China would \u201calmost be a doomsday scenario\u201d, says Edward Tse of Gao Feng, an advisory firm.", "2018-05-24"]
[4.2808308601379395, -1.9440736770629883, "But he believes one is unlikely to emerge.", "2018-05-24"]
[4.499207019805908, -2.334407091140747, "Mr Trump has a tendency to alienate his country\u2019s usual friends.", "2018-05-24"]
[5.684267520904541, -4.02536153793335, "How could China fight back?", "2018-05-24"]
[6.117886066436768, -1.0090607404708862, "Were it just a tit-for-tat tariff battle, America would have the upper hand.", "2018-05-24"]
[7.104428768157959, -1.8264654874801636, "America could, in theory, impose duties on its $500bn-worth of imports from China.", "2018-05-24"]
[7.213726043701172, -2.356462001800537, "China only buys $130bn of American goods, limiting its scope for retaliation.", "2018-05-24"]
[5.807684898376465, -0.6364932656288147, "But it could make the brawl about more than tariffs.", "2018-05-24"]
[6.991699695587158, -3.5391547679901123, "It could disrupt the business of American firms in China.", "2018-05-24"]
[7.092461109161377, -3.2738888263702393, "The government has form in whipping up consumer boycotts, as South Korean retailers and Japanese carmakers can attest.", "2018-05-24"]
[8.126394271850586, -3.1267364025115967, "China is the fastest-growing big market for American companies, from Apple to GM.", "2018-05-24"]
[7.346940994262695, -4.926928997039795, "If America were to deploy sanctions such as those imposed on ZTE more widely, it would find that China can escalate matters, too.", "2018-05-24"]
[5.929603576660156, -3.7693073749542236, "\u201cFrom zero to 100, anything is possible,\u201d says a senior Chinese government adviser.", "2018-05-24"]
[8.265263557434082, -2.9015233516693115, "American firms have invested $250bn in China, according to Rhodium Group, a consultancy (see chart 3).", "2018-05-24"]
[7.092475414276123, 0.12184178829193115, "The potential for asset seizures would keep executives up at night.", "2018-05-24"]
[6.96758508682251, -0.5960080623626709, "Supply chains would be torn apart.", "2018-05-24"]
[7.326649188995361, -2.8436825275421143, "Apple would no longer be able to use China as its main production base for iPhones.", "2018-05-24"]
[7.296614646911621, -1.1608022451400757, "Walmart\u2019s shelves would be bare.", "2018-05-24"]
[6.980615139007568, -0.8359053730964661, "America\u2019s chipmakers would lose half their sales.", "2018-05-24"]
[5.158679008483887, -3.5762012004852295, "China could further fan the flames by frustrating Mr Trump\u2019s efforts to bring North Korea to heel, or by flexing muscle against Taiwan or in the South China Sea (where it emerged last week that it had, for the first time, landed long-range bombers on a disputed island).", "2018-05-24"]
[6.1836700439453125, -2.350858211517334, "Given America\u2019s entanglement with China, an all-out trade war would be sheer folly.", "2018-05-24"]
[4.1507720947265625, -0.6579769253730774, "But even if one is avoided, prolonged strategic competition remains likely.", "2018-05-24"]
[5.101708889007568, -1.3108071088790894, "Some analysts say this would involve a tech war or an economic cold war.", "2018-05-24"]
[4.102623462677002, 0.2687511444091797, "These terms are misleading.", "2018-05-24"]
[6.280361175537109, -3.7619168758392334, "China\u2019s integration with the global economy cannot be undone; there is no real way to cut it off as America once did to the Soviet Union.", "2018-05-24"]
[5.93354606628418, -3.699795722961426, "But China\u2019s ascent could get much bumpier.", "2018-05-24"]
[7.007358074188232, -3.605032444000244, "It is likely to face more restrictions on overseas investments, more pressure to open its market and more scrutiny of its economic policies.", "2018-05-24"]
[5.934986114501953, -4.043576240539551, "China\u2019s options for countering such amorphous efforts are not straightforward.", "2018-05-24"]
[6.140579700469971, -3.6098179817199707, "A complicating factor in China\u2019s handling of the trade dispute is nationalism.", "2018-05-24"]
[5.467140197753906, -3.0698142051696777, "Advisers have highlighted the risk of going too far to placate foreigners.", "2018-05-24"]
[5.809967517852783, -2.800325393676758, "Zhang Ming of the Chinese Academy of Social Sciences recalls the Plaza Accord, a multinational agreement reached in 1985 under American pressure.", "2018-05-24"]
[6.590262413024902, -2.6794354915618896, "It resulted in a soaring yen, arguably leading to Japan\u2019s economic stagnation in later years.", "2018-05-24"]
[6.078435897827148, -4.104079246520996, "Mr Zhang says that China must resist such pressure.", "2018-05-24"]
[5.582355976104736, -3.872415065765381, "Going by their unwillingness to yield to America\u2019s demands for deficit-reduction targets, Chinese leaders seem to agree.", "2018-05-24"]
[3.6663296222686768, -0.8983678817749023, "Their response instead has two planks.", "2018-05-24"]
[7.3777852058410645, -3.3065738677978516, "The first involves reducing dependence on foreign technology.", "2018-05-24"]
[7.548545837402344, -5.025814533233643, "The punishment of ZTE has only reinforced their commitment to this strategy.", "2018-05-24"]
[4.982511520385742, -3.8925182819366455, "China must \u201ccast aside illusions and rely on ourselves\u201d, President Xi said in a speech shortly after the American sanctions against the company were announced.", "2018-05-24"]
[8.563455581665039, -3.969876289367676, "One outcome has been more money for the semiconductor industry.", "2018-05-24"]
[8.502885818481445, -3.5383098125457764, "China has nearly finished raising a 300bn yuan ($47bn) fund to foster domestic chipmakers, its biggest ever.", "2018-05-24"]
[6.910030364990234, -3.671872138977051, "Officials are aware that excessive government meddling in industry can be counterproductive.", "2018-05-24"]
[6.585178852081299, -3.8745970726013184, "China has previously tried but failed to create chipmaking champions.", "2018-05-24"]
[7.839425563812256, -0.2459288388490677, "So the state\u2019s fund managers are now operating more like venture capitalists.", "2018-05-24"]
[7.896451950073242, -0.1899106353521347, "They are spreading cash around and monitoring returns.", "2018-05-24"]
[8.319685935974121, -3.6383368968963623, "Much the same is happening in the other industries specified in the Made in China 2025 plan, from biotechnology to aerospace.", "2018-05-24"]
[4.934301853179932, -0.7894642949104309, "A go-it-alone approach to innovation rarely works.", "2018-05-24"]
[8.500639915466309, -3.3153727054595947, "China has been most successful in industries such as high-speed rail, in which it has obtained foreign technology and combined it with domestic know-how.", "2018-05-24"]
[5.131885528564453, -3.9077227115631104, "Hence the second plank of China\u2019s strategy: winning foreign friends, even if not the Americans.", "2018-05-24"]
[6.685779094696045, -4.118851184844971, "China still needs foreign technology, so is doing what it can to stop antagonism from coalescing.", "2018-05-24"]
[4.256198883056641, -1.1285004615783691, "Diplomatically, it is taking a softer tack.", "2018-05-24"]
[4.9655351638793945, -2.896393299102783, "One recent example was its support for a three-way leaders\u2019 summit with Japan and South Korea.", "2018-05-24"]
[4.173861026763916, -0.9777395129203796, "This was held on May 9th after years of tetchy relations.", "2018-05-24"]
[4.857067584991455, -2.982816457748413, "Chinese negotiators also want to give Mr Trump at least something he can claim as a victory.", "2018-05-24"]
[7.042827129364014, -2.5316827297210693, "During the talks in Washington they promised that China would buy more farm goods and oil from America.", "2018-05-24"]
[7.329342365264893, -3.404920816421509, "China has started throwing juicier morsels at foreign firms, too.", "2018-05-24"]
[7.418614387512207, -3.182253837585449, "It has unveiled a faster timeline for opening its banking industry to foreign investors.", "2018-05-24"]
[7.237700939178467, -3.2349584102630615, "It has pledged to scrap limits on foreign ownership of carmakers.", "2018-05-24"]
[8.100788116455078, -3.5234620571136475, "It has also been arguing that deals generated by its Made in China 2025 scheme will involve foreign businesses.", "2018-05-24"]
[4.385836124420166, 0.21232852339744568, "These steps alone will not disarm critics.", "2018-05-24"]
[7.037004470825195, -4.049796104431152, "Even with full control of their Chinese operations, foreign companies will encounter regulatory hurdles, written and unwritten.", "2018-05-24"]
[6.945358753204346, -4.04392671585083, "Foreign governments will continue to bristle as well-funded Chinese companies buy up technology.", "2018-05-24"]
[5.821454048156738, -2.7804694175720215, "The rivalry that has brought China and America to the brink of a trade war will not abate.", "2018-05-24"]
[7.579538822174072, -3.439323902130127, "But so long as China can keep enough foreign businesses and governments on side for enough of the time, it will be able to carve out space for its economic rise.", "2018-05-24"]
[6.602795124053955, -3.9251549243927, "Faced with obstructive foreigners, China might well find that the target date of Made in China 2025 is overly ambitious.", "2018-05-24"]
[4.267045974731445, 0.0909738764166832, "Yet that will not induce it to give up.", "2018-05-24"]
[8.407007217407227, -3.618995189666748, "Made in China 2035?", "2018-05-24"]
[5.715403079986572, -3.6038217544555664, "If that, in effect, were the outcome, China could live with it.", "2018-05-24"]
[6.289027690887451, -2.278118133544922, "|SHANGHAI\n\nThe Economist explains\nWhy China has to worry about a trade war with America\nTariffs are just the start\n\nFEW had expected the ceasefire in trade hostilities between America and China to last.", "2018-05-31"]
[4.690279006958008, -0.07503771036863327, "But no one predicted such a sudden demise.", "2018-05-31"]
[6.806586742401123, -1.7361925840377808, "On May 29th the White House announced plans to slap 25% tariffs on $50bn of imports from China, reversing its position of less than two weeks ago, when it placed tariffs \u201con hold\u201d as trade talks progressed.", "2018-05-31"]
[4.977263927459717, -2.737201690673828, "The announcement could in theory give America leverage in negotiations, which are set to resume this weekend when Wilbur Ross, America\u2019s commerce secretary, visits Beijing.", "2018-05-31"]
[5.948518753051758, -4.02610969543457, "China reacted with frustration.", "2018-05-31"]
[4.934456825256348, -3.313345193862915, "Xinhua, the state-run news agency, said the Trump administration had gone back on its word and was undermining American credibility.", "2018-05-31"]
[5.87038516998291, -3.9826884269714355, "The commerce ministry pledged that China would defend its national interests.", "2018-05-31"]
[5.876234531402588, -3.951413869857788, "How worried should China be?", "2018-05-31"]
[5.937967777252197, -3.79311466217041, "Uncertainty about what exactly America might do complicates any assessment of the threat to China.", "2018-05-31"]
[4.628133773803711, -3.3138089179992676, "President Donald Trump has blown hot and cold on China, some days tweeting that he wants to get tough and other days touting his great relationship (as he sees it) with Xi Jinping, China\u2019s leader.", "2018-05-31"]
[7.5370635986328125, -4.924013137817383, "The American move that most shocked China happened in April when it banned ZTE, a major Chinese telecom company, from buying American parts in a sanctions dispute.", "2018-05-31"]
[5.10695219039917, -3.2028017044067383, "However Mr Trump, much to the anger of China hawks in Washington, then called for a lighter punishment.", "2018-05-31"]
[5.386274337768555, -1.8179011344909668, "This week\u2019s announcement of tariffs also gives him room to back down.", "2018-05-31"]
[7.173250675201416, -1.3401929140090942, "The list of affected products is due to be published on June 15th, with the duties imposed \u201cshortly thereafter\u201d.", "2018-05-31"]
[4.817288875579834, -3.371042251586914, "The Chinese commerce ministry described it as a tactical statement, hinting at its belief that Mr Trump might be bluffing.", "2018-05-31"]
[5.972352504730225, -4.061044216156006, "Nevertheless, Chinese officials know that it would be foolhardy to downplay the dangers.", "2018-05-31"]
[7.275968074798584, -1.6923210620880127, "Looked at narrowly, China\u2019s economy could easily absorb the impact of $50bn in tariffs.", "2018-05-31"]
[5.573067665100098, -0.7243947982788086, "But the fear is that they would be the start of a much nastier trade war.", "2018-05-31"]
[6.889636039733887, -2.0524799823760986, "China has vowed to retaliate with an equivalent amount of tariffs.", "2018-05-31"]
[6.263838768005371, -1.46442711353302, "That could prompt Mr Trump to levy yet more duties.", "2018-05-31"]
[6.880136966705322, -2.1746459007263184, "Since China runs a huge bilateral trade surplus ($375bn last year), it can only go so far in a tit-for-tat tariff battle.", "2018-05-31"]
[7.019736289978027, -3.6567957401275635, "But it can target American businesses in China, by organising consumer boycotts or disrupting their factories.", "2018-05-31"]
[7.66705846786499, -3.880636215209961, "And America could also do more: China\u2019s tech sector relies on American firms for semi-conductors and is thus vulnerable to export controls.", "2018-05-31"]
[6.240474224090576, -2.342355966567993, "If the fight escalates, the damage to business confidence and supply chains in China and America would be severe.", "2018-05-31"]
[5.90619421005249, -2.1870715618133545, "So the assumption in Beijing, and in global markets, is that a full-fledged trade war will be avoided.", "2018-05-31"]
[6.997812747955322, -2.428471326828003, "Indeed, before Mr Trump\u2019s latest tariff threat, the two countries seemed to be edging towards a deal in which China would commit to buying more American goods, from beef to natural gas, in order to reduce its trade surplus.", "2018-05-31"]
[3.8364126682281494, -0.44389423727989197, "That would not be the end of the story, though.", "2018-05-31"]
[5.6193647384643555, -3.7565054893493652, "As China grows more powerful, its rivalry with America is heating up.", "2018-05-31"]
[6.232330799102783, -0.595343828201294, "The trade spat is just the most visible of the economic spillovers.", "2018-05-31"]
[7.11287260055542, -4.0485334396362305, "Chinese firms already face a tough approval process when investing in America.", "2018-05-31"]
[7.254097938537598, -4.040855884552002, "The White House is now drawing up even tighter investment restrictions.", "2018-05-31"]
[6.915367126464844, -4.146141529083252, "It also plans to shorten visa durations for Chinese students in fields such as robotics and aviation, worried that they might be stealing American intellectual property.", "2018-05-31"]
[5.863580226898193, -3.659045934677124, "And there is broad support from both Republicans and Democrats for the American government to take a harder line in opposing Chinese industrial policies.", "2018-05-31"]
[5.931424140930176, -4.098406791687012, "China has ways to push back.", "2018-05-31"]
[7.415417194366455, -2.781620740890503, "It is working to deepen economic ties with other countries and is opening its door a little wider to foreign businesses, partly in a bid to cultivate more goodwill.", "2018-05-31"]
[8.526415824890137, -3.8985822200775146, "It is also redoubling efforts to develop its own technology, notably with large state-backed investments in the semiconductor industry.", "2018-05-31"]
[5.818037986755371, -3.507803201675415, "But there is no escaping the rise in Sino-American competition.", "2018-05-31"]
[6.39665412902832, -0.8720869421958923, "Even if the tariffs fizzle out, other storms lie ahead.", "2018-05-31"]
[6.843811988830566, -0.40621352195739746, "Finance & economics | Puzzle pieces\nThere is madness, but perhaps also method, in America\u2019s trade policies\nPresident Donald Trump is seeking to renegotiate NAFTA and slap tariffs on steel, aluminium, cars and Chinese products\u2014all at the same time\n\nDIVINING meaning in the Trump administration\u2019s trade announcements is a thankless task.", "2018-06-02"]
[4.190417766571045, -0.44989460706710815, "No sooner does a policy seem settled than it is thrown up in the air once more.", "2018-06-02"]
[8.9923677444458, -2.4521164894104004, "On May 23rd, days before a scheduled meeting with the European Union and Japan on a joint trade strategy and in the middle of talks to revamp the North American Free-Trade Agreement (NAFTA), it began an investigation into whether car imports are a threat to America\u2019s national security.", "2018-06-02"]
[6.949990272521973, -1.6250489950180054, "On May 29th, days after tariffs on imports from China were supposedly put on hold, official word came that tariffs on $50bn of Chinese imports would be imposed \u201cshortly\u201d after June 15th.", "2018-06-02"]
[6.599385738372803, -1.4781215190887451, "Barring a last-minute change of heart\u2014which would not be the first\u2014as The Economist went to press the administration was expected to announce tariffs on steel and aluminium imports from the EU from June 1st.", "2018-06-02"]
[6.396296501159668, -1.2738730907440186, "Whether America\u2019s partners in NAFTA, Canada and Mexico, would also be hit was unclear.", "2018-06-02"]
[4.395327091217041, -1.903433084487915, "The chaos is partly the consequence of President Donald Trump\u2019s mercurial temperament, and the fact that he is served by advisers who disagree with each other.", "2018-06-02"]
[5.039743900299072, -2.7916312217712402, "Steven Mnuchin, his treasury secretary, seems more interested than, say, Peter Navarro, his trade adviser, in avoiding a trade conflict with China.", "2018-06-02"]
[5.657349586486816, -0.9146603941917419, "It may also be an attempt, in the style of \u201cThe Art of the Deal\u201d, to throw negotiating counterparties off-balance and cow them into submission\u2014and perhaps to convince companies abroad that exporting to America is too risky.", "2018-06-02"]
[4.263622760772705, 0.08102522045373917, "But hidden in the muddle there is also a grim logic.", "2018-06-02"]
[5.625937461853027, -1.7816483974456787, "Mr Trump, and at least some of his trade advisers, believe that when one unorthodox trade move has knock-on consequences, the solution is not to rethink it, but to follow it with another.", "2018-06-02"]
[9.015203475952148, -2.4851903915405273, "The investigation announced by the Department of Commerce on May 23rd, into whether imports of cars and car parts threaten national security, is illustrative.", "2018-06-02"]
[6.121394157409668, -0.7456977963447571, "The suggestion is absurd, and if the conclusion is that they do, it would make a mockery of the global rules-based system of trade.", "2018-06-02"]
[6.539153099060059, -1.3665568828582764, "But the administration would be able to apply whatever tariffs it liked to auto imports while staying within the letter, if not the spirit, of American law.", "2018-06-02"]
[6.931788444519043, -1.4009854793548584, "Tariffs of 25% on cars and car parts, as Mr Trump apparently wants, would be disastrous for Canada\u2019s and Mexico\u2019s car industries, though American buyers of cars and parts would suffer too.", "2018-06-02"]
[9.034399032592773, -2.493488311767578, "(Around 56% of the light vehicles sold in America in 2017 were assembled in the country, and 22% in Canada and Mexico together.", "2018-06-02"]
[6.022199630737305, -1.496960997581482, ") On May 24th Justin Trudeau, Canada\u2019s prime minister, wearily told Reuters that the decision to target cars was connected to the NAFTA negotiations.", "2018-06-02"]
[5.09265661239624, -1.298357367515564, "It seems unlikely that the move will do anything to encourage Canadian and Mexican negotiators to settle quickly\u2014the Department of Commerce hearings will take months.", "2018-06-02"]
[6.947724342346191, -1.4668101072311401, "But it will increase America\u2019s leverage as it tries to reshape NAFTA\u2019s rules on cars in ways it has already signalled.", "2018-06-02"]
[5.957108974456787, -1.2656289339065552, "The NAFTA talks are stalled over the conditions a car must satisfy in order to qualify for tariff-free trade within the bloc.", "2018-06-02"]
[6.415702819824219, -1.253150224685669, "American negotiators want more demanding national-content requirements, and a rule that at least 30% of a car be made by workers earning above a high wage threshold.", "2018-06-02"]
[7.046751499176025, -1.5723475217819214, "But they have woken up to the possibility that carmakers that find the proposed rules too burdensome might simply ignore them and pay the non-NAFTA tariff of 2.5%.", "2018-06-02"]
[6.7463765144348145, -1.0226725339889526, "That would become far less feasible if the tariff were to rise tenfold, with NAFTA members exempted.", "2018-06-02"]
[6.731147766113281, -1.2698992490768433, "A stiff tariff on auto imports might also seem to fulfil other objectives of American trade hawks.", "2018-06-02"]
[6.467440128326416, -1.5876907110214233, "Mr Trump seems convinced that the EU\u2019s 10% tariff on car imports violates the spirit of reciprocity, and that Japan treats American car companies unfairly in other ways, such as subjecting them to onerous inspections (there is no tariff on cars entering Japan).", "2018-06-02"]
[6.745405197143555, -0.8395894169807434, "If these other countries are unwilling to lower their trade barriers, then a tariff would at least shut out their exports.", "2018-06-02"]
[6.713350772857666, -1.336539387702942, "If NAFTA producers are excluded from any restrictions, then they could even find themselves with a large tariff preference in the American market, which would help offset any extra burdens imposed by the new deal.", "2018-06-02"]
[9.305631637573242, -2.778656005859375, "If this is the strategy, then carmakers elsewhere should be worried.", "2018-06-02"]
[9.164188385009766, -2.6765825748443604, "Cars are the most traded product in the world by value, according to the MIT Observatory of Economic Complexity.", "2018-06-02"]
[8.56372356414795, -2.229534864425659, "And America is the world\u2019s largest importer.", "2018-06-02"]
[9.12943172454834, -2.6085550785064697, "In 2017 cars made up 41% of the value of Japan\u2019s goods exports to America, and 14% of the EU\u2019s.", "2018-06-02"]
[9.129796981811523, -2.679955244064331, "Some companies, including Ford, GM and Honda, already assemble most of the cars they sell in America within its borders.", "2018-06-02"]
[8.987491607666016, -2.3672614097595215, "But other manufacturers seem more exposed to a 25% non-NAFTA tariff, including Mazda, BMW and Daimler, which produce more than 60% of their American sales outside NAFTA, estimates Barclays, a bank.", "2018-06-02"]
[5.218249797821045, -2.095850706100464, "Whether with imports of steel, aluminium and cars, or the bilateral relationship with China, at some point the Trump administration may decide to show the world that it is not bluffing.", "2018-06-02"]
[6.286822319030762, -0.29146426916122437, "Leaders | Don\u2019t crash it\nCould a trade war derail global growth?", "2018-06-21"]
[6.775699138641357, -0.7725244760513306, "Rising tariffs are the worst of many threats to the world economy\n\nLOOK at the headlines, and you would struggle to believe that the global economy is in good health.", "2018-06-21"]
[5.885854244232178, -1.985180377960205, "President Donald Trump continues to fire off volleys in his inchoate trade war, throwing financial markets into turmoil and drawing retaliation.", "2018-06-21"]
[8.366780281066895, 0.10083824396133423, "The Federal Reserve is raising interest rates\u2014an activity that usually ends in a recession in America.", "2018-06-21"]
[8.12859058380127, -0.11623688042163849, "Tighter credit and a rising dollar are squeezing emerging markets, some of which, such as Argentina, are under severe stress.", "2018-06-21"]
[6.850884914398193, -0.17224851250648499, "Yet the world economy is thriving.", "2018-06-21"]
[8.238398551940918, -0.6690974235534668, "Growth has slowed slightly since 2017, but still seems to be beating the languid pace set in the five years before that.", "2018-06-21"]
[8.07266902923584, -0.508425772190094, "America may even be speeding up, thanks to Mr Trump\u2019s tax cuts and spending binge.", "2018-06-21"]
[7.685882568359375, -0.6473358273506165, "A higher oil price, which in past economic cycles might have been a drag, is today spurring investment in the production of American shale.", "2018-06-21"]
[8.200739860534668, -0.7992318868637085, "Some forecasts have growth exceeding 4% in the second quarter of 2018.", "2018-06-21"]
[6.189776420593262, 0.5392209887504578, "This sugar rush, however, brings dangers.", "2018-06-21"]
[4.630616664886475, -1.688612699508667, "The first is that it provides temporary political cover for Mr Trump\u2019s recklessness.", "2018-06-21"]
[8.335758209228516, 0.001056122244335711, "The second is that, if America accelerates and the rest of the world slows, widening differentials in interest rates would push up the dollar still more.", "2018-06-21"]
[6.394996166229248, -1.032964825630188, "That would worsen problems in emerging markets and further provoke Mr Trump by making it harder for him to achieve his goal of balanced trade.", "2018-06-21"]
[6.478403091430664, -0.39939484000205994, "The trade war is the biggest threat to global growth (see article).", "2018-06-21"]
[7.020705223083496, -1.6639866828918457, "On June 15th the White House confirmed that a 25% tariff on up to $50bn of Chinese imports would soon go into effect.", "2018-06-21"]
[6.800776958465576, -1.913402795791626, "Three days later, after China promised to retaliate, the president expanded, by as much as $400bn, the other goods America is threatening to tax.", "2018-06-21"]
[6.966548919677734, -1.740936517715454, "If he follows through, nine-tenths of roughly $500bn-worth of goods imported from China each year will face American levies.", "2018-06-21"]
[5.61750602722168, -1.2681864500045776, "Meanwhile, the European Union is poised to impose retaliatory tariffs in response to America\u2019s action against EU steel and aluminium.", "2018-06-21"]
[8.22773265838623, -0.034861691296100616, "No wonder markets have caught the jitters.", "2018-06-21"]
[5.28902006149292, -1.8479819297790527, "I\u2019ll see you and erase you\nThe president is unafraid of escalating trade disputes because he believes he has a winning hand.", "2018-06-21"]
[7.0166215896606445, -2.1205313205718994, "America buys from China almost four times as much as it sells there, limiting China\u2019s ability to match tariffs.", "2018-06-21"]
[6.193022727966309, -2.827793598175049, "The White House hopes this imbalance will lead China to yield to its demands, some of which (cutting the theft of American firms\u2019 intellectual property) are more reasonable than others (shrinking the bilateral trade deficit).", "2018-06-21"]
[4.530624866485596, -1.9938945770263672, "But Mr Trump overestimates his bargaining power.", "2018-06-21"]
[7.064965724945068, -1.6319016218185425, "If China runs out of American goods to tax, it could raise existing tariffs higher.", "2018-06-21"]
[6.872797012329102, -4.247013568878174, "Or it could harass American firms operating in China.", "2018-06-21"]
[5.0310378074646, -1.7688512802124023, "More important, the president\u2019s mercantilism blinds him to the damage he could inflict on America.", "2018-06-21"]
[5.781428337097168, -1.7775126695632935, "He thinks it is better not to trade at all than to run a trade deficit.", "2018-06-21"]
[4.790037631988525, -2.033501386642456, "This folly also dictates his tactics towards Canada, Mexico and the EU.", "2018-06-21"]
[6.203281879425049, -1.6399353742599487, "Mr Trump could yet withdraw from the North American Free-Trade Agreement and slap tariffs on cars.", "2018-06-21"]
[6.590272903442383, -0.16656647622585297, "The problem is not that America depends on trade.", "2018-06-21"]
[6.623808860778809, -0.6767422556877136, "In fact, it is a big enough free-trade area for the eventual damage to GDP, even from a fully fledged trade war, to be limited to a few percentage points (smaller, specialised economies are more dependent on trade and would suffer a lot more).", "2018-06-21"]
[4.544233322143555, -0.003763885935768485, "Such self-inflicted harm would impose a pointless cost on the average American household of perhaps thousands of dollars.", "2018-06-21"]
[4.1392927169799805, -0.022152921184897423, "That would be bad, but it would hardly be fatal.", "2018-06-21"]
[5.946163177490234, 0.12446383386850357, "The bigger issue is the vast disruption that would occur in the transition to more autarky.", "2018-06-21"]
[7.9996337890625, -3.058187484741211, "America\u2019s economy is configured for designing iPhones, not assembling their components; the innards of its cars and planes cross national borders many times before the final product is ready.", "2018-06-21"]
[7.016151428222656, -0.7552498579025269, "Faced with tariffs, firms have to redirect labour and capital to replace imports.", "2018-06-21"]
[5.722099781036377, -1.965160846710205, "Some analysts attribute Mr Trump\u2019s presidency to the economic shock from trade with China after 2000.", "2018-06-21"]
[6.056450366973877, 0.059040460735559464, "The turmoil caused by reversing globalisation would be just as bad.", "2018-06-21"]
[7.220372676849365, -1.09580397605896, "One estimate puts American job losses from a trade war at 550,000.", "2018-06-21"]
[6.695544719696045, -2.6973390579223633, "The hit to China would also be severe.", "2018-06-21"]
[4.36942720413208, -1.9078398942947388, "Any adjustment would be prolonged by Mr Trump\u2019s unpredictability.", "2018-06-21"]
[7.3268656730651855, -1.177012324333191, "Without knowing whether tariffs might rise or fall, what company would think it wise to invest in a new supply chain?", "2018-06-21"]
[6.166110038757324, 0.07585496455430984, "It is difficult to imagine such a realignment without a global recession.", "2018-06-21"]
[7.406258583068848, -0.5990471243858337, "Tariffs temporarily push up inflation, making it harder for central banks to cushion the blow.", "2018-06-21"]
[8.426486015319824, 0.02133835107088089, "The flight to safety accompanying any global downturn would keep the dollar strong, even as America\u2019s fiscal stimulus peters out after 2019.", "2018-06-21"]
[6.045472145080566, -1.0434054136276245, "The trade war may yet be contained, to the benefit of the world economy.", "2018-06-21"]
[7.77963924407959, -0.8941476345062256, "But America is the engine of global growth.", "2018-06-21"]
[4.3098835945129395, -2.1450793743133545, "In Mr Trump, a dangerous driver is at the wheel.", "2018-06-21"]
[6.065770626068115, -1.2575572729110718, "Finance & economics | Free exchange: Trading peace for war\nSino-American interdependence has been a force for geopolitical stability\nA full-blown trade war would harm more than the two countries\u2019 economies\n\nIN THE 1990s America and Europe had a trade dispute over bananas.", "2018-06-23"]
[4.44662618637085, -1.517543911933899, "No one worried that tanks might soon roll as a result.", "2018-06-23"]
[6.161864757537842, -0.397209495306015, "But trade is about more than economics.", "2018-06-23"]
[5.773074626922607, -0.8203033208847046, "The European Union, the world\u2019s most ambitious free-trade area, was founded on the idea that trade integration would make war between members \u201cnot merely unthinkable, but materially impossible\u201d.", "2018-06-23"]
[6.406604766845703, -2.4701550006866455, "As the risk of a serious Sino-American trade war grows, attention is mostly focused on the prospect of dearer iPhones and unhappy soyabean farmers.", "2018-06-23"]
[3.9370083808898926, -0.3368341326713562, "But the stakes are much higher.", "2018-06-23"]
[5.187878608703613, -4.1956329345703125, "China\u2019s economic miracle could not help but provoke geopolitical stress, given its size and illiberality.", "2018-06-23"]
[5.443699836730957, -4.033171653747559, "Relations between America and China are built on mutual suspicion.", "2018-06-23"]
[4.34237813949585, -1.7328709363937378, "Geopolitical rivalry has been moderated, however, by economic interdependence: a mutual entanglement some economics wags have dubbed \u201cChimerica\u201d.", "2018-06-23"]
[7.845354080200195, -2.1371262073516846, "As China opened up, American consumers hoovered up cheap Chinese goods.", "2018-06-23"]
[8.018753051757812, -3.0151100158691406, "American firms built China into their supply chains, enjoying low labour costs and gaining a presence in a domestic market that would one day be the world\u2019s largest.", "2018-06-23"]
[8.338550567626953, -2.9691319465637207, "Export-oriented development created vast numbers of Chinese jobs, and American investment allowed Chinese firms to gain technological expertise.", "2018-06-23"]
[7.216493129730225, -2.4300243854522705, "As China grew richer, it purchased American bonds to keep its currency low and its exports competitive.", "2018-06-23"]
[6.978978633880615, -0.3251732885837555, "That allowed America to consume beyond its means year after year.", "2018-06-23"]
[7.809251308441162, 0.5004934072494507, "This circular flow of money saw America\u2019s current-account deficit grow in pace with China\u2019s surplus.", "2018-06-23"]
[4.2874321937561035, -1.3662176132202148, "Both countries have strained at these ties.", "2018-06-23"]
[5.967644691467285, -2.407540798187256, "Even before Donald Trump became president, America bristled at the theft of its intellectual property, aggressive government support for Chinese industry, and the destabilising currency manipulation.", "2018-06-23"]
[7.02520751953125, -3.646686315536499, "China deplored its dependence on foreign technology and consumers.", "2018-06-23"]
[8.066054344177246, -1.1636271476745605, "These vulnerabilities were highlighted by the financial crisis, when plummeting global demand threatened to plunge China into recession, even though it is quite separate from the global financial system.", "2018-06-23"]
[5.362478733062744, -3.776216506958008, "Support within America for a tougher line with China has been building for a while.", "2018-06-23"]
[8.4017333984375, -3.739854097366333, "And China is ever keener to achieve technological self-sufficiency.", "2018-06-23"]
[8.37762451171875, -2.0964787006378174, "The share of domestic value-added in its exports has been rising steadily.", "2018-06-23"]
[8.352666854858398, -3.6455183029174805, "\u201cMade in China 2025\u201d, the national development strategy, aims to create high-tech substitutes for foreign products from computer components to robots, cars and planes.", "2018-06-23"]
[5.321014404296875, -3.381251573562622, "Yet an end to Sino-American interdependence is not inevitable.", "2018-06-23"]
[6.522688865661621, -2.981680393218994, "China might yet hew more closely to rich-country trade rules, and intervene less in its economy and foreign-exchange markets.", "2018-06-23"]
[8.014616012573242, -2.359299421310425, "Trade between America and China could continue to grow, even as the technological gap between them, and their bilateral imbalance, shrink.", "2018-06-23"]
[7.439724445343018, -0.8212913274765015, "Expensive goods, investment and services could flow both ways, as between America and Europe.", "2018-06-23"]
[4.820699691772461, 0.06120277941226959, "But this sunny future looks increasingly remote.", "2018-06-23"]
[6.85835599899292, -3.4875283241271973, "America already limits some Sino-American trade on national-security grounds.", "2018-06-23"]
[5.795624256134033, -0.5055887699127197, "Past spats over dumping and other unfair trade practices led to punitive duties on some goods, as allowed under WTO rules.", "2018-06-23"]
[6.211173057556152, -0.7237938046455383, "An all-out trade war would blow the two economies apart.", "2018-06-23"]
[6.925121307373047, -2.1003053188323975, "The higher tariffs being mooted on half, or nearly all, of America\u2019s imports of Chinese goods would cause serious economic pain in both countries.", "2018-06-23"]
[7.183452129364014, -2.114786386489868, "In America the prices of many goods would jump and those of others, like the soyabeans exported to China by the shipload, would plummet.", "2018-06-23"]
[7.203912734985352, -2.323624610900879, "A sudden drop in China\u2019s trade surplus with America, now over 3% of Chinese GDP, would be a heavy blow.", "2018-06-23"]
[8.142156600952148, -1.6922565698623657, "Even though a weaker currency would make it easier to export more to other countries, China would probably need both monetary and fiscal stimulus to avoid a socially disruptive rise in unemployment.", "2018-06-23"]
[3.8228225708007812, -0.49221542477607727, "Bad break-up\nThen the real trouble would start.", "2018-06-23"]
[5.192497253417969, -3.8094587326049805, "However warily American and Chinese leaders eye each other, economic self-interest keeps their most hawkish impulses in check.", "2018-06-23"]
[7.0911383628845215, -4.378695487976074, "The interests of American consumers and firms constrain officials keen to keep sensitive technology out of Chinese hands (or snooping Chinese technology out of American households).", "2018-06-23"]
[5.34293270111084, -4.15354061126709, "China\u2019s dependence on American spending and technology limits diplomatic and military adventurism.", "2018-06-23"]
[6.684701442718506, -0.7767894864082336, "The break-up of Chimerica would mean an end to those constraints.", "2018-06-23"]
[6.3336873054504395, -0.2986608147621155, "It might also shove the world economy back towards mercantilism and competing spheres of economic influence.", "2018-06-23"]
[7.420429706573486, -3.378694534301758, "China is already cultivating its economic imperium via the Belt and Road Initiative, a plan to build infrastructure for trade and to invest heavily in resource-rich developing economies.", "2018-06-23"]
[7.281363010406494, -2.8048861026763916, "Cut off from American consumers, China would seek to strengthen ties with its neighbours in the hope of selling them more stuff.", "2018-06-23"]
[4.989652633666992, -3.387765407562256, "As Mr Trump\u2019s economic sabre-rattling has grown louder, China has started to cultivate relations with Japan and South Korea.", "2018-06-23"]
[5.141059875488281, -2.965932846069336, "Mr Trump would probably view America\u2019s allies strengthening their trade ties with China as a strategic blow\u2014even though he has picked trade fights with them, too.", "2018-06-23"]
[5.641219615936279, -2.534127712249756, "He might limit access to the American market for countries that do not join his anti-China campaign.", "2018-06-23"]
[6.097746849060059, -0.6592110991477966, "A world of mutually beneficial trade could turn into one in which there are no winners without losers, and no victory without conflict.", "2018-06-23"]
[6.492566108703613, -2.5167675018310547, "America has become embroiled in trade spats with fast-growing upstarts before; with Japan in the 1980s, for example.", "2018-06-23"]
[4.683390140533447, -2.862025022506714, "But these involved democratic countries grateful for American protection during the cold war\u2014and American presidents with quite different characters.", "2018-06-23"]
[5.955920219421387, 0.0030329041182994843, "A closer analogy might be the early 20th century, when economic interdependence proved no match for rising nationalism and bad leadership.", "2018-06-23"]
[5.562010288238525, -0.982094407081604, "The fear is that Mr Trump\u2019s tariffs are less a way to correct legitimate trade grievances than a step towards a much darker world.", "2018-06-23"]
[6.233132839202881, -2.479665517807007, "|SHANGHAI\n\nFinance & economics | Theatre of war\nAs its trade tussle with America heats up, China is on the back foot\nBut tumbles in Chinese equities and the yuan stem more from domestic causes\n \nFOR months Chinese officials have stuck to the same script: China does not want a trade war, but will win if dragged into one.", "2018-07-05"]
[3.9401397705078125, -0.7256580591201782, "As hostilities turn more serious, this confident fa\u00e7ade has taken a blow.", "2018-07-05"]
[8.619118690490723, -1.1795109510421753, "Chinese equities have plunged into bear-market territory.", "2018-07-05"]
[8.529837608337402, -1.3920507431030273, "The yuan had its biggest monthly fall against the dollar on record.", "2018-07-05"]
[8.357354164123535, -0.37916749715805054, "Economic indicators have weakened.", "2018-07-05"]
[4.7302117347717285, -3.482945442199707, "Even bombastic state-run media have turned introspective, counselling against arrogance.", "2018-07-05"]
[5.418941497802734, -0.6012820601463318, "All this, and the tit-for-tat trade battle is only just getting under way.", "2018-07-05"]
[7.111263275146484, -1.7703697681427002, "On July 6th, after The Economist went to press, America was due to impose its first major set of tariffs on China: 25% duties on $34bn-worth of imports, notably machinery and electronic parts.", "2018-07-05"]
[7.006161689758301, -2.02227783203125, "China was set to retaliate with tariffs on goods worth the same amount, hitting products from soyabeans to sport-utility vehicles.", "2018-07-05"]
[6.772130012512207, -1.3263657093048096, "Both countries have listed more tariffs to follow, on goods worth another $16bn.", "2018-07-05"]
[4.028075218200684, -0.7746692895889282, "Both have also warned that they are willing to inflict much more pain if the conflict escalates.", "2018-07-05"]
[6.401078701019287, -2.2020041942596436, "Donald Trump\u2019s bet is that since China has a massive bilateral trade surplus, it stands to lose more than America as barriers go up against imports.", "2018-07-05"]
[5.902983665466309, -1.6270558834075928, "Were their stockmarkets gauges of the two countries\u2019 trade-war prospects, he would seem to have a point.", "2018-07-05"]
[8.636419296264648, -0.8977828025817871, "The S&P 500, America\u2019s leading index of big shares, has fallen by 5% since late January; the CSI 300, China\u2019s analogue, is down by more than 20% over the same period.", "2018-07-05"]
[8.290180206298828, -0.020301327109336853, "Exchange-rate movements reinforce the impression.", "2018-07-05"]
[8.504313468933105, -1.4144846200942993, "The yuan has depreciated by 5% against the dollar over the past three months, a sharp fall for a closely managed currency (see chart).", "2018-07-05"]
[5.92695426940918, -4.142045974731445, "China is nervous about the perception of vulnerability.", "2018-07-05"]
[8.119749069213867, -0.242964506149292, "A drumbeat of reports in state-run media have talked up the stockmarket.", "2018-07-05"]
[7.751114845275879, -2.323411464691162, "On July 3rd the central bank tried to bolster the yuan, saying that the economy\u2019s fundamentals were strong.", "2018-07-05"]
[6.3095927238464355, -0.4801050126552582, "But the toll from the trade war is starting to show up in some data.", "2018-07-05"]
[8.606941223144531, -1.5283291339874268, "Surveys of China\u2019s manufacturing sector have pointed to falling export orders.", "2018-07-05"]
[5.60435152053833, -1.8401527404785156, "Mr Trump could take all this as evidence that he was right when he tweeted that trade wars would be easy for America to win.", "2018-07-05"]
[3.9810614585876465, -0.49589505791664124, "In that, though, he would be mistaken.", "2018-07-05"]
[6.373392581939697, -3.70505428314209, "The turbulence in China reflects domestic challenges more than trade tensions.", "2018-07-05"]
[7.5591630935668945, -1.1933910846710205, "The hit to growth from the $34bn-worth of tariffs is likely to be minuscule, adding up to just about 0.1% of Chinese GDP.", "2018-07-05"]
[8.294806480407715, -1.844177007675171, "Depictions of China as a trade-reliant economy are hopelessly outdated: net exports account for just 2% of national income.", "2018-07-05"]
[7.368104457855225, -3.402547597885132, "Instead, the bigger cause of China\u2019s market turmoil is homegrown.", "2018-07-05"]
[7.739520072937012, 0.36466389894485474, "After a rapid build-up of debt over the past decade, officials have been working to defuse financial risks.", "2018-07-05"]
[8.457762718200684, -0.2795828878879547, "This has depressed demand for both equities and corporate bonds.", "2018-07-05"]
[8.415223121643066, -0.0909605398774147, "Slower credit growth has weighed on liquidity.", "2018-07-05"]
[8.328707695007324, -0.4242771565914154, "Capital spending has slowed sharply.", "2018-07-05"]
[7.910593509674072, -2.3523147106170654, "Adding to the gloom was a report published by the National Institute for Finance and Development, a government-backed think-tank, on June 25th, warning that China was \u201cvery likely to see a financial panic\u201d.", "2018-07-05"]
[5.094002723693848, -1.0120223760604858, "The institute\u2019s head later clarified that he believed the government could manage the risks.", "2018-07-05"]
[8.092988967895508, 0.03498031944036484, "But jittery investors latched onto his warning, not his reassurance.", "2018-07-05"]
[6.153228759765625, -3.1516501903533936, "Yet seen from a different angle, China\u2019s market troubles demonstrate one of the reasons why its officials think they can outlast America in a trade war.", "2018-07-05"]
[5.026081085205078, -2.1634902954101562, "An authoritarian regime can limit and dictate the public discussion.", "2018-07-05"]
[6.384410858154297, -2.344357967376709, "After the stockmarket tumbled, authorities warned journalists against citing the trade conflict as an explanation, according to a directive published by the China Digital Times, a website that tracks government censorship.", "2018-07-05"]
[7.941404819488525, -0.40252748131752014, "Reporters were also ordered to emphasise the economy\u2019s bright spots.", "2018-07-05"]
[4.4267897605896, -1.3867405652999878, "In America, meanwhile, the hurly-burly of its public discourse has been on display.", "2018-07-05"]
[6.708685398101807, -0.9683270454406738, "On July 2nd the US Chamber of Commerce, the country\u2019s biggest business group, launched a lobbying campaign to explain how tariffs would hurt the economy.", "2018-07-05"]
[5.827115058898926, -1.629134178161621, "Republican lawmakers in Congress are criticising the president\u2019s trade policies more openly than heretofore\u2014though on past form, if Mr Trump pushes ahead, they will probably fall into line.", "2018-07-05"]
[5.250917911529541, -4.1000800132751465, "Another source of confidence for China is the knowledge that it is not fighting America alone.", "2018-07-05"]
[5.501461029052734, -1.9183045625686646, "From steel tariffs on Japan to threats of auto tariffs on Europe and negotiations that might wreck the North American Free-Trade Agreement, Mr Trump is taking on every one of America\u2019s allies.", "2018-07-05"]
[5.509786605834961, -4.204253196716309, "China has tried to rally them to its side.", "2018-07-05"]
[5.351254463195801, -2.4221999645233154, "It has asked the European Union to join it in condemning Mr Trump\u2019s trade actions, according to Reuters (the EU declined because of its own trade grievances against China).", "2018-07-05"]
[7.039829730987549, -1.8828905820846558, "Even as it raised tariffs on soyabeans from America, it removed them from soyabeans from India, South Korea and others in Asia.", "2018-07-05"]
[7.566158294677734, -3.2126448154449463, "Xi Jinping, China\u2019s president, has hinted that its markets will become more open to non-American firms.", "2018-07-05"]
[6.191840171813965, -2.5470476150512695, "Still, China\u2019s preference would be to avoid a trade war altogether.", "2018-07-05"]
[5.958029747009277, -2.0852389335632324, "That is why its officials had tried in May to hammer out an agreement to buy more American oil and farm goods, which they thought might satisfy Mr Trump.", "2018-07-05"]
[4.939123630523682, -3.5553510189056396, "Many in China still cling to the hope that he can be reasoned with.", "2018-07-05"]
[5.737497806549072, -3.213879346847534, "Hawks in the White House had, after all, pushed for harsh restrictions on Chinese investors in late June, but Mr Trump went for a softer option, refusing to single out China.", "2018-07-05"]
[6.010300636291504, -1.8922245502471924, "Lu Zhengwei of Industrial Bank, a Chinese lender, says the staggered way in which Mr Trump is imposing tariffs suggests that he wants to leave room for talks.", "2018-07-05"]
[3.728999614715576, -1.0280323028564453, "\u201cIt feels like a chess match,\u201d he says.", "2018-07-05"]
[8.237329483032227, -1.6963996887207031, "With its financial markets in bad shape, China\u2019s opening move looks wobbly.", "2018-07-05"]
[3.8825113773345947, -0.6002597212791443, "But the game is nowhere close to checkmate.", "2018-07-05"]
[5.861318588256836, -0.66498863697052, "Leaders | World trade\nHow to rescue the WTO\nThe American-led trade order is in danger.", "2018-07-19"]
[5.588934421539307, -0.371041864156723, "But it may yet be saved\n\nTHE headquarters of the World Trade Organisation (WTO), on the banks of Lake Geneva, once belonged to the League of Nations.", "2018-07-19"]
[5.094723701477051, -1.316306471824646, "That ill-fated body was crippled by American isolationism.", "2018-07-19"]
[4.715051174163818, -1.4505096673965454, "The building\u2019s occupant today is also at the mercy of decisions taken in Washington.", "2018-07-19"]
[6.135188102722168, -1.538438081741333, "President Donald Trump has circumvented the WTO to impose tariffs on steel and aluminium imports, including those from America\u2019s allies.", "2018-07-19"]
[5.154273509979248, -0.35251596570014954, "Complaining of unfair treatment, the administration is blocking nominations to seats on the WTO\u2019s appellate body, which could leave it unable to hear cases after 2019.", "2018-07-19"]
[6.183468341827393, -2.6022658348083496, "Most ominously, America is embroiled in a trade war with China.", "2018-07-19"]
[6.437347412109375, -1.0930449962615967, "Both sides have imposed tariffs on goods worth tens of billions of dollars and are threatening worse.", "2018-07-19"]
[5.704314231872559, -0.47691047191619873, "The WTO was supposed to contain trade disputes and prevent retaliatory pile-ups.", "2018-07-19"]
[4.935359001159668, -0.06128772720694542, "Today it appears to be a horrified bystander as the system it oversees crumbles.", "2018-07-19"]
[6.2154927253723145, -0.08809007704257965, "Free-traders are right to be deeply worried, but not yet right to despair.", "2018-07-19"]
[4.732900142669678, -0.9843957424163818, "For the outlines of a plan to save the system are discernible.", "2018-07-19"]
[5.648194789886475, -1.2611521482467651, "It\u2019s the end of the WTO as we know it\nThat might seem fanciful, given Mr Trump\u2019s belligerence, but for two things.", "2018-07-19"]
[5.6878557205200195, -1.6220848560333252, "The first is that the president is not the only person forging American trade policy.", "2018-07-19"]
[5.153940677642822, -2.294121503829956, "The European Union and Japan have been talking to Robert Lighthizer, his low-profile chief trade negotiator, about WTO reform.", "2018-07-19"]
[5.1504225730896, -2.130627393722534, "Mr Trump\u2019s tirades make headlines, but Mr Lighthizer wants to remake the WTO, not abandon it entirely.", "2018-07-19"]
[4.812496185302734, -1.9654396772384644, "He could use the president\u2019s threats as leverage to make deals.", "2018-07-19"]
[3.8281936645507812, -0.9917510151863098, "Think of it as a good cop/bad cop routine, albeit one in which the bad cop has only a faint grasp that he has been allotted the role.", "2018-07-19"]
[5.481320381164551, -4.0381035804748535, "The second thing to understand is that the focus of much of America\u2019s ire, China, arouses deep suspicion elsewhere, too (see Briefing).", "2018-07-19"]
[6.505608081817627, -3.4445273876190186, "Since joining the WTO in 2001, China has not turned towards markets, as the West expected.", "2018-07-19"]
[5.788146495819092, -0.3130223751068115, "Instead, it has distorted trade on a scale that is far bigger than the dumping and other causes of disputes between market economies that the WTO was designed to handle.", "2018-07-19"]
[5.876352787017822, -3.1972923278808594, "The EU and Japan share America\u2019s desire to constrain Chinese mercantilism.", "2018-07-19"]
[7.565314769744873, -3.6777288913726807, "China\u2019s state-owned firms and its vast and opaque subsidies have distorted markets and caused gluts in supply for commodities such as steel.", "2018-07-19"]
[7.107017517089844, -4.077522277832031, "Foreign firms operating in China struggle against heavy-handed regulation, and are required to hand over their intellectual property as a condition of market access.", "2018-07-19"]
[6.358604907989502, -4.161664962768555, "But holding China to account is hard with the existing rule book.", "2018-07-19"]
[5.271964073181152, -0.9727644920349121, "The reforms being talked about by the EU, Japan and America could plug many of the gaps.", "2018-07-19"]
[6.012627124786377, -0.29240837693214417, "They would set out how to judge the scale of government distortions to the market, make it easier to gather information on wrongdoing and set the boundaries for proportionate retaliation.", "2018-07-19"]
[6.161440849304199, -0.4743576943874359, "They would also define what exactly counts as an arm of the government, and broaden the scope of banned subsidies.", "2018-07-19"]
[6.659367084503174, -4.157172679901123, "And they would lower the burden of proof for complainants, which, given the opacity of the Chinese system, is too high.", "2018-07-19"]
[4.910870552062988, 0.10013791173696518, "Even the sunniest optimist will be able to identify the obstacles to this plan.", "2018-07-19"]
[6.416042804718018, -3.7679567337036133, "Most obviously, why would China ever accept a reform that jeopardises its state-run economic model?", "2018-07-19"]
[4.438511371612549, -1.5432994365692139, "Put plainly, because America could wreak havoc otherwise.", "2018-07-19"]
[6.2042951583862305, -3.592569589614868, "It is in China\u2019s interests to preserve the global trading order because, if China is isolated, the Communist Party cannot achieve the prosperity that cements its legitimacy.", "2018-07-19"]
[6.670599460601807, -2.497316360473633, "The benefits to China of its WTO membership have come not from lower tariffs in America\u2014they were already low\u2014but from the certainty of stable trading relationships.", "2018-07-19"]
[7.977427959442139, -3.6679537296295166, "Its \u201cMade in China 2025\u201d plan to boost vital industries sounds threatening, but if China were obliged to produce everything at home, its time frame would be delayed by decades.", "2018-07-19"]
[5.2512431144714355, -2.035538673400879, "Sure enough, China and the EU agreed on July 16th to co-operate on WTO reform (see article).", "2018-07-19"]
[5.289921283721924, -0.23299767076969147, "Reaching a global agreement that covered every one of the WTO\u2019s 164 members would also be extremely difficult.", "2018-07-19"]
[5.756530284881592, -0.9702027440071106, "The last big round of global trade talks stalled over demands by developing economies such as India for more leeway to protect farmers.", "2018-07-19"]
[4.26037073135376, -0.6168544292449951, "New negotiations may be held hostage to these old disputes.", "2018-07-19"]
[5.516042709350586, -0.9126647114753723, "Luckily, negotiators can skip around them if necessary, by securing a \u201cplurilateral\u201d agreement between a group of big economies.", "2018-07-19"]
[5.764995574951172, -0.8345820903778076, "The WTO would still enforce the terms, though they would not apply to its other members.", "2018-07-19"]
[4.948023319244385, -1.8024299144744873, "Last comes the greatest block to a grand bargain, Mr Trump himself.", "2018-07-19"]
[5.576399803161621, -1.8678200244903564, "The president is a fierce critic of the WTO and a believer that bilateral deals suit American interests better.", "2018-07-19"]
[5.331737041473389, -1.7870259284973145, "This week he called the EU a \u201cfoe\u201d on trade.", "2018-07-19"]
[4.781520366668701, -2.273711681365967, "If he thinks Mr Lighthizer is manipulating him, he will strike back.", "2018-07-19"]
[5.099283218383789, -2.7578535079956055, "And I feel slightly more upbeat than you might expect\nA better idea than the Trump administration\u2019s wrecking strategy would have been to unite most of the world around a set of rules in America\u2019s interest, forming blocs so large that China would have had to choose between compliance and isolation.", "2018-07-19"]
[5.410364151000977, -1.647173523902893, "That was the idea behind both the Trans-Pacific Partnership (TPP), a pact from which Mr Trump withdrew within days of taking office, and also a stalled trade deal with Europe.", "2018-07-19"]
[4.08624792098999, -0.19330310821533203, "Wrecking strategies do not always fail, however.", "2018-07-19"]
[5.839389324188232, 0.48634085059165955, "Sometimes they pay off handsomely.", "2018-07-19"]
[5.884793281555176, -0.7946761250495911, "A WTO fit to handle complaints about unfair competition would be a gift to the world.", "2018-07-19"]
[6.214653491973877, -0.6131646037101746, "The genius of the rules-based system is that it has torn down barriers by persuading producers that the prize of access to foreign markets is worth the accompanying global competition.", "2018-07-19"]
[6.146257400512695, -0.27235960960388184, "When that competition is deemed lawless, political support for free trade withers.", "2018-07-19"]
[6.2649617195129395, -2.4301509857177734, "A world in which China is pursued by its critics through the WTO, and faces proportionate retaliation when necessary, is far preferable to one in which a tit-for-tat trade war can escalate without limit.", "2018-07-19"]
[4.191849231719971, -2.220492362976074, "Mr Trump is hard to predict.", "2018-07-19"]
[5.33950138092041, -1.7583965063095093, "He may yet abandon the WTO.", "2018-07-19"]
[5.325979232788086, -1.7159396409988403, "If he does, other powers will probably go on building links and writing rules\u2014witness the trade deal that the EU and Japan signed this week.", "2018-07-19"]
[5.069579124450684, -2.141291618347168, "But if Mr Lighthizer is able to present Mr Trump with an agreement that the president likes, the world trading system may yet be saved.", "2018-07-19"]
[4.659181594848633, 0.01966838538646698, "It might even be improved.", "2018-07-19"]
[6.004552841186523, -1.8970369100570679, "United States | Sealed with a kiss\nDonald Trump agrees to cease fire in the trade war with the EU\nBut American farmers are already suffering the consequences of his policies\n\nPRESIDENT Donald Trump has not been shy about his admiration for tariffs.", "2018-07-28"]
[4.77128267288208, -1.7245535850524902, "But on July 25th his love of deals appeared to prevail.", "2018-07-28"]
[5.273190498352051, -1.7813829183578491, "Tweeting a picture of Jean-Claude Juncker, the president of the European Commission, kissing his cheek, Mr Trump heralded an advance in trade relations between America and the European Union.", "2018-07-28"]
[4.688572883605957, -0.5672182440757751, "\u201cA breakthrough has been quickly made that nobody thought possible!", "2018-07-28"]
[4.694231033325195, -1.5806928873062134, "\u201d Mr Juncker was triumphant, too, tweeting: \u201cI came for a deal, we made a deal.", "2018-07-28"]
[5.5739922523498535, -1.1689453125, "\u201d\nThe two sides agreed to work together towards \u201czero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods.", "2018-07-28"]
[6.7559494972229, -1.3340963125228882, "\u201d Trade barriers in services, chemicals, pharmaceuticals, medical products and soyabeans are on the chopping block, too.", "2018-07-28"]
[5.187296390533447, -1.836247444152832, "Pundits were quick to point out that Mr Trump had, in fact, secured talks to negotiate something that looks remarkably similar to the Transatlantic Trade and Investment Partnership, an accord put on ice when he became president.", "2018-07-28"]
[4.986570835113525, -1.7523304224014282, "Such a deal might be possible, but it is a lot more remote than Mr Trump\u2019s jubilation suggests.", "2018-07-28"]
[4.414424419403076, -0.8861280679702759, "The meeting\u2019s other outcomes have more immediate consequences.", "2018-07-28"]
[5.780529499053955, -1.6024330854415894, "Mr Trump agreed to \u201chold off further tariffs\u201d, halting the threat of punitive measures on European cars and avoiding escalation into a nastier tit-for-tat dispute.", "2018-07-28"]
[5.3044047355651855, -1.7726013660430908, "Remarkably for a man said to be itching to withdraw from the World Trade Organisation (WTO), Mr Trump announced that he would work with the EU to reform it.", "2018-07-28"]
[5.458435535430908, -2.0462589263916016, "Rather than mindlessly bashing the WTO, Mr Trump may have realised the benefits of using it to tackle China\u2019s economic misdeeds.", "2018-07-28"]
[4.683174133300781, -1.7025203704833984, "Given Mr Trump\u2019s mercurial personality and his peeves over America\u2019s bilateral trade deficit with the EU, the truce may prove fragile.", "2018-07-28"]
[6.184710502624512, -1.7580323219299316, "That means the most lasting policy announcement of the week could yet be the one made on the day before Mr Juncker\u2019s arrival, when Sonny Perdue, Mr Trump\u2019s agriculture secretary, outlined a relief package of up to $12bn for American farmers hit by retaliatory tariffs from America\u2019s trade partners.", "2018-07-28"]
[6.565864562988281, -1.8437917232513428, "American farmers have long worried about their position on the front line of Mr Trump\u2019s trade wars.", "2018-07-28"]
[6.395689487457275, -2.505159616470337, "Around a fifth of their production is exported, leaving them exposed to retaliation from the likes of China, Mexico and the EU; their political heft at home makes them prime targets for foreigners trying to make the Trump administration reverse course.", "2018-07-28"]
[6.574265956878662, -1.5032509565353394, "The Trump-Juncker deal offered American farmers little relief.", "2018-07-28"]
[6.897594451904297, -1.627562403678894, "Not only was agriculture conspicuously absent from their joint statement (beyond a promise to buy more soyabeans), but the EU accounts for less than 4% of the agricultural trade flows affected by the new tariffs.", "2018-07-28"]
[7.766571044921875, -0.6979587078094482, "By contrast, $12bn is a big increase in government support for an industry that already gets a lot.", "2018-07-28"]
[7.392148971557617, -2.1480369567871094, "The OECD, a club of mostly rich countries, estimates that in 2016 American farms received $33bn in various types of support.", "2018-07-28"]
[4.748116970062256, -1.0449093580245972, "As generous as Mr Perdue\u2019s plan may be, only its outline is clear.", "2018-07-28"]
[7.392313480377197, -2.129042148590088, "Producers of soyabeans, sorghum, corn, wheat, cotton, dairy and pigs can expect payments.", "2018-07-28"]
[7.64511775970459, 0.07267280668020248, "They can also expect the government to hoover up unexpected surpluses.", "2018-07-28"]
[7.64504337310791, -2.3008248805999756, "Last, some of the cash will be spent on developing new export markets for farm products.", "2018-07-28"]
[6.621759414672852, -1.6841075420379639, "The subsidies are meant to fortify Mr Trump as he attacks foreign partners with tariffs and quotas.", "2018-07-28"]
[5.685678482055664, -2.1110846996307373, "Most important, he is trying to pay off the domestic losers from his trade war with China lest they cause trouble for him and the Republican Party in the mid-term elections.", "2018-07-28"]
[4.541750431060791, -0.2774460017681122, "So far, the move has attracted a mixed response.", "2018-07-28"]
[6.248443126678467, -1.7724429368972778, "Zippy Duvall, president of the American Farm Bureau Federation, has thanked the administration for offering help, but will continue to argue for a \u201cswift and sure end to the trade war\u201d.", "2018-07-28"]
[6.485785484313965, -1.6351209878921509, "Jimmy Tosh, a Tennessee farmer, is blunter: \u201cTo hell with welfare.", "2018-07-28"]
[7.764389514923096, -2.6394646167755127, "I want access to foreign markets.", "2018-07-28"]
[6.599514961242676, -1.5865232944488525, "\u201d\nThe administration says that the farm subsidies will be temporary, and they could yet be.", "2018-07-28"]
[6.339785575866699, -1.5008715391159058, "If Mr Trump repeats his dealmaking trick with the Chinese, perhaps after combined pressure with his new European partner, the tariffs could be stripped away as quickly as they came.", "2018-07-28"]
[4.29725456237793, -0.5521714091300964, "The question is how much damage will have been done.", "2018-07-28"]
[6.632760524749756, 0.0946083590388298, "Unfortunately, temporary agricultural support programmes tend to become permanent.", "2018-07-28"]
[6.901285648345947, 0.1319223791360855, "And lost markets may prove difficult to recapture.", "2018-07-28"]
[6.2609381675720215, -0.21759764850139618, "Disrupted trade relations can shock countries into the realisation that they rely too heavily on one market.", "2018-07-28"]
[7.502353668212891, -2.4230029582977295, "After an American soyabean export embargo in 1973, spooked Japanese companies invested in Brazil, which then grew to become a colossal competitor to America.", "2018-07-28"]
[5.955775260925293, -0.515881359577179, "Like real conflicts, trade wars have unintended consequences.", "2018-07-28"]
[6.131450176239014, -2.442007541656494, "|SHANGHAI\n\nFinance & economics | Trump triumphant\nIs China losing the trade war against America?", "2018-08-11"]
[6.646073818206787, -2.1803784370422363, "A weak Chinese stockmarket gives America the edge, at least in confidence\n \nWHEN Donald Trump tweeted on August 5th that tariffs were working \u201cbig time\u201d, American media sprang into action to test the claim (see article).", "2018-08-11"]
[5.907821178436279, -4.328519344329834, "In China, editors were more circumspect.", "2018-08-11"]
[5.23583459854126, -3.2518389225006104, "No major Chinese-language newspaper reported his tweets.", "2018-08-11"]
[8.542912483215332, -1.352465271949768, "One of his claims\u2014that China\u2019s stockmarket has fallen 27% in the past four months\u2014was an exaggeration.", "2018-08-11"]
[5.1537184715271, -3.9104902744293213, "But why would any self-respecting propagandist in Beijing dwell on that?", "2018-08-11"]
[8.613465309143066, -1.2411397695541382, "Chinese stocks have indeed fallen sharply (see chart), which officials do not wish to emphasise.", "2018-08-11"]
[6.375998497009277, -2.6414291858673096, "And this is just one of a series of awkward facts for China as its trade war with America deepens.", "2018-08-11"]
[8.54478645324707, -1.4261763095855713, "The yuan is down 8% against the dollar since April, and near its weakest in more than a year.", "2018-08-11"]
[8.280144691467285, -1.5299193859100342, "A shrinking trade surplus produced a current-account deficit in the first half of 2018, China\u2019s first such gap in at least two decades.", "2018-08-11"]
[8.219940185546875, -1.1668857336044312, "More broadly, China\u2019s growth is slowing at a time when America\u2019s economy is expanding at its fastest pace since 2014.", "2018-08-11"]
[5.313206672668457, -2.981327772140503, "No wonder Mr Trump feels that he is on the right path, and that Chinese investors are jittery.", "2018-08-11"]
[5.9296555519104, -3.684797763824463, "Making matters worse for China is a whiplash effect.", "2018-08-11"]
[8.263106346130371, -4.193808555603027, "Until recently officials and executives believed their own declarations of technological prowess.", "2018-08-11"]
[5.710394382476807, -1.8618638515472412, "Privately, advisers were confident that Mr Trump could be placated with promises to ramp up imports from America.", "2018-08-11"]
[4.1634931564331055, -0.16229818761348724, "Now both views look wanting.", "2018-08-11"]
[7.255558967590332, -2.5837461948394775, "An agreement for China to buy more American natural gas and soyabeans collapsed in June.", "2018-08-11"]
[7.554055213928223, -4.940248489379883, "Chinese officials are keenly aware of vulnerabilities; had America maintained its sanctions on sales of semiconductors to ZTE, the Chinese telecoms giant might well have gone out of business.", "2018-08-11"]
[4.249768257141113, -1.138662576675415, "Those with a conspiratorial mindset see things in a darker light.", "2018-08-11"]
[4.940918922424316, -1.46279776096344, "\u201cThe Americans don\u2019t want a deal.", "2018-08-11"]
[7.678468227386475, -0.23886863887310028, "They want to screw us,\u201d says a fund manager.", "2018-08-11"]
[6.0231523513793945, -0.7247220277786255, "The asymmetry in the trade war is another uncomfortable fact.", "2018-08-11"]
[7.066626071929932, -2.0126287937164307, "Since America buys far more from China than vice versa, America has more scope to impose tariffs.", "2018-08-11"]
[4.913249492645264, 0.4557396471500397, "This imbalance, long discussed in theoretical terms, is close to becoming a hard reality.", "2018-08-11"]
[7.044866561889648, -1.6662485599517822, "Mr Trump has instructed his trade team to consider 25% tariffs on $200bn of Chinese imports as early as September, taking the total affected by its tariffs to about $250bn, with room for twice that amount.", "2018-08-11"]
[6.966740131378174, -1.9283361434936523, "China\u2019s threatened retaliation, announced on August 3rd, will be tariffs on $60bn of American imports.", "2018-08-11"]
[6.952024936676025, -1.1111687421798706, "This would take the total under its tariffs to $110bn, with little room for more.", "2018-08-11"]
[5.6913743019104, -4.285797119140625, "China has other weapons at its disposal.", "2018-08-11"]
[7.005669593811035, -4.079917907714844, "It can disrupt the lucrative Chinese operations of American businesses, from Apple to Starbucks.", "2018-08-11"]
[6.072917461395264, 0.22746680676937103, "But that would have downsides.", "2018-08-11"]
[5.983391761779785, -4.0812482833862305, "Declaring bogus justifications (health violations, say) would reinforce foreign criticism of government meddling in China\u2019s economy.", "2018-08-11"]
[6.78018045425415, -0.8269118666648865, "And the nature of such interference, unlike tariffs, is that it will not be announced in advance, meaning it can take longer to register the impact.", "2018-08-11"]
[6.480564594268799, -2.845980167388916, "The timing of the trade war is most inconvenient for China.", "2018-08-11"]
[7.789719104766846, 0.39009037613868713, "Over the past two years the government has waged a campaign to rein in debt levels.", "2018-08-11"]
[8.339178085327148, -0.050841640681028366, "Finally this has started to bite, with credit growth slowing sharply.", "2018-08-11"]
[6.058115005493164, -2.405076503753662, "Officials could opt to abandon their tightening stance in order to counteract the trade turmoil.", "2018-08-11"]
[8.002745628356934, 0.2513776123523712, "But that might erase the gains from the deleveraging.", "2018-08-11"]
[4.39401388168335, -0.8861863613128662, "This explains their restraint so far.", "2018-08-11"]
[7.396120548248291, -2.9454705715179443, "At a meeting of the Politburo on July 31st, China\u2019s leaders noted that it was a priority to support growth amid the \u201cclear change\u201d in the external environment, but also pledged to press on with their efforts to control debt.", "2018-08-11"]
[8.479793548583984, -0.21188224852085114, "Investors who had hoped for more easing were disappointed.", "2018-08-11"]
[7.434813499450684, -2.8931515216827393, "So there is cause for concern about China\u2019s growth outlook.", "2018-08-11"]
[7.79730224609375, 0.1229797750711441, "But markets may be unduly pessimistic.", "2018-08-11"]
[6.23030948638916, -0.829184889793396, "One conclusion from the past few weeks is that policymakers now accept that the trade war is real, and are starting to cushion the economy.", "2018-08-11"]
[7.930073261260986, -1.6997623443603516, "The boost to exports from the falling yuan, down about 6% on a trade-weighted basis since mid-June, should be \u201croughly proportionate\u201d to the blow from the first $50bn of American tariffs and some of the next $200bn, says Andrew Tilton, the chief Asia economist at Goldman Sachs.", "2018-08-11"]
[6.3608078956604, -3.746945858001709, "At the margins, he adds, China is shifting to a more active fiscal policy.", "2018-08-11"]
[7.634649276733398, 0.012318017892539501, "Officials have made it easier for cities to get funding for infrastructure projects.", "2018-08-11"]
[7.739474296569824, -0.06793931871652603, "One government adviser says there is discussion of a bigger stimulus, likely to be focused on promoting consumption rather than investment.", "2018-08-11"]
[6.227072715759277, -0.5497483015060425, "The economic backdrop to the trade war could also change over the next year.", "2018-08-11"]
[8.069107055664062, -1.766234040260315, "As China tiptoes towards easing, its credit growth should pick up.", "2018-08-11"]
[8.103626251220703, -0.533003568649292, "Meanwhile, America may be near the top of its growth cycle, with gains from last year\u2019s tax cut set to dissipate.", "2018-08-11"]
[8.328857421875, -1.1432386636734009, "Louis Kuijs of Oxford Economics, a research firm, says the divergence in their stockmarkets might reflect overconfidence in America and an evaporation of confidence in China.", "2018-08-11"]
[3.6956541538238525, -1.127988338470459, "\u201cBoth reactions seem exaggerated,\u201d he says.", "2018-08-11"]
[5.492839813232422, -1.1035284996032715, "With no resolution to the trade war in sight, there will be time enough to test this proposition.", "2018-08-11"]
[9.252120971679688, -2.694088935852051, "|DETROIT, FLINT AND TRAVERSE CITY\n\nBusiness | Rocky road ahead\nHow America\u2019s car industry is coping with trade disputes\nA tour of car country reveals anxiety across automotive supply chains\n \nTHE Ford F-150 pickup truck has been America\u2019s bestselling vehicle for years.", "2018-08-23"]
[9.315154075622559, -2.699739456176758, "In Dearborn, a city near Detroit, a factory that once produced Henry Ford\u2019s Model A now cranks out one of these all-aluminium tributes to testosterone every 53 seconds.", "2018-08-23"]
[9.31286334991455, -2.685605049133301, "The F-150 is so profitable\u2014informed rumours suggest each adds nearly $13,000 to Ford\u2019s bottom line\u2014that it is known around town as \u201cthe bank\u201d.", "2018-08-23"]
[9.246987342834473, -2.579571485519409, "It is also assembled in America with more American parts than most vehicles, and so about as impregnable as they come to President Donald Trump\u2019s trade policies.", "2018-08-23"]
[8.777667045593262, -2.3036258220672607, "Even so, over 15% of each pickup comes from Canada and Mexico and another 15% from outside North America.", "2018-08-23"]
[7.035933017730713, -1.421746850013733, "\u201cTariffs on Canadian aluminium hit the F-150 hard,\u201d confirms a top logistics manager.", "2018-08-23"]
[6.929929256439209, -1.4194732904434204, "The tariffs in question are Mr Trump\u2019s duties of 10% on imported aluminium and 25% on imported steel, which took effect on June 1st.", "2018-08-23"]
[6.915109157562256, -0.5021723508834839, "They are not the only source of disruption to an industry responsible for $522bn of exports and imports a year, more than one-tenth of America\u2019s trade.", "2018-08-23"]
[7.05679178237915, -1.7460122108459473, "Earlier this year Mr Trump levied tariffs on $34bn of Chinese goods, including one of 25% on cars (another $16bn of goods were hit this week).", "2018-08-23"]
[7.122147560119629, -1.8807625770568848, "China retaliated by raising its tariff on American cars from 25% to 40%.", "2018-08-23"]
[6.412439346313477, -1.5785473585128784, "Partly to put pressure on Canada and Mexico to renegotiate the North American Free-Trade Agreement (NAFTA), the president has also threatened a 25% tariff on all car imports, invoking a provision of an old law which allows him to restrict trade to safeguard national security.", "2018-08-23"]
[9.050724029541016, -2.444383382797241, "That would immediately hit $208bn of car imports, not counting parts, according to the Peterson Institute of International Economics, a think-tank.", "2018-08-23"]
[9.198025703430176, -2.6143643856048584, "American marques would be hit, too: four in five Chryslers and Dodges are made abroad (see chart).", "2018-08-23"]
[9.200488090515137, -2.5387606620788574, "America\u2019s car industry, then, is on the frontline of Mr Trump\u2019s trade war\u2014ostensibly its beneficiary, but also its victim.", "2018-08-23"]
[9.207870483398438, -2.64847731590271, "A tour of factories and watering holes across Michigan\u2019s car country reveals plenty of support for Mr Trump\u2019s aims.", "2018-08-23"]
[5.588444709777832, -1.7201675176620483, "The UAW, a big union, recently endorsed his stance on trade.", "2018-08-23"]
[6.3922014236450195, -1.9726258516311646, "Near the F-150 plant, a white-collar autoworker confides over a beer that she thinks Mr Trump\u2019s policies are justified, even if they cause a bit of pain for her industry, because of Chinese protectionism and theft of intellectual property.", "2018-08-23"]
[4.9953718185424805, -1.6965487003326416, "Ron Harbour of Oliver Wyman, a consultancy, believes that \u201cthe president will come out with fair and equitable agreements.", "2018-08-23"]
[4.539208889007568, -2.234567642211914, "\u201d\n \nBut even bosses sympathetic to Mr Trump\u2019s stated goals remain perplexed by his tactics.", "2018-08-23"]
[9.139774322509766, -2.5581657886505127, "A survey conducted for this newspaper by the University of Michigan found that the metals tariffs are hurting the state\u2019s car-parts firms.", "2018-08-23"]
[7.348419666290283, -0.15071389079093933, "\u201cAll prices are going up,\u201d says a supplier of valves.", "2018-08-23"]
[7.6854987144470215, -0.7601457834243774, "A steel-mill owner expects to charge customers more and urges those with cash to \u201ccarry some inventory\u201d.", "2018-08-23"]
[7.656308174133301, -0.8624761700630188, "A machine builder who uses lots of steel fears that higher costs could make his clients less competitive, crimping their production and in turn demand for his product\u2014a \u201cdownward spiral for us and our customers\u201d.", "2018-08-23"]
[9.254681587219238, -2.6300506591796875, "Travel up Ford\u2019s supply chain from the Dearborn plant, and the vulnerabilities become apparent.", "2018-08-23"]
[9.193986892700195, -2.9816761016845703, "Flex-n-Gate, a large maker of car parts, has invested $160m in gleaming plant in a depressed part of east Detroit specifically to serve Ford trucks.", "2018-08-23"]
[7.168104648590088, 0.09515470266342163, "\u201cCosts have gone up dramatically,\u201d complains its boss.", "2018-08-23"]
[9.314558982849121, -2.769968271255493, "Get off the Edsel Ford Freeway, meander past boarded-up churches, burned-out warehouses and a Dollar Store, and you arrive at Goodwill Automotive, which has made simple parts for Ford and others for decades.", "2018-08-23"]
[7.426787853240967, -0.41885608434677124, "Its managers confirm that prices for steel inputs are up and its suppliers are scrambling to secure stock before they rise further.", "2018-08-23"]
[4.986503601074219, -1.8991137742996216, "A crew leader sounds baffled by Mr Trump\u2019s actions: \u201cWhy fix something that\u2019s not broken?", "2018-08-23"]
[9.284618377685547, -2.754532814025879, "\u201d\nDrive a few hours to Grand Blanc, a suburb of Flint, and you find another Ford supplier with a story to tell.", "2018-08-23"]
[9.172489166259766, -2.656153917312622, "MacArthur Corporation makes permanent labels \u201cfor almost every vehicle sold in America\u201d.", "2018-08-23"]
[8.034996032714844, -0.29939499497413635, "Tom Barrett, a former Wall Street man, returned to his father\u2019s firm and helped save it when the Lehman collapse pushed the auto industry to the brink a decade ago.", "2018-08-23"]
[4.010334491729736, -1.4508200883865356, "He is again worried.", "2018-08-23"]
[7.849786281585693, -0.3392263948917389, "He discerns an inflationary pressure not seen since the 1970s.", "2018-08-23"]
[7.329020023345947, -0.07092741131782532, "Besides tools and hard dyes made of steel, the price of polypropylene film, which is derived from petroleum, is going up.", "2018-08-23"]
[6.92751932144165, 0.24984735250473022, "So is the cost of paper, adhesives and freight.", "2018-08-23"]
[7.24584436416626, -0.0975244790315628, "The firm has been unable to pass the increases on to big clients.", "2018-08-23"]
[7.620090484619141, -0.48403191566467285, "\u201cThey are in cost-cutting mode, delaying planned investments, imposing travel bans and offshoring large non-manufacturing departments,\u201d he says.", "2018-08-23"]
[7.929413318634033, -0.19472424685955048, "\u201cIt\u2019s like the early days of the Great Recession.", "2018-08-23"]
[9.369058609008789, -2.6607446670532227, "\u201d\nCarmakers are indeed feeling the squeeze.", "2018-08-23"]
[7.381796836853027, -1.5108797550201416, "General Motors (GM) confirmed recently that tariff-fuelled increases in commodity prices led to $300m in extra expenses last quarter, compared with the same period in 2017.", "2018-08-23"]
[7.2303056716918945, -1.4306657314300537, "Ford has reported that tariffs cost it $145m in the second quarter and forecast that trade tensions may cost $500m-600m this year.", "2018-08-23"]
[6.853711128234863, -1.524640440940857, "For consumers, Mr Trump\u2019s trade policies could inflate the price of a typical small car by between $1,408 and $2,057, according to the Peterson Institute.", "2018-08-23"]
[8.527527809143066, -2.503783941268921, "That is because the industry is a paean to globalisation.", "2018-08-23"]
[9.140785217285156, -2.548220157623291, "Roughly half the cars sold in America today are imported.", "2018-08-23"]
[8.643620491027832, -3.0584888458251953, "Of those made at home, nearly half are made by foreign firms.", "2018-08-23"]
[9.103459358215332, -2.559929370880127, "All American carmakers depend on imported parts and cars.", "2018-08-23"]
[4.961860179901123, -3.420330762863159, "Only Chinese marques can afford to shrug about escalating tensions, ironic given Mr Trump\u2019s China-bashing.", "2018-08-23"]
[9.101119995117188, -2.983227014541626, "Besides a large factory in South Carolina which makes Volvos (owned by China\u2019s Geely), Chinese firms neither export cars to America nor make them there.", "2018-08-23"]
[6.7922587394714355, -1.4994754791259766, "The nightmare scenario for carmakers is Mr Trump\u2019s threatened blanket tariff on cars, combined with the collapse of NAFTA.", "2018-08-23"]
[8.98141860961914, -2.4992213249206543, "Mexico and Canada account for roughly half of all American auto imports.", "2018-08-23"]
[8.68132495880127, -2.232484817504883, "America\u2019s trade in cars and parts with the two has risen fourfold under NAFTA.", "2018-08-23"]
[9.013004302978516, -2.566263437271118, "GM depends on imports from Mexico and Canada especially for its highly profitable trucks and sports utility vehicles (SUVs).", "2018-08-23"]
[9.340420722961426, -2.7775235176086426, "Even Ford, which is moving out of low-margin saloons often made abroad in order to focus on SUVs and pickups like the F-150, has reason to worry.", "2018-08-23"]
[8.949002265930176, -2.8562214374542236, "Like GM, it has started bringing manufacturing and suppliers back from Asia to North America.", "2018-08-23"]
[6.445984363555908, -1.1676883697509766, "This might help in a global trade war\u2014but not in the event of NAFTA\u2019s collapse, because most relocated to Mexico or Canada.", "2018-08-23"]
[5.143816947937012, -1.4311678409576416, "NAFTA talks have made progress (see article).", "2018-08-23"]
[4.170945644378662, -0.10027926415205002, "But success is not in the bag.", "2018-08-23"]
[7.620845794677734, -1.8410340547561646, "If Mexico and Canada are slapped with the 25% tariff, a typical model assembled in America with 40% of its parts imported from those two countries would see supply-chain costs leap by over $1.1bn, to $19bn, according to LLamasoft, an analytics firm.", "2018-08-23"]
[6.732308864593506, 0.3426608145236969, "The ultimate cost could be higher still.", "2018-08-23"]
[6.523850917816162, -1.2565542459487915, "The supply-chain boss of a global carmaker says his firm has prepared for NAFTA\u2019s demise.", "2018-08-23"]
[7.281698226928711, -1.2349790334701538, "It would quickly unwind its current cross-border supply chains, which give it leverage over competing suppliers across North America.", "2018-08-23"]
[7.723084449768066, -2.015216588973999, "It would shift to local suppliers in Mexico for its Mexican plants, American suppliers for American plants and the same in Canada.", "2018-08-23"]
[7.31742000579834, -0.013714458793401718, "Prices would inevitably go up, he says.", "2018-08-23"]
[7.035804271697998, -0.40097135305404663, "With fewer rivals, vendors would gain pricing power.", "2018-08-23"]
[4.111850261688232, -1.2957091331481934, "\u201cMy worry is oligopoly,\u201d he says.", "2018-08-23"]
[4.098561763763428, -1.4400172233581543, "His sense of fretfulness is shared.", "2018-08-23"]
[9.142951965332031, -2.7328405380249023, "Every summer industry bigwigs and their families gather in Traverse City, a pleasant town on the shores of Lake Michigan.", "2018-08-23"]
[9.217508316040039, -3.304370164871216, "The nominal theme of this year\u2019s gathering, organised by the Centre for Automotive Research, an industry think-tank, was the future of mobility.", "2018-08-23"]
[5.981475353240967, -1.191021203994751, "The skunk at the garden party was the trade war.", "2018-08-23"]
[4.593874454498291, -1.348575234413147, "What\u2019s good for GM\nSome insiders remained upbeat.", "2018-08-23"]
[9.195013999938965, -2.346118450164795, "Sales, especially of trucks and SUVs, are still strong in America; trade deals may yet be struck between the White House and other governments.", "2018-08-23"]
[6.499542236328125, -0.5080034136772156, "Others worried that a senseless trade war would tip the industry into recession and force a massive redirection of investment from driverless cars to a defensive rejigging of supply chains.", "2018-08-23"]
[6.434382915496826, -1.7006175518035889, "In a rare show of unity, industry associations representing domestic and foreign carmakers, parts suppliers and car dealers have jointly protested against Mr Trump\u2019s trade policies.", "2018-08-23"]
[4.807092666625977, -0.007987777702510357, "One insider sums up the mood in Detroit with characteristic midwestern understatement: \u201cEveryone is analysing exposure, everyone is concerned.", "2018-08-23"]
[6.164504051208496, -2.191711902618408, "|WASHINGTON, DC\n\nFinance & economics | Tit for tat\nAmerica and China are in a proper trade war\nDonald Trump announces another wave of tariffs.", "2018-09-20"]
[6.862507343292236, -2.1425628662109375, "China retaliates\n\nANOTHER WEEK, a further ratcheting up of trade tensions between America and China.", "2018-09-20"]
[6.685976505279541, -1.846996784210205, "On September 17th President Donald Trump announced that he had approved a further wave of tariffs on Chinese imports.", "2018-09-20"]
[7.195116996765137, -1.5848640203475952, "From September 24th, imports of products which in 2017 were worth as much as $189bn, including furniture, computers and car parts, will be hit with duties of 10%.", "2018-09-20"]
[6.873933792114258, -1.9253934621810913, "The Chinese have promised to retaliate on the same day with duties on $60bn of American exports.", "2018-09-20"]
[8.23500919342041, -0.04589856415987015, "Unless peace breaks out before the new year, the American rate will increase to 25% on January 1st.", "2018-09-20"]
[5.807574272155762, -2.613513946533203, "Mr Trump frequently rants about how the Chinese have long taken advantage of Americans.", "2018-09-20"]
[4.6698384284973145, -0.8969328999519348, "But American bureaucrats stress that the duties come after careful deliberation.", "2018-09-20"]
[6.28862190246582, -2.399787187576294, "The Office of the United States Trade Representative (USTR) took seven months to write a report detailing China\u2019s unfair trade practices.", "2018-09-20"]
[6.602545261383057, -0.9077019095420837, "Each tranche of tariffs has been consulted on and then revised.", "2018-09-20"]
[5.462732791900635, -1.29648756980896, "The latest set came after the USTR\u2019s office had received 6,000 written submissions and held six days of hearings.", "2018-09-20"]
[6.9197306632995605, -1.1817524433135986, "Compared with an earlier proposal, the latest tariff list excludes products worth up to $30bn.", "2018-09-20"]
[6.754789352416992, -0.9086804389953613, "Child-safety seats and safety headgear were exempted.", "2018-09-20"]
[6.922573089599609, -0.8807888031005859, "Antiques more than a century old were spared, too.", "2018-09-20"]
[7.495774269104004, -3.547114133834839, "(Some had pointed out that the Chinese government restricted their export anyway.", "2018-09-20"]
[6.912386894226074, -1.5163942575454712, ") Despite Mr Trump\u2019s warning on September 8th that prices of products made by Apple may increase as a result of his tariffs, smartwatches and bluetooth devices were removed from the list.", "2018-09-20"]
[6.6007256507873535, -1.2099297046661377, "The Trump administration claims that these deliberations have helped to minimise the impact on the American consumer.", "2018-09-20"]
[6.78978157043457, -0.9719782471656799, "The staggered tariff rate is supposed to give importers time to change their suppliers.", "2018-09-20"]
[6.691743850708008, -1.3543506860733032, "Wilbur Ross, the commerce secretary, was mocked online for claiming that, because the tariffs are spread over thousands of products, \u201cnobody\u2019s going to actually notice it at the end of the day\u201d.", "2018-09-20"]
[7.563083171844482, -0.7040969133377075, "But in support of his claim, economists at Goldman Sachs, a bank, estimate that the 10% tariff rate will boost inflation by only around 0.03 percentage points, and the increase to 25% by a further 0.05 next year.", "2018-09-20"]
[4.113037109375, 0.0322619304060936, "Still, this diligence was not welcomed by all.", "2018-09-20"]
[7.100736618041992, -1.0385624170303345, "More than three-quarters of the products that will be affected on September 24th are intermediate and capital goods, which means the most immediate impact will be to push up American businesses\u2019 costs.", "2018-09-20"]
[6.510056495666504, -1.4917560815811157, "Mr Trump\u2019s announcement triggered complaints from industry representatives including the US Chamber of Commerce, the American Chemistry Council and the American Apparel and Footwear Association, all of which warned that Americans would end up footing the tariff bill, and pleaded for a different approach.", "2018-09-20"]
[5.699803829193115, -1.7443283796310425, "Although it claims to be following due process, the Trump administration\u2019s actions are far removed from the procedures of the rules-based global trading system.", "2018-09-20"]
[5.318382740020752, -0.519716739654541, "Ordinarily, members of the World Trade Organisation (WTO) would take their complaints to the body\u2019s judges.", "2018-09-20"]
[4.832597255706787, -0.3754398822784424, "If such accusation are upheld, then those judges allow limited retaliation.", "2018-09-20"]
[8.8148832321167, -4.152853488922119, "In 2012, for example, the American government complained to the WTO that the Chinese government was breaking the rules by restricting the export of rare-earth elements.", "2018-09-20"]
[7.861985206604004, -1.916092038154602, "China\u2019s dominance in their global supply meant that this hurt American manufacturers by pushing up prices for their inputs.", "2018-09-20"]
[6.476038932800293, -2.5136542320251465, "After the WTO\u2019s judges sided with the Americans, the Chinese government dropped the measures.", "2018-09-20"]
[5.705124378204346, -2.020782232284546, "The Trump administration claims that the WTO\u2019s incomplete rule book makes it incapable of dealing with China\u2019s alleged misdemeanours, which include forcing foreign companies to hand over their technology.", "2018-09-20"]
[5.2020039558410645, -0.42608609795570374, "But, even as it complains, America is simultaneously weakening the system by which the WTO\u2019s rules are enforced, by blocking the appointment of judges to the body\u2019s court of appeals.", "2018-09-20"]
[5.005688667297363, -0.3723357319831848, "From October, only three will be left\u2014the minimum needed to rule on a case.", "2018-09-20"]
[5.643333435058594, -0.6046777963638306, "On September 18th Cecilia Malmstr\u00f6m, the European Union\u2019s trade commissioner, unveiled a \u201cconcept paper\u201d outlining reforms that could plug some of the gaps in the WTO\u2019s rules, as well as ways to reform dispute settlement.", "2018-09-20"]
[5.538956165313721, -3.6012396812438965, "But it is far from clear whether either Mr Trump or the Chinese government will take the bait.", "2018-09-20"]
[6.208539962768555, -2.3630077838897705, "And without the multilateral rules-based system to contain the conflict, the trade war between China and America could get much bloodier.", "2018-09-20"]
[6.652470588684082, -1.852324366569519, "In his announcement on September 17th Mr Trump threatened to hit another $267bn-worth of Chinese imports if China retaliated against his latest tranche of tariffs.", "2018-09-20"]
[6.083237171173096, -3.856234312057495, "For their part, the Chinese show little sign of backing down, and have promised to use fiscal policy to soften any domestic blow.", "2018-09-20"]
[5.806098461151123, -2.511383295059204, "Although they are running out of American exports to target, they have other ways to fight.", "2018-09-20"]
[6.965460777282715, -2.857034206390381, "On September 17th, for example, reports emerged of a Chinese official musing about China repeating its trick of imposing export restrictions on raw materials that American manufacturers depend on.", "2018-09-20"]
[6.006146430969238, -3.1640775203704834, "The next day, Craig Allen, president of the US-China Business Council, warned that the WTO had made clear its opinion that such restrictions were illegal.", "2018-09-20"]
[4.859317302703857, -1.0547438859939575, "But why, when America is acting outside the rule book, should others stick to it?", "2018-09-20"]
[5.640903472900391, -3.05753231048584, "Correction (September 21st 2018): The original version of this article referred to Craig Allen as the chairman of the US-China Business Council.", "2018-09-20"]
[4.701210975646973, -2.736969470977783, "He is its president.", "2018-09-20"]
[5.46143913269043, -2.7392666339874268, "Leaders | Hunker down\nAmerica\u2019s tariffs on China are likely to last for some time\nThat is bad news for everyone\n\nIN HIS trade war with China, President Donald Trump appears to have the upper hand.", "2018-09-22"]
[7.216972827911377, -1.3663567304611206, "The new tariffs his administration unveiled this week, which will raise the share of Chinese imports subject to levies to at least 44%, are unlikely to dampen America\u2019s sizzling economy, or to boost inflation by much.", "2018-09-22"]
[6.92202615737915, -0.8366484642028809, "Though some firms will be disrupted, most Americans will not notice the damage (see article).", "2018-09-22"]
[6.126893997192383, -4.088036060333252, "China, however, is under pressure.", "2018-09-22"]
[8.616368293762207, -0.9458661079406738, "Its growth seems to be slowing and its stockmarket is down almost a quarter from its peak in January.", "2018-09-22"]
[7.1095356941223145, -1.8509597778320312, "China\u2019s government has announced retaliatory tariffs against American goods, but it is fast running out of imports to tax.", "2018-09-22"]
[4.238116264343262, -0.8415975570678711, "During conflict, an imbalance in strength should lead to a swift resolution.", "2018-09-22"]
[4.043739318847656, -0.994499921798706, "Here the side with the advantage may prolong the war.", "2018-09-22"]
[4.570959568023682, -1.4415839910507202, "That is because America has several goals, some of them unachievable.", "2018-09-22"]
[6.548958778381348, -1.7743237018585205, "Unjust war\nThe official justification for the tariffs is rooted in anger about Chinese mercantilism\u2014anger which is shared across the rich world.", "2018-09-22"]
[7.7228684425354, -3.7892727851867676, "China gives vast and opaque subsidies to its state-owned firms.", "2018-09-22"]
[7.344845294952393, -3.2797937393188477, "It requires exporters to hand over intellectual property as a condition of access to its market.", "2018-09-22"]
[7.034018039703369, -0.8909823298454285, "The world\u2019s consumers benefit from the artificially cheap imports that result.", "2018-09-22"]
[6.15979528427124, 0.01201258972287178, "But trade of this sort is unsustainable, politically and economically.", "2018-09-22"]
[5.635974884033203, -4.102569580078125, "America is right to demand that China play fair.", "2018-09-22"]
[4.397374153137207, -2.0357964038848877, "That is not the limit of Mr Trump\u2019s ambition, however.", "2018-09-22"]
[5.786470413208008, -2.0266942977905273, "He also wants to eliminate America\u2019s trade deficit with China, which he mistakenly sees as a transfer of wealth.", "2018-09-22"]
[5.8681840896606445, -1.7935012578964233, "He has broadcast his desire to force manufacturing supply chains back to America.", "2018-09-22"]
[5.234983921051025, -3.4379403591156006, "And his administration has identified China as a strategic competitor.", "2018-09-22"]
[5.123359203338623, -1.85099196434021, "Some of the president\u2019s advisers seem to relish the chance to do it economic harm.", "2018-09-22"]
[6.136903762817383, -2.5596065521240234, "The White House may argue that China\u2019s abuse of the rules, the trade deficit and the decline of American industry are one and the same.", "2018-09-22"]
[8.131710052490234, -3.3631954193115234, "Even without subsidies, China, like most other emerging markets, would enjoy a substantial cost advantage over America.", "2018-09-22"]
[7.665136814117432, 0.6799956560134888, "The trade deficit, meanwhile, is tied to the difference between domestic saving and investment.", "2018-09-22"]
[7.4966630935668945, -0.5416748523712158, "Tariffs might cut the bilateral deficit with China, but America would find it nearly impossible to shrink its overall deficit without engineering a domestic recession.", "2018-09-22"]
[6.2079010009765625, -0.1685498058795929, "The goal of rolling back decades of American deindustrialisation is a pipe-dream.", "2018-09-22"]
[8.083898544311523, -1.6705483198165894, "Should America succeed in forcing supply chains back onshore, it will find that many fewer jobs are attached, because of rapid automation and productivity growth.", "2018-09-22"]
[8.311935424804688, -1.125805139541626, "American manufacturing\u2019s share of GDP has fallen only by a fifth since 2000, while its share of employment is down by a third.", "2018-09-22"]
[7.452585220336914, -2.4731674194335938, "Besides, the lowest-skilled jobs would not go to America, but to low-wage Asian countries, like Vietnam.", "2018-09-22"]
[5.622204303741455, -1.9614545106887817, "There is a faint hope that Mr Trump\u2019s advisers and allies will play good cop to his bad cop, using tariffs as a bargaining chip in rewriting global trading rules to constrain China\u2019s mercantilism\u2014a legitimate goal.", "2018-09-22"]
[4.952465057373047, -3.0567474365234375, "More probably, the bad cop\u2014who is, after all, in charge\u2014will refuse to be stood down, because of his obsession with trade deficits and jobs and because Chinese leaders seem unwilling or unable to contemplate reforms that would strengthen moderate voices in Team Trump.", "2018-09-22"]
[5.4751973152160645, -3.5150339603424072, "The prospects for any truce with China look grim.", "2018-09-22"]
[5.073925971984863, -0.19074557721614838, "Recent history suggests that trade disputes are hard to settle.", "2018-09-22"]
[7.022258758544922, -1.7040859460830688, "Tariffs imposed on Chinese tyres in 2009 under President Barack Obama, a free-trader, lasted three years.", "2018-09-22"]
[6.319516658782959, -1.3553173542022705, "Mr Trump\u2019s recent trade agreement with Mexico does not include an end to levies on its steel and aluminium.", "2018-09-22"]
[5.561549663543701, -3.6387436389923096, "America\u2019s latest escalation against China is no more likely to be speedily reversed.", "2018-09-22"]
[8.049403190612793, -0.15664227306842804, "Finance & economics | No exception\nA retreat in share prices finally reaches tech stocks\nAnxieties about trade war and a slowing world economy take their toll\n\nSTOCKMARKET BOOMS tend to narrow with age, as investors double down on the shares that have served them well.", "2018-11-24"]
[8.564929008483887, -0.3852602243423462, "Throughout 2017 and into the early weeks of this year, a handful of favoured technology stocks, known as FAANG (Facebook, Amazon, Apple, Netflix and Google, part of Alphabet), were the motor for a rapid rise in the S&P 500 index of American stocks (see chart).", "2018-11-24"]
[7.926568031311035, -0.37207943201065063, "In this year\u2019s choppier markets, they seemed like a refuge.", "2018-11-24"]
[8.621696472167969, -0.3731510043144226, "But this week FAANG and other tech stocks were at the centre of a broader sell-off in global stockmarkets.", "2018-11-24"]
[8.672001838684082, -0.4977778196334839, "Over two trading days, on November 19th and 20th, the FAANG stocks retreated further from the peaks they each achieved earlier this year.", "2018-11-24"]
[8.589376449584961, -0.6424544453620911, "At their lowest point all five were down by more than 20% from their pinnacle.", "2018-11-24"]
[8.34976577758789, -0.277896523475647, "Billions of dollars in stockmarket value have evaporated.", "2018-11-24"]
[8.546192169189453, -0.43249252438545227, "Apple, which had reached an equity capitalisation of $1trn in early August, was valued at $840bn by the time New York\u2019s stockmarket closed on November 20th.", "2018-11-24"]
[8.652655601501465, -0.5718788504600525, "The market capitalisation of Amazon, which fleetingly hit the $1trn mark a month later, had dwindled to $731bn.", "2018-11-24"]
[8.588191032409668, -0.41786760091781616, "The rout in technology stocks was part of a broader retreat in share prices.", "2018-11-24"]
[8.472021102905273, -0.45709604024887085, "The S&P index is now barely up over the year.", "2018-11-24"]
[8.570216178894043, -1.1006873846054077, "The world\u2019s other big stockmarkets are deep in the red, with China\u2019s worst-hit, down by a fifth since January 1st.", "2018-11-24"]
[7.921182155609131, -0.26297423243522644, "Specific factors weigh on the prices of tech shares, such as new concerns about rising capacity in chipmaking.", "2018-11-24"]
[8.085602760314941, -0.1685139387845993, "But it would be closer to the mark to say that the anxieties that have undermined the rest of the stockmarket, such as signs of weaker global GDP growth and the trade war between America and China, have caught up with tech.", "2018-11-24"]
[8.504426956176758, -0.2749967575073242, "There were early tremors last month when a clutch of semiconductor firms endured a rout in share prices.", "2018-11-24"]
[8.747908592224121, -0.8984779715538025, "The pattern was repeated when third-quarter results from Nvidia, which makes chips used in digital gaming, fell short of expectations.", "2018-11-24"]
[8.627738952636719, -0.5265588760375977, "Its share price plunged.", "2018-11-24"]
[8.41529655456543, -0.1727062314748764, "That in turn gave form to latent doubts about the outlook for Apple.", "2018-11-24"]
[8.604545593261719, -0.48960429430007935, "Reports that its suppliers were cutting output were enough to send Apple\u2019s share price down by 8.6% over two days.", "2018-11-24"]
[8.173954963684082, -3.96870493888855, "As the economy slows, goes the reasoning, people will be slower to upgrade their handsets.", "2018-11-24"]
[6.958932876586914, -0.026990100741386414, "Similarly, businesses would delay non-essential spending, such as advertising, the source of revenue for Google and Facebook.", "2018-11-24"]
[8.582849502563477, -0.4854288399219513, "So their shares fell, too.", "2018-11-24"]
[6.423918724060059, -2.816866874694824, "America\u2019s trade dispute with China can only amplify such concerns.", "2018-11-24"]
[7.960771083831787, -4.099390983581543, "A statement this week by China\u2019s trustbusters that it had evidence of price-fixing by the three largest makers of DRAM chips, used in computers and smartphones, is a new focus for tech jitters.", "2018-11-24"]
[5.889123439788818, -0.6135544776916504, "The move was seen by some as a warning shot in the trade wars.", "2018-11-24"]
[8.538115501403809, -3.7616398334503174, "Two of the firms are South Korean, but one of them, Micron Technology, is American.", "2018-11-24"]
[8.40481185913086, -0.18503573536872864, "For the FAANG group of stocks, gravity is also at work.", "2018-11-24"]
[4.90228796005249, 0.03235095366835594, "So spectacular was their rise that they were bound to fall back sooner or later.", "2018-11-24"]
[3.884894609451294, -0.4688233733177185, "Nobody could be sure precisely when or why.", "2018-11-24"]
[8.201576232910156, 0.0005873421905562282, "But the hopes of many investors that they would be invulnerable to worries about the economy have been dashed.", "2018-11-24"]
[8.28252124786377, -0.6388067007064819, "America\u2019s GDP growth seems destined to slow next year as the impetus from tax cuts fades and the Fed\u2019s rate rises bite harder.", "2018-11-24"]
[7.866384983062744, -0.6697022318840027, "If anxieties about the world economy are to be assuaged, signs of more solid growth in other parts of the world are needed.", "2018-11-24"]
[7.32248592376709, -2.073819160461426, "A lot now depends on how the tug-of-war in China between policy stimulus and the drag from American tariffs plays out.", "2018-11-24"]
[8.096673011779785, -4.169744968414307, "Leaders | Superpowers and technology\nChip wars: China, America and silicon supremacy\nAmerica cannot afford to ignore China\u2019s semiconductor ambitions.", "2018-12-01"]
[5.619999885559082, -1.552285075187683, "It cannot simply tame them, either\n \nTHE TRADE disputes President Donald Trump relishes have an old-fashioned feel.", "2018-12-01"]
[6.5216383934021, -1.1139765977859497, "Tariffs are the principal weapons.", "2018-12-01"]
[9.102487564086914, -2.834602117538452, "Old-economy markets, from cars to steel, are the main battlefields.", "2018-12-01"]
[6.295273303985596, -1.8017768859863281, "Farmers and factories preoccupy the president.", "2018-12-01"]
[4.438533306121826, -2.1084821224212646, "And his personal chemistry with other powerful men can make or break deals.", "2018-12-01"]
[4.348925590515137, -2.975529670715332, "Hence the focus on the meeting between Mr Trump and Xi Jinping at this week\u2019s G20 summit, which takes place in Buenos Aires after The Economist has gone to press.", "2018-12-01"]
[7.517591953277588, -4.093242645263672, "Yet the trade conflict that matters most between America and China is a 21st-century fight over technology.", "2018-12-01"]
[8.270899772644043, -4.392040729522705, "It covers everything from artificial intelligence (AI) to network equipment.", "2018-12-01"]
[8.432356834411621, -4.148139476776123, "The fundamental battleground is in semiconductors.", "2018-12-01"]
[7.976592063903809, -4.235015869140625, "The chip industry is where America\u2019s industrial leadership and China\u2019s superpower ambitions clash most directly.", "2018-12-01"]
[4.107633113861084, -1.8790292739868164, "And whatever Messrs Trump and Xi say at the G20, this conflict will outlast them both.", "2018-12-01"]
[8.107664108276367, -4.331563472747803, "That is because computer chips are the foundations of the digital economy and national security.", "2018-12-01"]
[9.292213439941406, -3.441157579421997, "Cars have become computers on wheels.", "2018-12-01"]
[8.486593246459961, -2.1304941177368164, "Banks are computers that move money.", "2018-12-01"]
[8.374143600463867, -4.102333068847656, "Armies fight with silicon as well as steel (see article).", "2018-12-01"]
[8.486610412597656, -3.4544832706451416, "Firms from America and its allies, such as South Korea and Taiwan, dominate the most advanced areas of the industry.", "2018-12-01"]
[8.238105773925781, -3.983910322189331, "China, by contrast, remains reliant on the outside world for supplies of high-end chips.", "2018-12-01"]
[8.607365608215332, -2.9569828510284424, "It spends more on semiconductor imports than it does on oil.", "2018-12-01"]
[8.299529075622559, -3.007234811782837, "The list of the top 15 semiconductor firms by sales does not contain a single Chinese name.", "2018-12-01"]
[5.582443714141846, -3.603973627090454, "Well before Mr Trump arrived on the scene, China made plain its intention to catch up.", "2018-12-01"]
[8.268377304077148, -3.3287131786346436, "In 2014 the government in Beijing announced a 1trn yuan ($150bn) investment fund to improve its domestic industry.", "2018-12-01"]
[8.460057258605957, -3.928072452545166, "Semiconductors feature prominently in \u201cMade in China 2025\u201d, a national development plan issued in 2015.", "2018-12-01"]
[7.184412956237793, -3.944572925567627, "China\u2019s ambitions to create a cutting-edge industry worried Mr Trump\u2019s predecessor.", "2018-12-01"]
[7.551489353179932, -4.529470920562744, "Barack Obama blocked Intel from selling some of its whizziest chips to China in 2015, and stymied the acquisition of a German chipmaker by a Chinese firm in 2016.", "2018-12-01"]
[6.133676528930664, -3.083045244216919, "A White House report before he left office recommended taking action against Chinese subsidies and forced technology transfer.", "2018-12-01"]
[4.593769073486328, -1.297156572341919, "Other countries are alarmed, too.", "2018-12-01"]
[7.184662818908691, -4.169288158416748, "Taiwan and South Korea have policies to stop purchases of domestic chip firms by Chinese ones and to dam flows of intellectual property.", "2018-12-01"]
[4.667320251464844, -2.0164027214050293, "Although the chip battle may have pre-dated Mr Trump, his presidency has intensified it.", "2018-12-01"]
[7.443202018737793, -4.712985038757324, "He has made a national champion of Qualcomm, blocking a bid for it from a Singaporean firm for fear of Chinese competition.", "2018-12-01"]
[7.702253818511963, -4.972787857055664, "Earlier this year an export ban on selling American chips and software to ZTE, a Chinese telecoms firm in breach of sanctions, brought it to the brink of bankruptcy within days.", "2018-12-01"]
[4.49866247177124, -2.7755632400512695, "Startled by the looming harm, and (he says) swayed by appeals from Mr Xi, Mr Trump swiftly backtracked.", "2018-12-01"]
[4.5050129890441895, 0.049617864191532135, "Two things have changed.", "2018-12-01"]
[6.606208801269531, -4.298320770263672, "First, America has realised that its edge in technology gives it power over China.", "2018-12-01"]
[7.094562530517578, -4.161499977111816, "It has imposed export controls that affect on Fujian Jinhua, another Chinese firm accused of stealing secrets, and the White House is mulling broader bans on emerging technologies.", "2018-12-01"]
[8.53087329864502, -3.8699240684509277, "Second, China\u2019s incentives to become self-reliant in semiconductors have rocketed.", "2018-12-01"]
[7.86314058303833, -4.745742321014404, "After ZTE, Mr Xi talked up core technologies.", "2018-12-01"]
[8.312660217285156, -4.136449813842773, "Its tech giants are on board: Alibaba, Baidu and Huawei are ploughing money into making chips.", "2018-12-01"]
[7.197321891784668, -3.6451900005340576, "And China has showed that it can hinder American firms.", "2018-12-01"]
[7.543360233306885, -4.7067179679870605, "Earlier this year Qualcomm abandoned a bid for NXP, a Dutch firm, after foot-dragging by Chinese regulators.", "2018-12-01"]
[4.0163421630859375, -1.3749823570251465, "Neither country\u2019s interests are about to change.", "2018-12-01"]
[7.321481227874756, -4.504898548126221, "America has legitimate concerns about the national-security implications of being dependent on Chinese chips and vulnerable to Chinese hacking.", "2018-12-01"]
[6.6353440284729, -3.903231143951416, "China\u2019s pretensions to being a superpower will look hollow as long as America can throttle its firms at will.", "2018-12-01"]
[6.583120822906494, -4.080683708190918, "China is destined to try to catch up; America is determined to stay ahead.", "2018-12-01"]
[4.511742115020752, -1.6310898065567017, "The hard question is over the lengths to which America should go.", "2018-12-01"]
[7.871737480163574, -3.817627429962158, "Protectionists in the White House would doubtless like to move the semiconductor supply chain to America.", "2018-12-01"]
[4.130474090576172, -0.17518652975559235, "Good luck with that.", "2018-12-01"]
[8.564362525939941, -2.619943380355835, "The industry is a hymn to globalisation.", "2018-12-01"]
[8.60437297821045, -3.0762217044830322, "One American firm has 16,000 suppliers, over half of them abroad.", "2018-12-01"]
[8.087592124938965, -3.29839825630188, "China is a huge market for many firms.", "2018-12-01"]
[8.359442710876465, -4.0261712074279785, "Qualcomm makes two-thirds of its sales there.", "2018-12-01"]
[6.657135486602783, -0.3961585462093353, "Trying to cleave the industry into two would hurt producers and consumers in America.", "2018-12-01"]
[6.416581630706787, -0.15339425206184387, "And it would be a bluntly antagonistic act, which would make no distinction between unfair and genuine competition.", "2018-12-01"]
[4.2329535484313965, 0.07812545448541641, "In the long run it may be futile, too.", "2018-12-01"]
[8.26162052154541, -4.109655380249023, "Today America has the edge over China in designing and making high-end chips.", "2018-12-01"]
[4.228267669677734, -0.33831414580345154, "It can undoubtedly slow its rival.", "2018-12-01"]
[6.385521411895752, -4.081645965576172, "But China\u2019s progress will be hard to stop.", "2018-12-01"]
[7.276435375213623, -3.9716758728027344, "Just as Silicon Valley\u2019s rise rested on the support of the American government, so China blends state and corporate resources in pursuit of its goals.", "2018-12-01"]
[8.32573413848877, -3.4882874488830566, "It has incentive programmes to attract engineering talent from elsewhere, notably Taiwan.", "2018-12-01"]
[8.151374816894531, -4.119565010070801, "Firms like Huawei have a proven ability to innovate; blocking the flow of Intel chips in 2015 only spurred China on to develop its domestic supercomputing industry.", "2018-12-01"]
[8.2577543258667, -4.039745330810547, "Moreover, China\u2019s bid to become a global semiconductor powerhouse is propitiously timed.", "2018-12-01"]
[8.353513717651367, -4.21453332901001, "For decades the chip industry has been driven forward by Moore\u2019s law, under which the capabilities of a chip of a given size double every two years.", "2018-12-01"]
[8.301814079284668, -4.2655558586120605, "But Moore\u2019s law is reaching its physical limits.", "2018-12-01"]
[8.210521697998047, -4.283705234527588, "As everyone jumps to new technologies, from quantum computing to specialised AI chips, China has a rare chance to catch up.", "2018-12-01"]
[4.499406337738037, -1.569495439529419, "The right approach for America, therefore, has three strands.", "2018-12-01"]
[6.96496057510376, -4.175070285797119, "The first is to work with its allies in Europe and Asia to keep pushing back against unfair Chinese practices (such as forced tech transfer and intellectual-property theft) at the World Trade Organisation, and to screen out inward Chinese investments when security justifies it.", "2018-12-01"]
[7.114426612854004, -1.4202498197555542, "The second is to foster domestic innovation.", "2018-12-01"]
[8.400518417358398, -4.122297286987305, "More government funding is already going into chip research; greater openness to talent is needed.", "2018-12-01"]
[8.037545204162598, -4.280311584472656, "And the third is to prepare for a world in which Chinese chips are more powerful and pervasive.", "2018-12-01"]
[7.038179874420166, -4.3069891929626465, "That means, among other things, developing proper testing procedures to ensure the security of Chinese-made products; and tightening up on data-handling standards so that information is not being sprayed about so carelessly.", "2018-12-01"]
[6.73048210144043, -1.0895622968673706, "Measures such as these will not make the headlines at the G20.", "2018-12-01"]
[4.66224479675293, -0.24855853617191315, "But they will do more to shape the world in the years ahead.", "2018-12-01"]
[6.284602165222168, -1.7299398183822632, "Finance & economics | Trade\nThe US-China trade war is on hold\nDonald Trump and Xi Jinping agree a fragile truce at the G20 summit\n\nPERHAPS IT WAS the dessert of caramel-rolled pancakes, crispy chocolate and fresh cream.", "2018-12-02"]
[4.436086654663086, -3.007159948348999, "Or perhaps President Donald Trump had already decided that, during a working dinner on December 1st, he wanted a deal with President Xi Jinping of China.", "2018-12-02"]
[4.585636615753174, -1.2230981588363647, "Whatever it was, after sounds of applause drifted out to assembled journalists, the two announced a \u201chighly successful\u201d negotiation.", "2018-12-02"]
[4.558987140655518, -2.876436948776245, "\u201cThis was an amazing and productive meeting with unlimited possibilities for both the United States and China,\u201d said Mr Trump.", "2018-12-02"]
[4.175866603851318, -0.8459231853485107, "A more realistic assessment would be that the meeting produced a truce based on two elements: some murky mercantilism, and a deal to talk about a deal.", "2018-12-02"]
[7.464431285858154, -2.4475057125091553, "China will increase its purchase of American farm produce, energy and some industrial goods.", "2018-12-02"]
[6.886996269226074, -1.7412699460983276, "In exchange America will delay an escalation in tariffs, from 10% to 25% on $200bn of goods planned for January 1st.", "2018-12-02"]
[5.252467155456543, -1.4766064882278442, "That is on hold until March 1st at the earliest.", "2018-12-02"]
[4.030512809753418, -0.8206012845039368, "But because the formal talks between the two countries could well fail, this truce is worryingly fragile.", "2018-12-02"]
[6.83425235748291, -2.3349549770355225, "The Chinese commitment to raise purchases of American goods is by an amount \u201cnot yet agreed upon, but very substantial\u201d.", "2018-12-02"]
[6.886335849761963, -1.8600330352783203, "That is supposed to reduce America\u2019s bilateral trade deficit with China.", "2018-12-02"]
[6.718050003051758, -3.490353584289551, "Requiring the Chinese government to manage import flows is odd given how America\u2019s government complains that China still behaves like a non-market economy.", "2018-12-02"]
[6.218230247497559, 0.2940900921821594, "The idea is also economic nonsense.", "2018-12-02"]
[7.3707733154296875, 0.48544564843177795, "Bilateral trade deficits do not mean much, especially in an age when supply chains are global.", "2018-12-02"]
[7.85761022567749, -1.8668441772460938, "In addition, the bilateral trade deficit is not only a function of Chinese imports, but also of Chinese exports to America.", "2018-12-02"]
[6.424678802490234, -3.6144261360168457, "Even if the Chinese state can find ways to boost the purchase of American goods, it cannot determine the behaviour of American consumers.", "2018-12-02"]
[7.385021686553955, -2.9416110515594482, "They may be eager to buy from China, if only to get hold of products before relations deteriorate again.", "2018-12-02"]
[7.6531219482421875, 0.6061304211616516, "In the year to date America\u2019s trade deficit in goods has increased by 10%.", "2018-12-02"]
[4.6314377784729, -0.8036767244338989, "The foundations of the deal\u2019s second part are almost as shaky.", "2018-12-02"]
[5.055567264556885, -1.3455451726913452, "In theory negotiators now have until March 1st to agree to \u201cstructural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture.", "2018-12-02"]
[4.188130855560303, -0.5238282084465027, "\u201d That list is ambitious, particularly when levels of trust between the two sides are so low.", "2018-12-02"]
[5.99431037902832, -3.3784492015838623, "One of the fundamental problems in relations between America and China is the difficulty of enforcing a deal.", "2018-12-02"]
[5.2292022705078125, -0.5310500860214233, "The World Trade Organisation (WTO) has a dispute-settlement process, but it has some gaps and can be slow.", "2018-12-02"]
[5.986207962036133, -3.721726179122925, "In the past the Chinese authorities have promised to do things bilaterally, but then dragged their feet.", "2018-12-02"]
[6.046083450317383, -4.166469097137451, "And it can be devilishly hard to prove that the Chinese state is culpable.", "2018-12-02"]
[7.024487018585205, -4.277350902557373, "When the American authorities accuse it of overseeing forced technology transfer, for example, they are complaining about a practice that is not written into any Chinese law.", "2018-12-02"]
[4.6157732009887695, -0.8979735970497131, "The demands are spoken and statistical evidence of an underlying policy is scant.", "2018-12-02"]
[6.423264026641846, -3.4565699100494385, "Given the number of times the Chinese have broken their pledges not to make transfer of technology a condition of access into their market, America is unlikely to settle for a simple promise backed by the threat of extended tariffs.", "2018-12-02"]
[6.023571014404297, -3.710764169692993, "That means China will have to find mechanisms to demonstrate that, this time, it really has changed its ways.", "2018-12-02"]
[4.9728779792785645, -3.5008790493011475, "A more stable solution to the US-China tensions would involve co-operation with other countries.", "2018-12-02"]
[5.2210798263549805, -1.0831574201583862, "The European Union and Japan agree with many American complaints, and there has been some work to come up with new rules to resolve them.", "2018-12-02"]
[5.696496963500977, -0.9193148016929626, "In the longer term the WTO could even help to enforce those, though not if the Trump administration persists in undermining its dispute-settlement system.", "2018-12-02"]
[5.3035149574279785, -1.789409875869751, "However, although there was talk during the wider G20 meetings of reforming the organisation, the multilateral trading system did not seem to be much on Mr Trump\u2019s mind.", "2018-12-02"]
[4.942849159240723, -0.9344920516014099, "And why should it be?", "2018-12-02"]
[4.591897964477539, -3.3362221717834473, "Mr Xi\u2019s offers will have shown that he can squeeze a lot out of China on his own.", "2018-12-02"]
[4.702775478363037, -2.1853017807006836, "Why should he act multilaterally when bilateral bullying works so well?", "2018-12-02"]
[4.9079694747924805, -1.196686029434204, "After the weekend\u2019s G20 truce, businesses were quick to breathe sighs of relief.", "2018-12-02"]
[4.1129584312438965, -0.6962522268295288, "But this war is not over yet.", "2018-12-02"]
[5.1147027015686035, -1.5275483131408691, "Clarification (December 4th 2018): An earlier version of this article had been altered to reflect a statement made by the director of the United States National Economic Council, which would have extended the deadline for a deal to April 1st.", "2018-12-02"]
[4.9974284172058105, -1.540732979774475, "Subsequently the White House reverted to its original formulation; the deadline is in fact March 1st, as we had it in the original.", "2018-12-02"]
[5.96964693069458, -2.6803135871887207, "|SHANGHAI AND WASHINGTON, DC\n\nFinance & economics | Peace in our time\nA trade truce between America and China is over as soon as it began\nThe arrest of Meng Wanzhou of Huawei looks like a resumption of hostilities\n \nAFTER A WORKING dinner between Presidents Donald Trump and Xi Jinping on December 1st, it seemed as if a truce had been called in their two countries\u2019 rumbling trade war.", "2018-12-08"]
[4.479807376861572, -2.4585046768188477, "\u201cThis was an amazing and productive meeting,\u201d said Mr Trump.", "2018-12-08"]
[3.868011474609375, -0.7403373122215271, "But the truce is already at risk of unravelling.", "2018-12-08"]
[6.839756488800049, -5.044379711151123, "On December 5th Canada\u2019s justice department said that, on the same day that the two presidents dined, it had arrested Meng Wanzhou, the chief financial officer of Huawei, a Chinese maker of telecoms equipment, at America\u2019s behest.", "2018-12-08"]
[5.55869197845459, -4.096899509429932, "For China, that looks like a political salvo.", "2018-12-08"]
[7.463504314422607, -5.268285274505615, "Huawei is a pillar of the Chinese economy\u2014and Ms Meng is the founder\u2019s daughter.", "2018-12-08"]
[4.935914039611816, -0.6946375370025635, "The fate of the trade talks could hinge on her encounter with the law.", "2018-12-08"]
[6.75732421875, -4.965781211853027, "She was due to appear in a Canadian court on December 7th, after The Economist went to press.", "2018-12-08"]
[7.218430519104004, -5.1376447677612305, "Her arrest is thought to be related to an American probe into Huawei\u2019s alleged violation of sanctions on selling technology to Iran.", "2018-12-08"]
[5.287664890289307, -1.3490612506866455, "The company said it was \u201cnot aware of any wrongdoing\u201d.", "2018-12-08"]
[7.7216081619262695, -4.99001407623291, "A similar investigation led ZTE, a smaller Chinese peer, to be hit with a near-fatal ban that, until it was hastily reversed, prevented American firms from selling parts to it.", "2018-12-08"]
[7.488935947418213, -5.281266689300537, "The implications of a comparable ban on Huawei would be greater by orders of magnitude.", "2018-12-08"]
[7.401033401489258, -5.165083408355713, "America has also been pressing allies to end business ventures with Huawei over national-security concerns.", "2018-12-08"]
[4.49715518951416, -0.93173748254776, "The trade truce had looked shaky enough anyway, based as it was on mercantilism and a promise to talk more.", "2018-12-08"]
[6.654263496398926, -1.943002700805664, "Mr Xi pledged that China would buy more American goods and address deeper American concerns; Mr Trump promised to delay to March 1st a rise in tariffs, from 10% to 25% on $200bn of goods, that had been set for January 1st.", "2018-12-08"]
[6.321576118469238, -1.919215202331543, "Even before news of Ms Meng\u2019s arrest, global stocks see-sawed as investors wondered if hostilities might resume.", "2018-12-08"]
[6.091988563537598, -2.7841062545776367, "The two countries\u2019 trade teams have been given until March 1st to agree on \u201cstructural changes\u201d in China with respect to \u201cforced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture\u201d.", "2018-12-08"]
[7.025923728942871, -4.204185962677002, "American authorities have long accused China\u2019s government of forcing foreign companies to give their proprietary technology to Chinese partners.", "2018-12-08"]
[6.314183235168457, -3.997509002685547, "But such demands are not enshrined in Chinese legislation; they are not even written down.", "2018-12-08"]
[7.162786960601807, -3.786567211151123, "Even if requirements on American companies to enter into joint ventures with Chinese ones were removed, the problem could continue in practice.", "2018-12-08"]
[5.0264434814453125, -1.992350697517395, "Larry Kudlow, Mr Trump\u2019s economic adviser, says talks on these thorny issues are well advanced.", "2018-12-08"]
[6.951175689697266, -4.2463507652282715, "And on December 4th China did unveil tougher penalties for intellectual-property thieves, including restrictions on their access to finance.", "2018-12-08"]
[6.137811183929443, -3.618130922317505, "But a cynic would point out that China has made such promises before, and broken them.", "2018-12-08"]
[4.836575508117676, -0.5709640979766846, "And the real sticking point is not the size of penalties, but how actively they will be imposed.", "2018-12-08"]
[4.098448753356934, -0.9410958886146545, "Moreover, there is a big gap between what the two countries say they are working towards.", "2018-12-08"]
[5.931962490081787, -3.4901015758514404, "America\u2019s hawks want deep changes, including limits on China\u2019s industrial subsidies.", "2018-12-08"]
[7.476492404937744, -3.3624682426452637, "China says that it wants to continue reforming its economy in line with existing plans.", "2018-12-08"]
[7.112925052642822, -1.9749003648757935, "This would surely be too little for America\u2014even when garnished with some additional purchases of American soyabeans.", "2018-12-08"]
[4.0442118644714355, -0.8842216730117798, "If the two tracks remain wide apart, the talks may collapse.", "2018-12-08"]
[4.822508811950684, -2.977168560028076, "Mr Trump and his officials are giving the Chinese a chance to show that they are taking the negotiations seriously.", "2018-12-08"]
[7.392614841461182, -2.48030686378479, "Reports are emerging that the Chinese are preparing to buy more American soyabeans and natural gas.", "2018-12-08"]
[6.132709503173828, -3.795699119567871, "But that says little about China\u2019s willingness to embrace deeper change.", "2018-12-08"]
[5.57303524017334, -3.863542318344116, "For their part, with the arrest of Ms Meng, Chinese officials are questioning whether the Americans are negotiating in good faith.", "2018-12-08"]
[4.6935858726501465, -3.3736672401428223, "To go after a Chinese commercial champion just as Mr Xi draws closer to Mr Trump plays badly in China.", "2018-12-08"]
[4.485787391662598, -2.1481504440307617, "If the timing is a coincidence, and Mr Trump was unaware of it, it is one more sign of a chaotic White House, which is not reassuring.", "2018-12-08"]
[5.33290958404541, -4.2116827964782715, "But many in China see it as a brazen show of American power.", "2018-12-08"]
[5.3362884521484375, -3.221647262573242, "To revive the already-fragile truce, Americans will now have to soothe jangled Chinese nerves at the same time as trying to extract concessions.", "2018-12-08"]
[4.924389839172363, -3.5127346515655518, "Leaders | Military misunderstandings\nMore worrying than a US-China trade war is the risk of a hot one\nBetter communication between their armed forces would help avoid one\n \nIT IS A sobering thought that official military communication between America and China is still conducted by fax machine.", "2018-12-22"]
[3.9223127365112305, -1.9090445041656494, "The use of this obsolete technology symbolises a worrying lack of effective dialogue between the two countries\u2019 armed forces.", "2018-12-22"]
[4.041537284851074, -1.630271553993225, "The giants jostle for space in the western Pacific; their ships and jets manoeuvre close to each other every day.", "2018-12-22"]
[5.222864151000977, -3.919332981109619, "Neither side wants war, but China is intent on keeping America at bay.", "2018-12-22"]
[4.065908908843994, -1.0923161506652832, "It is easy to imagine how a collision in the air or at sea could escalate.", "2018-12-22"]
[4.645984649658203, -2.5438311100006104, "Casualties could fan nationalist flames on either side and cause twitchy officers, or political leaders, to respond in ways that lead rapidly to disaster.", "2018-12-22"]
[3.875539779663086, -0.8027668595314026, "So could a misunderstanding by either side of the other\u2019s military movements.", "2018-12-22"]
[5.7725324630737305, -3.4515528678894043, "Relations between China and America are already strained over trade and a host of other matters.", "2018-12-22"]
[3.9244940280914307, -1.1066678762435913, "So it is only common sense to try to reduce the risk that their cold-war style sparring might turn hot.", "2018-12-22"]
[4.843234062194824, -3.4732441902160645, "American and Chinese officers are getting to know each other better.", "2018-12-22"]
[4.454724311828613, -2.6796741485595703, "Exchanges between their military academies, port calls and high-level visits to each other\u2019s countries have multiplied over the years (see article).", "2018-12-22"]
[4.347873210906982, -0.22955209016799927, "But there is still a huge gulf.", "2018-12-22"]
[3.8805716037750244, -0.6016741991043091, "Much of the interaction is superficial.", "2018-12-22"]
[4.990707874298096, -3.740563154220581, "American officers often describe the Chinese who talk to them as \u201cbarbarian handlers\u201d: polished, English-speaking political appointees, usually intelligence officers, whose uniforms have never been crumpled or muddied.", "2018-12-22"]
[5.323737621307373, -4.192174434661865, "The Americans are sometimes led around empty Potemkin bases and entertained with kung fu shows rather than genuine drills.", "2018-12-22"]
[6.044151306152344, -4.050286293029785, "They wonder why they should waste their time on such junkets, which offer little insight into Chinese intentions or how the two sides might defuse a crisis.", "2018-12-22"]
[5.30894136428833, -3.9080371856689453, "When senior officers of the two sides meet, the Chinese tend to spend much of the time lambasting American foreign policy rather than discussing how to build trust.", "2018-12-22"]
[4.836129665374756, -4.271625518798828, "In recent years China has forged ever-closer military ties with Russia.", "2018-12-22"]
[4.873321056365967, -4.3801422119140625, "In September China sent thousands of troops to join Russia\u2019s largest manoeuvres since the cold war.", "2018-12-22"]
[5.36013650894165, -4.1398186683654785, "But when invited to take part in American exercises, China has behaved boorishly.", "2018-12-22"]
[5.299380779266357, -4.423877239227295, "In 2014 America, to its credit, allowed the Chinese navy to join RIMPAC, the world\u2019s largest multinational war games at sea.", "2018-12-22"]
[5.922886371612549, -3.9746713638305664, "Instead of responding with camaraderie, China demanded plum roles, sent spy ships to snoop on the manoeuvres and barred Japanese officers from the traditional shipboard cocktail party.", "2018-12-22"]
[5.639802932739258, -4.352571964263916, "America excluded China from RIMPAC this year in protest against China\u2019s deployment of missiles on artificial islands it has built in the South China Sea.", "2018-12-22"]
[5.331944465637207, -4.31466817855835, "That upset the Chinese navy, but the Americans rightly felt no loss.", "2018-12-22"]
[5.846621990203857, -3.9728615283966064, "Even when given an opportunity to build bridges, Chinese officers have chosen to ignore it.", "2018-12-22"]
[4.2530717849731445, -2.6522133350372314, "The two armed forces do not just use faxes to communicate.", "2018-12-22"]
[7.165020942687988, -4.935556888580322, "A channel called the Defence Telephone Link was set up a decade ago.", "2018-12-22"]
[4.790501117706299, -3.3051598072052, "A whizzier video link between the chairman of America\u2019s joint chiefs of staff and his Chinese counterpart was established more recently.", "2018-12-22"]
[5.151276588439941, 0.34591004252433777, "The problem is not a lack of channels.", "2018-12-22"]
[4.272139072418213, 0.3724749684333801, "It is how they are used.", "2018-12-22"]
[5.729916095733643, -3.880443572998047, "American officials have made clear that if China were to call during a crisis, they would pick up the phone.", "2018-12-22"]
[6.031594276428223, -3.717832326889038, "They are not sure whether China would do the same.", "2018-12-22"]
[5.557120323181152, -4.295228481292725, "Part of the problem is the way that China\u2019s armed forces work.", "2018-12-22"]
[4.892727375030518, -3.6896088123321533, "The Communist Party is present throughout the military hierarchy.", "2018-12-22"]
[4.761367321014404, -3.1945245265960693, "Its political commissars often wield as much power as commanders who are genuine soldiers.", "2018-12-22"]
[5.904855728149414, -3.999873399734497, "Especially at higher levels, Chinese officers can move only at the speed of a committee.", "2018-12-22"]
[7.474612236022949, -4.467007160186768, "But that is no excuse for China\u2019s habit of unplugging the phone.", "2018-12-22"]
[4.056360721588135, -0.6465099453926086, "Swift communication may not end a crisis, but it can certainly reduce the danger of tensions flaring up over a misunderstanding.", "2018-12-22"]
[4.62994384765625, -2.6272318363189697, "Going ballistic\nMercifully, when Barack Obama was president, the two countries managed to establish some rules for managing close encounters between their ships and planes.", "2018-12-22"]
[5.977231025695801, -0.6527010202407837, "That has led to fewer near collisions in the air and at sea.", "2018-12-22"]
[4.293982982635498, 0.031483083963394165, "But that still falls short.", "2018-12-22"]
[5.035425186157227, -4.183040618896484, "China\u2019s relentless beefing up of its military forces has created an urgent need for wider-ranging agreements.", "2018-12-22"]
[5.351067543029785, -4.293619155883789, "Pentagon officials say China is arming its air force with nuclear weapons.", "2018-12-22"]
[5.376519680023193, -4.252982139587402, "That would give China a complete \u201ctriad\u201d of nuclear weaponry, launchable from the air, land and sea.", "2018-12-22"]
[3.8706963062286377, -1.7303472757339478, "Yet the two armed forces have not held nuclear talks in over ten years.", "2018-12-22"]
[4.6742987632751465, -2.3072311878204346, "Even the Soviet Union agreed to give warnings about ballistic-missile tests.", "2018-12-22"]
[6.007952690124512, -4.155235290527344, "The Chinese refuse to consider such a confidence-building measure, despite the growing importance of missiles to both countries.", "2018-12-22"]
[4.643880367279053, -3.547943353652954, "On a visit to Washington, DC, in November China\u2019s defence minister, Wei Fenghe, said that communication must be strengthened.", "2018-12-22"]
[5.4362101554870605, -3.978827476501465, "It is good that China recognises this.", "2018-12-22"]
[4.349583148956299, -1.2815579175949097, "But all too often the country lets pique over unconnected business disrupt military contacts.", "2018-12-22"]
[4.152470588684082, -1.7067527770996094, "In 2018 it cancelled multiple high-level talks, including an embryonic dialogue between senior military officers.", "2018-12-22"]
[3.9255614280700684, -1.9337693452835083, "Not since the cold war has it been so crucial for global peace for two defence establishments to talk.", "2018-12-22"]
[8.21493148803711, -0.018481601029634476, "Finance & economics | Buttonwood\nThe fate of the dollar will shape financial markets in 2019\nAfter rising by 7% against a basket of currencies in 2018, where is it headed next?", "2019-01-10"]
[3.7264633178710938, -1.086050033569336, "OVER THE holidays those who like their Christmas films free of seasonal cheer may have fixed on \u201cThe Lion in Winter\u201d, with Peter O\u2019Toole as Henry II and Katharine Hepburn as Eleanor, his estranged wife.", "2019-01-10"]
[3.7827091217041016, -0.9787380695343018, "Henry decides that none of his sons by Eleanor is a suitable heir and condemns them to death.", "2019-01-10"]
[3.7695586681365967, -1.1216509342193604, "Locked in a cellar as his father approaches, Richard resolves not to cower.", "2019-01-10"]
[3.682901620864868, -0.8985546231269836, "\u201cAs if the way one falls down mattered,\u201d mocks one of his brothers.", "2019-01-10"]
[3.797400951385498, -0.4620022475719452, "\u201cWhen the fall is all that is,\u201d replies Richard, \u201cit matters\u201d.", "2019-01-10"]
[8.11574649810791, 0.162363663315773, "Back at work, investors might usefully apply this aphorism to the fate of the dollar.", "2019-01-10"]
[8.362104415893555, -0.26198261976242065, "In a volatile period for financial markets, it rose by 7% against a broad basket of currencies in 2018 and by 4% against a narrower group of rich-country currencies (see chart).", "2019-01-10"]
[8.30916976928711, 0.10844488441944122, "One of the more robust principles of foreign-exchange trading is that what goes up must eventually come down.", "2019-01-10"]
[8.415374755859375, 0.03757842630147934, "The dollar is over-valued on benchmarks, such as The Economist\u2019s Big Mac Index (see Graphic Detail).", "2019-01-10"]
[4.265833377838135, 0.20544640719890594, "It is due a fall.", "2019-01-10"]
[8.433271408081055, -0.05366262048482895, "When that is all that is left, the manner of its falling will matter a great deal.", "2019-01-10"]
[8.371269226074219, -0.14677688479423523, "The bear case for the dollar is based on an expectation that GDP growth in America will slow markedly.", "2019-01-10"]
[7.881105899810791, -0.3763768970966339, "Last year, it was boosted by tax cuts.", "2019-01-10"]
[7.101075649261475, 0.07092534750699997, "That stimulus will fade.", "2019-01-10"]
[8.33452033996582, 0.13120532035827637, "Interest-rate increases by the Federal Reserve will bite harder.", "2019-01-10"]
[7.42114782333374, -0.46639543771743774, "A lower oil price is a factor.", "2019-01-10"]
[7.10071325302124, -0.4694414734840393, "It hurts investment in America\u2019s shale regions, but is a boon for oil-importing countries in Asia and Europe.", "2019-01-10"]
[8.337714195251465, -0.21703828871250153, "America\u2019s stockmarket is relatively dear.", "2019-01-10"]
[8.064178466796875, -4.118662357330322, "Its tech darlings no longer seem invulnerable.", "2019-01-10"]
[7.935125827789307, -0.2983526587486267, "In short, an exceptional period for America\u2019s economy is coming to an end.", "2019-01-10"]
[8.473945617675781, 0.05958157032728195, "The dollar ought to lose ground, too.", "2019-01-10"]
[4.330170154571533, -0.14281266927719116, "But not just yet.", "2019-01-10"]
[8.437843322753906, 0.019499626010656357, "In November Mansoor Mohi-uddin of NatWest Markets set out three pre-conditions for a decisive turn in the dollar: a \u201cpause\u201d by the Fed, a deal to end America\u2019s trade dispute with China and signs of a pickup in the euro-zone economy.", "2019-01-10"]
[4.473166465759277, -0.04526062682271004, "The first is now less of a hurdle.", "2019-01-10"]
[8.430996894836426, 0.127668559551239, "The Fed\u2019s boss, Jerome Powell, hinted on January 4th that it might postpone further interest-rate increases.", "2019-01-10"]
[5.992864608764648, -2.482299566268921, "Talks on trade with China have resumed.", "2019-01-10"]
[8.412055969238281, -0.37340831756591797, "But the economic data from Europe remain weak.", "2019-01-10"]
[8.33846378326416, 0.008553646504878998, "Interest rates in America may not rise much further, if at all, but they are nevertheless higher than in Japan or the euro zone.", "2019-01-10"]
[8.115678787231445, 0.1405806839466095, "Owning the dollar is still rewarding.", "2019-01-10"]
[4.993048191070557, 0.02134688012301922, "How might that change?", "2019-01-10"]
[4.537222385406494, 0.21095117926597595, "Broadly, there are two scenarios.", "2019-01-10"]
[5.8031840324401855, -0.7668836712837219, "In the first, trade-war clouds begin to disperse.", "2019-01-10"]
[8.079347610473633, -1.707115888595581, "Tax cuts and looser monetary policy in China start to stimulate private-sector spending.", "2019-01-10"]
[8.065710067749023, -0.60357266664505, "That stirs other Asian economies, which in turn bucks up activity in the euro zone, which relies heavily on emerging-market demand.", "2019-01-10"]
[8.34373664855957, 0.052317917346954346, "Bond yields rise in the expectation that interest rates will go up in Europe.", "2019-01-10"]
[8.490388870239258, -0.05550555884838104, "They fall in America, as traders start to price in rate cuts.", "2019-01-10"]
[8.531848907470703, 0.024822762235999107, "The dollar drifts down against the euro.", "2019-01-10"]
[8.347291946411133, -0.004746729973703623, "A softish Brexit boosts the pound.", "2019-01-10"]
[8.113301277160645, -0.594689130783081, "Capital is pushed into emerging markets, in search of better returns.", "2019-01-10"]
[8.224943161010742, -0.26770225167274475, "Stockmarkets rally, especially outside America.", "2019-01-10"]
[4.674311637878418, -1.0466941595077515, "Everyone breathes a sigh of relief.", "2019-01-10"]
[4.439959526062012, 0.10014038532972336, "It feels like 2017 again.", "2019-01-10"]
[8.274923324584961, -0.9002500772476196, "In the second scenario, the gap between GDP growth in America and elsewhere also narrows.", "2019-01-10"]
[8.041461944580078, -0.48857975006103516, "But in this case, it does so solely because of a slowdown in America, rather than better news elsewhere.", "2019-01-10"]
[5.612292289733887, -0.5630730986595154, "The trade dispute escalates.", "2019-01-10"]
[6.688192844390869, -2.656277656555176, "The continued uncertainty means China\u2019s tax cuts are saved, and not spent.", "2019-01-10"]
[8.296013832092285, -1.010292649269104, "Further weakness in China causes other emerging markets to falter.", "2019-01-10"]
[8.514851570129395, -0.18742859363555908, "The soft spot in the euro-zone economy turns out to be not temporary, but a reflection of weak export demand.", "2019-01-10"]
[8.570923805236816, -0.34908637404441833, "Risk assets sell off across the board.", "2019-01-10"]
[8.556971549987793, 0.038358524441719055, "The dollar falls sharply against the yen and the Swiss franc, habitual boltholes for the panicky.", "2019-01-10"]
[8.615222930908203, -0.07441644370555878, "The euro stays weak.", "2019-01-10"]
[7.808980941772461, 0.09261427819728851, "A shortage of safe-harbour currencies leads to a rising price for gold.", "2019-01-10"]
[5.853305816650391, -3.7724645137786865, "How closely reality conforms to one or other of these scenarios depends a lot on what happens in China.", "2019-01-10"]
[7.376711368560791, -0.7758895754814148, "A trade deal with America would boost emerging-market currencies against the dollar, as would an effective fiscal stimulus.", "2019-01-10"]
[8.518007278442383, -0.09744860231876373, "The path the dollar takes against rich-country currencies depends on the slowdown in America, says Kit Juckes of Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, a French bank.", "2019-01-10"]
[8.475702285766602, -0.027386918663978577, "If it is sudden, the dollar falls against the yen.", "2019-01-10"]
[8.539541244506836, 0.04840816929936409, "If it is gradual, it falls against the euro.", "2019-01-10"]
[8.488363265991211, 0.016788315027952194, "How the dollar falls will be shaped by events and in turn will shape them.", "2019-01-10"]
[7.887607097625732, 0.016002720221877098, "Investors who are wary of selling out of risk assets are advised by strategists at J.", "2019-01-10"]
[8.188721656799316, -0.0015582466730847955, "Morgan to take out some insurance by buying the yen, Swiss franc and gold\u2014the assets that are likely to go up should things get rough.", "2019-01-10"]
[4.289371967315674, 0.2382834404706955, "If a fall is all that is left, it matters that you have something to cushion it.", "2019-01-10"]
[8.103568077087402, -3.6134233474731445, "|ZHENGZHOU\n\nChina | Oh, for an assembly-line job\nWorries about unemployment mount as China\u2019s economy slows\nThe services sector will cushion the blow, but not provide much security\n\nTHE FACTORY town known as iPhone city used to pulse with life as workers got off their shifts.", "2019-01-12"]
[8.194746971130371, -4.106677055358887, "These days the complex that churns out roughly half of all Apple smartphones is quieter.", "2019-01-12"]
[4.1469807624816895, -0.8968650698661804, "A staff dormitory just beyond its gates is empty, its entrance sealed with barbed wire.", "2019-01-12"]
[8.669189453125, -1.2865362167358398, "A barbecue restaurant, a noodle shop and, fittingly, a mobile-phone outlet have all closed.", "2019-01-12"]
[7.886894226074219, -0.8143271803855896, "At a karaoke bar where workers would croon into the wee hours on rest days, the owner was recently seen packing up his speakers.", "2019-01-12"]
[8.358694076538086, -3.7508153915405273, "The giant complex on the edge of the central city of Zhengzhou is run by Foxconn, Apple\u2019s Taiwanese manufacturing partner.", "2019-01-12"]
[8.720743179321289, -3.1632745265960693, "It remains one of the world\u2019s busiest factories.", "2019-01-12"]
[8.77124309539795, -2.032254695892334, "But it is well off its peak, when as many as 350,000 people kept production humming around the clock.", "2019-01-12"]
[7.905505180358887, -0.7581628561019897, "Workers say they are down to eight hours a day, five days a week.", "2019-01-12"]
[7.735222339630127, -0.726001501083374, "That means they are not doing the overtime that accounts for much of their pay.", "2019-01-12"]
[4.7563886642456055, -0.6213638186454773, "\u201cIt feels like they\u2019re forcing us to quit,\u201d says a six-year veteran.", "2019-01-12"]
[8.036208152770996, -3.3303377628326416, "Cao Yingying, a woman at a nearby recruitment centre, says they stopped hiring for Foxconn in late October because of Apple\u2019s disappointing sales.", "2019-01-12"]
[8.25562572479248, -3.84409236907959, "They still have other electronics factories as clients, but they are all suffering.", "2019-01-12"]
[8.970141410827637, -2.6291797161102295, "\u201cWashing machines, fridges, vacuum cleaners.", "2019-01-12"]
[4.483613014221191, -0.599068284034729, "Everyone now has these, and they last longer,\u201d she says.", "2019-01-12"]
[8.254796981811523, -1.499563217163086, "\u201cSo factories have fewer orders.", "2019-01-12"]
[7.896705150604248, -3.3185338973999023, "\u201d\nA slowing economy is putting pressure on jobs in China (though Apple\u2019s woes may involve other factors, too\u2014see article).", "2019-01-12"]
[8.417159080505371, -0.6967054605484009, "The official unemployment rate is stable at around 5%, but as always this figure is a poor guide.", "2019-01-12"]
[8.310105323791504, -0.6000263690948486, "Surveys in the manufacturing and service sectors show that companies have been cutting staff since at least September.", "2019-01-12"]
[8.234747886657715, -0.594561755657196, "Wage growth is tepid compared with the sizzling norm of a few years ago.", "2019-01-12"]
[8.557820320129395, -0.8646161556243896, "In November profits at industrial firms fell for the first time in nearly three years.", "2019-01-12"]
[7.676371097564697, -3.0487709045410156, "When China\u2019s leaders met in December to map out economic policy for 2019, they said their priority would be to stabilise employment.", "2019-01-12"]
[3.7042040824890137, -0.7294595241546631, "They are anxious about social stability in a year studded with sensitive anniversaries.", "2019-01-12"]
[5.2179036140441895, -3.738182306289673, "Among them will be the 30th of the Tiananmen protests, which involved economic grievances as well as political ones.", "2019-01-12"]
[5.438153266906738, -0.301466166973114, "Suppression of labour unrest has become even harsher in recent months.", "2019-01-12"]
[6.115622043609619, -4.398972511291504, "In one case, police detained more than 30 students and activists who had tried to help workers organise a union at a firm in the southern city of Shenzhen.", "2019-01-12"]
[7.060971260070801, -0.7156621217727661, "Worries about jobs are, so far, focused on the export sector.", "2019-01-12"]
[8.229728698730469, -2.0086424350738525, "Trade matters less to Chinese growth than it once did, but it still, directly and indirectly, supports as many as 180m jobs, nearly one-quarter of formal employment, the government estimates.", "2019-01-12"]
[6.7524895668029785, -0.605130136013031, "The trade spat with America has plunged firms into uncertainty.", "2019-01-12"]
[8.456523895263672, -1.4354174137115479, "Exporters cut their demand for new hires in the third quarter by 53% compared with a year earlier, say researchers at Renmin University in Beijing.", "2019-01-12"]
[8.549232482910156, -1.288238286972046, "In December export orders fell at their sharpest rate in more than three years.", "2019-01-12"]
[8.282209396362305, -3.977529525756836, "A second area of concern is the high-tech sector.", "2019-01-12"]
[7.642052173614502, -0.09989133477210999, "As investors turn cautious, jobs are coming under threat.", "2019-01-12"]
[8.443472862243652, -3.7727444171905518, "The starkest example is Ofo, a bike-sharing company previously feted as an innovator.", "2019-01-12"]
[4.543865203857422, -0.09766574949026108, "Today it is battling to survive.", "2019-01-12"]
[8.318634033203125, -0.6232792139053345, "Search engines, online travel agencies and e-commerce websites have all reportedly trimmed staff.", "2019-01-12"]
[7.641969680786133, -3.4853060245513916, "This could be bad news for this year\u2019s record number of university graduates (students in Zhengzhou are pictured at a job fair last year).", "2019-01-12"]
[7.275289058685303, -2.990236520767212, "Wang Xing, head of Meituan Dianping, a company known for its food-delivery app, captured the gloom last month with this line on his micro-blog: \u201c2019 might be the worst year of the past decade, but it might also be the best year of the coming decade.", "2019-01-12"]
[7.780898571014404, -0.236350879073143, "\u201d\nIndustries undergoing cyclical slumps are a final area of concern.", "2019-01-12"]
[8.420403480529785, -0.5150952339172363, "With the stockmarket down 30% in the past year, financial firms, especially brokerages, have cut staff.", "2019-01-12"]
[7.926546096801758, -0.3349214792251587, "A property slowdown has led several big developers to freeze hiring.", "2019-01-12"]
[7.655986309051514, -3.042853355407715, "How would China cope with a big rise in unemployment?", "2019-01-12"]
[7.979391098022461, -2.710576057434082, "In 2008 when the global financial crisis struck, millions of migrants left coastal factories and returned to the countryside.", "2019-01-12"]
[7.7686543464660645, -0.43983301520347595, "They did not have to wait long for prospects to improve.", "2019-01-12"]
[7.921976566314697, -0.2688319683074951, "Half a year later the government revved up growth with a massive stimulus programme.", "2019-01-12"]
[4.05189323425293, -1.1604394912719727, "A similar exodus is less likely this time.", "2019-01-12"]
[7.286946773529053, -0.22724321484565735, "The economy is profoundly different, in ways that should cushion workers from the slowdown.", "2019-01-12"]
[7.5056962966918945, -0.46495160460472107, "Services, from restaurants to couriers, now account for more of the economy than manufacturers, and they are more labour-intensive.", "2019-01-12"]
[7.450043678283691, -0.29104337096214294, "But service jobs are even less secure than those in factories.", "2019-01-12"]
[7.917168140411377, -3.1773109436035156, "Workers in China\u2019s vast gig economy\u2014driving cars for hire, delivering food or trucking packages between cities\u2014rarely get overtime pay or unemployment insurance, says Geoffrey Crothall of China Labour Bulletin, an NGO.", "2019-01-12"]
[7.830204010009766, -3.39060115814209, "On a street in Zhengzhou, a man in his late 40s glumly surveys a board plastered with job ads.", "2019-01-12"]
[5.154326915740967, -2.403618097305298, "\u201cThey want young lads for the courier jobs.", "2019-01-12"]
[8.947822570800781, -3.699129581451416, "Faster on their bikes, faster on their smartphones,\u201d he says.", "2019-01-12"]
[7.432208061218262, -2.984975576400757, "China\u2019s economic situation differs from the financial tsunami of 2008 in another crucial way.", "2019-01-12"]
[4.315943241119385, -0.9796670079231262, "This time the troubles have built up gradually, giving the government time to ready its defences.", "2019-01-12"]
[7.3712005615234375, -0.27023473381996155, "It has already started to help beleaguered companies.", "2019-01-12"]
[7.408209800720215, -0.3749328851699829, "In December the State Council announced that firms which refrain from firing staff can get 50% refunds on unemployment-insurance payments.", "2019-01-12"]
[7.621243476867676, -1.905593752861023, "Officials have hinted that they will offer subsidies for those buying home appliances, a boost for manufacturers.", "2019-01-12"]
[6.225301742553711, -2.928908109664917, "And after initially taking a hard line in its trade dispute with America, China has softened somewhat.", "2019-01-12"]
[4.658072471618652, -2.560731887817383, "That helped pave the way to talks between the two countries this week in Beijing that augur well for a deal, however fragile.", "2019-01-12"]
[5.310628414154053, -2.7604832649230957, "The government is also boosting its own recruitment.", "2019-01-12"]
[7.615666389465332, -3.594750165939331, "At a labour centre in northern Zhengzhou, once used for hiring Foxconn workers, the biggest ad is for jobs in Hami, a city in Xinjiang, the north-western region where officials have incarcerated vast numbers of ethnic-Uighur Muslims for \u201cre-education\u201d.", "2019-01-12"]
[5.160911560058594, -2.636392831802368, "Hami is looking for auxiliary police.", "2019-01-12"]
[4.939330101013184, -2.534348726272583, "\u201cJoin us to realise your dreams\u201d, says the poster, with a picture of officers brandishing machine guns.", "2019-01-12"]
[7.916051387786865, -3.314195156097412, "Applicants, who must be between 18 and 35, are promised monthly salaries of at least 6,100 yuan ($890), roughly the wages at Foxconn when the going was good.", "2019-01-12"]
[6.165736675262451, -2.5501527786254883, "|SHANGHAI\n\nFinance & economics | Trade jaw-jaw\nSigns of progress in China-US trade talks, but gaps remain big\nNegotiations hinge on how to enforce China\u2019s pledges\n\nLAST YEAR, when American officials visited Beijing for trade negotiations, they spent more time fighting among themselves than against China.", "2019-02-16"]
[3.8476390838623047, -0.6586547493934631, "They could not agree on who should lead the talks or what their goal should be.", "2019-02-16"]
[5.7853899002075195, -4.180335521697998, "Seeing such amateurism, their Chinese interlocutors reckoned that they had little to worry about.", "2019-02-16"]
[4.847881317138672, -3.303990364074707, "Many of the same Americans have been back in Beijing for more talks in recent days.", "2019-02-16"]
[5.0431036949157715, -2.3173322677612305, "But this time they had an undisputed leader\u2014Robert Lighthizer, the hard-nosed United States Trade Representative\u2014and a clear set of demands.", "2019-02-16"]
[6.380926609039307, -2.250469446182251, "Their Chinese counterparts, having seen President Donald Trump\u2019s zeal for tariffs, knew that they had something to worry about after all.", "2019-02-16"]
[5.065474987030029, -1.4390846490859985, "America has set a deadline of March 1st for an agreement.", "2019-02-16"]
[7.257599830627441, -1.6209946870803833, "If it is missed, tariffs on $200bn-worth of imports from China are due to rise from 10% to 25%, inflicting more pain on a slowing Chinese economy.", "2019-02-16"]
[5.798091888427734, -3.7072460651397705, "That would invite a sharper backlash from China.", "2019-02-16"]
[7.183238506317139, -1.2466250658035278, "Its ability to direct firms to shift purchases to other countries has already hurt American exporters (see chart).", "2019-02-16"]
[6.115121364593506, -4.1317949295043945, "Chinese officials resent the deadline but it has focused minds.", "2019-02-16"]
[4.458369731903076, -1.4268487691879272, "The latest talks, which began on February 11th and were due to end on February 15th, are the third round this year.", "2019-02-16"]
[4.059966087341309, -0.9281423687934875, "All this has fed expectations that the two sides could soon make peace\u2014or at least extend their truce.", "2019-02-16"]
[4.985661506652832, -1.9637643098831177, "Mr Trump told reporters that he might let the deadline slide if a good deal is within reach.", "2019-02-16"]
[4.408350467681885, -3.087893009185791, "Another meeting between Mr Trump and Xi Jinping, China\u2019s president, is under discussion.", "2019-02-16"]
[8.102869033813477, -0.06023438647389412, "Investors have taken heart.", "2019-02-16"]
[8.383540153503418, -2.222303867340088, "American and Chinese stockmarkets have both risen by about 10% this year.", "2019-02-16"]
[4.730748653411865, -1.1499135494232178, "The outlines of a deal have been in view for a while.", "2019-02-16"]
[6.98616361618042, -2.557002544403076, "China would probably promise to buy lots of goods from America, from soyabeans to natural gas, and allow foreign companies more access to its economy.", "2019-02-16"]
[7.062361240386963, -2.5713329315185547, "America would cut tariffs and perhaps promise to remain open to Chinese investors, as long as they are not part of a state-backed assault on sensitive technology.", "2019-02-16"]
[4.168148994445801, -0.4827970862388611, "Yet when negotiators get into the details, problems surface.", "2019-02-16"]
[6.1769304275512695, -3.4578006267547607, "After many frustrating years waiting for China to open its markets, the Americans suspect that its pledges will be empty.", "2019-02-16"]
[5.771411418914795, -3.8900723457336426, "The Chinese suspect that America is motivated by a desire not for fair trade but for thwarting a new rival.", "2019-02-16"]
[5.834702014923096, -3.705127000808716, "Two key outstanding questions are thus how to measure whether China lives up to its word, and what America can do if it fails.", "2019-02-16"]
[6.1446852684021, -3.752701759338379, "Scott Kennedy of the Centre for Strategic and International Studies in Washington says changes should be measured by China\u2019s economic outcomes, not by its stated policies.", "2019-02-16"]
[7.0722832679748535, -3.0571646690368652, "The government has, for instance, agreed to scrap rules that foreign firms must find local partners to make cars in China.", "2019-02-16"]
[9.11225414276123, -2.9830851554870605, "The test, says Mr Kennedy, ought to be whether foreign carmakers actually do set up wholly owned firms in China and operate them successfully.", "2019-02-16"]
[5.792791843414307, -3.622594118118286, "And if it is judged that China is not keeping its promises?", "2019-02-16"]
[4.709232330322266, -0.35560253262519836, "One option is to submit disputes to neutral arbitration.", "2019-02-16"]
[4.884167194366455, -2.255767583847046, "Mr Lighthizer is said to dislike this idea.", "2019-02-16"]
[6.489724159240723, -1.9715107679367065, "Another is to give America the right to slap tariffs unilaterally on Chinese goods\u2014which China is understandably loth to accept.", "2019-02-16"]
[5.829257011413574, -0.7504342198371887, "Even as the trade war seems to be cooling, a chasm still lies between the combatants.", "2019-02-16"]
[6.435490131378174, -2.31581449508667, "Graphic detail | Daily chart\nAmerica\u2019s spat with China is harming its quest for \u201cenergy dominance\u201d\nChinese purchases of American oil and gas have fallen sharply in recent months\n\nTRADE TALKS between America and China finally yielded some results.", "2019-02-26"]
[6.458590030670166, -1.8729594945907593, "Mr Trump had been scheduled to raise tariffs on Chinese goods on March 2nd, but on Sunday he announced that he would be delaying the increase because talks between the two sides had been \u201cproductive\u201d.", "2019-02-26"]
[4.379426002502441, -3.025149345397949, "He announced that a summit with Xi Jinping, China\u2019s president, was in the works if \u201cboth sides make additional progress\u201d.", "2019-02-26"]
[6.032971382141113, -2.3519771099090576, "The talks are being watched closely by American energy firms.", "2019-02-26"]
[6.129125118255615, -2.1773293018341064, "America\u2019s energy exports are a priority for Mr Trump, who is set on the United States transforming itself from a net importer to a net exporter of energy products, and \u201cachieving energy dominance\u201d.", "2019-02-26"]
[8.034400939941406, -3.0355398654937744, "Cracking the Chinese market is a large part of this: China is the world\u2019s largest importer of oil and second-biggest of natural gas.", "2019-02-26"]
[7.535233020782471, -2.5931432247161865, "American investment in liquefied natural gas (LNG) is underpinned in part by the assumption that demand from China will continue to rise.", "2019-02-26"]
[5.974438667297363, -2.077221632003784, "In 2017 Mr Trump\u2019s hope of turning America into an energy-exporting superpower seemed on track, at least by one measure.", "2019-02-26"]
[8.294075012207031, -2.2676432132720947, "The value of American oil and gas exports to China rose almost five-fold year-on-year.", "2019-02-26"]
[8.346553802490234, -0.10089999437332153, "Today, that looks more like a short-term spike.", "2019-02-26"]
[6.482702255249023, -2.008265256881714, "No sooner did China increase its purchases of American energy than Mr Trump declared a trade war, levying tariffs on a wide range of Chinese goods.", "2019-02-26"]
[7.016444206237793, -2.06809139251709, "China\u2019s formal retaliation includes tariffs on LNG, although not crude.", "2019-02-26"]
[8.592720985412598, -1.7287474870681763, "Nonetheless, its imports of both fuels from America have dried up.", "2019-02-26"]
[8.568304061889648, -1.5440425872802734, "From July to November last year the value of American oil and gas exports to China plunged from $1bn to $100m.", "2019-02-26"]
[6.806612491607666, -3.723426342010498, "Last autumn an Australian company delayed its decision to invest in a Louisiana gas-export terminal, citing problems securing Chinese buyers.", "2019-02-26"]
[7.26670503616333, -2.5381932258605957, "China has used imports of oil and gas as a bargaining tool, offering to increase purchases as part of any deal with America.", "2019-02-26"]
[6.027604103088379, -1.098343849182129, "If a trade war is averted, energy exporters will rejoice.", "2019-02-26"]
[6.781332015991211, -0.3717712163925171, "The damage that they face is apparent from a report by BP, an oil company.", "2019-02-26"]
[6.172986030578613, -0.09805924445390701, "It compared the impact of a future with \u201cless globalisation\u201d with a base scenario (using pre-2017 trends, without trade disputes).", "2019-02-26"]
[6.514617443084717, -0.431771844625473, "Continuing trade wars could cause the growth in global GDP and energy demand to slow somewhat, resulting in a cumulative loss of 6% and 4.5% respectively by 2040, relative to the base scenario.", "2019-02-26"]
[6.233678340911865, -2.3663480281829834, "More worrying for energy firms, BP reckons that concerns about energy security means countries would attach a 10% risk premium to imported energy, encouraging them to switch to domestic sources.", "2019-02-26"]
[7.923613548278809, -1.8576562404632568, "If global trade disputes intensify, BP thinks, America\u2019s exports of oil and gas would grow much more slowly: by 2040 it would export a net 80 million tonnes of oil equivalent (MTOE) instead of 243 MTOE, up from net imports of 294 MTOE in 2017.", "2019-02-26"]
[6.30603551864624, -1.1586434841156006, "In other words, the longer a trade war drags on, the dimmer the prospects for American energy dominance.", "2019-02-26"]
[5.277893543243408, -2.813720941543579, "Leaders | The big flip\nChina may soon run its first annual current-account deficit in decades\nThe implications will be profound\n \nTHAT CHINA sells more to the world than it buys from it can seem like an immutable feature of the economic landscape.", "2019-03-16"]
[8.310147285461426, -1.6925841569900513, "Every year for a quarter of a century China has run a current-account surplus (roughly speaking, the sum of its trade balance and net income from foreign investments).", "2019-03-16"]
[7.705021858215332, 0.5694218277931213, "This surplus has been blamed for various evils including the decline of Western manufacturing and the flooding of America\u2019s bond market with the excess savings that fuelled the subprime housing bubble.", "2019-03-16"]
[7.625089645385742, 0.22477313876152039, "Yet the surplus may soon disappear.", "2019-03-16"]
[8.092601776123047, -1.6350719928741455, "In 2019 China could well run its first annual current-account deficit since 1993.", "2019-03-16"]
[7.528797626495361, -2.8152287006378174, "The shift from lender to borrower will create a knock-on effect, gradually forcing it to attract more foreign capital and liberalise its financial system.", "2019-03-16"]
[5.702818870544434, -4.0661845207214355, "China\u2019s government is only slowly waking up to this fact.", "2019-03-16"]
[5.684838771820068, -2.2256557941436768, "America\u2019s trade negotiators, meanwhile, seem not to have noticed it at all.", "2019-03-16"]
[7.4160966873168945, -2.6381330490112305, "Instead of focusing on urging China to free its financial system, they are more concerned that China keep the yuan from falling.", "2019-03-16"]
[4.200502872467041, -0.07472018897533417, "The result of this myopia is a missed opportunity for both sides.", "2019-03-16"]
[8.323271751403809, -1.824236273765564, "China\u2019s decades of surpluses reflected the fact that for years it saved more than it invested.", "2019-03-16"]
[7.587300777435303, 0.5574304461479187, "Thrifty households hoarded cash.", "2019-03-16"]
[8.482015609741211, -2.5985894203186035, "The rise of great coastal manufacturing clusters meant exporters earned more revenues than even China could reinvest.", "2019-03-16"]
[4.511778831481934, 0.01612435281276703, "But now that has begun to change.", "2019-03-16"]
[9.129178047180176, -2.4721689224243164, "Consumers are splashing out on cars, smartphones and designer clothes.", "2019-03-16"]
[8.064532279968262, -2.7602148056030273, "Chinese tourists are spending immense sums overseas (see article).", "2019-03-16"]
[8.20922565460205, 0.13061577081680298, "As the population grows older the national savings rate will fall further, because more people in retirement will draw down their savings.", "2019-03-16"]
[7.641438007354736, -2.0702569484710693, "Whether or not China actually slips into deficit this year will be determined mostly by commodities prices.", "2019-03-16"]
[7.682746887207031, 0.5405512452125549, "But the trend in saving and investment is clear: the country will soon need to adjust to a new reality in which deficits are the norm.", "2019-03-16"]
[8.311697959899902, -1.791059970855713, "That in turn means that China will need to attract net capital inflows\u2014the mirror image of a current-account deficit.", "2019-03-16"]
[4.450035572052002, -0.27280494570732117, "To some extent this is happening.", "2019-03-16"]
[7.532374382019043, -3.207166910171509, "China has eased quotas for foreigners buying bonds and shares directly, and made it simpler for them to invest in mainland securities via schemes run by the Hong Kong Stock Exchange.", "2019-03-16"]
[7.70252799987793, -3.148014783859253, "Pension funds and mutual funds all over the world are considering increasing their exposure to China.", "2019-03-16"]
[5.3524250984191895, -0.6708276271820068, "But the reforms remain limited.", "2019-03-16"]
[6.88137149810791, -3.8174147605895996, "Ordinary Chinese citizens face restrictions on how much money they can take out.", "2019-03-16"]
[7.159756660461426, -3.251459836959839, "If many foreign investors tried to pull their money out of China at once it is not clear that they would be able to do so, an uncertainty that in turn may make them nervous about putting large sums in.", "2019-03-16"]
[6.876396656036377, -3.5151443481445312, "China is terrified of financial instability.", "2019-03-16"]
[8.311211585998535, -0.07291117310523987, "A botched currency reform in 2015 caused widespread volatility.", "2019-03-16"]
[5.543989658355713, -0.0784364715218544, "But the system the country is moving to, which treats locals and foreigners differently, promises to be leaky, corrupt and unstable.", "2019-03-16"]
[7.8310160636901855, -2.986708641052246, "Eventually, then, capital will need to flow freely in both directions across China\u2019s borders.", "2019-03-16"]
[4.259833812713623, -0.30390751361846924, "That is to be welcomed.", "2019-03-16"]
[7.816833019256592, -3.1796915531158447, "People outside and inside China will benefit from being able to invest in more places.", "2019-03-16"]
[7.570638656616211, -3.142098903656006, "The need for freer capital flows will have the welcome side-effect of forcing China to reform its state-dominated financial system, not least so that it commands confidence among international investors.", "2019-03-16"]
[7.840573310852051, -3.2641329765319824, "This in turn will mean that market forces play a bigger role in allocating capital in China.", "2019-03-16"]
[7.056126594543457, -2.8569254875183105, "You might expect America\u2019s trade negotiators to welcome all of this, and urge China to free its financial system.", "2019-03-16"]
[4.534030437469482, -0.00024000195844564587, "Unfortunately they seem stuck in the past.", "2019-03-16"]
[7.553321361541748, -2.620960235595703, "Obsessed with the idea that China might depress its currency to boost exports, they are reportedly insisting it commit itself to a stable yuan.", "2019-03-16"]
[4.077286720275879, -0.14764012396335602, "That is wrong-headed and self-defeating.", "2019-03-16"]
[7.273728370666504, -2.700312614440918, "Rather than fighting yesterday\u2019s currency wars, America should urge China to prepare for the future.", "2019-03-16"]
[9.41114616394043, -2.737122058868408, "|ASAN\n\nBusiness | In need of a tune-up\nHyundai is falling behind its Japanese and Western rivals\nThe engine of South Korea\u2019s car industry sputters\n\nTHE OFFICES of the Asan car suppliers\u2019 union resemble a bygone era.", "2019-03-28"]
[4.703361988067627, -0.2360413670539856, "Walls are decorated with fading photographs of past protests.", "2019-03-28"]
[7.8375725746154785, -0.7323647141456604, "Cigarette smoke wafts from the foyer, where workers in overalls lounge on battered sofas enjoying a break between shifts.", "2019-03-28"]
[5.03926944732666, 0.19325193762779236, "Most are well into middle age.", "2019-03-28"]
[8.781196594238281, -2.648026466369629, "Do Sung-dae, the union\u2019s boss\u2014shock of grey hair, horn-rimmed glasses, waistcoat heavy with pins supporting various causes\u2014is locked in a struggle with Yoosung Enterprise, a parts-maker that employs its members in Asan, an industrial city south of the capital, Seoul.", "2019-03-28"]
[8.67789077758789, -3.0844850540161133, "Korean parts-producers are being squeezed.", "2019-03-28"]
[7.726179599761963, 0.26632118225097656, "More have filed for bankruptcy protection since last autumn than at any time since the financial crisis in 2008.", "2019-03-28"]
[4.23848819732666, -0.5275425910949707, "Plenty, including Yoosung, claim they are fighting for survival.", "2019-03-28"]
[7.294302940368652, -0.01528890896588564, "Their troubles are a symptom of a deepening crisis in the industry.", "2019-03-28"]
[9.378484725952148, -2.828763961791992, "At the industry\u2019s centre is a single giant firm: Hyundai Motor.", "2019-03-28"]
[9.463027954101562, -2.7547709941864014, "In 20 years Hyundai Motor (which also controls Kia) went from being barely known to the world\u2019s fifth-biggest carmaker by churning out decent if unexciting cars that were cheaper than similar ones produced by Japanese or Western competitors.", "2019-03-28"]
[4.771128177642822, 0.11545317620038986, "Like Asan\u2019s union offices, however, it has failed to keep up with the times.", "2019-03-28"]
[9.4218111038208, -2.4573283195495605, "Hyundai\u2019s global sales were stagnant at 96.8trn won ($85bn) last year.", "2019-03-28"]
[8.602115631103516, -0.8400936722755432, "Net profit declined in 2018 for the sixth year in a row.", "2019-03-28"]
[8.706155776977539, -0.8602908849716187, "Since 2014 its shares have underperformed major peers such as Toyota, General Motors and Ford, measured in dollars.", "2019-03-28"]
[9.467398643493652, -2.655726194381714, "Some reasons for this lie beyond Hyundai\u2019s control.", "2019-03-28"]
[6.802804470062256, -2.599020004272461, "A weak yen boosted Japanese producers.", "2019-03-28"]
[6.797872066497803, -2.0704970359802246, "The trade dispute between America and China, as well as separate threats by President Donald Trump to impose additional tariffs on Korean cars, did not help.", "2019-03-28"]
[6.983605861663818, -3.3477303981781006, "Its business in China was hit by a year-long Chinese boycott of South Korean products that followed a dispute over South Korea\u2019s new missile-defence system in 2017.", "2019-03-28"]
[4.697242736816406, 0.4434853494167328, "Many problems, though, are home-grown.", "2019-03-28"]
[9.493766784667969, -2.6816487312316895, "Hyundai\u2019s move upmarket in the past few years exposed it to fiercer competition.", "2019-03-28"]
[9.38983154296875, -2.9744327068328857, "It missed the shift towards SUVs in Europe, America, and most recently China.", "2019-03-28"]
[8.769490242004395, -0.9866910576820374, "Its Genesis brand has lagged behind in the highest-margin premium segment.", "2019-03-28"]
[8.408814430236816, -2.8884389400482178, "Half of its production capacity in China currently sits idle\u2014aggressive expansion may have more to do with this than the boycott, thinks James Lim of Dalton Investments, an asset manager.", "2019-03-28"]
[9.48334789276123, -2.5629334449768066, "Rising labour costs at home, where it produces 40% of output, have crimped Hyundai\u2019s ability to compete on price.", "2019-03-28"]
[9.463050842285156, -2.677588701248169, "\u201cCustomers still expect our cars to be cheaper than, say, a Volkswagen,\u201d sighs Cho Won-hong, the firm\u2019s chief strategist.", "2019-03-28"]
[9.404807090759277, -3.1049861907958984, "Mr Cho wants to convince them to pay more, by betting on future technologies such as hydrogen fuel cells and loosely defined \u201cintegrated mobility\u201d (car-sharing, autonomous vehicles and the like).", "2019-03-28"]
[9.511137008666992, -2.65690541267395, "Yet Hyundai channels 3% of sales to research and development, compared with 6% at Volkswagen or Toyota\u2019s 4%, according to Bloomberg.", "2019-03-28"]
[9.484539985656738, -2.622750997543335, "Mr Cho will not say if Hyundai plans to ramp up spending, only that it will be \u201cinvesting in the new value chain\u201d.", "2019-03-28"]
[7.91602087020874, -0.2608422636985779, "Some analysts blame the R&D shortfall on high labour costs.", "2019-03-28"]
[9.480310440063477, -2.732205390930176, "Others point to the old habits of the chaebol, the South Korean conglomerates of which Hyundai\u2019s parent company is one of the biggest.", "2019-03-28"]
[8.914228439331055, -2.935288667678833, "In good times it ploughed spare cash from its carmaking arm on speculative property investments in Seoul\u2019s glitzy Gangnam district and bought back a struggling construction company.", "2019-03-28"]
[7.57062292098999, -0.18397822976112366, "Hidebound corporate governance at the firm and its parent have recently come under fire from activist investors.", "2019-03-28"]
[9.243977546691895, -2.3197786808013916, "Last year Elliott, an American hedge fund, thwarted a restructuring plan that would have handed more power to Chung Eui-sun, son and heir apparent of Hyundai\u2019s founder.", "2019-03-28"]
[8.231690406799316, -0.3375548720359802, "But Elliott\u2019s demands for higher dividends would have left even less for investment in the sort of technologies Mr Cho envisages.", "2019-03-28"]
[9.32858657836914, -2.285579204559326, "Last week Hyundai\u2019s shareholders rejected Elliott\u2019s proposal (and its candidates for board seats).", "2019-03-28"]
[9.515116691589355, -2.692338228225708, "If the group invests the savings in automotive innovation instead, Hyundai\u2019s prospects may brighten again.", "2019-03-28"]
[5.288132190704346, -2.8531334400177, "Leaders | Triumph and disaster\nThe US-China trading relationship will be fraught for years to come\nThat matters more than trade deals today\n\nOVER THE past two years investors and executives watching the trade tensions between America and China have veered between panic and nonchalance.", "2019-05-09"]
[6.004532814025879, -1.2205561399459839, "Hopes for a cathartic deal that would settle the countries\u2019 differences have helped global stockmarkets rise by a bumper 13% this year.", "2019-05-09"]
[6.129647254943848, -2.040297269821167, "But on May 5th that confidence was detonated by a renewed threat by President Donald Trump to impose more tariffs on Chinese imports.", "2019-05-09"]
[4.206804275512695, -1.0567991733551025, "As The Economist went to press negotiations rumbled on, but no one should be under any illusions.", "2019-05-09"]
[4.6072096824646, -0.8958470225334167, "Even if a provisional agreement is eventually struck, the deep differences in the two countries\u2019 economic models mean their trading relations will be unstable for years to come.", "2019-05-09"]
[5.285499572753906, -0.7530455589294434, "Some trade spats are settled by landmark agreements.", "2019-05-09"]
[5.98079252243042, -2.687565565109253, "In the 1980s tensions between Japan and America were resolved by the Plaza Accord.", "2019-05-09"]
[5.5807695388793945, -1.6161490678787231, "In September Mr Trump agreed to replace NAFTA, which governs America\u2019s trade with Canada and Mexico, with a renamed but otherwise rather similar accord (although the new treaty has yet to be ratified by Congress).", "2019-05-09"]
[4.958022594451904, -3.02974009513855, "Even by those standards the China talks have been an epic undertaking involving armies of negotiators shuttling between Beijing and Washington, DC, for months on end.", "2019-05-09"]
[6.349819660186768, -3.8056347370147705, "Yet they have never looked capable of producing the decisive change in China\u2019s economic model that many in Washington crave.", "2019-05-09"]
[7.454471588134766, 0.12493336200714111, "There is some common ground (see Finance section).", "2019-05-09"]
[7.1625447273254395, -2.39424204826355, "China is happy to buy more American goods, including soyabeans and shale gas, in an effort to cut the bilateral trade deficit, a goal which is economically pointless but close to Mr Trump\u2019s heart.", "2019-05-09"]
[7.028380393981934, -3.9406299591064453, "It is willing to relax rules that prevent American firms from controlling their operations in China and to crack down on Chinese firms\u2019 rampant theft of intellectual property.", "2019-05-09"]
[5.748734474182129, -1.0073515176773071, "Any deal will also include promises to limit the government\u2019s role in the economy.", "2019-05-09"]
[6.159204959869385, -3.8611135482788086, "The trouble is that it is unlikely\u2014whatever the Oval Office claims\u2014that a signed piece of paper will do much to shift China\u2019s model away from state capitalism.", "2019-05-09"]
[7.505459785461426, -1.8705322742462158, "Its vast subsidies for producers will survive.", "2019-05-09"]
[6.9703049659729, -3.5835702419281006, "Promises that state-owned companies will be curbed should be taken with a pinch of salt.", "2019-05-09"]
[8.041434288024902, -0.9224231243133545, "In any case the government will continue to allocate capital through a state-run banking system with $38trn of assets.", "2019-05-09"]
[6.3959574699401855, -3.8809754848480225, "Attempts to bind China by requiring it to enact market-friendly legislation are unlikely to work given that the Communist Party is above the law.", "2019-05-09"]
[8.194535255432129, -3.848264694213867, "Almost all companies, including the privately owned tech stars, will continue to have party cells that wield back-room influence.", "2019-05-09"]
[5.816009998321533, -4.049386978149414, "And as China Inc becomes even more technologically sophisticated and expands abroad, tensions over its motives will intensify.", "2019-05-09"]
[5.499035835266113, -0.0045840805396437645, "This fundamental clash of economic systems has been made more combustible by politics.", "2019-05-09"]
[5.455102443695068, -0.4972889721393585, "In an atmosphere of mistrust, both sides have sidelined the World Trade Organisation, the global framework for handling trade disputes, opting instead for a transactional approach to the talks replete with gimmicks and threats.", "2019-05-09"]
[4.476515769958496, -0.06714177131652832, "Meanwhile the mood at home has changed.", "2019-05-09"]
[5.176058292388916, -3.4313700199127197, "Strikingly, many Democrats now accuse Mr Trump of being too soft on China.", "2019-05-09"]
[7.804528713226318, -3.5130863189697266, "Earning less than 5% of their combined profits in China, and enjoying a boom in their home market, America\u2019s big firms support a tough line, too.", "2019-05-09"]
[6.261756896972656, -4.176772594451904, "In Beijing, meanwhile, the call for economic self-reliance is gaining steam (see Chaguan).", "2019-05-09"]
[4.415322303771973, -3.2084176540374756, "At some point this year Mr Trump and Xi Jinping, his Chinese counterpart, could well proclaim a new era in superpower relations from the White House lawn.", "2019-05-09"]
[4.555606365203857, -1.691576600074768, "If so, don\u2019t believe what you hear.", "2019-05-09"]
[5.8729352951049805, -0.8276610970497131, "The lesson of the past decade is that stable trade relations between countries require them to have much in common\u2014including a shared sense of how commerce should work and a commitment to enforcing rules.", "2019-05-09"]
[3.9931349754333496, -1.701115369796753, "The world now features two superpowers with opposing economic visions, growing geopolitical rivalry and deep mutual suspicion.", "2019-05-09"]
[5.928388595581055, -1.0019593238830566, "Regardless of whether today\u2019s trade war is settled, that is not about to change.", "2019-05-09"]
[6.346901893615723, -2.1562230587005615, "Special report | Trade\nThe trouble with putting tariffs on Chinese goods\nThey rarely work as intended\n\nDONALD TRUMP is not the first American president to promise a tougher line on China, but he is the first to make a trade war sound like a rent renegotiation.", "2019-05-16"]
[6.142533779144287, -1.6585140228271484, "\u201cI am a Tariff Man,\u201d he tweeted last December, boasting that America is \u201ctaking in $billions\u201d thanks to tariffs he has imposed (never mind that tariffs are a tax, mostly paid by American consumers).", "2019-05-16"]
[5.713786602020264, -1.9237115383148193, "Mr Trump makes America\u2019s markets sound like a valuable piece of real estate which foreigners should pay more to access.", "2019-05-16"]
[5.627054214477539, -2.030673027038574, "Or as he puts it: \u201cWhen people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so.", "2019-05-16"]
[5.871854305267334, -4.269745349884033, "\u201d\nAs China grew, politicians typically accused it of not \u201cplaying by the same rules\u201d.", "2019-05-16"]
[4.264503002166748, -2.1446986198425293, "Mr Trump is different.", "2019-05-16"]
[4.711848735809326, -1.9704382419586182, "He is not very fussed about rules.", "2019-05-16"]
[5.6382246017456055, -2.70042085647583, "He says that he does not blame China for putting its interests first and for stealing American jobs.", "2019-05-16"]
[5.718916893005371, -2.2371227741241455, "He blames his predecessors who allowed that theft to take place.", "2019-05-16"]
[5.246948719024658, -2.811573028564453, "When China\u2019s business and policy elite ponders the trade war, it is not uncommon to hear Mr Trump described as a pragmatic businessman under the control of a cabal of crazed economic nationalists.", "2019-05-16"]
[5.633216381072998, -1.6572891473770142, "In fact, trade is one of the few policy issues on which Mr Trump came into office with fixed beliefs, forged in the 1980s at a time of trade tensions with Japan and Germany.", "2019-05-16"]
[4.720809459686279, -2.9122369289398193, "In contrast, his inner circle has spent a lot of time squabbling over trade policy, occasionally in full hearing of stunned Chinese negotiators.", "2019-05-16"]
[5.107204437255859, -2.990082025527954, "Officials in China are slightly obsessed with the president\u2019s chief trade adviser, Peter Navarro, an abrasive academic who would like to decouple the Chinese and American economies.", "2019-05-16"]
[4.503693580627441, -1.4942151308059692, "In truth, Mr Navarro\u2019s influence is limited.", "2019-05-16"]
[5.384191989898682, -1.8899885416030884, "His main strength is that he represents the world view of trade-union Democrats whose votes Mr Trump needs to be re-elected.", "2019-05-16"]
[5.157087326049805, -2.345379114151001, "The United States Trade Representative, Robert Lighthizer, was raised in a rustbelt railway town and sees fighting to protect manufacturing workers as the proper work of government.", "2019-05-16"]
[5.9705915451049805, -2.4879491329193115, "He cut his teeth negotiating with Japan for the Reagan administration.", "2019-05-16"]
[6.540607452392578, -3.7015042304992676, "What unites this odd bunch is a shared narrative: that China schemed and cheated its way to stealing American jobs and that those jobs could be dragged home by using enough force, just as it happened with Japan two generations ago.", "2019-05-16"]
[6.5768818855285645, -2.5234463214874268, "Back then Japan and Germany placated America by agreeing to strengthen the yen and the D-mark against the dollar, making American goods a bit more competitive.", "2019-05-16"]
[6.7598772048950195, -2.9486160278320312, "Japan was bullied into voluntarily restricting exports of everything from textiles to cars.", "2019-05-16"]
[8.97648811340332, -2.7684311866760254, "More constructively, Japanese firms opened car factories in America, bringing Japanese quality management with them.", "2019-05-16"]
[5.93317174911499, -4.043736457824707, "Alas for the odd bunch, the solutions imposed on Japan are inapplicable to China, and history will not repeat itself.", "2019-05-16"]
[7.24133825302124, -2.770969867706299, "For one thing China is not about to let its currency strengthen by 50% or more against the dollar.", "2019-05-16"]
[7.39103889465332, -4.43503475189209, "For another, Chinese carmakers or telecommunications giants like Huawei are not very welcome to invest in America, where they stand accused of stealing technology and threatening national security.", "2019-05-16"]
[5.5994391441345215, -1.730267882347107, "Team Trump\u2019s narrative also refuses to acknowledge the logic of global supply chains.", "2019-05-16"]
[7.582193851470947, -3.460458278656006, "The popular history of how American jobs migrated to China overplays the cunning of Chinese officials and underplays the role of multinational companies from Asia and beyond.", "2019-05-16"]
[8.117454528808594, -2.9234297275543213, "In many low-end manufacturing industries, the forces of globalisation sent jobs to China when it offered low wages, cheap land and tax breaks.", "2019-05-16"]
[8.383625984191895, -3.181215286254883, "Foreign firms trained Chinese managers to run export-quality plants.", "2019-05-16"]
[8.140865325927734, -2.97961163520813, "Now, as Chinese wages are rising and Mr Trump\u2019s tariffs are creating unmanageable political risks, manufacturing jobs are leaving after a 30-year sojourn, heading for South-East Asia and beyond.", "2019-05-16"]
[5.571038722991943, -1.676013708114624, "Getting history right matters because Mr Trump\u2019s trade rhetoric is so steeped in nostalgia.", "2019-05-16"]
[5.545151710510254, -2.406548261642456, "Douglas Paal, who held top Asia posts in the Reagan and first Bush White Houses, sees a defect in every fight based on trade law: \u201cThe structure doesn\u2019t allow for the voices of the industries of the future.", "2019-05-16"]
[7.71826171875, -0.19658569991588593, "\u201d\nSometimes a single industry\u2019s fate sums up an era.", "2019-05-16"]
[8.898476600646973, -2.363773822784424, "In the 1970s American factories produced over 15m bicycles a year.", "2019-05-16"]
[8.89877986907959, -2.336522340774536, "Today over 95% of bikes sold in America are imported, overwhelmingly from China.", "2019-05-16"]
[7.563708782196045, -1.8951201438903809, "They use decades-old technology, but the Trump administration wielded special \u201csection 301\u201d powers, meant to safeguard the most precious intellectual property, to slap a 10% tariff on Chinese bicycles last September, raised to 25% on May 10th.", "2019-05-16"]
[8.777360916137695, -2.172966480255127, "I want to ride it where I like\nFor anyone seeking evidence that trade wars are good for American workers, the bicycle aisle of the Walmart Supercentre in Moline, Illinois, looks promising.", "2019-05-16"]
[8.983430862426758, -2.418980360031128, "Alongside Chinese-made cycles from brands like Huffy or Kent, the racks hold stirringly patriotic machines: mountain bikes carrying the shield-shaped logo of the Bicycle Corporation of America (BCA) and tags in the colours of the American flag, bearing the slogan \u201cBringing Jobs Back to America!", "2019-05-16"]
[8.759466171264648, -2.476644992828369, "\u201d and giving a factory address in South Carolina.", "2019-05-16"]
[7.591288089752197, -1.2427581548690796, "That Walmart aisle is misleading.", "2019-05-16"]
[9.06973648071289, -2.6119306087493896, "Arnold Kamler is chief executive of Kent International, a family firm based in New Jersey that sells about 3m bicycles a year to Walmart, Target and other shops.", "2019-05-16"]
[8.328754425048828, -1.4553885459899902, "He remembers how, in the late 1980s, Chinese-made bikes sold in America at prices that made no sense and then kept falling by a further 5-10% each year.", "2019-05-16"]
[8.799216270446777, -1.5539175271987915, "Kent closed its New Jersey plant in 1991.", "2019-05-16"]
[7.570723533630371, -1.811102271080017, "A few years later the remaining American bikemakers applied to have anti-dumping tariffs slapped on Chinese imports.", "2019-05-16"]
[6.413857936859131, -1.986956238746643, "Government trade regulators declined to help.", "2019-05-16"]
[5.537642478942871, -3.8972764015197754, "\u201cThe United States was trying to endear itself to China back then,\u201d Mr Kamler charges.", "2019-05-16"]
[5.807864665985107, -2.7297306060791016, "It sounds like one of Mr Trump\u2019s sagas of Chinese cheating and American passivity.", "2019-05-16"]
[6.072383880615234, -3.9739058017730713, "Yet real life is less tidy, as a trip to the Yangzi delta shows.", "2019-05-16"]
[9.004390716552734, -2.6078367233276367, "Most Kent bicycles are made in Kunshan, near Shanghai, by a contractor called Shanghai General Sports.", "2019-05-16"]
[8.926835060119629, -3.010732889175415, "It is run by Ge Lei, an amiable 43-year-old.", "2019-05-16"]
[9.133831024169922, -2.8885700702667236, "The company patriarch is his father, Ge Yali, who ran a state-owned bicycle plant in the 1980s.", "2019-05-16"]
[8.617959022521973, -3.210618257522583, "In the elder Mr Ge\u2019s telling, Kunshan owes its rise to Taiwanese and Japanese manufacturers who transformed production standards.", "2019-05-16"]
[8.962976455688477, -2.4274842739105225, "If followers of Mr Trump were to find themselves in the Ge family boardroom in Kunshan, decorated with Kent children\u2019s bikes already bearing Walmart labels, they might yearn for BCA machines from South Carolina to wipe them out.", "2019-05-16"]
[9.01682186126709, -2.3134236335754395, "Except that BCA is a subsidiary of Kent.", "2019-05-16"]
[8.891660690307617, -2.6441361904144287, "The firm was opened by Mr Kamler in 2014 after Walmart launched a buy-American drive.", "2019-05-16"]
[8.999482154846191, -2.407675266265869, "And rather than making bicycles from scratch, BCA assembles and paints imported frames and parts, many from Kunshan.", "2019-05-16"]
[8.968844413757324, -2.493499755859375, "A few years ago the Ge family bought 49% of Kent.", "2019-05-16"]
[8.963139533996582, -2.4100706577301025, "In other words, those patriotic BCA bikes are half-Chinese.", "2019-05-16"]
[4.568197250366211, -1.2356055974960327, "There is worse news for America Firsters.", "2019-05-16"]
[7.3343305587768555, -1.455835223197937, "Because Mr Trump\u2019s tariffs apply to finished bikes and components, they have raised Kent\u2019s and BCA\u2019s costs by $20m a year.", "2019-05-16"]
[7.025155544281006, -1.266697645187378, "Meanwhile, a separate series of Trump tariffs on steel and aluminium have so disrupted markets that plans to expand BCA are on hold, costing American jobs.", "2019-05-16"]
[8.934351921081543, -2.4344136714935303, "In 2015 South Carolina\u2019s then governor, Nikki Haley, hosted Chinese and Taiwanese parts-makers at the BCA plant, urging them to open branches in her state to create a bike-making cluster.", "2019-05-16"]
[8.054227828979492, -2.842719793319702, "Mr Kamler urged Chinese suppliers to see that low-technology manufacturing is profitable in America.", "2019-05-16"]
[3.68978214263916, -1.052405834197998, "\u201cCandidly, it was not successful,\u201d he sighs.", "2019-05-16"]
[8.827230453491211, -2.1353461742401123, "BCA assembled 310,000 bikes last year, and Mr Kamler believes that low production volumes put Chinese investors off.", "2019-05-16"]
[4.773421287536621, 0.20104457437992096, "Ge Lei sees a deeper problem.", "2019-05-16"]
[5.727303504943848, -1.5657720565795898, "Even ignoring labour costs, he thinks that America has forgotten how to run labour-intensive factories.", "2019-05-16"]
[5.306310653686523, -2.258427858352661, "He is too tactful to call American workers lazy, saying only that they move \u201cslower.", "2019-05-16"]
[8.170751571655273, -2.9690797328948975, "\u201d\nInstead Mr Ge is building a plant in Cambodia, seeking lower wage bills.", "2019-05-16"]
[8.878257751464844, -2.1667957305908203, "Bicycles made there will escape Mr Trump\u2019s anti-China levies as they ship to Moline and other Walmarts.", "2019-05-16"]
[6.12827730178833, -1.8970379829406738, "Every one of his new Cambodian workers will learn something that Mr Trump refuses to accept: tariffs rarely work as intended.", "2019-05-16"]
[6.215033054351807, -2.462358236312866, "|SHANGHAI\n\nFinance & economics | Clash of economic giants\nAmerica raises tariffs on China, and the stakes in a trade war\nLast week a deal seemed close.", "2019-05-10"]
[4.972731590270996, -2.6140615940093994, "Now the fear is of full-blown commercial conflict\n \nMEETING IN WASHINGTON, Chinese and American trade negotiators made it through dinner without hurling the plates at each other.", "2019-05-10"]
[3.7826616764068604, -0.7456803321838379, "But there was no truce on the menu.", "2019-05-10"]
[7.026084899902344, -1.8363417387008667, "One minute after midnight in Washington on May 10th, America carried through on its threat to ratchet up tariffs on Chinese goods.", "2019-05-10"]
[5.900976181030273, -3.7154183387756348, "Two minutes later, China vowed to hit back.", "2019-05-10"]
[5.984699726104736, -0.6517557501792908, "And so the world\u2019s two biggest economies staggered a couple of steps closer to all-out trade war.", "2019-05-10"]
[4.3857421875, -1.043084979057312, "Such an outcome is still far from certain: talks are continuing and, until recently, had been making progress.", "2019-05-10"]
[4.223130226135254, -1.1293413639068604, "But the risks are rising of economic damage in both countries, and of a rupture in their already strained relationship.", "2019-05-10"]
[7.187096118927002, -1.7352840900421143, "The increased tariffs apply to a $200bn tranche of imports from China, including a wide range of industrial inputs such as car parts and circuit boards.", "2019-05-10"]
[7.003927230834961, -1.4222973585128784, "Last September, in an early salvo, America hit this tranche with 10% tariffs (a further $50bn-worth had already been struck by tariffs of 25%).", "2019-05-10"]
[7.377018928527832, -1.6609166860580444, "Now that 10% has been raised to 25% too, meaning the rate applies to almost half of Chinese exports of goods to America.", "2019-05-10"]
[6.9180707931518555, -2.119199752807617, "China has yet to detail its retaliation plans, though it is likely to apply proportionate tariffs: aiming at fewer goods (since it imports less from America than America does from it) but also raising duties to 25%.", "2019-05-10"]
[7.123849868774414, -1.5579419136047363, "Liquefied natural gas, meat and fruit are expected to be on its list.", "2019-05-10"]
[5.47321891784668, -0.5548345446586609, "With this escalation the cost from their trade brawl will soon become more visible.", "2019-05-10"]
[7.688129425048828, -1.3793835639953613, "The new tariffs will shave as much as half a percentage point off China\u2019s growth rate this year, according to most estimates.", "2019-05-10"]
[7.3197126388549805, -1.4529324769973755, "When tariffs were 10%, companies could generally digest the higher prices for Chinese imports, which were offset in part by a weaker yuan.", "2019-05-10"]
[7.080430507659912, 0.0027957893908023834, "At 25% they will struggle to do that, forcing them to pass more pain on to consumers.", "2019-05-10"]
[8.145602226257324, -0.06407817453145981, "Inflation in America could increase by about half a percentage point as a result, according to economists at Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, a French bank.", "2019-05-10"]
[4.304770469665527, -0.19820581376552582, "And there could be worse to come.", "2019-05-10"]
[6.908552169799805, -1.7129590511322021, "President Donald Trump said that America was starting the paperwork to impose 25% tariffs on the remaining $300bn or so of imports from China not yet affected.", "2019-05-10"]
[4.577384948730469, -1.2512294054031372, "Just a week ago the mood regarding the talks was upbeat.", "2019-05-10"]
[4.786443710327148, -3.1585121154785156, "Chinese and American officials had met multiple times since the start of the year.", "2019-05-10"]
[4.705522537231445, -1.1555304527282715, "The outlines of a deal were becoming visible.", "2019-05-10"]
[7.076879978179932, -2.70316219329834, "China would go at least partway to addressing American demands that it enhance protection of intellectual property, stop coerced technology transfers and open its market more widely to foreign investors.", "2019-05-10"]
[6.039772033691406, -1.961182951927185, "It would also throw in pledges to buy large volumes of American goods, notably farm products, in order to narrow its bilateral trade surplus, a long-standing gripe of Mr Trump\u2019s.", "2019-05-10"]
[6.857361793518066, -2.3440163135528564, "America, in turn, would agree to remove at least some tariffs on Chinese products.", "2019-05-10"]
[4.994937419891357, -1.970247745513916, "On April 28th Steven Mnuchin, America\u2019s treasury secretary, said talks were in their \u201cfinal laps\u201d.", "2019-05-10"]
[4.621257305145264, -1.9387397766113281, "Then, on May 5th, Mr Trump fired off a pair of tweets that shattered the optimism.", "2019-05-10"]
[5.282435417175293, -2.8587753772735596, "China, he said, had been attempting to renegotiate the deal.", "2019-05-10"]
[4.138253211975098, -0.3311851918697357, "The nature of the dispute is itself a matter of dispute.", "2019-05-10"]
[5.531771183013916, -2.9728901386260986, "According to Reuters, citing American government sources, Chinese officials had asked for sweeping edits to a 150-page draft agreement.", "2019-05-10"]
[5.1608428955078125, -2.352402687072754, "Robert Lighthizer, the United States Trade Representative, wanted China\u2019s commitments to be enshrined in legislation; Chinese negotiators countered that regulatory changes would be sufficient.", "2019-05-10"]
[5.763230800628662, -3.5880701541900635, "But according to Chinese government advisers, the disagreements may run even deeper.", "2019-05-10"]
[6.235896110534668, -3.608469009399414, "They say that American negotiators have, in effect, asked China to undermine its own economic model in demanding that it eliminate subsidies to favoured industries and state-owned firms.", "2019-05-10"]
[4.733006477355957, -2.809338092803955, "Given the prospect of a breakdown in negotiations, it was heartening that Liu He, China\u2019s lead trade envoy, still went to Washington for talks that began on May 9th.", "2019-05-10"]
[5.795845031738281, -3.2883307933807373, "Some had speculated that China might call off the meetings entirely.", "2019-05-10"]
[4.404182434082031, 0.011603518389165401, "But the scope for progress seems limited for now.", "2019-05-10"]
[6.031661510467529, -3.943481206893921, "Chinese officials have long said that they will not make deals in the face of threats.", "2019-05-10"]
[4.62600040435791, -2.907820463180542, "Comments by Mr Liu on his arrival at the talks suggested that he was there more to reinforce that message than to make any big concessions.", "2019-05-10"]
[4.531853675842285, -3.1651148796081543, "\u201cI have come with sincerity,\u201d he told Chinese state media, speaking in measured tones.", "2019-05-10"]
[4.819445610046387, -1.9610614776611328, "The two delegations met and had dinner on May 9th and were due to resume their talks on May 10th, albeit with higher tariffs in place.", "2019-05-10"]
[4.107201099395752, -0.7802854776382446, "The big worry is the potential political fallout from failed talks.", "2019-05-10"]
[5.679470062255859, -3.807257890701294, "Allegations that China reneged on its commitments are catnip for American critics of engagement with it.", "2019-05-10"]
[5.324687480926514, -0.6265925765037537, "Trade is, after all, just one aspect of a spiralling mistrust that encompasses politics, technology and armed forces.", "2019-05-10"]
[5.360129356384277, -3.938213586807251, "In China, hawks have always suspected that America\u2019s ultimate goal is to stop it from rising\u2014a belief that has been reinforced by the trade dispute.", "2019-05-10"]
[5.433444023132324, -4.13483190536499, "Left-wing scholars argue that it would amount to treachery for China to give in to America\u2019s demands.", "2019-05-10"]
[5.859990119934082, -3.457131862640381, "Their commercial relationship used to help bind China and America together; now it is driving a wedge between them.", "2019-05-10"]
[5.026019096374512, -1.213781714439392, "Most economists still think that the two countries will eventually reach a deal.", "2019-05-10"]
[4.987286567687988, -0.8273546695709229, "As the downsides from tariffs become clearer, the reasons to strike an agreement, however tenuous, will prevail.", "2019-05-10"]
[4.333042144775391, -0.0654773935675621, "But that is another way of saying that things may have to get worse before they get better.", "2019-05-10"]
[4.218826770782471, -0.26519525051116943, "Exactly how much worse is the question.", "2019-05-10"]
[6.4055914878845215, -2.378382682800293, "Finance & economics | Free exchange\nAs the trade war heats up, China looks to Japan\u2019s past for lessons\nJapan\u2019s problems stemmed more from its own miscues than from American pressure\n\n\nHISTORY IS NEVER far from China\u2019s mind in its trade dispute with America.", "2019-05-23"]
[5.274350166320801, -3.865811824798584, "A few months ago, when negotiations looked on track, staunch nationalists warned of echoes with the \u201cunequal treaties\u201d that foreign powers had forced upon China in the 19th century.", "2019-05-23"]
[5.160918712615967, -3.753870964050293, "In recent weeks the breakdown in talks has led state propagandists to draw comparisons with the Korean war of the 1950s, a bloody struggle between China and America (see Chaguan).", "2019-05-23"]
[6.4485321044921875, -3.7450292110443115, "But the analogy that haunts Chinese economists does not involve China itself.", "2019-05-23"]
[6.238394737243652, -2.7587668895721436, "They fear a replay of the Plaza accord of 1985, when Japan, under American pressure, tried to resolve trade tensions by pushing the yen higher.", "2019-05-23"]
[6.5656867027282715, -2.638179302215576, "That calmed the tensions but, most Chinese economists think, at an intolerable price: stagnant Japanese growth for two-plus decades.", "2019-05-23"]
[4.101186275482178, -0.05591116473078728, "The parallels are imperfect.", "2019-05-23"]
[6.366876125335693, -2.8156039714813232, "Dependent on America for security, Japan was constrained in its pushback.", "2019-05-23"]
[5.660217761993408, -2.480180263519287, "The Plaza accord also involved Britain, France and West Germany.", "2019-05-23"]
[4.938787460327148, -2.3697493076324463, "Jeffrey Frankel of Harvard University has called it \u201ca high-water mark of international policy co-ordination\u201d, which is not President Donald Trump\u2019s trademark.", "2019-05-23"]
[4.306980133056641, -0.06596293300390244, "The substance was different, too.", "2019-05-23"]
[8.492594718933105, -0.22419701516628265, "The five countries announced that they wanted the dollar to depreciate and intervened in currency markets to make it happen.", "2019-05-23"]
[8.4607515335083, -0.3688090443611145, "Within a year the yen soared by nearly 50% against the dollar.", "2019-05-23"]
[6.874108791351318, -2.6142492294311523, "By contrast, currencies are just one part of today\u2019s tussle between China and America.", "2019-05-23"]
[7.731082439422607, -2.0632033348083496, "Over the past decade China worked to address complaints that the yuan was too low.", "2019-05-23"]
[6.177316188812256, -3.715380907058716, "So there are no calls for appreciation, only demands that China does not weaken it to help its exporters.", "2019-05-23"]
[4.169642925262451, 0.23389267921447754, "Looked at more generally, though, there are similarities.", "2019-05-23"]
[4.328717231750488, -0.4329983592033386, "The Plaza accord is best understood not as a one-off event but as a critical stage in a multi-year dispute, which ranged from agriculture to electronics.", "2019-05-23"]
[6.5174407958984375, -2.8243680000305176, "America accused Japan of stealing intellectual property and plotting to control future industries.", "2019-05-23"]
[5.049373626708984, -2.550490617752075, "Robert Lighthizer, America\u2019s lead negotiator against China today, earned his spurs in these earlier battles.", "2019-05-23"]
[4.534341335296631, -0.9247996807098389, "In 1990 the two countries agreed to a \u201cStructural Impediments Initiative\u201d, which bears a striking resemblance to the crux of the debate today.", "2019-05-23"]
[6.564810276031494, -2.8858489990234375, "America wanted Japan then\u2014and wants China now\u2014to improve its competition laws, open more widely to foreign investors and weaken its giant conglomerates (keiretsu groups in Japan, state-owned firms in China).", "2019-05-23"]
[6.315613269805908, -2.7623236179351807, "The case against the Plaza accord is that it set Japan on a path to doom.", "2019-05-23"]
[6.761143684387207, -2.633848190307617, "To counter the effect of a strong yen, an obvious drag on exports, Japan slashed interest rates and unleashed fiscal stimulus.", "2019-05-23"]
[7.820838451385498, -0.3803456723690033, "These moves brought about an economic rebound.", "2019-05-23"]
[8.007682800292969, -0.4887411296367645, "But they also generated asset bubbles: stock and land prices tripled within five years.", "2019-05-23"]
[7.936146259307861, -0.2025829553604126, "In 1990 these bubbles burst and the economy slumped, never to recover its former mojo.", "2019-05-23"]
[8.550642967224121, -0.8175495862960815, "In nominal terms Japanese stocks are still 40% below their peak on the final trading day of 1989.", "2019-05-23"]
[6.153482913970947, -2.768738031387329, "The Plaza accord, in this view, did succeed in defusing tensions between Japan and America, but only because it neutered Japan as a challenger.", "2019-05-23"]
[5.9292731285095215, -4.379796504974365, "This has percolated into official thinking in China.", "2019-05-23"]
[5.793316841125488, -3.5080788135528564, "As Cui Tiankai, China\u2019s ambassador to America, said last year: \u201cGive up the illusion that another Plaza accord could be imposed on China.", "2019-05-23"]
[6.469546794891357, -2.7966244220733643, "\u201d\nThe sequence of Japan\u2019s woes does seem to make for a damning indictment.", "2019-05-23"]
[3.912027597427368, -0.5018998384475708, "But a closer look at each step shows that nothing was preordained.", "2019-05-23"]
[6.544132232666016, -2.664644956588745, "One point, clear in retrospect, is that Japan overcompensated for the slowdown in exports.", "2019-05-23"]
[7.710560321807861, -0.6642828583717346, "Within 18 months of the Plaza accord, it had cut benchmark interest rates from 5% to 2.5%.", "2019-05-23"]
[7.751616954803467, -0.10942555218935013, "It also announced a big stimulus package\u2014increasing spending and cutting taxes\u2014in May 1987, though by then its recovery was already under way.", "2019-05-23"]
[8.006671905517578, -0.2597563862800598, "It did not shift gears and raise rates again until 1989, when its asset bubbles were already a few years old.", "2019-05-23"]
[5.149554252624512, 0.08482152223587036, "As the International Monetary Fund has argued, there were at least two other factors that could have led to a different outcome.", "2019-05-23"]
[7.846356391906738, -0.4176744818687439, "Excessive stimulus, by itself, did not guarantee that Japan would suffer an asset bubble.", "2019-05-23"]
[7.831528186798096, -0.1747426986694336, "It was that much more dangerous when combined with financial deregulation, which led banks to lend more to property developers and homebuyers.", "2019-05-23"]
[7.976552486419678, -0.6842250227928162, "And the bursting of the bubble did not guarantee that Japan would suffer a lost decade, let alone three.", "2019-05-23"]
[7.220459461212158, -0.21486186981201172, "A sluggish response by regulators compounded the trouble.", "2019-05-23"]
[8.078825950622559, -0.2164149135351181, "Rather than pushing banks to raise capital, they encouraged them to go on lending to zombie firms.", "2019-05-23"]
[6.3054399490356445, -2.7770347595214844, "So the simplistic story\u2014that the Plaza accord felled Japan\u2014misses the mark.", "2019-05-23"]
[6.365705490112305, -2.70003604888916, "Rather, China should draw two lessons from Japan\u2019s experience of trade tensions with America.", "2019-05-23"]
[4.733697414398193, -1.605280876159668, "First, it must get its domestic-policy response right.", "2019-05-23"]
[6.470413684844971, -2.7999894618988037, "Japan feared that the deal with America would cause its growth to suffer; China fears the same about the absence of a deal.", "2019-05-23"]
[6.5432515144348145, -2.6953647136688232, "But the bigger dangers for Japan were over-stimulus and flawed regulation.", "2019-05-23"]
[5.6389594078063965, -4.068592071533203, "China seems to grasp that.", "2019-05-23"]
[7.887479782104492, -0.5888028144836426, "So far it has been cautious about pumping up growth.", "2019-05-23"]
[5.986525535583496, -0.6635324954986572, "The real test will come if the trade war continues to escalate.", "2019-05-23"]
[4.557356357574463, -1.6991690397262573, "Ask the bellboy\nA second lesson is the danger of resisting America\u2019s demands, just because it is America that is making them.", "2019-05-23"]
[6.344991683959961, -2.651747941970825, "Had Japan acted on some of America\u2019s long-standing gripes, it might have fared better in the 1990s.", "2019-05-23"]
[6.699375152587891, -0.3620208203792572, "Domestic competition would have been stronger.", "2019-05-23"]
[6.752286911010742, -2.7002782821655273, "A bigger role for foreign investors might have prompted Japanese banks to tackle their festering problems.", "2019-05-23"]
[7.763922214508057, -2.885126829147339, "Similarly, it is China, not America, that would be the biggest beneficiary if it moves more quickly to open its economy to foreign firms.", "2019-05-23"]
[5.9161696434021, -4.044173717498779, "China might also note a historical curiosity.", "2019-05-23"]
[4.936007022857666, -2.3633873462677, "The talks in 1985 were in New York\u2019s Plaza Hotel, which was bought three years later by a property tycoon named Donald Trump.", "2019-05-23"]
[7.617388725280762, -0.9538348913192749, "He paid nearly $1bn in today\u2019s money.", "2019-05-23"]
[4.6858296394348145, -1.8937852382659912, "At the time he said he had \u201cknowingly made a deal which was not economic\u201d, because the hotel was a masterpiece, not just a building.", "2019-05-23"]
[7.855148792266846, -0.49769023060798645, "Sure enough, in 1992 the Plaza Hotel entered bankruptcy.", "2019-05-23"]
[5.09812593460083, -3.1464152336120605, "That Mr Trump ended up harming himself might be comforting for China.", "2019-05-23"]
[4.589982509613037, -1.592949390411377, "That he went ahead despite knowing the risks should be less so.", "2019-05-23"]
[6.000424861907959, -2.0535945892333984, "|WASHINGTON, DC\n\nFinance & economics | Bully for you\nPresident Donald Trump is trashing deals in favour of tariffs\nThat may backfire on America\n\nNEW FRONTS in President Donald Trump\u2019s assault on the global trading system are opening up by the day.", "2019-06-08"]
[6.348246097564697, -1.773106575012207, "On May 30th he dropped a bombshell on Mexico, threatening a 5% tariff on all its exports to America, rising to 25% by October if immigration flows do not fall (see article).", "2019-06-08"]
[6.6885986328125, -1.90657377243042, "On May 31st he turned to India, announcing the end of longstanding trade preferences on around $6bn-worth of its exports to America.", "2019-06-08"]
[6.805009841918945, -1.297153353691101, "A proposal is being considered to enable the administration to increase tariffs on imports from countries deemed to be manipulating their currencies.", "2019-06-08"]
[5.167787075042725, -0.32181063294410706, "The appointment of judges to the court of appeals of the World Trade Organisation (WTO) is being blocked.", "2019-06-08"]
[9.102677345275879, -2.454500198364258, "Japan and the European Union are on notice that America may impose tariffs on their cars.", "2019-06-08"]
[5.769291400909424, -1.2538492679595947, "Meanwhile the biggest trade fight of all, with China, is getting bloodier.", "2019-06-08"]
[5.694676876068115, -1.6013964414596558, "The trade element of Trumponomics is a striking departure from previous administrations\u2019 policies, and a stiff challenge to the multilateral trading system.", "2019-06-08"]
[4.44069242477417, 0.2024831622838974, "But critics must face some uncomfortable truths.", "2019-06-08"]
[5.747437953948975, -1.772625207901001, "The first is that some of America\u2019s frustrations with its trading partners are justified.", "2019-06-08"]
[7.0332489013671875, -4.269558429718018, "China\u2019s system of subsidies and state-directed capitalism harms competing firms elsewhere, and raises questions about surveillance and security.", "2019-06-08"]
[6.43678617477417, -1.4073529243469238, "India\u2019s protectionism has long been an obstacle to trade liberalisation.", "2019-06-08"]
[5.2486701011657715, -0.2728672921657562, "And the WTO\u2019s dispute-settlement system has serious weaknesses.", "2019-06-08"]
[5.310610771179199, -1.933397650718689, "Moreover, America has the strength to force others to comply with many of its demands.", "2019-06-08"]
[8.603042602539062, -1.0610049962997437, "Although its share of the world economy (measured at market prices) has fallen from 38% in 1969 to 24% this year, it is still the world\u2019s most important commercial market.", "2019-06-08"]
[6.706603527069092, -1.3802610635757446, "When previous tariffs on Mexican and Canadian steel and aluminium were removed, trade between the three North American countries was still more restricted than before.", "2019-06-08"]
[5.117982864379883, -1.0151593685150146, "But Mexicans and Canadians celebrated their loss as a win, since it could have been much worse.", "2019-06-08"]
[7.133542060852051, -1.1430567502975464, "Mr Trump may even succeed in creating some manufacturing jobs in America, as companies respond to the risk of new tariffs by deciding to serve a greater share of the domestic market from within.", "2019-06-08"]
[6.782158374786377, -2.1231231689453125, "Tariffs certainly seem to be spooking some into avoiding China.", "2019-06-08"]
[8.482853889465332, -2.89363694190979, "Analysts at Bank of America Merrill Lynch report that companies are increasingly sourcing from elsewhere, and \u201clocalising\u201d\u2014that is, increasing production capacity in markets where they sell.", "2019-06-08"]
[7.0463409423828125, -0.8556524515151978, "Finally, low tariffs are unlikely on their own to derail the affected economies.", "2019-06-08"]
[7.071308612823486, -0.8294214606285095, "Currencies and commodity prices fluctuate all the time, says Paul Bracher of Frost Bank, a Texas-based supplier of trade finance, and though a 5% tariff would crimp his customers\u2019 profits, as margin compressions go it would be \u201cnot that big\u201d.", "2019-06-08"]
[6.874399185180664, -0.8394315838813782, "But a 25% tariff would be a \u201cgame-changer\u201d, he says, as few companies could adjust fast enough to avoid them.", "2019-06-08"]
[6.745879173278809, -2.2737629413604736, "The Mexican government would retaliate, and business confidence in America would suffer.", "2019-06-08"]
[8.44804573059082, 0.13294745981693268, "(On June 4th Jerome Powell, the Federal Reserve\u2019s chairman, hinted that it would cut interest rates if necessary.", "2019-06-08"]
[7.485152244567871, -1.0865494012832642, ") Economists at Citibank calculate that 25% tariffs could cause Mexico\u2019s GDP to contract by 4.6% if prices and exchange rates do not adjust, or crush the value of the peso by 59% if they do.", "2019-06-08"]
[6.28255558013916, 0.17400828003883362, "These figures were not intended as predictions, but to make the point that \u201cthe consequences of this policy could be so extreme we see it as unlikely to happen\u201d.", "2019-06-08"]
[7.161450386047363, -4.665677070617676, "Chinese officials are drawing up a list of \u201cunreliable entities\u201d, which could mean sanctions for American companies complying with their government\u2019s ban on sales to Huawei, a Chinese telecommunications company.", "2019-06-08"]
[5.50490140914917, -3.999890089035034, "Erin Ennis of the US-China Business Council, a lobby group, worries that America is pushing past the point at which China will be persuaded to change its policies.", "2019-06-08"]
[7.053256988525391, -1.8183012008666992, "Mr Trump\u2019s tariffs may well result in the Chinese government increasing subsidies, she says, in order to speed up the development of domestic goods and services that can replace foreign ones.", "2019-06-08"]
[4.446922302246094, -1.9188519716262817, "Indeed, Mr Trump may even have pushed his own party too far.", "2019-06-08"]
[5.931101322174072, -1.4551503658294678, "America\u2019s constitution says that trade policy falls to Congress, though over time Congress has delegated certain powers to the president.", "2019-06-08"]
[6.120855808258057, -1.6721138954162598, "He has tested the limits of that delegation, for example by claiming national security as justification for tariffs on imported steel and aluminium.", "2019-06-08"]
[6.370389461517334, -1.7125177383422852, "But the latest threat of tariffs on Mexican imports requires him to declare a state of national emergency, which Congress has the power to override.", "2019-06-08"]
[4.789926052093506, -0.3935559391975403, "Even if it declines to, a court might.", "2019-06-08"]
[6.329783916473389, -1.1253128051757812, "John Murphy of the US Chamber of Commerce, a business group, says that \u201cthe Chamber is examining all legal options\u201d.", "2019-06-08"]
[5.07907772064209, -2.1960887908935547, "In its admirers\u2019 telling, Trumponomics is muscular pragmatism.", "2019-06-08"]
[6.105298042297363, -3.8484041690826416, "Regarding China, they say that earlier efforts failed and multilateral approaches are timid or naive.", "2019-06-08"]
[6.3701171875, -0.2854112684726715, "If you believe that trade weakens economies and steals jobs, it all makes sense.", "2019-06-08"]
[5.129802703857422, -1.9223264455795288, "But it also sits ill with Mr Trump\u2019s glee when he actually agrees to a trade deal.", "2019-06-08"]
[5.331666946411133, -1.8132643699645996, "Last November he signed one with Mexico and Canada, the USMCA, and boasted of making progress in talks with China.", "2019-06-08"]
[5.282090187072754, -1.8222640752792358, "The president can be a dealmaker, or, in his own phrase, a \u201ctariff man\u201d.", "2019-06-08"]
[4.236926078796387, -1.685768723487854, "He cannot be both.", "2019-06-08"]
[9.238279342651367, -4.029881477355957, "|GANZHOU\n\nChina | Magnetic attraction\nRare earths give China leverage in the trade war, at a cost\nIf China cuts off exports, it would hurt America but also undermine its own long-term economic goals\n \nIT LOOKS AT first like a classic Chinese painting: water-soaked paddies nestled against endless green hills.", "2019-06-15"]
[4.142353534698486, -0.11366536468267441, "But then the brown begins.", "2019-06-15"]
[4.5051469802856445, -0.018030431121587753, "Abandoned brown pits on the hilltops.", "2019-06-15"]
[4.288250923156738, 0.0021977408323436975, "Brown gashes down their sides.", "2019-06-15"]
[4.425627708435059, 0.07918764650821686, "Brown sludge in the streams.", "2019-06-15"]
[9.136357307434082, -3.9345617294311523, "Ganzhou, until a few years ago, was southern China\u2019s mining country.", "2019-06-15"]
[6.8166279792785645, -2.627213954925537, "The damage done in the name of economic growth involves an industry that has given China leverage in its trade war with America.", "2019-06-15"]
[9.269735336303711, -4.047994136810303, "The rocks extracted are rich in rare-earth minerals, used in everything from planes to smartphones.", "2019-06-15"]
[7.8013691902160645, -3.276489496231079, "It is a dirty business that China dominates.", "2019-06-15"]
[9.35082721710205, -4.134182929992676, "Rare earths, covering 17 elements on the periodic table, are in fact common.", "2019-06-15"]
[8.134239196777344, -2.7421090602874756, "But China holds two-fifths of global reserves.", "2019-06-15"]
[9.246818542480469, -3.9914166927337646, "In 1992 Deng Xiaoping quipped that \u201cthe Middle East has oil, China has rare earths.", "2019-06-15"]
[9.101998329162598, -3.9665613174438477, "\u201d The chemicals used to extract them from the ore create toxic run-off, and for years China was more willing to bear that cost than other countries.", "2019-06-15"]
[8.687660217285156, -2.6976842880249023, "By the early 2000s it accounted for almost all the world\u2019s production.", "2019-06-15"]
[9.091246604919434, -3.896047353744507, "\u201cThere were no laws back then and everyone here was digging up the ground,\u201d says Xie Yizhen, a local who worked in mining for 18 years.", "2019-06-15"]
[8.854774475097656, -3.66143536567688, "Crucially, China has translated its control of the raw materials into dominance of the valuable next steps: turning oxides into metals and metals into products.", "2019-06-15"]
[8.668636322021484, -3.09401273727417, "To extend Mr Deng\u2019s comparison, it is as if the Middle East not only sat on most of the world\u2019s oil but also, almost exclusively, refined it and then made products out of it.", "2019-06-15"]
[9.316771507263184, -4.097926616668701, "This is why rare earths now figure in the trade war.", "2019-06-15"]
[7.200806617736816, -4.124819278717041, "America can hobble Chinese tech giants by stopping American firms from selling them components such as semiconductors.", "2019-06-15"]
[9.1858491897583, -4.101926326751709, "But China could, in return, cut off their supplies of rare-earth products.", "2019-06-15"]
[8.865747451782227, -3.9232141971588135, "The most important of these are specialised magnets for motors in electric vehicles, generators in wind turbines and missile-guidance systems.", "2019-06-15"]
[8.357675552368164, -2.7963709831237793, "China produces more than 90% of the world\u2019s output, according to Citigroup, a bank.", "2019-06-15"]
[5.838747024536133, -2.8847978115081787, "Even the Pentagon, through its suppliers, is a client.", "2019-06-15"]
[9.317338943481445, -4.085934638977051, "China\u2019s rare-earth power is not a new worry.", "2019-06-15"]
[7.0415873527526855, -3.449967861175537, "In 2010 it restricted exports\u2014in order, it said, to protect its environment.", "2019-06-15"]
[5.472123622894287, -0.6598306894302368, "The World Trade Organisation ruled against the restrictions after America and others challenged them.", "2019-06-15"]
[6.337998867034912, -3.876477003097534, "But since then many countries have fretted about relying on China.", "2019-06-15"]
[9.363712310791016, -4.133265018463135, "So it is no surprise that in the past few weeks China has brandished rare earths as a possible weapon.", "2019-06-15"]
[4.334313869476318, -1.7862175703048706, "State media have played up the threat.", "2019-06-15"]
[9.361233711242676, -4.118724346160889, "\u201cChina gears up to use rare-earth advantage\u201d ran a headline in Global Times, a nationalist tabloid, on June 9th.", "2019-06-15"]
[4.351767063140869, 0.21713386476039886, "But doing so is not so simple.", "2019-06-15"]
[7.057931423187256, -2.9502415657043457, "After the scare in 2010 Japan lent money to Lynas, an Australian mining company with a refinery in Malaysia.", "2019-06-15"]
[9.340999603271484, -4.10809850692749, "Today, it can meet nearly a third of Japanese demand for rare earths.", "2019-06-15"]
[9.324649810791016, -4.066664695739746, "The Mountain Pass mine in California, which once supplied most of the world\u2019s rare earths but which shut in the early 2000s, has reopened.", "2019-06-15"]
[6.470499515533447, -1.8926106691360474, "And on June 11th America said it would help other countries to develop their reserves.", "2019-06-15"]
[9.323040008544922, -4.111514091491699, "China\u2019s share of global rare-earth production fell from more than 95% in 2010 to 70% last year, and is likely to dip lower (see chart).", "2019-06-15"]
[8.35114574432373, -3.290067672729492, "China has much more leverage in downstream products.", "2019-06-15"]
[9.274001121520996, -4.009006500244141, "America last year bought about $250m of rare-earth magnets from China, and there are no easy alternative sources.", "2019-06-15"]
[9.270421981811523, -4.045614242553711, "\u201cThese magnets are the farthest thing from a commodity that we can imagine,\u201d says Ryan Castilloux, of Adamas Intelligence, a rare-earths consultancy.", "2019-06-15"]
[4.458075046539307, 0.40122514963150024, "They are made to exact specifications.", "2019-06-15"]
[7.506906509399414, -3.676042079925537, "And, says Mr Castilloux, the industry is small enough for China to be able to spot any American attempts to skirt a Chinese ban by importing magnets through other countries.", "2019-06-15"]
[5.919742107391357, -2.4839398860931396, "The Pentagon would probably be able to cope.", "2019-06-15"]
[9.365971565246582, -4.075314044952393, "An industry joke has it that it can carry its annual supply of heavy rare earths (the kind used in its missiles) in a single suitcase.", "2019-06-15"]
[6.887758255004883, -0.07193459570407867, "Businesses would find it harder.", "2019-06-15"]
[9.26184368133545, -2.8050436973571777, "David Merriman of Roskill, a metals research firm, says it would disrupt the supply chain enough to put American car companies \u201cat a competitive disadvantage\u201d.", "2019-06-15"]
[6.923000335693359, -3.4203498363494873, "But it is far from certain that China will block exports to America.", "2019-06-15"]
[9.246112823486328, -3.3768961429595947, "Doing so would also hurt Chinese companies, which are often the ones that build the motors and batteries for American customers using rare-earth magnets.", "2019-06-15"]
[6.502662181854248, -0.07596023380756378, "Longer term, a ban would encourage the same process that happened in mining.", "2019-06-15"]
[8.615339279174805, -3.244616985321045, "Foreign firms, perhaps with government support, will invest in facilities to make finished products.", "2019-06-15"]
[9.310922622680664, -4.099735736846924, "That would set back China\u2019s grand strategy for rare earths, seen in the hills around Ganzhou.", "2019-06-15"]
[9.079732894897461, -3.8611016273498535, "Over the past few years it has shut scores of unlicensed mines.", "2019-06-15"]
[6.732957363128662, 0.3795108199119568, "At a huge cost, it is trying to clean up local rivers.", "2019-06-15"]
[8.998273849487305, -3.766890287399292, "The big state-owned mining firm in the area has started filling in some of its pits with grass and shrubs.", "2019-06-15"]
[9.338151931762695, -4.117558002471924, "China is still excavating plenty of rare-earth elements, especially in the north, but it has decided that it can buy much of what it needs abroad, and spare its own environment.", "2019-06-15"]
[9.402948379516602, -4.133655548095703, "Last year, it became a net importer of rare-earth concentrate.", "2019-06-15"]
[9.270269393920898, -4.079514503479004, "Instead, China has shifted its focus to rare-earth products, to increase its downstream advantage.", "2019-06-15"]
[9.094532012939453, -3.808150291442871, "In an industrial park on the edge of Ganzhou, the government is ploughing money into factories that make rare-earth magnets and alloys.", "2019-06-15"]
[8.944206237792969, -3.567765951156616, "This manufacturing is much cleaner than the mining, and captures more value.", "2019-06-15"]
[9.353507041931152, -3.7890448570251465, "Tellingly, when Xi Jinping, China\u2019s president, visited the city last month, news reports showed him at JL MAG, a magnet company, not a mine.", "2019-06-15"]
[9.284933090209961, -4.004849910736084, "At another company in Ganzhou, a manager shows off several of its products: little disc magnets, each containing about 30% rare earths.", "2019-06-15"]
[9.308877944946289, -3.981023073196411, "When the magnets are smaller than a fingernail, it is hard to pull them apart.", "2019-06-15"]
[4.389880180358887, 0.22414693236351013, "When they are slightly bigger, just wider than a thumb, it is impossible to do so.", "2019-06-15"]
[9.332630157470703, -4.118093967437744, "That is a good metaphor for what China ultimately wants from rare earths, and for its economy more generally: to reach a size where no country, not even America, can pull away.", "2019-06-15"]
[4.7360100746154785, -1.6902828216552734, "Cutting America off now would undercut that ambition.", "2019-06-15"]
[5.31649923324585, -4.014821529388428, "China | Chaguan\nA fly-on-the-wall account of what China tells American bigwigs\nDespite the Communist Party\u2019s bluster, its officials puzzle over American politics\n\n \nABIT LATE, China\u2019s leaders are starting to accept that their trade war with President Donald Trump is only one element of a larger crisis in relations with America\u2014and not the most dangerous one.", "2019-06-22"]
[5.058950424194336, -3.8957858085632324, "The leaders understand that their critics within America\u2019s foreign-policy and national-security machine\u2014meaning aides to Mr Trump, members of both parties in Congress and officers in the State Department, Pentagon, spy agencies and beyond\u2014want China to change its ways.", "2019-06-22"]
[4.890594005584717, -2.9475879669189453, "They also believe (or hope) that Mr Trump wants something different, and perhaps less painful for them: to show voters the spectacle of China losing a trade fight with him.", "2019-06-22"]
[5.242664813995361, -3.6195478439331055, "China\u2019s rulers now accept that they face more than a Trump problem.", "2019-06-22"]
[5.264479637145996, -3.8964638710021973, "They concede that bipartisan suspicion of China in America will intensify in the run-up to the elections of November 2020, and will continue afterwards, whoever wins.", "2019-06-22"]
[4.691340446472168, -2.6866393089294434, "They absorbed that message during visits by high-ranking Americans, including Mr Trump\u2019s officials, business bosses and veterans of Republican and Democratic governments.", "2019-06-22"]
[5.761904716491699, -4.198818683624268, "Dismayingly, they show no sign of accepting that China\u2019s own actions are in any way to blame.", "2019-06-22"]
[5.3679962158203125, -4.102887153625488, "Chinese leaders believe that America\u2019s policy machine wants them to change principles that have guided China\u2019s rise for 20 years.", "2019-06-22"]
[6.121309280395508, -3.9605860710144043, "They protest that these demands cut to the heart of China\u2019s model of development.", "2019-06-22"]
[4.059128761291504, 0.06085929274559021, "They are not entirely wrong.", "2019-06-22"]
[5.223880290985107, -2.520231008529663, "Such figures as the United States Trade Representative, Robert Lighthizer, have drawn up a charge sheet of Chinese norms and practices deemed intolerable now that China is so large, and so competitive in so many fields.", "2019-06-22"]
[4.917257785797119, -2.3628218173980713, "Mr Lighthizer has allies in Congress, from both parties.", "2019-06-22"]
[6.166510105133057, -3.9100260734558105, "They want China to abandon its model of state capitalism, with its subsidies for local champions, arm-twisting transfers of technology, curbs on market access and politicised regulation.", "2019-06-22"]
[5.123059272766113, -2.475842237472534, "Mr Lighthizer has proposed enforcement and verification mechanisms that Chinese figures indignantly compare to the inspections that underpinned cold-war arms-control agreements.", "2019-06-22"]
[7.429464340209961, -5.222436428070068, "No Chinese leader, it is said, could accept such a humiliation\u2014any more than they will tolerate American moves to strangle Huawei, a telecommunications giant that is central to China\u2019s plans to become a standard-setting tech superpower.", "2019-06-22"]
[4.991685390472412, -3.3871254920959473, "There is much Chinese grumbling about security hawks working for Mr Trump, from his national security adviser, John Bolton, to military commanders.", "2019-06-22"]
[5.074521541595459, -3.800126075744629, "The hawks are accused of breaking understandings about support for Taiwan, the democratic island that China claims as its own.", "2019-06-22"]
[4.844363689422607, -3.291034698486328, "The Chinese side thinks that Mr Trump was bullied by hawks into walking out on North Korea\u2019s leader, Kim Jong Un, at their summit in Hanoi in February.", "2019-06-22"]
[4.589054107666016, -3.2019224166870117, "It is no accident that China\u2019s president, Xi Jinping, decided to pay a state visit to North Korea, shortly before attending a G20 summit in Japan which Mr Trump will also join.", "2019-06-22"]
[4.799596309661865, -2.965578079223633, "Chinese officials gasped when Mr Trump threatened to slap extra tariffs on China if Mr Xi did not agree to meet him on the G20\u2019s sidelines.", "2019-06-22"]
[4.877068996429443, -3.4434986114501953, "Japan\u2019s prime minister might swallow an American insult like that, growl Chinese sources, but not us.", "2019-06-22"]
[4.475483417510986, -3.2974417209625244, "By visiting Pyongyang first (he arrived on June 20th), Mr Xi reminded Mr Trump that China\u2019s leader is an indispensable diplomatic actor, not a junior partner in a trade dispute.", "2019-06-22"]
[4.930059909820557, -3.3628129959106445, "Chinese policy types obsess over the idea that Team Trump is not engaged in a sincere negotiation, but is seeking to contain a rising China.", "2019-06-22"]
[4.960222244262695, -1.0681698322296143, "They complain about shifting American demands.", "2019-06-22"]
[6.934704780578613, -2.511704921722412, "At first China was told that the problem was the trade balance, and offered to buy American goods.", "2019-06-22"]
[4.406280994415283, -0.4031287729740143, "Then economic rules and norms were called the crux of the dispute.", "2019-06-22"]
[5.421417236328125, -2.753871202468872, "So China prepared to negotiate, drawing up a 150-page draft agreement.", "2019-06-22"]
[4.95134973526001, -3.7167675495147705, "Then, as the Chinese side tells it, Mr Xi realised that America\u2019s plan amounted to an assault on Chinese sovereignty, rejected it and has since been cheered within his own system for his stand.", "2019-06-22"]
[4.5821332931518555, -3.1126253604888916, "There is muttering, in contrast, about Mr Xi\u2019s chief economic aide and trade envoy, Liu He.", "2019-06-22"]
[4.935204982757568, -3.5807976722717285, "Mr Liu, a deputy prime minister, is accused of lacking political sense.", "2019-06-22"]
[4.319535255432129, -2.0312817096710205, "Mr Trump is not a leader in thrall to principles.", "2019-06-22"]
[4.877735137939453, -2.6672191619873047, "That is why the Chinese side hopes, in essence, that he could accept a trade deal which breaks Mr Lighthizer\u2019s heart, and a North Korean pact that leaves Mr Bolton miserable, as long as those deals bring him applause from voters.", "2019-06-22"]
[5.525490760803223, -3.0294573307037354, "Mr Xi, it is said, believes that Mr Trump does not want to decouple America\u2019s economy from China\u2019s\u2014except in the production of some sensitive technology.", "2019-06-22"]
[4.644412040710449, -3.2319207191467285, "But Mr Xi does worry that America\u2019s president could be hijacked by hardline advisers.", "2019-06-22"]
[4.679203033447266, -3.1629414558410645, "If no reasonable deal can be struck, Chinese hosts tell Americans, Mr Xi will wait for the election in November 2020 to produce a different president.", "2019-06-22"]
[5.817293167114258, -1.8276777267456055, "They express confidence that relief will come sooner, because Mr Trump needs votes from farm states hurt by the tariff wars, and is desperate to keep the stockmarket roaring.", "2019-06-22"]
[4.276625633239746, -1.8407944440841675, "Imperialists never change\nDoubts lurk amid the bluster.", "2019-06-22"]
[4.883277416229248, -3.098283529281616, "In public Chinese officials say that Mr Trump needs a deal to win in 2020.", "2019-06-22"]
[4.1550493240356445, -2.2979907989501953, "In private they ask whether, perhaps, American voters might prefer to see him fight on.", "2019-06-22"]
[4.731334209442139, -3.001542091369629, "They admit to bafflement over some of Mr Trump\u2019s sallies, such as when he told Fox News that he could not accept a \u201c50-50 deal\u201d with China, but had to come out ahead.", "2019-06-22"]
[5.490436553955078, -4.1942243576049805, "To Chinese ears, that was fantastically unhelpful.", "2019-06-22"]
[5.453799724578857, -4.02348518371582, "It recalled the \u201cunequal treaties\u201d imposed by 19th-century powers which every Chinese schoolchild is taught to hate.", "2019-06-22"]
[5.495938777923584, -2.7793128490448, "Mr Trump has said that he will not let China become the world\u2019s largest economy in his lifetime.", "2019-06-22"]
[4.7665839195251465, -3.3632545471191406, "Does he mean these things, Chinese hosts ask, or is this all domestic politics?", "2019-06-22"]
[5.081608295440674, -3.732933282852173, "To prepare Chinese public opinion for a long trade stand-off, propaganda chiefs have abandoned months of restraint and told state media to start thundering about American bullying.", "2019-06-22"]
[5.33026123046875, -4.025651931762695, "Stoking nationalism is a familiar Chinese ploy.", "2019-06-22"]
[4.846336364746094, 0.4606323540210724, "But it has real-world effects, too.", "2019-06-22"]
[4.999683380126953, -3.143113136291504, "As China reduces its own room for manoeuvre, it risks forcing Mr Trump to concede ground to China to secure a deal.", "2019-06-22"]
[5.282845973968506, -3.814483880996704, "Meanwhile his chaotic style is straining China\u2019s system to its limits.", "2019-06-22"]
[5.751565456390381, -4.11505126953125, "The mood in Beijing is anxious, with reason.", "2019-06-22"]
[5.703822135925293, -2.9581410884857178, "|DELHI\n\nAsia | A Harley-hating ally\nIndia presents America with a choice between geopolitics and trade\nSo far, geopolitics is winning\u2014just\n\nMIKE POMPEO, America\u2019s secretary of state, had two objectives during his trip to Delhi on June 25th.", "2019-06-29"]
[5.103202819824219, -3.8462729454040527, "The first was to affirm India\u2019s importance to America, which envisages a grand Indo-Pacific alliance to counter China.", "2019-06-29"]
[5.0228142738342285, -0.5738347172737122, "The second was to soothe an increasingly heated row about trade.", "2019-06-29"]
[4.334280014038086, -0.008518004789948463, "Achieving the first was easy enough, but the second is proving harder.", "2019-06-29"]
[6.451257228851318, -1.6123472452163696, "America and India have bickered about trade for years.", "2019-06-29"]
[7.286798477172852, -1.246535062789917, "India\u2019s average tariff is high, at around 13%.", "2019-06-29"]
[6.46381139755249, -0.7277390360832214, "Its bureaucrats are also keen on other barriers to trade, from obscure rules on packaging to prohibitive red-tape on the import of dairy products.", "2019-06-29"]
[4.7848429679870605, -2.312861442565918, "But over the past few years Narendra Modi, India\u2019s prime minister, has further inflamed these irritations.", "2019-06-29"]
[6.425995826721191, -1.652268648147583, "His government has increased tariffs on lots of American exports, including telecoms equipment, medical devices and nuts.", "2019-06-29"]
[7.212289810180664, -2.208411693572998, "It has also expanded rules favouring locally made goods in public procurement and has proposed a new law demanding that tech firms store data about Indian customers within India.", "2019-06-29"]
[7.382512092590332, -4.161942958831787, "And last year it abruptly announced rules on e-commerce that seemed to target two American firms, Amazon and Walmart, the latter through its purchase of Flipkart, a fast-growing local e-tailer.", "2019-06-29"]
[5.246400356292725, -3.714310646057129, "The complaints of American trade negotiators about Indian protectionism, however, are typically drowned out by diplomats and soldiers, who see India as a natural and indispensable ally against China.", "2019-06-29"]
[4.290330410003662, -2.5015313625335693, "The two countries established a new high-level diplomatic dialogue last year and have increased their military co-operation.", "2019-06-29"]
[6.586578369140625, -1.993052363395691, "America wants India to stop importing oil from Iran, which India recently and reluctantly agreed to do.", "2019-06-29"]
[6.937350273132324, -1.8669772148132324, "(Oil is the biggest contributor to India\u2019s trade deficit and the Iranian oil comes at a discount to world prices.", "2019-06-29"]
[7.333837985992432, -5.120284557342529, ") America also wants India to reverse plans to purchase Russian anti-aircraft missiles and telecoms equipment made by Huawei, a Chinese company\u2014steps that India is resisting.", "2019-06-29"]
[5.170227527618408, -3.6884500980377197, "The Indian government seems to have been pleased by what it perceived to be American support in its recent stand-off with Pakistan.", "2019-06-29"]
[5.610199928283691, 0.7486721277236938, "In the days preceding Mr Pompeo\u2019s visit, it announced a large order of long-range patrol planes made by Boeing\u2014a gesture that was presumably intended in part to mollify Mr Pompeo\u2019s boss, Donald Trump.", "2019-06-29"]
[5.44305944442749, -0.8409698605537415, "But even as the strategic co-operation between the two countries deepens, the row over trade is gathering strength, too.", "2019-06-29"]
[6.684631824493408, -1.6529980897903442, "India was one of the countries America hit with tariffs on steel and aluminium last year.", "2019-06-29"]
[5.498095512390137, -0.6044394969940186, "It is also the subject of several complaints America has made at the World Trade Organisation in the past year.", "2019-06-29"]
[6.716223239898682, -1.8722903728485107, "And on June 5th America evicted India from a scheme that offers tariff-free access to certain goods from poor countries as a spur to development.", "2019-06-29"]
[6.342078685760498, -1.7316858768463135, "India, Mr Trump complained, was not providing \u201cequitable and reasonable access to its markets\u201d, a condition of the scheme.", "2019-06-29"]
[6.401604175567627, -1.7736676931381226, "There are even mutterings in Washington about launching a formal investigation into India\u2019s unfair trade practices\u2014the same step that initiated America\u2019s trade war with China.", "2019-06-29"]
[3.9625978469848633, -0.7995927929878235, "Both sides would prefer to avoid a full-blown conflict.", "2019-06-29"]
[6.936564922332764, -2.085402727127075, "Since 2002, when America\u2019s ambassador to India called Indo-American trade and investment \u201cas flat as a chapati\u201d, it has grown rapidly (see chart), making America India\u2019s biggest export market.", "2019-06-29"]
[6.480170726776123, -1.5637927055358887, "Moreover, India\u2019s economy is slowing, which will presumably make the government even warier than it otherwise would be of a trade war.", "2019-06-29"]
[6.554525852203369, -1.581518530845642, "Although India accounts for only a small fraction of America\u2019s trade, there are plenty of big American firms that would lobby against tit-for-tat tariffs.", "2019-06-29"]
[5.830575942993164, -0.8931586742401123, "And hawkish American trade officials have their talons full at the moment.", "2019-06-29"]
[5.010636329650879, -2.266099452972412, "The fact that it was Mr Pompeo who visited, rather than Robert Lighthizer, America\u2019s top trade negotiator, suggests that the administration\u2019s geopoliticians have the upper hand for now.", "2019-06-29"]
[5.849835395812988, -1.3010196685791016, "Yet both countries have leaders with protectionist instincts.", "2019-06-29"]
[6.68375825881958, -1.8864471912384033, "India also has a growing trade surplus with America\u2014not something that will endear it to Mr Trump.", "2019-06-29"]
[6.463379383087158, -1.6461092233657837, "He has called India the \u201ctariff king\u201d and often cites its 50% duty on Harley-Davidson motorbikes as a textbook example of the unfair treatment of American exports.", "2019-06-29"]
[4.272151947021484, -1.038833498954773, "Mr Pompeo and his Indian counterpart, Subrahmanyam Jaishankar, insist that the two countries will find a way to resolve their differences\u2014but it is not up to them.", "2019-06-29"]
[5.739110469818115, -2.980365037918091, "Leaders | Counter-flow\nFinancial links between China and America deepen, despite the trade war\nThe two superpowers are at each other\u2019s necks, but also in each other\u2019s pockets\n\n \nTRADE WAR, tech war, new cold war or just plain decoupling: call it what you will, the confrontation between America and China has been bruising.", "2019-07-06"]
[7.201861381530762, -0.9152297377586365, "Tariffs are up, exports down.", "2019-07-06"]
[5.539003849029541, -0.8877789974212646, "Even as they resume trade negotiations, they talk of blacklisting each other\u2019s firms.", "2019-07-06"]
[5.920577049255371, 0.08581472933292389, "In the words of Henry Paulson, a former American treasury secretary, the danger is that an \u201ceconomic iron curtain\u201d will soon divide the world.", "2019-07-06"]
[8.083869934082031, -0.21476149559020996, "All the more remarkable, then, that one crucial sector\u2014finance\u2014is bucking the trend.", "2019-07-06"]
[6.381567001342773, -2.948499917984009, "Financial links between China and the West have grown tighter since the trade war broke out.", "2019-07-06"]
[4.51934289932251, 0.0900198295712471, "They are set to grow tighter still.", "2019-07-06"]
[7.408651828765869, -3.3764922618865967, "For years Western insurance firms, asset managers and brokerages have been allowed to own only minority stakes in local firms.", "2019-07-06"]
[7.526504993438721, -3.293048858642578, "Now China is giving foreign financial firms more leeway on the mainland.", "2019-07-06"]
[7.323177337646484, -3.3583953380584717, "Since mid-2018 they have been able to apply for 51% control.", "2019-07-06"]
[7.373085975646973, -3.4034855365753174, "On July 2nd Li Keqiang, China\u2019s prime minister, said that financial firms would be allowed full control by 2020.", "2019-07-06"]
[5.696434497833252, -0.3705127537250519, "That is not the only sense in which financiers and trade negotiators exist in parallel universes.", "2019-07-06"]
[7.89096736907959, -3.1474878787994385, "China is also making it easier for foreigners to buy into its markets.", "2019-07-06"]
[8.159529685974121, -2.8763105869293213, "Since the start of 2018 they have ploughed $75bn into Chinese shares.", "2019-07-06"]
[8.11933708190918, -2.787101984024048, "In the same period they have pulled $8bn out of all other big emerging markets.", "2019-07-06"]
[7.647375583648682, -3.0204226970672607, "In the next decade, Goldman Sachs estimates, $1trn will enter China\u2019s bond market from abroad, putting it among the world\u2019s top investment destinations (see article).", "2019-07-06"]
[7.600432395935059, -3.082406997680664, "All this is possible because China has not stopped foreigners from cashing out, despite the strict capital controls it imposes on its own citizens.", "2019-07-06"]
[7.676580429077148, -3.2230913639068604, "As the rules have eased, stock and bond indices that investors mirror in their portfolios, such as MSCI\u2019s equities benchmark, have added Chinese securities.", "2019-07-06"]
[7.546477794647217, -3.0631701946258545, "Helping Wall Street and the City of London do more business in China is not a popular cause there or in the West, but the implications for finance are profound.", "2019-07-06"]
[7.558366775512695, -3.054860830307007, "Firms like Morgan Stanley, BlackRock and Schroders which have long dabbled on the mainland must now decide whether to go for it.", "2019-07-06"]
[4.667255401611328, 0.2466968297958374, "Some worry that they lack clout and connections.", "2019-07-06"]
[7.032232284545898, -3.5572993755340576, "Few insurers, for example, relish a brawl with China Life, a state-run behemoth with 1.7m sales agents.", "2019-07-06"]
[7.920907020568848, -3.0408880710601807, "Foreign banks\u2019 assets in China have soared to $650bn, but still amount to less than 2% of the country\u2019s total.", "2019-07-06"]
[8.297432899475098, -3.3259036540985107, "Nonetheless a few global firms have a good chance of building large Chinese businesses.", "2019-07-06"]
[8.243653297424316, -3.335731029510498, "HSBC, a London-based firm with roots in Asia, already makes three-quarters of its profits from Hong Kong and China.", "2019-07-06"]
[8.512969970703125, -3.2038919925689697, "AIA, which was spun out of AIG, an American firm, is the leader among foreign life-insurers.", "2019-07-06"]
[8.232253074645996, -3.1587300300598145, "Western asset managers have long records and global expertise that local firms do not.", "2019-07-06"]
[7.817841053009033, -3.2324116230010986, "Over time, as Chinese savers seek to diversify, this could help them win market share.", "2019-07-06"]
[5.700343608856201, -3.6934328079223633, "China needs to make this opening count.", "2019-07-06"]
[6.4216413497924805, -2.8461058139801025, "Many Wall Street bosses have gone from Sinophiles to hawks in the past few years.", "2019-07-06"]
[5.564678192138672, -3.7438063621520996, "So, tactically, China has a chance to win brownie points with America\u2019s business lobby.", "2019-07-06"]
[6.86284065246582, -0.05587953329086304, "That gain could be dwarfed by the benefits within the country itself.", "2019-07-06"]
[7.8794145584106445, -3.2041966915130615, "Western firms will push up standards in its immature but giant capital markets, a priority if it is to allocate capital more efficiently and get more out of its savings.", "2019-07-06"]
[8.312973022460938, -1.5720875263214111, "And China needs foreign funding more than in the past\u2014its current-account surplus has dropped from 10% of GDP in 2007 to less than 1% last year.", "2019-07-06"]
[8.349613189697266, -1.6410034894943237, "Without a steady flow of capital into the country, there could be a destabilising fall in the yuan.", "2019-07-06"]
[6.0245161056518555, -3.4864211082458496, "Some political figures in the West argue that financial links with China count as a betrayal.", "2019-07-06"]
[6.027304172515869, -2.8374834060668945, "Steve Bannon, who was once President Donald Trump\u2019s adviser, talks of removing Chinese companies from American stock exchanges.", "2019-07-06"]
[6.537597179412842, -3.766859769821167, "Marco Rubio, a hawkish Republican senator, has accused MSCI of channelling American cash to the Chinese Communist Party by including state-owned companies in its benchmarks.", "2019-07-06"]
[7.548054218292236, -3.0160744190216064, "In fact closer financial links could have a beneficial effect, which is why longtime China-watchers like Mr Paulson back them so strongly.", "2019-07-06"]
[7.951049327850342, -3.3467817306518555, "When Chinese firms have foreign shareholders or underwriters, their calculations change.", "2019-07-06"]
[6.613574981689453, -3.6782166957855225, "They face tougher questions, as Alibaba, a Chinese e-commerce giant, is reminded on every earnings call.", "2019-07-06"]
[7.262022495269775, -3.3866500854492188, "None of this will suddenly transform China into a free market but it will encourage its firms to be more open, to respond to market signals and to respect intellectual property.", "2019-07-06"]
[7.295219421386719, -4.53090763092041, "Chinese firms that use Western banks when they go abroad, as Huawei used HSBC, are less able to circumvent global rules on corruption and sanctions.", "2019-07-06"]
[6.999087810516357, -3.1969070434570312, "If America excludes China from the global financial system, China will eventually build an alternative to the dollar-based order that has dominated markets since 1945\u2014which would then feed into a wider strategic rivalry.", "2019-07-06"]
[7.653349876403809, -3.2049882411956787, "For the time being, despite the hostilities over trade and tech, China welcomes foreign investors and firms.", "2019-07-06"]
[4.121774673461914, -0.6146679520606995, "That is to be celebrated.", "2019-07-06"]
[5.118959903717041, 0.46269163489341736, "There is more to be gained from building connections than cutting them off.", "2019-07-06"]
[5.418919086456299, -2.941239356994629, "Leaders | History wars\nA trade dispute between Japan and South Korea has Trumpian echoes\nThe global tech industry could be hostage to Asian history\n\nTAKE JUST about any trade fight today, and President Donald Trump\u2019s America is at the centre of it: with Europe over cars and aeroplanes; with foreign producers of steel; with China over, well, everything.", "2019-07-18"]
[5.2645392417907715, -3.1606173515319824, "But a brawl now under way in Asia, between Japan and South Korea, has the potential to be as damaging as much of what Mr Trump has stirred up.", "2019-07-18"]
[4.655242443084717, -2.345499277114868, "It is also a sign that his model of abusing economic partners is spreading.", "2019-07-18"]
[5.625493049621582, -3.016986608505249, "Tensions between Japan and South Korea go back centuries.", "2019-07-18"]
[5.787977695465088, -3.1468820571899414, "Japan\u2019s colonisation of Korea between 1910 and 1945 is still resented.", "2019-07-18"]
[5.6258134841918945, -2.806914806365967, "Japan believes a 1965 agreement resolved claims by South Korea over forced labour.", "2019-07-18"]
[6.18226957321167, -2.945974826812744, "It is incensed that South Korea\u2019s supreme court last year ordered Japanese firms to compensate victims (see Banyan).", "2019-07-18"]
[6.962005138397217, -3.2018678188323975, "Amid a widening rift, Japan took its most serious action on July 4th when it began restricting exports to South Korea of three specialised chemicals used to make semiconductors and smartphones.", "2019-07-18"]
[3.9145877361297607, -0.46280044317245483, "The stakes are high.", "2019-07-18"]
[8.432047843933105, -2.9442431926727295, "Japan accounts for as much as 90% of global production of these chemicals.", "2019-07-18"]
[8.5540771484375, -2.481788158416748, "It exported nearly $400m-worth of them to South Korea last year.", "2019-07-18"]
[4.790093421936035, 0.25279438495635986, "That may not sound like much, but their importance is outsized.", "2019-07-18"]
[8.414963722229004, -4.12690544128418, "They are needed to make memory chips, which are essential to all sorts of electronic devices.", "2019-07-18"]
[8.372556686401367, -4.029999256134033, "And South Korean firms are the world\u2019s dominant manufacturers of memory chips.", "2019-07-18"]
[6.799180030822754, -2.751570701599121, "If Japan were to choke off exports, the pain would ripple through global tech supply chains.", "2019-07-18"]
[7.047306060791016, -3.2121500968933105, "Japan has also hinted that it might start requiring case-by-case licences for the sale to South Korea of some 850 products with military uses.", "2019-07-18"]
[6.940988063812256, -3.215757131576538, "South Korean firms have called for boycotts of Japanese goods.", "2019-07-18"]
[5.407345771789551, -0.8943783640861511, "The two countries, whose trade relationship, worth over $80bn a year, is larger than that between France and Britain, need to step back from the brink.", "2019-07-18"]
[6.637503147125244, -2.8302063941955566, "Japan\u2019s decision to limit exports is economically shortsighted, as it should know since it has itself been on the other side of such controls.", "2019-07-18"]
[9.25147533416748, -4.1585164070129395, "When China restricted exports of rare-earth minerals in 2011, Japan responded by investing in its own mines.", "2019-07-18"]
[8.54613208770752, -1.2736687660217285, "China\u2019s market share dropped.", "2019-07-18"]
[8.334098815917969, -3.3484959602355957, "Already, the South Korean government is discussing plans to foster the domestic chemicals production.", "2019-07-18"]
[6.982306480407715, -3.2631256580352783, "Japan insists that South Korean companies will, once approved, still be able to buy its chemicals, but the threat of an embargo, once issued, cannot be easily dispelled.", "2019-07-18"]
[6.328803539276123, -2.7834155559539795, "The broader geopolitical context makes Japan\u2019s self-harm even more reckless.", "2019-07-18"]
[7.487582683563232, -0.9991044998168945, "Regional supply chains are already under assault.", "2019-07-18"]
[7.978564262390137, -3.2146756649017334, "South Korean and Japanese companies are scrambling to find alternatives to China as a manufacturing base to avoid American tariffs.", "2019-07-18"]
[6.7287516593933105, -1.6580817699432373, "Mr Trump has threatened both countries with import duties on their cars.", "2019-07-18"]
[5.386929035186768, -3.0078887939453125, "Ultimately, it is up to South Korea and Japan to repair relations.", "2019-07-18"]
[4.26679801940918, -1.678917407989502, "But America\u2019s waning interest in diplomacy does not help.", "2019-07-18"]
[5.446547508239746, -1.5979758501052856, "And Mr Trump is normalising the use of trade weapons in political spats.", "2019-07-18"]
[4.517078876495361, -1.8975764513015747, "His tactics teach others how to find an excuse for these actions: by citing national security.", "2019-07-18"]
[6.956953048706055, -3.2778282165527344, "Japanese media have suggested that South Korea has allowed the shipment of sensitive chemicals to North Korea, a far-fetched claim but one that could feature in a defence of its export restrictions.", "2019-07-18"]
[5.2303009033203125, -2.939363718032837, "Under a different president, America would be doing more to bind together Japan and South Korea, two indispensable allies.", "2019-07-18"]
[5.634173393249512, -2.699200391769409, "Barack Obama pushed the Trans-Pacific Partnership that included Japan, and that South Korea was expected to join eventually.", "2019-07-18"]
[5.051876068115234, -1.7948455810546875, "One of Mr Trump\u2019s first acts was to ditch that deal.", "2019-07-18"]
[3.913224220275879, -0.6633801460266113, "It is not too late to defuse the situation.", "2019-07-18"]
[5.9049835205078125, 0.0757673978805542, "The commercial damage has been limited so far.", "2019-07-18"]
[6.5152082443237305, -2.797805070877075, "Japan is aware that, notwithstanding America\u2019s current tactics, export controls look bad; it is thus susceptible to pressure from other trading partners.", "2019-07-18"]
[4.961116313934326, -0.7012577652931213, "The two countries will discuss their disagreement at the World Trade Organisation later this month.", "2019-07-18"]
[5.884612083435059, -0.48869559168815613, "This is shaping up to be a test of whether the global trading system can, despite great strains, still soothe tensions\u2014or whether it is being supplanted by a new, meaner order, in which supply chains are weaponised and commerce is purely an extension of politics.", "2019-07-18"]
[6.4035420417785645, -2.1536459922790527, "Finance & economics | US-China trade\nMore American tariffs on Chinese imports are coming\nThe trade war just got harder to end\n \nPRESIDENT DONALD TRUMP sounded remarkably positive about the latest round of US-China trade talks, which ended on July 31st.", "2019-08-02"]
[4.413614273071289, -2.6427295207977295, "He called them \u201cconstructive\u201d and said that the two countries\u2019 shared future would be \u201ca very bright one\u201d.", "2019-08-02"]
[6.782432556152344, -2.3365705013275146, "The previous day the White House had confirmed a Chinese commitment to buy more American agricultural products\u2014one of the ways in which China had hoped to mollify Mr Trump, who resents China\u2019s large bilateral trade surplus.", "2019-08-02"]
[3.7813761234283447, -1.1955047845840454, "But his soft words concealed a sting.", "2019-08-02"]
[6.992420673370361, -1.4818270206451416, "From September 1st, he said, his administration would be applying tariffs of 10% on $300bn worth of Chinese imports, on top of the 25% tariff already in place on $250bn worth.", "2019-08-02"]
[7.063032627105713, -1.8441933393478394, "That means tariffs will soon cover almost all trade in goods between China and America.", "2019-08-02"]
[4.837655067443848, -0.6385325193405151, "The announcement seemed to come as a shock to many.", "2019-08-02"]
[8.573076248168945, -0.5999005436897278, "The S&P 500 index of leading American shares dipped.", "2019-08-02"]
[8.364542961120605, 0.16378523409366608, "Interest rates on American government debt fell, generally a sign of investors seeking a safe haven in expectation of economic turbulence.", "2019-08-02"]
[4.875823497772217, -1.5086220502853394, "But the Trump administration could argue that it had given plenty of warning.", "2019-08-02"]
[4.785817623138428, -1.839388132095337, "Mr Trump\u2019s announcement simply made concrete an earlier, vaguer threat.", "2019-08-02"]
[5.720114707946777, -1.4058150053024292, "Due process had been followed, including seven days of hearings in June on the proposed tariffs held by the United States Trade Representative (USTR).", "2019-08-02"]
[6.594688892364502, -1.305017113685608, "During those hearings the USTR heard plenty of protest at the prospect of further tariffs.", "2019-08-02"]
[6.631300449371338, -1.5835847854614258, "Steve Lang, the president of the American Bridal and Prom Industry Association, a lobby group representing makers of wedding gowns and tuxedos, reported that his firm was already paying millions of dollars in tariffs.", "2019-08-02"]
[7.4246015548706055, -1.863054633140564, "(America has hefty levies on imported clothing quite apart from China-specific measures.", "2019-08-02"]
[7.0653510093688965, -1.3383989334106445, ") The proposed new tariff would cost him at least $5m, he said.", "2019-08-02"]
[7.567451000213623, -0.1948629915714264, "Since his bank had already said it would not lend him the money to pay, his company would have to declare bankruptcy.", "2019-08-02"]
[6.9687299728393555, -0.9280259609222412, "Such stories confirm that the new tariffs will hurt Americans, though it is not yet clear exactly how much, nor who will suffer most.", "2019-08-02"]
[7.079987525939941, -1.06526780128479, "Exporters might cut their prices to absorb some of the tariffs themselves\u2014though academic studies of earlier tariffs, in 2018, found no evidence of that happening.", "2019-08-02"]
[7.167433738708496, -1.1272956132888794, "The most recent round came into force only in mid-June, so there has been too little time for them to filter through to prices.", "2019-08-02"]
[7.376044750213623, -1.194407343864441, "Some companies may have stockpiled goods to avoid the duties (at the cost of extra storage space and loans).", "2019-08-02"]
[4.29496431350708, -0.25437235832214355, "But there is good reason to think that the new round will hurt more than earlier ones.", "2019-08-02"]
[7.669602394104004, -1.768885850906372, "Most of the imports from China previously affected were components, meaning that their higher prices affected only part of an item\u2019s eventual cost.", "2019-08-02"]
[8.618282318115234, -2.7154386043548584, "The next tranche will feature end-products, such as clothing and consumer electronics.", "2019-08-02"]
[5.864291191101074, -2.6219000816345215, "Mr Trump has placed the blame squarely on the Chinese, whom he accused of renegotiating a deal they had already struck; of failing to keep promises to buy more American agricultural products; and of allowing fentanyl, a deadly drug, to reach America.", "2019-08-02"]
[4.391096591949463, -1.6557856798171997, "But his own actions have also made a deal harder to reach.", "2019-08-02"]
[6.582381248474121, -2.054806709289551, "The Chinese have made it clear that to be acceptable, any agreement will have to reverse all the tariffs already applied.", "2019-08-02"]
[4.794500350952148, -3.3066108226776123, "And Mr Trump\u2019s latest move is humiliating to China\u2019s negotiating team, points out Bill Bishop, the author of Sinocism, a newsletter about China.", "2019-08-02"]
[3.9238877296447754, -0.5714535117149353, "Trust between the two sides was fraying before.", "2019-08-02"]
[4.602310657501221, -1.8069287538528442, "Mr Trump has just shredded it further.", "2019-08-02"]
[3.978954553604126, -0.6848419308662415, "Both sides now seem to be digging in for a prolonged conflict.", "2019-08-02"]
[7.533609867095947, -3.2561304569244385, "China\u2019s government is reportedly touring the provinces to examine the resilience of the economy.", "2019-08-02"]
[6.905712127685547, -4.223991870880127, "And in America the departments of defence and commerce, as well as the USTR, are warning companies about the risks their China operations might pose to national security.", "2019-08-02"]
[6.549531936645508, -3.43224835395813, "The latest escalation will strengthen the view that China is not the best base from which to serve the American market.", "2019-08-02"]
[6.465242862701416, -2.4732978343963623, "And it is becoming ever clearer that America will insist that any deal must involve the threat of tariffs to force China to stick to its side.", "2019-08-02"]
[5.375198841094971, -0.8961815237998962, "Executives should understand that, with or without a deal, tariff risks will continue.", "2019-08-02"]
[6.097659111022949, -1.5450913906097412, "Mr Trump could lift all his tariffs tomorrow, if he wished.", "2019-08-02"]
[4.983903408050537, 0.38169410824775696, "But their effects will not be erased so easily.", "2019-08-02"]
[5.974498271942139, -2.467738151550293, "Leaders | US-China trade\nDangerous miscalculations\nAmerica cannot have a strong economy, a trade war and a weak dollar at the same time\n\nSINCE THE trade war began in 2018 the damage done to the global economy has been surprisingly slight.", "2019-08-08"]
[7.273037910461426, -0.44475895166397095, "America has grown healthily and the rest of the world has muddled along.", "2019-08-08"]
[6.008770942687988, -2.665113687515259, "But this week the picture darkened as the confrontation between America and China escalated, with more tariffs threatened and a bitter row erupting over China\u2019s exchange rate.", "2019-08-08"]
[8.354334831237793, -0.03763692080974579, "Investors fear the dispute will trigger a recession, and there are ominous signs in the markets\u2014share prices fell and government-bond yields sank to near-record lows.", "2019-08-08"]
[4.158380508422852, -0.6169288754463196, "To avoid a downturn, both sides need to compromise.", "2019-08-08"]
[4.462700366973877, -1.8986260890960693, "But for that to happen President Donald Trump and his advisers must rethink their strategy.", "2019-08-08"]
[7.306838512420654, 0.5053420066833496, "If the realisation has not dawned yet, it soon should: America cannot have a cheap currency, a trade conflict and a thriving economy.", "2019-08-08"]
[6.894584655761719, -1.6901136636734009, "The latest spike in tensions began on August 1st, when the White House threatened to impose a further round of duties on $300bn of Chinese exports by the start of September.", "2019-08-08"]
[6.659019947052002, -3.475407600402832, "China responded four days later by telling its state-run companies to stop buying American agricultural goods.", "2019-08-08"]
[8.332019805908203, -0.27670860290527344, "On the same day it let its heavily managed currency pass through a rate of seven against the dollar, a threshold which may seem arbitrary but is symbolically important (see article).", "2019-08-08"]
[4.415406703948975, -1.944791316986084, "That lit a fuse beneath the Oval Office.", "2019-08-08"]
[7.142988204956055, -1.934622883796692, "Mr Trump has long claimed that other countries, including China, keep their currencies artificially cheap to boost their exports, hurting America.", "2019-08-08"]
[6.46386194229126, -1.7181686162948608, "He has been griping about the strong dollar for months.", "2019-08-08"]
[8.488935470581055, 0.17108428478240967, "In June he accused Mario Draghi, the head of the European Central Bank, of unfairly weakening the euro by hinting at rate cuts.", "2019-08-08"]
[7.144506454467773, -2.748018503189087, "Hours after the yuan dropped, America\u2019s Treasury designated China a \u201ccurrency manipulator\u201d and promised to eliminate its \u201cunfair competitive advantage\u201d.", "2019-08-08"]
[8.353092193603516, 0.11962683498859406, "As the hostilities rose, markets swooned, with ten-year bond yields in America reaching 1.71%, as investors judged that the Federal Reserve will slash interest rates to try to keep the expansion alive (see article).", "2019-08-08"]
[7.732680797576904, -2.123629331588745, "There is no denying that China has manipulated its exchange rate in the past.", "2019-08-08"]
[4.693864822387695, -0.11310561746358871, "But today a different dynamic is playing out around the world.", "2019-08-08"]
[5.830455303192139, -1.8400037288665771, "Mr Trump wants a booming economy, protected by tariffs and boosted by a cheap dollar, and when he doesn\u2019t get them he lashes out.", "2019-08-08"]
[5.010519027709961, 0.22494620084762573, "But economic reality makes these three objectives hard to reconcile.", "2019-08-08"]
[7.278222560882568, -0.6373591423034668, "Tariffs hurt foreign exporters and dampen growth beyond America\u2019s borders; weaker growth in turn leads to weaker currencies, as business becomes cautious and central banks ease policy in response.", "2019-08-08"]
[7.854862689971924, -0.3985280990600586, "The effect is particularly pronounced when America is growing faster than other rich countries, as it has recently.", "2019-08-08"]
[8.124520301818848, -0.035451680421829224, "The dollar\u2019s enduring strength is a result, in part, of Mr Trump\u2019s policies, not of a global conspiracy.", "2019-08-08"]
[6.571223258972168, -0.05498059466481209, "Unless this fact sinks in soon, real harm will be done to the global economy.", "2019-08-08"]
[7.760934352874756, -0.39375966787338257, "Faced with the uncertainty created by a vicious superpower brawl, firms in America and elsewhere are cutting investment, hurting growth further.", "2019-08-08"]
[8.473113059997559, 0.12684084475040436, "Lower interest rates are making Europe\u2019s rickety banks even more fragile.", "2019-08-08"]
[7.213493824005127, -2.8885858058929443, "China could face a destabilising flood of money trying to leave its borders, as happened in 2015.", "2019-08-08"]
[4.134955406188965, -1.1495740413665771, "And further escalation is possible as both sides reach for economic weapons that were considered unthinkable a few years ago.", "2019-08-08"]
[8.339700698852539, -0.15693894028663635, "America could intervene to weaken the dollar, undermining its reputation for unfettered capital markets.", "2019-08-08"]
[7.0501708984375, -4.345338344573975, "China or America could impose sanctions on more of each other\u2019s multinational firms, in the same way that America has blacklisted Huawei, or suspend the licences of banks that operate in both countries, causing havoc.", "2019-08-08"]
[8.37557601928711, 0.18072667717933655, "As it pursues an ever more reckless trade confrontation, the White House may imagine that the Federal Reserve can ride to the rescue by cutting rates again.", "2019-08-08"]
[5.413331508636475, -0.19779835641384125, "But that misunderstands the depth of unease now felt in factories, boardrooms and trading floors around the world.", "2019-08-08"]
[5.087695598602295, -2.7600879669189453, "In September talks between America and China are set to resume.", "2019-08-08"]
[4.341780185699463, -0.602368950843811, "It is time for a settlement.", "2019-08-08"]
[6.513927936553955, 0.09144056588411331, "The world economy cannot stand much more of this.", "2019-08-08"]
[6.250023365020752, -2.145622491836548, "|WASHINGTON, DC\n\nFinance & economics | Under attack\nThe trade war is leading some firms to crimp investment\nMuch depends on whether hostilities between America and China intensify\n\n\u201cTHERE\u2019S TARIFFS on games and tariffs on toys\u2014try explaining tariffs to your little boy.", "2019-08-15"]
[4.188694953918457, -0.26503270864486694, "Santa\u2019s workshop is struggling, you\u2019ll find yourself saying.", "2019-08-15"]
[4.256819725036621, -0.5759903192520142, "I think the reindeer are backed up with their sleighing.", "2019-08-15"]
[6.161202430725098, -1.8992787599563599, "\u201d Wendy Lazar, who runs a company called I Heart Guts, submitted this peeved poem to the United States Trade Representative (USTR) in June.", "2019-08-15"]
[6.320821285247803, -2.1847281455993652, "As an importer of children\u2019s toys from China, she was complaining about how the trade war could squeeze her firm.", "2019-08-15"]
[4.122203826904297, -0.8733463287353516, "She is not alone.", "2019-08-15"]
[4.157971382141113, -1.455801248550415, "In boardrooms across America, business people are scrambling to assess the impact of the latest escalation in the commercial confrontation between the two superpowers.", "2019-08-15"]
[6.918408393859863, -0.8380119204521179, "For most firms the easy bit is calculating the immediate financial impact of more tariffs on demand, prices and costs.", "2019-08-15"]
[5.792181015014648, 0.4122830033302307, "That can be done in a spreadsheet.", "2019-08-15"]
[6.116013050079346, -0.06400977820158005, "Far harder is working out how to rejig your strategy and long-term investment plans to adapt to a new world of enduring trade tensions.", "2019-08-15"]
[8.234519004821777, -0.06489133834838867, "Fund managers and Wall Street traders have begun to reach their own conclusion\u2014that investment may slump, possibly triggering a recession.", "2019-08-15"]
[8.287360191345215, 0.007726888172328472, "Hence the violent moves in markets since the first week of August, with a rush towards safe bonds and a sell-off in equities (see article).", "2019-08-15"]
[7.027162551879883, -1.6758333444595337, "That sell-off picked up pace on August 1st when President Donald Trump\u2019s administration announced the imposition of tariffs on $300bn of Chinese goods, at a rate of 10%, starting on September 1st.", "2019-08-15"]
[7.019858360290527, -1.4580048322677612, "On August 13th the USTR announced a delay covering about two-thirds of the goods in question, including mobile phones, smartwatches and toys, which would be subject to duties starting on December 15th.", "2019-08-15"]
[6.541038990020752, -1.9736069440841675, "As Mr Trump explained later that day, the move would allow American shoppers to splurge in the run-up to Christmas.", "2019-08-15"]
[8.556217193603516, -0.3740774691104889, "The press release announcing the delay arrived at 9.43am; between 9.40 and 9.45 shares in Apple rose by 3%, and the S&P 500 share index jumped by 1%.", "2019-08-15"]
[8.549577713012695, -0.3371015787124634, "But by the following day the stockmarket\u2014and the iPhone-maker\u2019s share price\u2014slumped again as investors fretted that a global downturn might soon be on the cards.", "2019-08-15"]
[8.139881134033203, -0.6687217354774475, "America\u2019s expansion may be cooling as it enters its second decade, but GDP still grew at a respectable pace of 2.1% in the second quarter of 2019, and the unemployment rate is a brag-worthy 3.7%.", "2019-08-15"]
[7.530528545379639, -1.3882782459259033, "The direct effect of the tariffs should be small: in 2017, before hostilities began, goods trade with China amounted to just 3.2% of GDP.", "2019-08-15"]
[7.528398513793945, -0.7380937337875366, "Even including the additional levies planned for December, they represent a tax rise offsetting only a fifth of the cuts introduced by the Tax Cuts and Jobs Act of 2017.", "2019-08-15"]
[6.466029167175293, -0.3635273575782776, "What really matters, though, is the wider effects of the uncertainty created by the trade war on corporate behaviour.", "2019-08-15"]
[7.63487434387207, -0.029926173388957977, "Most companies make plans over a five- to ten-year horizon and invest in assets with a life of 10-20 years.", "2019-08-15"]
[6.719987392425537, -0.6877119541168213, "But with each new tariff announcement, the rules for trading their products become less stable.", "2019-08-15"]
[6.1788859367370605, -0.57927006483078, "And the scope of the trade war has expanded beyond goods to technology and currencies.", "2019-08-15"]
[8.04120922088623, -2.98966121673584, "Perhaps the international banking system, shipping companies or foreign joint ventures could be next.", "2019-08-15"]
[7.469471454620361, -0.017086802050471306, "The most sophisticated firms try to gauge such risks.", "2019-08-15"]
[4.906113147735596, 0.49454179406166077, "The high level of uncertainty is measurable.", "2019-08-15"]
[6.935583591461182, 0.10758054256439209, "A study from 2016 by Scott Baker of Northwestern University, Nick Bloom of Stanford University and Steven Davis of the University of Chicago quantified policy uncertainty in America using newspaper reports.", "2019-08-15"]
[7.051662445068359, -0.25559961795806885, "Their index of trade-policy uncertainty has soared in recent months (see chart).", "2019-08-15"]
[4.870799541473389, 0.5164028406143188, "And such increases in uncertainty tend to have real effects.", "2019-08-15"]
[8.023162841796875, -0.29110705852508545, "The researchers found that increases in their index were associated with dampened investment and slower hiring.", "2019-08-15"]
[7.580347537994385, -0.06716901808977127, "More recently, Ryan Sweet of Moody\u2019s Analytics, a financial firm, finds that changes in business confidence and economic-policy uncertainty appear to predict changes in managers\u2019 capital spending.", "2019-08-15"]
[8.164267539978027, -0.16267633438110352, "Given all this, how is investment in America holding up?", "2019-08-15"]
[8.542767524719238, -0.7405881285667419, "In the second quarter non-residential business investment shrank at an annualised rate of 0.6%.", "2019-08-15"]
[6.38999605178833, -0.40779364109039307, "The question is to what extent the trade war is the culprit, rather than industry-specific factors, domestic economic trends or the global manufacturing cycle.", "2019-08-15"]
[8.28541088104248, -2.8202755451202393, "To get a sense of this The Economist has analysed around 2,400 listed American companies in 42 sectors, taking into account both their investment levels and how dependent their sector is on Chinese inputs.", "2019-08-15"]
[8.605598449707031, -1.3466274738311768, "Firms with a higher degree of Sino-reliance do seem to have scaled back investment.", "2019-08-15"]
[8.36931037902832, -3.065300703048706, "The 20 sectors most exposed to inputs from China accounted for a third of total investment by the 2,400 firms.", "2019-08-15"]
[8.530008316040039, -0.6639822125434875, "In total these sectors saw aggregate capital spending drop by 1% in the past four quarters compared with the prior year.", "2019-08-15"]
[8.408966064453125, -2.8549392223358154, "Meanwhile the other 22 sectors, which are less exposed to China, saw investment rise by 14%.", "2019-08-15"]
[4.946609973907471, 0.35277310013771057, "The analysis is simple: other factors may well have played a role.", "2019-08-15"]
[7.674107074737549, -0.10887343436479568, "But business executives too report an effect on investment.", "2019-08-15"]
[7.977001667022705, -0.2703179717063904, "A survey compiled by the Federal Reserve Bank of Atlanta in January found that trade tensions had crimped investment by 1.2%.", "2019-08-15"]
[7.146176815032959, -1.2403227090835571, "Tariffs were mentioned in a quarter of all earnings calls among companies in the S&P 500 index in the second quarter of 2019, according to figures from FactSet, a data-analytics firm.", "2019-08-15"]
[8.27186107635498, -3.2425754070281982, "One of the sectors most exposed to China is chemicals.", "2019-08-15"]
[7.199868202209473, -0.3312126398086548, "In July Jim Fitterling, chief executive of Dow, a big producer, told investors on an earnings call that he would keep capital spending \u201ctight\u201d until he got \u201cbetter visibility\u201d, adding that he thought a trade deal was needed to \u201cget some confidence back in this market\u201d.", "2019-08-15"]
[7.207909107208252, -0.20616266131401062, "Wall Street economists are also crunching data on how trade-policy uncertainty is altering companies\u2019 behaviour.", "2019-08-15"]
[7.46306037902832, -0.15084931254386902, "In June researchers at Goldman Sachs had been sceptical that the trade war was hampering investment, pointing out that overall policy uncertainty was low.", "2019-08-15"]
[8.409570693969727, -1.4549905061721802, "But more recently they have altered their view, finding that, after adjusting for underlying trends, sectors that sell more to China (rather than those that buy from it) were seeing slower investment growth than those that were less exposed.", "2019-08-15"]
[7.943058490753174, -0.24395111203193665, "Goldman\u2019s economists also found that tariff announcements were associated with worsening financial conditions (higher borrowing costs, lower equity prices or a stronger dollar).", "2019-08-15"]
[8.520398139953613, 0.11671919375658035, "Expectations of interest-rate cuts by the Federal Reserve have only offset half of the shift in financial conditions.", "2019-08-15"]
[7.865145683288574, -0.659759521484375, "Overall the analysts reckon that, including indirect effects, the hit to GDP would be 0.6%\u2014material, but not enough to tip America into recession.", "2019-08-15"]
[6.972418308258057, -0.2927260100841522, "The overall picture, therefore, is that there is now good evidence that the trade war is leading some firms to crimp investment.", "2019-08-15"]
[7.74915885925293, 0.2093116194009781, "Pessimists worry that the knock-on effect from this capital-spending stumble could be far-reaching and more painful than the likes of Goldman expect.", "2019-08-15"]
[6.451173305511475, 0.3155665397644043, "In the long run it could sap productivity.", "2019-08-15"]
[7.146575450897217, 0.1024637296795845, "In the short run it could cause firms to scale back hiring.", "2019-08-15"]
[6.92211389541626, 0.18740849196910858, "That could then damage consumers\u2019 confidence.", "2019-08-15"]
[5.745309829711914, -3.4049248695373535, "Much depends on whether hostilities between America and China intensify.", "2019-08-15"]
[4.483128070831299, -3.0403919219970703, "On August 13th Mr Trump said that he had a \u201cvery, very productive call\u201d with China\u2019s leaders.", "2019-08-15"]
[3.8875467777252197, -0.8055695295333862, "But few on the ground take seriously the prospect of a lasting reconciliation.", "2019-08-15"]
[6.781243801116943, -2.071481943130493, "Jake Parker of the US-China Business Council, a lobby group, reports that his members have realised that the threat of future levies would still lurk even if a deal were struck and tariffs lifted.", "2019-08-15"]
[7.010465145111084, -2.6994407176971436, "Blows to China\u2019s economy could also spill back to America.", "2019-08-15"]
[5.452572822570801, -1.467679738998413, "And Mr Trump has plenty more ways of injecting fear into the economy.", "2019-08-15"]
[7.327088356018066, -5.07017183303833, "He must decide whether to reinstate onerous restrictions on American companies that do business with Huawei, a Chinese telecommunications giant, by August 19th.", "2019-08-15"]
[6.097161769866943, -2.5062854290008545, "His labelling of China as a currency manipulator could ignite a currency war.", "2019-08-15"]
[6.482568740844727, -0.1062900647521019, "If the sickness that is now visible in most trade-exposed sectors spills over to the rest of the economy, that would set off a downward spiral that not even lifting tariffs, and allowing in Ms Lazar\u2019s stuffed toys, would reverse.", "2019-08-15"]
[6.987988471984863, -2.545525312423706, "|SHANGHAI\n\nFinance & economics | The other inversion\nChina is calm as growth slows.", "2019-08-31"]
[4.567288875579834, 0.021573763340711594, "But is it complacent?", "2019-08-31"]
[7.953179359436035, -1.8164904117584229, "Though the trade war is hurting, officials are reluctant to unleash stimulus\n \nHALF A DECADE ago, if you had asked economists which number\u2014five or seven\u2014described China\u2019s GDP and which its currency, most would have answered this way: growth will remain strong at around 7% annually, and the currency will strengthen until it takes just five yuan and change to buy a dollar.", "2019-08-31"]
[6.487938404083252, -2.0820443630218506, "One measure of the impact of Donald Trump\u2019s trade war on China is the inversion of these digits.", "2019-08-31"]
[7.9263482093811035, -1.413957118988037, "As American tariffs bite, economic forecasters think that Chinese growth next year will slow to five-point-something percent.", "2019-08-31"]
[8.504386901855469, -1.4484392404556274, "The yuan, for its part, has slumped to more than seven per dollar.", "2019-08-31"]
[4.730512619018555, -1.899701476097107, "Mr Trump has crowed about the success of his tactics.", "2019-08-31"]
[5.61014986038208, -3.504103899002075, "\u201cChina has taken a very hard hit,\u201d he said on August 26th at a news conference after the G7 summit in France.", "2019-08-31"]
[4.647194862365723, -1.364652156829834, "\u201cThey want to make a deal very badly.", "2019-08-31"]
[5.9809370040893555, -3.1838979721069336, "\u201d But a more accurate reading of China\u2019s policy stance is one of surprising calm in the face of the economic slowdown and, by extension, of stiffer resolve in the trade dispute.", "2019-08-31"]
[7.124390602111816, -1.5870853662490845, "The toll of tariffs on China\u2019s economy is becoming more visible.", "2019-08-31"]
[7.375197410583496, -0.6738420128822327, "Although exports to America account for just a small share of overall GDP, the uncertainty has bruised corporate confidence.", "2019-08-31"]
[8.463140487670898, -0.7189499139785767, "Investment spending is on track to increase this year at its weakest pace in at least two decades.", "2019-08-31"]
[8.41540241241455, -0.4594857096672058, "Factory prices have veered into deflation, a bad sign for industrial profits.", "2019-08-31"]
[8.225278854370117, -1.4511408805847168, "Economists at Morgan Stanley, a bank, now forecast that Chinese growth will fall to 5.8% next year; previously they had expected 6.3%.", "2019-08-31"]
[6.8204851150512695, -1.1162344217300415, "(This forecast is conditional on the new American tariffs being implemented and lasting for four to six months.", "2019-08-31"]
[8.254371643066406, -0.6839007139205933, "If not, the bank expects growth of 6% in 2020.", "2019-08-31"]
[8.029953956604004, -1.6081370115280151, ")\n \nIn the past, whenever growth looked set to slow sharply, Chinese companies could count on a stimulus package to revive it.", "2019-08-31"]
[6.218624114990234, -3.93437123298645, "But this time officials have been much more restrained in their response, partly because of concern about adding to China\u2019s hefty debt burden.", "2019-08-31"]
[8.526752471923828, 0.11959995329380035, "On August 26th the central bank had a chance to lower funding costs for banks, but it refrained, bucking the global trend towards lower rates.", "2019-08-31"]
[5.370124816894531, -0.48625022172927856, "On August 27th the State Council, or cabinet, issued an underwhelming 20-point plan to promote consumption.", "2019-08-31"]
[5.484859943389893, -0.3842651844024658, "Some analysts had been hoping for targeted tax cuts or subsidies; instead, it made small-bore promises, such as more 24-hour convenience stores.", "2019-08-31"]
[5.455129146575928, -3.169515371322632, "The Chinese government\u2019s lack of panic about the economic outlook should give Mr Trump pause.", "2019-08-31"]
[5.3539042472839355, -1.1846158504486084, "\u201cIts leadership now looks committed to a strategy of toughing out trade tensions,\u201d says Andrew Batson of Gavekal, a research firm.", "2019-08-31"]
[8.23935604095459, -1.652464509010315, "It helps that China has procured insurance in letting its exchange rate decline to 7.1 yuan per dollar, the weakest since 2008, offsetting some of the drag from tariffs.", "2019-08-31"]
[4.4001898765563965, -0.47424766421318054, "But some think the calm is verging on complacency.", "2019-08-31"]
[7.643723011016846, -2.955550193786621, "Not only has China\u2019s government refrained from stimulus, but it has become more hawkish about the property sector, the engine of its economy.", "2019-08-31"]
[7.1641435623168945, -3.4602298736572266, "In line with President Xi Jinping\u2019s oft-repeated warning that investors should not speculate on housing, regulators have curtailed lending to developers and sworn off cutting mortgage rates.", "2019-08-31"]
[7.524518013000488, -2.666879177093506, "\u201cWe would view stabilising growth by choking credit to the property sector as analogous to performing cardiac surgery without blood pumps, oxygen and anaesthesia,\u201d says Lu Ting, an economist with Nomura, a bank.", "2019-08-31"]
[3.8833675384521484, -0.3675476014614105, "In other words, things could get ugly.", "2019-08-31"]
[5.675872325897217, 0.5683726668357849, "|WASHINGTON, DC\n\nFinance & economics | Plane clash\nAmerica is preparing to hit $7.5bn-worth of European imports with tariffs\nThe trade dispute will not end there\n\nMOST MUSEUM exhibits are beautiful\u2014or at least old.", "2019-10-03"]
[5.776675701141357, -0.43180420994758606, "But an exhibition in 2015 at the World Trade Organisation (WTO) included 60 cardboard boxes of documents.", "2019-10-03"]
[5.258303165435791, 0.36308613419532776, "The point was to give a sense of the scale of two of the body\u2019s longest and largest legal disputes, over American and European subsidies for aircraft manufacturers.", "2019-10-03"]
[4.22495698928833, -0.5687931776046753, "Now the fight is moving out of the paperwork phase.", "2019-10-03"]
[6.77241849899292, -1.0811001062393188, "That means tariffs are coming.", "2019-10-03"]
[6.049789905548096, -1.4777463674545288, "On October 2nd the WTO published its decision to allow the Trump administration to put tariffs on $7.5bn-worth of imports from the European Union.", "2019-10-03"]
[5.579548358917236, 0.7327398061752319, "That is intended to match the harm done to Boeing, an American manufacturer, by the EU\u2019s subsidies for Airbus, Boeing\u2019s European rival.", "2019-10-03"]
[5.595099925994873, -0.5512513518333435, "It is the largest retaliation the WTO has ever approved.", "2019-10-03"]
[5.588887691497803, -1.405282735824585, "Senior officials at the United States Trade Representative (USTR) called the victory \u201chistoric\u201d.", "2019-10-03"]
[4.115489482879639, -0.3700445294380188, "The dispute has been long and bitter.", "2019-10-03"]
[5.5559983253479, 0.7175162434577942, "In October 2004 America complained to the trade body about loans offered by EU governments to Airbus on easy terms.", "2019-10-03"]
[5.584113121032715, 0.7304393649101257, "The following June the EU filed a complaint about the harm to Airbus from subsidies to Boeing, in the form of tax breaks and generous contracts with the Department of Defence.", "2019-10-03"]
[4.439215660095215, -0.05538826063275337, "Since then there has been enough legal back-and-forth to bore the most ardent plane-spotter.", "2019-10-03"]
[5.298835754394531, -0.35680556297302246, "The WTO ruled against both subsidisers.", "2019-10-03"]
[4.041453838348389, -0.42581912875175476, "Each made some adjustments supposed to resolve the other\u2019s complaints\u2014but neither was satisfied.", "2019-10-03"]
[5.138424396514893, -0.7493563890457153, "The latest judgment comes as the EU\u2019s claim of compliance is still being assessed.", "2019-10-03"]
[5.781183242797852, -1.2024216651916504, "In around eight months, the WTO is likely to authorise the EU to put tariffs on American imports, completing the tit for tat.", "2019-10-03"]
[5.901429653167725, -0.6537454724311829, "In a narrow sense, this is the multilateral rules-based trading system working as intended.", "2019-10-03"]
[4.6665940284729, -0.8957456946372986, "Both parties went through the proper channels to receive an official judgment.", "2019-10-03"]
[3.888967752456665, -0.9339041709899902, "Neither took matters into its own hands.", "2019-10-03"]
[5.599602222442627, -1.206653118133545, "The tariffs America is about to impose on Europe are not unilateral bullying, but an enforcement mechanism of last resort.", "2019-10-03"]
[6.16218900680542, -1.5486747026443481, "They would probably have been applied by any president, even one less tariff-happy than Donald Trump.", "2019-10-03"]
[5.270695686340332, -0.18655234575271606, "In a broader sense, it shows how vulnerable those multilateral rules are to timewasters.", "2019-10-03"]
[5.621163845062256, 0.6883000731468201, "In a sector like aircraft manufacturing, where subsidies are ubiquitous, it has always been clear that America and the EU needed to agree to mutual disarmament.", "2019-10-03"]
[3.9823782444000244, -0.6065314412117004, "Instead, they have talked past each other, each complaining at various points that the other was unwilling to negotiate.", "2019-10-03"]
[5.296313285827637, -1.1248559951782227, "Most recently it has been the EU that has submitted proposals to America, only to be rebuffed.", "2019-10-03"]
[6.862612724304199, 0.17812131345272064, "Meanwhile, the boxes have been piling up and the lawyers raking in fees.", "2019-10-03"]
[5.9572272300720215, -1.6111085414886475, "The Trump administration wasted no time in starting the formalities at the WTO that will allow it to apply the tariffs.", "2019-10-03"]
[6.673799991607666, -1.282165765762329, "That means the EU can expect tariffs on October 18th.", "2019-10-03"]
[7.072232723236084, -1.4240179061889648, "As well as tariffs of 10% on large aircraft and 25% on agricultural and industrial goods, the list the USTR published on October 2nd included Italian Parmesan, Scotch whisky and German waffles.", "2019-10-03"]
[7.326295852661133, -1.4042233228683472, "Even if a product is not on the list it may still be hit, as items could be shuffled in and out.", "2019-10-03"]
[5.747807025909424, 0.5771092176437378, "For all the fuss the dispute will generate among connoisseurs of European cheese, the biggest impact will be on aircraft, of which America imported $5.1bn-worth in 2018, mostly from France and Germany (the USTR has said that only a portion will be hit).", "2019-10-03"]
[6.8584089279174805, -1.183925747871399, "It could have been worse\u2014the Americans could have applied a tariff of up to 100%\u2014but even one of 10% will bite.", "2019-10-03"]
[5.7686848640441895, 0.6323368549346924, "American airlines fear that tariffs will raise the price of Airbus aircraft, and that Boeing will lack the capacity to expand supply.", "2019-10-03"]
[5.446192741394043, -1.0929902791976929, "Perhaps the WTO will find that the EU has removed its subsidies, and the Americans will stand down.", "2019-10-03"]
[5.417685031890869, -1.0821038484573364, "Or in eight months\u2019 time, when the WTO authorises the EU to place retaliatory tariffs on American imports as part of the Boeing dispute, the two sides might finally negotiate away their differences.", "2019-10-03"]
[5.966608047485352, -1.472188949584961, "By then Mr Trump\u2019s appetite for tariffs may have been sated, and he might abandon separate threats to put tariffs on European cars and car parts.", "2019-10-03"]
[5.052952766418457, -0.5999544262886047, "But it is also possible that trade disputes between the two sides become fiercer.", "2019-10-03"]
[5.205104827880859, -0.44033026695251465, "America is blocking the appointment of judges to the WTO\u2019s court of appeals.", "2019-10-03"]
[5.209649085998535, -0.440093457698822, "If either side makes a move that the other judges an infraction, and a complaint to the WTO cannot be heard for lack of judges, that could be the end of playing by the rules.", "2019-10-03"]
[6.11547327041626, -1.7473278045654297, "Finance & economics | Trade war\nA mini-truce between America and China has investors feeling hopeful\nBut there remain plenty of reasons for pessimism\n\nCOULD IT be a ceasefire at last?", "2019-10-12"]
[5.396723747253418, -2.458968162536621, "After months of rising tension and threats of ever higher tariffs, American and Chinese negotiators agreed to a mini-truce on October 11th.", "2019-10-12"]
[7.04379940032959, -2.3698534965515137, "In exchange for America holding off on a tariff increase planned for October 15th, the Chinese government offered to buy American agricultural products.", "2019-10-12"]
[7.450185298919678, -3.19930100440979, "China also pledged to do more to liberalise its financial services sector, tighten up its intellectual property rules and be more transparent with its interventions in currency markets.", "2019-10-12"]
[4.499215126037598, -2.483416795730591, "President Donald Trump described the talks as \u201ca love fest\u201d.", "2019-10-12"]
[4.5830912590026855, -0.9628345966339111, "The details of the agreement are still unclear.", "2019-10-12"]
[4.643947124481201, -1.444379448890686, "Chinese state media did not even describe it as a deal, instead saying that substantial progress had been made in talks.", "2019-10-12"]
[4.915737152099609, -1.1797624826431274, "Still, a ceasefire is better than higher tariffs and it might produce real gains.", "2019-10-12"]
[7.20786190032959, -2.9288017749786377, "More transparency for China\u2019s opaque currency regime, for example, would not hurt.", "2019-10-12"]
[7.518488883972168, -3.160435676574707, "The same day, in state-run media, China announced a timetable for liberalising the financial services sector, which should benefit the Chinese economy as well as foreign companies.", "2019-10-12"]
[4.550318717956543, -0.8956085443496704, "Yet the agreement, such as it is, seems more like a demonstration of goodwill than a resolution of the trade dispute.", "2019-10-12"]
[6.866378307342529, -1.8176497220993042, "America\u2019s concession is minor: although a tariff increase from 25% to 30% on around $250bn of imports from China will no longer go ahead, other tariffs are still scheduled to rise on December 15th.", "2019-10-12"]
[7.209265232086182, -2.3463590145111084, "The Chinese government\u2019s promise to purchase $40-50bn of agricultural products should help American farmers (assuming that the sales happen at a sufficiently high price).", "2019-10-12"]
[5.994589805603027, -0.2532501816749573, "But trade is supposed to be about markets, not state intervention; trade experts fear that a move towards \u201cmanaged trade\u201d will further undermine the global trading system.", "2019-10-12"]
[6.875802993774414, -3.4593870639801025, "China\u2019s announced reforms to financial services are largely a restatement of old promises and may well not be implemented effectively.", "2019-10-12"]
[7.082648277282715, -3.720153570175171, "Lifting restrictions on foreign ownership within finance, for example, is not much use if the government then uses other regulations to hinder American companies.", "2019-10-12"]
[5.127072811126709, -1.016743540763855, "The big question for American businesses is whether this detente will hold.", "2019-10-12"]
[4.065710544586182, -0.6355774998664856, "Progress so far seems to have been achieved by negotiators compartmentalising their differences.", "2019-10-12"]
[4.986847400665283, -1.4965728521347046, "Mr Trump called the agreement \u201cphase one\u201d and added that the final deal would be so big that it would have to be completed sequentially.", "2019-10-12"]
[6.087586402893066, -3.515314817428589, "When negotiators move on to China\u2019s subsidies, state-owned enterprises or data policies, talks are likely to get trickier.", "2019-10-12"]
[4.677661418914795, -0.42590975761413574, "There are also live disputes that go beyond just trade.", "2019-10-12"]
[5.192685604095459, -2.4763565063476562, "Robert Lighthizer, the United States Trade Representative, said that the matter of Huawei, the Chinese telecommunications giant that faces restrictions on its ability to sell to American companies owing to security concerns, was not part of the current round of discussions.", "2019-10-12"]
[6.969499111175537, -4.262200355529785, "On October 7th the Trump administration added 28 Chinese companies to its \u201centity list\u201d, making it harder for them to do business with America, in response to the Chinese government\u2019s human-rights abuses in the province of Xinjiang.", "2019-10-12"]
[5.603524684906006, -4.2947258949279785, "A Chinese spokesman labelled the move \u201ca grave violation of basic norms governing international relations and a flagrant interference in China's internal affairs.", "2019-10-12"]
[4.782688617706299, -1.173149585723877, "\u201d\nFor now the atmosphere among the trade negotiators has clearly improved.", "2019-10-12"]
[3.9814705848693848, -0.8230167627334595, "But truces have emerged before, only to collapse under a barrage of tweets.", "2019-10-12"]
[3.8744864463806152, -0.7256402969360352, "Ominously the two sides offered neither a joint statement nor a formal text setting out the deal.", "2019-10-12"]
[4.400261402130127, -0.8796796202659607, "It is possible that, as in past rounds of talks, there are still misunderstandings that will only become apparent as the deal is formalised.", "2019-10-12"]
[3.812962532043457, -0.5074868202209473, "The love fest may not endure.", "2019-10-12"]
[4.439337253570557, -1.044507622718811, "Over the coming weeks negotiators will try to hammer out the precise details.", "2019-10-12"]
[4.447380542755127, -3.090470314025879, "Mr Trump will then meet Mr Xi in Chile during a meeting of the Asia-Pacific Economic Cooperation forum on November 13th and 14th, where he hopes to sign the text.", "2019-10-12"]
[4.997900009155273, -0.8374780416488647, "Even if the two leaders do put pen to paper, businesses will still face immense uncertainty and hefty tariffs.", "2019-10-12"]
[4.338289737701416, -0.3412815034389496, "The end of phase one may be in sight.", "2019-10-12"]
[3.836331844329834, -0.5498707294464111, "But the end of this conflict is not.", "2019-10-12"]
[6.207059860229492, -2.3678276538848877, "|WASHINGTON, DC\n\nFinance & economics | Spilling over\nAmerica and China are sparring over subsidies\nThey are chasing the wrong solutions\n\nAS TRADE TALKS continue between America and China, old fights are rumbling on.", "2019-10-31"]
[6.398837089538574, -2.4307215213775635, "On October 28th China asked the World Trade Organisation (WTO) to allow it to retaliate against $2.4bn of imports from America, as part of a long-running dispute over American treatment of Chinese exports.", "2019-10-31"]
[6.046545505523682, -1.5404729843139648, "The final sum will be set by an arbitrator, and will be small in the broader context of the two countries\u2019 escalating trade war.", "2019-10-31"]
[4.0225510597229, -0.25437113642692566, "But the symbolism will make it sting.", "2019-10-31"]
[5.950066566467285, -3.3266851902008057, "The dispute concerns two of America\u2019s biggest gripes: China\u2019s economic model and the WTO\u2019s inability to constrain it.", "2019-10-31"]
[6.908554553985596, -3.9480299949645996, "America accuses China\u2019s government of bloating its private sector with subsidies, which spill over to affect businesses abroad.", "2019-10-31"]
[7.6734395027160645, -3.795952081680298, "If state-owned banks make cut-price loans, or state-owned electricity companies sell cheap energy, Chinese exporters have an unfair advantage, it says.", "2019-10-31"]
[7.10025691986084, -1.8113207817077637, "By last year America had imposed tariffs on almost 7% of Chinese imports, citing such subsidies and the need to defend itself.", "2019-10-31"]
[7.158143997192383, -4.057150363922119, "Americans argue that if Chinese state institutions hold a majority stake in a company, this strongly suggests it is a \u201cpublic body\u201d and therefore capable of giving subsidies.", "2019-10-31"]
[5.054847240447998, -0.3422730267047882, "But the WTO\u2019s appellate body has generally disagreed.", "2019-10-31"]
[5.513261318206787, -3.927224636077881, "It has also often backed China\u2019s stance that America\u2019s defensive duties are too harsh.", "2019-10-31"]
[5.465153217315674, -0.8052647709846497, "The United States Trade Representative, America\u2019s main trade negotiator, attacked the most recent such judgment, in July.", "2019-10-31"]
[5.172359466552734, -0.36910542845726013, "Such decisions, it said, illustrated its concerns with the way that the WTO resolves disputes.", "2019-10-31"]
[5.144886016845703, -0.35394999384880066, "In an attempt to force a change of approach, it is blocking appointments to the WTO\u2019s appellate body.", "2019-10-31"]
[5.841823101043701, -3.5927634239196777, "But bringing the body to a standstill would do nothing to solve the rows that have brought America and China before it again and again.", "2019-10-31"]
[5.741881370544434, -0.8548778295516968, "That would require them to agree on what counts as a public body, and when defensive tariffs are allowable.", "2019-10-31"]
[5.851027011871338, -0.9517741203308105, "Even better would be a deal to limit subsidies, which might be added to the WTO\u2019s rules.", "2019-10-31"]
[5.652455806732178, -2.2370846271514893, "Unfortunately American and Chinese negotiators, who are currently trying to strike a \u201cphase one\u201d deal that could bring a ceasefire in the broader trade war, are not even discussing these thorny issues.", "2019-10-31"]
[7.421767234802246, -5.225917816162109, "Meanwhile American sanctions against Huawei, a Chinese telecoms firm, have amplified those voices within China that are calling for even more subsidies.", "2019-10-31"]
[6.157801151275635, -0.5317419171333313, "In the long run subsidies are hard to tackle bilaterally, since any benefits can be undone if an unconstrained third country boosts its handouts in response.", "2019-10-31"]
[4.856791019439697, -1.0528218746185303, "American officials have been discussing what new multilateral rules could look like with European and Japanese officials, but without much visible progress.", "2019-10-31"]
[5.871410846710205, -3.9647789001464844, "And even if the trio agreed on something, China might not play along.", "2019-10-31"]
[6.640531539916992, -2.7572672367095947, "On October 26th a forum that was supposed to address steel subsidies collapsed, in part because the Chinese withdrew.", "2019-10-31"]
[6.777303218841553, -0.7789775729179382, "Tariffs it is, then.", "2019-10-31"]
[6.107828140258789, -2.5429835319519043, "|SHANGHAI AND WASHINGTON, DC\n\nFinance & economics | Phase one, scene two\nChina tries to squeeze more out of a small trade deal with America\nChina wants to see American tariff cuts as a show of good faith\n \nTHE TRADE conflict between China and America has been a clash not just of giant economies but of utterly different public negotiating styles.", "2019-11-07"]
[4.74986457824707, -3.1904821395874023, "In one corner are President Donald Trump\u2019s tweets, in which he veers between heaping praise on China and declaring that he has pummelled it.", "2019-11-07"]
[6.181684494018555, -2.652557611465454, "In the other is a Chinese bureaucracy that has stuck doggedly to the same message: tariffs must be removed for the two countries to reach a trade agreement.", "2019-11-07"]
[4.3464484214782715, -0.6370428800582886, "A mini-deal, hashed out last month, is shaping up to be a mini-test of their contrasting approaches.", "2019-11-07"]
[4.718247413635254, -1.2314560413360596, "The outline of the mini-deal\u2014or, as Mr Trump put it, the \u201csubstantial phase-one deal\u201d\u2014seemed clear enough.", "2019-11-07"]
[6.9755730628967285, -2.242219924926758, "China would buy American agricultural products, and America would hold back from slapping yet more tariffs on China.", "2019-11-07"]
[5.363736629486084, -2.7963364124298096, "With this basic agreement under their belts, the two combatants would move onto weightier topics such as China\u2019s support for its strategic industries.", "2019-11-07"]
[4.533117294311523, 0.20825979113578796, "But two problems have since emerged: one predictable, one not.", "2019-11-07"]
[3.790759563446045, -0.49137964844703674, "As was foreseeable at the time, the lack of detail about the mini-truce concealed big differences.", "2019-11-07"]
[6.473355293273926, -2.178539276123047, "Mr Trump said that trade talks had been \u201ca love fest\u201d, and that China would buy $40bn-50bn in farm goods from America, more than double the level before the trade war.", "2019-11-07"]
[5.446831703186035, -3.3830933570861816, "But the more he gloated, the more China appears to have seen an opening to push for more.", "2019-11-07"]
[6.392220973968506, -2.0518879890441895, "According to multiple reports, Chinese negotiators have demanded that to complete the mini-deal, America must remove some of its existing tariffs, not just refrain from new ones.", "2019-11-07"]
[5.669740676879883, -3.942073106765747, "China\u2019s gambit might just pay off.", "2019-11-07"]
[6.492105484008789, -2.0079171657562256, "On November 4th a Trump administration official reportedly said that a phase-one deal between America and China could roll back the 15% tariff imposed on September 1st, on $112bn of goods.", "2019-11-07"]
[7.121651649475098, -2.428640842437744, "China could be offering some sweeteners such as a purchase of liquefied natural gas, which Wilbur Ross, America\u2019s commerce secretary, hinted at on November 5th.", "2019-11-07"]
[5.949262619018555, -1.3807474374771118, "But the tariff reduction would be an American concession.", "2019-11-07"]
[5.43972635269165, -2.2966721057891846, "The previous stance of Robert Lighthizer, America\u2019s chief trade negotiator, was that tariffs should remain until China proves that it is honouring whatever deal is struck.", "2019-11-07"]
[4.993282318115234, -0.14147645235061646, "The unpredictable complication was Chile\u2019s big protests.", "2019-11-07"]
[4.497631549835205, -2.879611015319824, "Mr Trump and Xi Jinping, his Chinese counterpart, had hoped to seal their mini-deal on neutral ground at a summit of Asia-Pacific countries in Chile in mid-November.", "2019-11-07"]
[4.189639568328857, -1.93294095993042, "But the organisers have cancelled the summit.", "2019-11-07"]
[4.085947036743164, -1.1794135570526123, "That poses the question of where and when the leaders should meet, itself a matter of negotiation.", "2019-11-07"]
[4.776084899902344, -3.360619306564331, "Given Mr Trump\u2019s tendency to improvise, China wants to be sure there is a political win on the table before it agrees to meet.", "2019-11-07"]
[6.813416957855225, -2.534280300140381, "The Chinese may yet include more juicy titbits for American businesses as part of the mini-deal.", "2019-11-07"]
[5.0214128494262695, -1.0314451456069946, "But even if it is signed without a hitch, the trade war will be far from over.", "2019-11-07"]
[7.218137264251709, -1.6213663816452026, "Hundreds of billions of dollars of Chinese exports would still be affected by tariffs and companies would still have to live with the uncertainty of the old ones coming back.", "2019-11-07"]
[4.382763862609863, -1.9756813049316406, "Mr Trump would still have the final word, and another one after that too.", "2019-11-07"]
[5.857179164886475, -2.181412696838379, "|WASHINGTON, DC\n\nFinance & economics | Who shot the sheriff?", "2019-11-28"]
[5.6977386474609375, -1.1294224262237549, "It\u2019s the end of the World Trade Organisation as we know it\nAnd America feels fine\n \n\u201cWINTER IS COMING,\u201d warned a Norwegian representative on November 22nd, at a meeting of the World Trade Organisation (WTO).", "2019-11-28"]
[5.481195449829102, -0.32885563373565674, "The multilateral trading system that the WTO has overseen since 1995 is about to freeze up.", "2019-11-28"]
[5.0619378089904785, -0.3306402266025543, "On December 10th two of the judges on its appellate body, which hears appeals in trade disputes and authorises sanctions against rule-breakers, will retire\u2014and an American block on new appointments means they will not be replaced.", "2019-11-28"]
[4.969384670257568, -0.2987349033355713, "With just one judge remaining, it will no longer be able to hear new cases.", "2019-11-28"]
[6.183938026428223, -0.8292973637580872, "The WTO underpins 96% of global trade.", "2019-11-28"]
[6.2356767654418945, -0.7480751872062683, "By one recent estimate, membership of the WTO or General Agreement on Tariffs and Trade (GATT), its predecessor, has boosted trade among members by 171%.", "2019-11-28"]
[5.922189235687256, -0.790125846862793, "When iPhones move from China to America, or bottles of Scotch whisky from the European Union to India, it is the WTO\u2019s rules that keep tariff and non-tariff barriers low and give companies the certainty they need to plan and invest.", "2019-11-28"]
[5.446427345275879, 0.26983433961868286, "The system is supposed to be self-reinforcing.", "2019-11-28"]
[5.892558574676514, -0.6858789324760437, "Mostly, countries follow the WTO\u2019s rules.", "2019-11-28"]
[4.6296706199646, -0.38381072878837585, "But if one feels another has transgressed, then instead of starting a one-on-one trade spat it can file a formal dispute.", "2019-11-28"]
[5.075056076049805, -0.419432669878006, "If the WTO\u2019s ruling displeases either party, it can appeal.", "2019-11-28"]
[4.863199234008789, -0.42764711380004883, "The appellate body\u2019s judgments pack a punch.", "2019-11-28"]
[5.5970139503479, -0.49808937311172485, "If the loser fails to bring its trade rules into compliance, the winner can impose tariffs up to the amount the judges think the rule-breaking cost it.", "2019-11-28"]
[4.940964698791504, -0.5404481887817383, "It is that punishment that deters rule breaking in the first place.", "2019-11-28"]
[5.169190406799316, -0.5073159337043762, "It is no surprise that President Donald Trump has axed these foreign arbiters, given his general distaste for internationally agreed rules.", "2019-11-28"]
[5.381462574005127, -1.7712897062301636, "On November 12th he declared himself \u201cvery tentative\u201d on the WTO.", "2019-11-28"]
[5.080320835113525, -0.04189557209610939, "But the problems run far deeper than dislike of multilateral institutions.", "2019-11-28"]
[5.356668472290039, -0.2952556312084198, "They stem from a breakdown in trust over the way international law should work, and the more general failure of the WTO\u2019s negotiating arm.", "2019-11-28"]
[4.731131076812744, -0.5456354022026062, "Had the Americans felt that they could negotiate away their grievances, resentment towards the appellate body might not have built up.", "2019-11-28"]
[6.344682693481445, -3.7485125064849854, "But with so many members reluctant to liberalise, including smaller countries fearful of opening up to China, that has been impossible.", "2019-11-28"]
[5.640690326690674, -1.0330132246017456, "America has had some wins at the WTO: against the European Union for subsidies to Airbus, an aircraft-maker; and against China for its domestic subsidies; theft of intellectual property; controls on the export of rare earths, which are used to make mobile phones; and even its tariffs on American chicken feet.", "2019-11-28"]
[5.333331108093262, -0.3592250645160675, "But it has also been dragged before the appellate body repeatedly, in particular by countries objecting to its heavy-handed use of \u201ctrade remedies\u201d: tariffs supposed to defend its producers from unfair imports.", "2019-11-28"]
[4.676430702209473, 0.03815735504031181, "Time after time, it has lost.", "2019-11-28"]
[4.879063129425049, -0.4814624786376953, "In such cases, it has generally sought to become compliant with the rules rather than buy the complainant off.", "2019-11-28"]
[4.741305828094482, -1.6375592947006226, "Though previous administrations had grumbled, and occasionally intervened in judges\u2019 appointments, the Trump administration went further.", "2019-11-28"]
[4.927934646606445, -0.2597525715827942, "Its officials complained that disputes often dragged on much longer than the supposed maximum of 90 days, and\u2014more seriously\u2014that the appellate body made rulings that went beyond what WTO members had signed up to.", "2019-11-28"]
[5.040009498596191, -0.36205223202705383, "They made it clear that unless such concerns were dealt with, no new judges would be confirmed.", "2019-11-28"]
[4.82287073135376, -0.48301413655281067, "Judicial overreach is in the eye of the beholder.", "2019-11-28"]
[5.355137825012207, -0.8597152829170227, "Losers will always feel hard done by, and America has been quick to celebrate the WTO\u2019s rulings when it wins.", "2019-11-28"]
[4.819703578948975, -0.28595903515815735, "But plenty of others think that the appellate body had overstepped its remit.", "2019-11-28"]
[5.436468601226807, -0.6591882705688477, "A recent survey of individuals engaged with the WTO, including national representatives, found that 58% agreed with that verdict.", "2019-11-28"]
[5.950306415557861, -0.9003607630729675, "Getting so many countries to sign up to the WTO was a remarkable achievement.", "2019-11-28"]
[4.043178558349609, -0.4634183645248413, "One way negotiators managed this was by leaving the rules vague, and papering over their differences with ambiguous language.", "2019-11-28"]
[6.036092281341553, 0.22253461182117462, "Take \u201czeroing\u201d, for example: using dubious mathematics to calculate defensive tariffs on unfairly traded imports.", "2019-11-28"]
[5.071479320526123, -0.6486763954162598, "The Americans claim that the rules do not say they cannot do it.", "2019-11-28"]
[4.736873626708984, -0.2920561730861664, "But others counter that the rules do not say they can.", "2019-11-28"]
[3.9305248260498047, -0.4278201460838318, "It is such long-running differences that have set the scene for the latest showdown.", "2019-11-28"]
[5.246391296386719, -0.4717709422111511, "The American trade lawyers happy to kill the appellate body see a fundamental difference between their attitude to international law, and that of Europeans.", "2019-11-28"]
[5.028227806091309, -0.9146623611450195, "Their position is that only clear contractual terms can be enforced, and they see Europeans as more comfortable with resolving ambiguities by going beyond what is written.", "2019-11-28"]
[4.933932781219482, -0.4200984239578247, "Essentially, they regard the appellate body as too European.", "2019-11-28"]
[4.76448917388916, -1.5717780590057373, "Moreover, in its eagerness to rule where terms are unclear, and in the American government\u2019s willingness to change its laws in response, they feel an affront to America\u2019s sovereignty.", "2019-11-28"]
[3.8338429927825928, -0.38549190759658813, "Under the GATT, which lacked a proper enforcement system, ambiguities were hashed out in smoke-filled rooms.", "2019-11-28"]
[5.649698734283447, -0.36728766560554504, "But the WTO was supposed to make naked power politics over trade obsolete.", "2019-11-28"]
[4.631654262542725, -0.46945708990097046, "Had it worked as intended, there would have been a balance between settling disputes and writing new rules.", "2019-11-28"]
[4.966203212738037, -0.7514006495475769, "Policy is best made with a vibrant judiciary interpreting the law, and a functioning legislative arm to fix any mistakes.", "2019-11-28"]
[4.550656318664551, -0.37162506580352783, "Whenever the appellate body made decisions that annoyed members, they could have resolved their differences at the negotiating table.", "2019-11-28"]
[6.43548583984375, -1.2438145875930786, "Perhaps America could have got others to agree to higher tariffs on imported steel, or been granted some flexibility in its defensive duties.", "2019-11-28"]
[5.473946571350098, -0.36683669686317444, "But the WTO\u2019s negotiating arm has been broken for years.", "2019-11-28"]
[4.816293716430664, -0.3660188615322113, "With the current count of members at 164, it has become more inclusive, but is unable to get much agreed.", "2019-11-28"]
[6.332403182983398, -1.4782679080963135, "Each member has a veto over any further multilateral trade liberalisation.", "2019-11-28"]
[4.693800449371338, -0.3233756124973297, "And without new negotiations, resentment towards the appellate body has built up.", "2019-11-28"]
[5.343502044677734, -4.049165725708008, "Had the multilateral system been more effective at dealing with the rise of China, perhaps the single biggest issue of its times, then calls to save it might be louder in Washington.", "2019-11-28"]
[5.047769069671631, -0.26102572679519653, "Although various American administrations pursued and won several cases, the process was slow and occasionally frustrating.", "2019-11-28"]
[5.942756652832031, -3.6952104568481445, "America can justly claim that, when it tried to hold China to account for its breaches of trade rules, it got little support.", "2019-11-28"]
[6.05006217956543, -4.1168036460876465, "America has been responsible for more than half of all complaints against China.", "2019-11-28"]
[5.487760543823242, -0.7971675395965576, "And other WTO members\u2019 complaints were generally copycat, filed in America\u2019s wake.", "2019-11-28"]
[5.692994117736816, -1.3168960809707642, "Now that the Trump administration has bypassed the WTO and taken the fight straight to China, there is nothing remaining that it particularly wants from the WTO.", "2019-11-28"]
[4.955606460571289, -0.33391088247299194, "And so the chances that it will relent and allow nominations to the appellate body by December 10th are slim to none.", "2019-11-28"]
[4.826428413391113, -0.5173138976097107, "In response to proposals from other members to change the body\u2019s rules, an American representative said that they were not persuaded that the rules would be stuck to.", "2019-11-28"]
[5.057613849639893, -0.41311115026474, "On November 26th the Trump administration suggested slashing the pay of members of the appellate body.", "2019-11-28"]
[4.857515811920166, -0.41111183166503906, "In October Chuck Grassley and Ron Wyden, the top Republican and Democrat politicians on the Senate Finance Committee, published an editorial saying that while they saw the value of an appellate body, it \u201cneeds to operate as the members agreed\u201d.", "2019-11-28"]
[5.4449687004089355, -0.666269063949585, "Of the WTO\u2019s 163 other members, 117 have signed a joint letter calling upon America to end the impasse.", "2019-11-28"]
[5.362893581390381, -0.6732494831085205, "Although America has been the heaviest user of the dispute-settlement system, others will miss it too (see chart).", "2019-11-28"]
[4.515800952911377, -0.39282676577568054, "Some have already begun preparing, for example by agreeing at the start of any disputes to forgo the right to appeal.", "2019-11-28"]
[5.099121570587158, -0.7921955585479736, "The EU, Canada and Norway have agreed on an interim arbitration mechanism that will use retired members of the appellate body as judges.", "2019-11-28"]
[5.148608684539795, -0.9200934171676636, "And the EU is considering beefing up its own enforcement mechanism to fill the hole left by the appellate body, though it would probably cleave more closely to the outcomes of first-stage rulings in WTO disputes.", "2019-11-28"]
[4.647396564483643, -0.04516058415174484, "But some members are likely to shun such alternatives\u2014especially those that expect to be sued a lot.", "2019-11-28"]
[4.421870231628418, -0.42438867688179016, "And it is unclear how robust they will be if disputes turn nasty.", "2019-11-28"]
[5.056427001953125, -0.47017407417297363, "Some WTO members may try to choose their dispute-settlement mechanism case by case.", "2019-11-28"]
[5.578721046447754, -0.23013831675052643, "An organisation as ambitious as the WTO, for all its faults, will be easier to break than replace.", "2019-11-28"]
[6.00580358505249, -0.201681450009346, "All this means that global trade is about to become a lot less predictable and a lot more contentious.", "2019-11-28"]
[4.70654821395874, -0.3816600441932678, "Without the appellate body to act as honest broker, disputes between the biggest members may escalate.", "2019-11-28"]
[5.75283145904541, -0.8093740940093994, "Under the GATT America acted as global trade sheriff, launching investigations at will and bullying disputatious countries into submission.", "2019-11-28"]
[4.72546911239624, -0.3236468434333801, "It is not impossible that it will resume this role.", "2019-11-28"]
[6.119779586791992, -2.017451047897339, "On November 27th the Trump administration announced that it had nearly finished an investigation into a French tax on digital services, which America reckons discriminates against its tech giants.", "2019-11-28"]
[6.780308723449707, -0.6906822323799133, "That could lead to tariffs.", "2019-11-28"]
[5.602452754974365, -0.38141971826553345, "You\u2019ll miss it when it\u2019s gone\nIn the 1980s American unilateralism was no fun for countries on the receiving end.", "2019-11-28"]
[5.220669269561768, -0.9515899419784546, "But at least back then Uncle Sam could point to the lack of any other power even theoretically capable of doing the job.", "2019-11-28"]
[5.008580207824707, -0.4743310213088989, "Now the absence of independent referees is America\u2019s own doing.", "2019-11-28"]
[6.0879807472229, -1.1239888668060303, "And of all Mr Trump\u2019s trade policies, it may prove the hardest to reverse and have the longest-lasting effects.", "2019-11-28"]
[6.2660112380981445, -1.9887274503707886, "|SHANGHAI\n\nFinance & economics | Life after tariffs\nTrade war?", "2019-12-12"]
[8.231036186218262, -2.776784896850586, "China\u2019s exporters have expanded their global market share\nAs America raises its walls, Chinese companies find new terrain\n \nAYEAR AGO an economic forecasting unit in the Chinese government published an outlook for the coming year.", "2019-12-12"]
[4.935280799865723, -0.0067141191102564335, "The big worry, it concluded, was the external environment.", "2019-12-12"]
[6.920650005340576, -2.2851059436798096, "Shipments to America, China\u2019s biggest customer, would suffer as the trade war dragged on.", "2019-12-12"]
[8.218873977661133, -2.5753066539764404, "China had maxed out its exports to other big countries, and others were too small to make a difference.", "2019-12-12"]
[5.775876998901367, -3.563883066177368, "So China\u2019s boffins are, like many others, surprised by how things have gone.", "2019-12-12"]
[8.525798797607422, -1.287284255027771, "Exports to America are indeed down, by nearly 15% so far this year.", "2019-12-12"]
[8.099569320678711, -1.9995640516281128, "But exports to the rest of the world have been much stronger (see chart).", "2019-12-12"]
[8.291611671447754, -2.5533244609832764, "China, it turns out, had more to sell to its big customers: exports to Europe are on track to surpass exports to America this year.", "2019-12-12"]
[8.268857955932617, -2.3194663524627686, "Meanwhile exports to smaller markets in South-East Asia, such as Vietnam and Malaysia, have boomed.", "2019-12-12"]
[8.159043312072754, -2.1227192878723145, "According to data from CPB World Trade Monitor, China\u2019s share of global exports has reached 11.9%, slightly higher than in July 2018, when the first American tariffs hit.", "2019-12-12"]
[7.573668003082275, 0.3812721371650696, "Sluggish imports\u2014in part because of a domestic slowdown\u2014mean the trade surplus is set to be about a quarter bigger in 2019 than in 2018.", "2019-12-12"]
[8.05666732788086, -1.7533456087112427, "One explanation for China\u2019s resilient exports is the yuan\u2019s 6% depreciation against the dollar since the trade war began.", "2019-12-12"]
[6.8925909996032715, -1.038751482963562, "That has blunted the tariffs\u2019 impact.", "2019-12-12"]
[8.301088333129883, -1.6098945140838623, "China\u2019s currency has also weakened against other major trading partners.", "2019-12-12"]
[7.326972961425781, -1.2515512704849243, "A second is goods routed through other countries to avoid tariffs.", "2019-12-12"]
[7.803178310394287, -2.19827938079834, "Some sent to South-East Asia have ended up in America.", "2019-12-12"]
[7.853430271148682, -2.4264988899230957, "Vietnamese customs officials have stepped up checks of everything from seafood to aluminium to ensure that they are not relabelled Chinese goods.", "2019-12-12"]
[7.693443298339844, -1.4108151197433472, "Julian Evans-Pritchard of Capital Economics, a research firm, estimates that American tariffs have cut Chinese GDP growth by about 0.6 percentage points, but that trans-shipments through South-East Asia may have lifted it back up by 0.3 percentage points.", "2019-12-12"]
[8.234186172485352, -3.3960068225860596, "There is also a third, more positive explanation: Chinese companies are highly competitive.", "2019-12-12"]
[8.65950870513916, -3.3477373123168945, "Once an assembly centre, China now makes more of the inputs that go into final goods.", "2019-12-12"]
[8.489684104919434, -4.050602436065674, "Its efforts in high-tech sectors such as semiconductors are well-known.", "2019-12-12"]
[7.924996376037598, -3.956188678741455, "But it is making lower-tech progress more broadly.", "2019-12-12"]
[8.383211135864258, -3.4008634090423584, "The Chinese light-industry council, representing toymakers, food firms and the like, estimates that its 100 most technologically advanced members invest 2.5% of revenues in research and development, high by international standards; it is pressing them to hit 3%.", "2019-12-12"]
[6.939359188079834, -3.134401559829712, "The road ahead will not be easy for Chinese exporters.", "2019-12-12"]
[6.889476299285889, -0.766192615032196, "The longer American tariffs last, the more likely American buyers are to find alternatives.", "2019-12-12"]
[8.532407760620117, -1.5365699529647827, "The fall in Chinese sales to America has accelerated recently.", "2019-12-12"]
[7.9974565505981445, -3.290555715560913, "On December 4th Chinese exporters of machinery and electronics met for their annual conference.", "2019-12-12"]
[5.249236583709717, -2.7187554836273193, "The theme was \u201cflourishing together along One Belt, One Road\u201d, in line with the government\u2019s policy of promoting economic ties with Asia, Africa and Europe.", "2019-12-12"]
[4.278319358825684, -1.9795600175857544, "In previous years that might have been politically astute positioning.", "2019-12-12"]
[4.347073554992676, -0.529913604259491, "Now it looks like a survival strategy.", "2019-12-12"]
[6.194304466247559, -2.2696971893310547, "|Washington, DC\n\nFinance & economics | In the foothills\nAmerica and China reach a \u201cphase one\u201d trade deal\nDetails are scanty, but new American tariffs due this weekend are cancelled\n\nAMERICAN TRADE deals typically stretch to thousands of pages.", "2019-12-14"]
[7.128894329071045, -1.972168207168579, "The new \u201cphase one\u201d trade deal between America and China takes up only 86.", "2019-12-14"]
[5.1100335121154785, -2.2800612449645996, "Robert Lighthizer, the United States Trade Representative (USTR) gave journalists a glimpse of it on December 13th, hours after it had been agreed.", "2019-12-14"]
[4.843285083770752, -1.310203194618225, "And he said that after a few weeks of checks for legal errors and inconsistencies it would be published.", "2019-12-14"]
[4.85823392868042, -1.4644054174423218, "He expected that it would then be signed in the first week of the new year.", "2019-12-14"]
[4.704577922821045, -1.1622525453567505, "That a deal exists in writing is good news.", "2019-12-14"]
[5.679426193237305, -4.038812637329102, "Even better, both the Chinese and the Americans seem to be on roughly the same page.", "2019-12-14"]
[5.954222679138184, -2.5053036212921143, "At a press conference in Beijing, Wang Shouwen, the Chinese deputy representative of international trade negotiations, described a text with nine chapters, including ones on intellectual property, technology transfer, financial services, \u201cexpanding trade\u201d and dispute settlement.", "2019-12-14"]
[6.240582466125488, -2.1223347187042236, "A different Chinese official said that in this first phase the Americans had promised to cancel some of its tariffs.", "2019-12-14"]
[6.88302755355835, -1.2604581117630005, "Mr Lighthizer specified that this meant cancellation of tariffs due on December 15th, and that tariffs of 15% on around $120bn of imports would be reduced to 7.5%.", "2019-12-14"]
[4.940142631530762, -2.4355268478393555, "On some details, Mr Lighthizer was more forthcoming than the Chinese.", "2019-12-14"]
[7.115159034729004, -2.12390398979187, "In return for the tariff reductions, he said that China would be ramping up by $200bn over two years its imports from America of agricultural products, manufactured goods, energy products and services.", "2019-12-14"]
[7.380035877227783, -2.2556939125061035, "Negotiators had set out targets for categories of commodities, so that Chinese agricultural purchases from America would rise from a baseline of $24bn in 2017 to at least $40bn in 2020 and 2021, and perhaps even higher.", "2019-12-14"]
[6.212881088256836, -0.06155417859554291, "But those figures would be kept secret, in case they had an impact on markets.", "2019-12-14"]
[5.759429931640625, -0.4059135615825653, "These managed-trade arrangements will attract plenty of well-deserved criticism.", "2019-12-14"]
[6.420034408569336, -3.537663459777832, "It is hard to see how China could meet its targets while keeping its commitments of non-discrimination made under the World Trade Organisation\u2019s rules.", "2019-12-14"]
[6.80377197265625, -2.172492742538452, "Joe Glauber of the International Food Policy Research Institute, formerly chief economist of the US Department of Agriculture, warns that countries such as Brazil, Canada and Australia will have tough questions to ask.", "2019-12-14"]
[5.935687065124512, -1.672539234161377, "He also questions the decision to keep the numerical targets secret, asking \u201chow else would producers get signals on what to plant?", "2019-12-14"]
[6.476099967956543, -1.1263694763183594, "\u201d In any case, the targets seem high enough that they will certainly distort economic flows, and leave American producers even more vulnerable to another breakdown in relations.", "2019-12-14"]
[6.5810227394104, -3.3343324661254883, "China, for its part, does not like the idea of becoming so heavily reliant on America for its imports of commodities such as soyabeans.", "2019-12-14"]
[6.6041388511657715, -2.3911471366882324, "And it had long insisted that it was unrealistic for Mr Trump to demand that it double its purchases of agricultural products from America.", "2019-12-14"]
[5.931662082672119, -3.6142220497131348, "Intriguingly, China demurred from mentioning any hard targets in its statements about the trade deal.", "2019-12-14"]
[5.569640159606934, -3.7145378589630127, "Is China embarrassed about having made such a large unwanted concession?", "2019-12-14"]
[5.645524501800537, -1.6661356687545776, "Or are the purchase agreements not as rock-solid as American officials have made them out to be?", "2019-12-14"]
[4.829677104949951, -0.9971522688865662, "That will become clearer when the agreement is published.", "2019-12-14"]
[7.3712053298950195, -3.0806045532226562, "It does seem as though the Chinese have made some healthy promises to open up their markets.", "2019-12-14"]
[5.294478893280029, -2.247082233428955, "Mr Lighthizer boasted of commitments on intellectual property that were \u201csimilar\u201d, albeit narrower, than those in the USMCA, a recently agreed trade deal between America, Mexico and Canada.", "2019-12-14"]
[6.4287004470825195, -3.260695457458496, "On the issue of forced technology transfers, which was at the heart of America\u2019s first tariff action in this trade war, he said that the Chinese authorities had agreed not to ask companies to hand over their technology as part of the process of securing a licence to do business.", "2019-12-14"]
[5.066842555999756, -0.09645280987024307, "If implemented, this would represent significant progress.", "2019-12-14"]
[7.464179515838623, -4.068831920623779, "Jake Parker of the US-China Business Council, a lobby group representing American companies operating in China, notes that this type of technology transfer was the biggest concern for many of his group's members.", "2019-12-14"]
[7.3015055656433105, -3.2284884452819824, "In their press conference the Chinese insisted that their commitments were in line with their broader economic strategy of opening up, and would help improve the business environment.", "2019-12-14"]
[6.113236427307129, -3.162998676300049, "Indeed, cynics will note that many of the reforms apparently linked to the deal are ones that China has already started implementing in recent years, raising questions about whether the nearly two-year-long trade battle has truly moved the needle for Chinese economic policy.", "2019-12-14"]
[4.940645217895508, -2.1475887298583984, "On whether the deal would make a difference, Mr Lighthizer said that though he thought it would, it was probably wise to say \u201cwe\u2019ll see\u201d.", "2019-12-14"]
[4.616468906402588, 0.39709994196891785, "Without more details, it is hard to assess its scope.", "2019-12-14"]
[4.978611469268799, -0.935261070728302, "Until the deal is signed on the dotted line, the threat of renewed trade hostilities will linger.", "2019-12-14"]
[4.8070807456970215, -0.7004655599594116, "Even after that, the deal\u2019s enforcement provisions will cause some anxiety.", "2019-12-14"]
[5.219381332397461, -2.4553842544555664, "Ultimately Mr Lighthizer will be the one to decide whether China has broken its commitments, not an independent arbiter.", "2019-12-14"]
[5.793059349060059, -2.4618918895721436, "And, in forming his view, he will be able to consider evidence based on anonymous complaints from American companies.", "2019-12-14"]
[6.3836588859558105, -0.05804194137454033, "This fixes a real problem, which is companies\u2019 fear of retaliation leading them to hold their tongues in front of the authorities.", "2019-12-14"]
[6.045021057128906, -4.114323616027832, "But it comes with a risk, of making the Chinese feel that they are being accused of a problem they can neither verify nor easily fix.", "2019-12-14"]
[3.9894728660583496, -0.7846660017967224, "And it means that it is not hard to see how tensions might escalate again.", "2019-12-14"]
[5.60205602645874, -4.103672027587891, "The Chinese do have an incentive to play along.", "2019-12-14"]
[4.759898662567139, -1.3451417684555054, "Both sides said that the success of the first phase of talks would determine success in the second, which would presumably unlock further tariff cuts.", "2019-12-14"]
[4.743376731872559, -1.5282288789749146, "The Americans seem to want to go further too.", "2019-12-14"]
[4.828219890594482, -2.3947997093200684, "On December 13th Mr Lighthizer spoke of climbing a huge mountain a little bit at a time.", "2019-12-14"]
[4.245362281799316, -0.3789893090724945, "The summit is still some way off.", "2019-12-14"]
[6.379669189453125, -2.229438066482544, "Finance & economics | By the numbers\nHow US-China trade has changed\nA year of disruption in charts\n\nAFTER AN apparent detente between America and China in late 2018, trade relations soured again at the start of 2019.", "2019-12-18"]
[7.452531814575195, -1.5142995119094849, "Over the course of the year America ratcheted up tariffs, and its bilateral trade deficit with China fell.", "2019-12-18"]
[6.46330451965332, -0.2743525803089142, "But market forces are powerful, and trade finds a way.", "2019-12-18"]
[7.803472518920898, 0.6094115376472473, "America\u2019s bilateral deficits with several other countries, including Mexico, rose.", "2019-12-18"]
[8.225784301757812, -2.5986194610595703, "Meanwhile Chinese exporters found new homes for their goods, including Vietnam and the Philippines.", "2019-12-18"]
[7.04429817199707, -2.217679738998413, "Next year is likely to see trade patterns further disrupted, as Chinese policymakers aim for a Trump-pleasing increase in imports from America.", "2019-12-18"]
[5.30518102645874, -2.8671271800994873, "Leaders | The superpower split\nDon\u2019t be fooled by the trade deal between America and China\nThe planet\u2019s biggest break-up is under way\n\nON JANUARY 15TH, after three years of a bitter trade war, America and China are due to sign a \u201cphase one\u201d deal that trims tariffs and obliges China to buy more from American farmers.", "2020-01-02"]
[5.033992290496826, -3.58512544631958, "This modest accord cannot disguise how the world\u2019s most important relationship is at its most perilous juncture since before Richard Nixon and Mao Zedong re-established links five decades ago.", "2020-01-02"]
[5.448505401611328, -4.364151954650879, "The threat to the West from China\u2019s high-tech authoritarianism has become all too clear.", "2020-01-02"]
[6.350546836853027, -4.433282852172852, "Everything from its pioneering artificial-intelligence firms to its gulags in Xinjiang spread alarm across the world.", "2020-01-02"]
[6.323826313018799, -3.2229385375976562, "Just as visible is America\u2019s incoherent response, which veers between demanding that the Chinese government buy Iowan soyabeans and insisting it must abandon its state-led economic model.", "2020-01-02"]
[4.195727825164795, -0.2750815451145172, "The two sides used to think they could both thrive; today each has vision of success in which the other lot falls behind.", "2020-01-02"]
[3.8040647506713867, -0.6240475177764893, "A partial dismantling of their bonds is under way.", "2020-01-02"]
[5.39870023727417, -3.3321824073791504, "In the 2020s the world will discover just how far this decoupling will go, how much it will cost and whether, as it confronts China, America will be tempted to compromise its own values.", "2020-01-02"]
[5.104255199432373, -2.802863121032715, "The roots of the superpower split go back 20 years.", "2020-01-02"]
[6.552780628204346, -2.972968339920044, "When China joined the World Trade Organisation in 2001 reformers at home and friends abroad dreamed that it would liberalise its economy and, perhaps, its politics too, smoothing its integration into an American-led world order.", "2020-01-02"]
[4.465580463409424, -0.014640873298048973, "That vision has died.", "2020-01-02"]
[6.016868591308594, 0.1689222753047943, "The West has faced a financial crisis and turned inward.", "2020-01-02"]
[8.069026947021484, -1.6639026403427124, "China\u2019s behaviour has improved in some ways: its giant trade surplus has fallen back to 3% of GDP.", "2020-01-02"]
[5.384555816650391, -4.094428539276123, "But it has an even bleaker form of dictatorship under President Xi Jinping and has taken to viewing America with distrust and scorn (see article).", "2020-01-02"]
[5.625706195831299, -4.101369380950928, "As with every emerging great power, China\u2019s hankering to exert its influence is growing along with its stature.", "2020-01-02"]
[5.704639911651611, -0.8531418442726135, "It wants to be a rule-setter in global commerce, with sway over information flows, commercial standards and finance.", "2020-01-02"]
[5.518623352050781, -4.621494770050049, "It has built bases in the South China Sea, is meddling with the 45m-strong Chinese diaspora and bullying its critics abroad.", "2020-01-02"]
[4.844364643096924, -1.8649591207504272, "President Donald Trump has responded with a policy of confrontation that has won bipartisan support in America.", "2020-01-02"]
[5.346812725067139, -3.760411262512207, "Yet the China hawks thronging Washington agencies and corporate boardrooms share no consensus over whether America\u2019s goal should be the mercantilist pursuit of a lower bilateral trade deficit, the shareholder-driven search for profits in American-owned subsidiaries in China or a geopolitical campaign to thwart China\u2019s expansion.", "2020-01-02"]
[4.5174407958984375, -3.7849977016448975, "Meanwhile, Mr Xi oscillates between grim calls for national self-reliance one day and paeans to globalisation the next, while the European Union is unsure if it is an estranged American ally, a Chinese partner or an awakening liberal superpower in its own right.", "2020-01-02"]
[4.217642784118652, 0.20052564144134521, "Muddled thinking brings muddled results.", "2020-01-02"]
[7.512024402618408, -5.247016906738281, "Huawei, a Chinese tech giant, faces such a disjointed campaign of American pressure that its sales rose by 18% in 2019 to a record $122bn.", "2020-01-02"]
[7.38954496383667, -3.811901092529297, "The EU has restricted Chinese investment even as Italy has joined China\u2019s belt-and-road trade scheme.", "2020-01-02"]
[7.548332691192627, -3.1230099201202393, "China spent 2019 promising to open its big, primitive capital markets to Wall Street even as it undermined the rule of law in Hong Kong, its global financial hub.", "2020-01-02"]
[5.280689239501953, -1.327223300933838, "The phase-one trade deal fits this pattern.", "2020-01-02"]
[5.766592502593994, -0.9144671559333801, "It mixes mercantilist and capitalist goals, leaves most tariffs intact and puts aside deeper disagreements for later.", "2020-01-02"]
[4.943603515625, -3.0406670570373535, "Mr Trump\u2019s tactical aim is to help the economy in an election year; China is happy to buy time.", "2020-01-02"]
[3.9462532997131348, -1.2855697870254517, "Geopolitical incoherence is neither safe nor stable.", "2020-01-02"]
[6.7111124992370605, -0.2954111695289612, "True, it has not yet inflicted a big economic cost\u2014since 2017 bilateral trade and direct investment flows between the superpowers have dropped by 9% and 60% respectively, but the world economy still grew by about 3% in 2019.", "2020-01-02"]
[7.150882720947266, -2.6944046020507812, "Some businesses, such as Starbucks\u2019s 4,125 caf\u00e9s in China, need never be affected.", "2020-01-02"]
[3.9891390800476074, -0.5147638916969299, "But confrontation is constantly spreading into new arenas.", "2020-01-02"]
[5.48035192489624, -4.332080364227295, "America\u2019s campuses are convulsed by a red scare about Chinese spying and intimidation (see Briefing).", "2020-01-02"]
[6.340021133422852, -4.422454357147217, "Rows blaze over athletes kowtowing to China, naval docking rights and alleged censorship on TikTok, a Chinese app used by teenagers worldwide.", "2020-01-02"]
[5.158139705657959, -3.390662431716919, "In the background is the risk of a confrontation between the superpowers over Taiwan, which holds elections in January (see article).", "2020-01-02"]
[3.965601921081543, -1.7464723587036133, "Each side is planning for a disengagement that limits the other superpower\u2019s day-to-day influence, reduces its long-term threat and mitigates the risk of economic sabotage.", "2020-01-02"]
[3.979763984680176, -1.6140789985656738, "This involves an exceptionally complex set of calculations, because the two superpowers are so intertwined.", "2020-01-02"]
[8.179534912109375, -3.872474431991577, "In technology, most electronic devices in America are assembled in China, and, reciprocally, Chinese tech firms rely on foreign suppliers for over 55% of their high-end inputs into robotics, 65% of those into cloud computing and 90% of those into semiconductors.", "2020-01-02"]
[8.108658790588379, -4.107736587524414, "It would take 10-15 years for China to become self-sufficient in computer chips and for America to shift suppliers (see Technology Quarterly).", "2020-01-02"]
[6.417698860168457, -0.18342022597789764, "Likewise in high finance, which could serve as a vehicle for sanctions.", "2020-01-02"]
[8.249763488769531, -1.9498573541641235, "The yuan accounts for just 2% of international payments and Chinese banks hold over $1trn in dollar assets.", "2020-01-02"]
[7.463878631591797, -2.5935423374176025, "Again, shifting trade partners to the yuan and winding down the banks\u2019 dollar exposure will take at least a decade, probably longer.", "2020-01-02"]
[7.8785624504089355, -3.605525493621826, "And when it comes to research, China still trains its best talent and finds its best ideas in America\u2019s world-beating universities\u2014at the moment there are 370,000 mainland students on campuses in the United States.", "2020-01-02"]
[4.035999298095703, -1.474399209022522, "Were the superpower rivalry to spiral out of control, the costs would be vast.", "2020-01-02"]
[8.170448303222656, -3.8685834407806396, "To build a duplicate tech hardware supply-chain would take $2trn or so, 6% of the superpowers\u2019 combined GDP.", "2020-01-02"]
[5.21596097946167, 0.2275671511888504, "Climate change, a great challenge which could provide a common purpose, would be even harder to cope with.", "2020-01-02"]
[4.2974371910095215, -2.164240598678589, "Also at stake is the system of alliances that is a pillar of America\u2019s strength.", "2020-01-02"]
[6.583155155181885, -3.4163951873779297, "Some 65 countries and territories rely on China as their largest supplier of imports and, asked to choose between the superpowers, not all of them would opt for Uncle Sam\u2014especially if it continues to pursue today\u2019s policy of America First.", "2020-01-02"]
[4.383679389953613, -1.9861444234848022, "Most precious of all are the principles that really made America great: global rules, open markets, free speech, respect for allies and due process.", "2020-01-02"]
[6.107781410217285, -3.912390947341919, "In the 2000s people used to ask how much China might become like America.", "2020-01-02"]
[5.483952045440674, -3.358215093612671, "In the 2020s the bigger question is whether a full superpower split might make America more like China.", "2020-01-02"]
[6.082855701446533, -2.5488343238830566, "|SHANGHAI AND WASHINGTON, DC\n\nFinance & economics | Between the lines\nThe new US-China trade deal marks an uneasy truce\nA truly grand pact remains some way off\n\nWITH HIS habit of announcing trade deals only for them to dissolve within weeks, President Donald Trump is a standing reminder that talk is cheap.", "2020-01-16"]
[5.519124984741211, -2.260491132736206, "But on January 15th he signed a phase one trade agreement with China alongside Liu He, the Chinese vice-premier, and published its contents for the world to see.", "2020-01-16"]
[5.286747455596924, -0.9935942888259888, "The 86 pages set out the terms of a new economic relationship between these two giants.", "2020-01-16"]
[4.6467671394348145, 0.17921097576618195, "Alongside some welcome measures, there are some howlers\u2014and glaring omissions.", "2020-01-16"]
[4.154577732086182, 0.15603116154670715, "Throughout the whole, however, runs a common pattern.", "2020-01-16"]
[5.3912529945373535, -3.8328135013580322, "Clauses that are in reality concessions wrung from the Chinese are often written in such a way that they formally apply to both sides\u2014but with subclauses specifying the actions that the Chinese are to take.", "2020-01-16"]
[5.747192859649658, -0.74443519115448, "For example, pledges to protect trade secrets are accompanied by new processes by which American companies can complain about breaches.", "2020-01-16"]
[5.980984210968018, -3.28364634513855, "The deal also addresses several long-standing American complaints about China\u2019s foot-dragging.", "2020-01-16"]
[7.174397945404053, -2.586247682571411, "China pledged that approvals of agricultural biotechnology products will take less than two years.", "2020-01-16"]
[7.257198810577393, -3.307680368423462, "The deal sets deadlines for China to consider licence applications by MasterCard and Visa.", "2020-01-16"]
[7.228092193603516, -2.3907041549682617, "And China will lower bureaucratic barriers to imports of American dairy, pork and beef.", "2020-01-16"]
[6.030107021331787, -3.4253244400024414, "As many a weary trade negotiator can attest, China has a history of reneging on promises.", "2020-01-16"]
[4.595468044281006, -0.7029624581336975, "But this deal comes with a novel dispute-settlement mechanism.", "2020-01-16"]
[4.2928690910339355, -0.46378710865974426, "After a speedy consultation, either party may find fault with the other.", "2020-01-16"]
[5.040019512176514, -1.2140740156173706, "(History suggests that the Americans are more likely to feel aggrieved.", "2020-01-16"]
[4.7743401527404785, -0.40075448155403137, ") If a solution cannot be reached, the accuser can unilaterally impose penalties.", "2020-01-16"]
[4.7844557762146, -0.3927037715911865, "The accused cannot retaliate, short of pulling out of the deal altogether.", "2020-01-16"]
[6.007877349853516, -3.7680063247680664, "It is possible that this mechanism will force China to address American grievances.", "2020-01-16"]
[4.749621391296387, 0.37534552812576294, "But it may also cause new problems.", "2020-01-16"]
[5.1444220542907715, -2.3499317169189453, "It hands huge discretion to Robert Lighthizer, the United States Trade Representative (USTR).", "2020-01-16"]
[6.930469989776611, -2.8275411128997803, "Take China\u2019s ever-contentious yuan regime.", "2020-01-16"]
[6.911159038543701, -2.719113349914551, "On January 13th, in a sign of thawing relations, the American Treasury removed China from its list of currency manipulators.", "2020-01-16"]
[6.892605304718018, -1.93681800365448, "But if at some point China is put back on the list, the USTR would now seem to have virtually unchecked power to slap tariffs on it.", "2020-01-16"]
[7.284002780914307, -2.296584129333496, "Further problems may be caused by China\u2019s pledge to buy an extra $200bn of American goods and services over the next two years, on top of a baseline of $187bn in purchases in 2017.", "2020-01-16"]
[6.279269218444824, -2.0728182792663574, "That is intended to satisfy Mr Trump\u2019s main desire: to close America\u2019s trade deficit with China.", "2020-01-16"]
[7.194268226623535, -2.7957489490509033, "But making it happen will probably require China\u2019s government to direct Chinese companies to buy lots of American goods.", "2020-01-16"]
[4.1282477378845215, -1.445021152496338, "Both countries will become more reliant on each other, which neither wants.", "2020-01-16"]
[6.611236095428467, -0.9889925718307495, "And their other trading partners might be squeezed out.", "2020-01-16"]
[5.41799259185791, -2.2588725090026855, "The Americans do not seem overly concerned.", "2020-01-16"]
[4.936019420623779, -2.2635085582733154, "Mr Lighthizer is keen to move on to implementation, saying that, as the first deal of its kind, \u201cwe have to make sure that it works\u201d.", "2020-01-16"]
[4.595827102661133, -2.4440956115722656, "The coming months will demonstrate whether the two countries can establish a friendlier dialogue, and whether their relationship can survive America\u2019s more aggressive use of security-related export and investment restrictions.", "2020-01-16"]
[4.620077133178711, -0.7531653046607971, "The deal is far from a reset.", "2020-01-16"]
[5.810222625732422, -4.228020191192627, "As Mr Lighthizer noted, China\u2019s cyber-intrusions and industrial subsidies still rankle with America.", "2020-01-16"]
[6.200294494628906, -3.5133800506591797, "Chinese media, meanwhile, laid out an argument that may become more familiar: if American export restrictions prevent China from fulfilling its purchase commitments, the fault will lie with America.", "2020-01-16"]
[4.055461883544922, -0.957457423210144, "A truly grand pact between the two countries is some way off\u2014and indeed, may never arrive.", "2020-01-16"]
[5.398519039154053, -0.7505115270614624, "But this modest trade agreement shows how much the status quo has changed.", "2020-01-16"]
[6.765341281890869, -1.2602838277816772, "Tariffs on hundreds of billions of dollars\u2019 worth of imports into both countries remain in place, with an ever-present threat of more.", "2020-01-16"]
[4.62880277633667, -0.8465883731842041, "This is not trade peace, but rather a trade truce\u2014and a tense one at that.", "2020-01-16"]
[7.514425277709961, -5.391123294830322, "|BERLIN\n\nEurope | Cyber-security in Germany\nAngela Merkel is loth to take sides over Huawei\nBut German lawmakers may force her to\n \nEVERY GERMAN knows the torments of Funkl\u00f6cher, the patchwork of telephonic dead spots unmolested by radio signals, where smartphones fall silent and internet connections evaporate.", "2020-01-23"]
[7.594501972198486, -5.387610912322998, "Stuck for years in the slow lane of the rich world\u2019s telecoms, Germany is determined not to be left behind as fifth-generation (5G) networks gear up to connect factories, cars and devices.", "2020-01-23"]
[4.557034492492676, -0.47691789269447327, "But the government\u2019s plans have hit an unexpected roadblock.", "2020-01-23"]
[7.4794020652771, -5.379985332489014, "Like other rich countries, Germany has been agonising over whether to let Huawei, a Chinese telecoms giant, bid for contracts to build its 5G networks.", "2020-01-23"]
[7.503527641296387, -5.425006866455078, "Huawei offers experience, expertise and value; its kit makes up 70% of Germany\u2019s 4G network.", "2020-01-23"]
[7.412855625152588, -5.2599663734436035, "But securocrats worry that Chinese spooks may exploit \u201cback doors\u201d or other vulnerabilities supposedly built in to Huawei equipment.", "2020-01-23"]
[6.362396717071533, -3.0103702545166016, "Others worry about relying on suppliers linked to potential adversaries.", "2020-01-23"]
[7.46677303314209, -5.250383377075195, "What if the Chinese government banned Huawei from \u201cexporting\u201d crucial software patches during a trade dispute with Europe?", "2020-01-23"]
[7.412561416625977, -5.243197917938232, "The American government, which banned Huawei in 2011, has threatened to withdraw intelligence-sharing from Western governments that fail to fall into line.", "2020-01-23"]
[7.469851970672607, -5.364855766296387, "Germany\u2019s Huawei row has become perhaps Europe\u2019s biggest debate over China policy yet.", "2020-01-23"]
[4.148499011993408, -0.1803658902645111, "It taps several sore spots.", "2020-01-23"]
[7.884286880493164, -2.743523120880127, "The country\u2019s large export sector leaves it exposed to trade chills; China and America are its first- and third-biggest trading partners.", "2020-01-23"]
[7.551080226898193, -5.272140026092529, "It is eager to lose its reputation for telecoms backwardness.", "2020-01-23"]
[4.036505222320557, -1.7929314374923706, "But it fears another breach with America after splits on Iran, defence, energy and much else.", "2020-01-23"]
[3.994830846786499, -0.9058839082717896, "No wonder the government is divided.", "2020-01-23"]
[7.445346355438232, -5.438417434692383, "Angela Merkel, the chancellor, and Peter Altmaier, her economy minister, wish to keep the door open to Huawei by leaving technical agencies to adjudicate; the foreign ministry and intelligence services are opposed.", "2020-01-23"]
[4.154280662536621, -1.6395816802978516, "Even livelier resistance has emerged in the Bundestag.", "2020-01-23"]
[7.49320650100708, -5.451447486877441, "The Social Democrats, junior coalition partner with Mrs Merkel\u2019s centre-right Christian Democrats (CDU), have taken a notably tough line on exposing \u201ccritical infrastructure\u201d to Huawei.", "2020-01-23"]
[7.423702239990234, -5.356671333312988, "Opposition parties, such as the Greens, are Huawei-sceptical, too.", "2020-01-23"]
[4.508493423461914, -0.26708900928497314, "That leaves the CDU as a swing player.", "2020-01-23"]
[7.426926612854004, -5.429102420806885, "Its MPs are normally loyal to Mrs Merkel, but for many Huawei is a red line.", "2020-01-23"]
[7.454509258270264, -5.275314807891846, "Norbert R\u00f6ttgen, head of the Bundestag\u2019s foreign-affairs committee, is trying to convince his CDU colleagues to back a resolution that would urge the government to make foreign telecoms suppliers pass a \u201ctrustworthiness\u201d test.", "2020-01-23"]
[7.420082092285156, -5.220898628234863, "Given the links between the Chinese state and business, that could prove impossible for Huawei to meet.", "2020-01-23"]
[3.907407760620117, -1.7056422233581543, "Mrs Merkel, in the twilight of her chancellorship, is losing control of the debate.", "2020-01-23"]
[4.046905517578125, -0.8973850011825562, "But she refuses to budge.", "2020-01-23"]
[7.4622721672058105, -5.372546195983887, "She fears a Huawei ban would trigger retaliation against Germany\u2019s extensive interests in China; Beijing has a \u201chuge menu\u201d to choose from, says Janka Oertel, an Asia-watcher at the European Council on Foreign Relations.", "2020-01-23"]
[4.527154445648193, -3.886073589324951, "Mrs Merkel also worries about an EU-China summit she will host in Leipzig in September.", "2020-01-23"]
[7.369117736816406, -5.300751686096191, "Rows over Huawei could scupper goals like a bilateral investment treaty.", "2020-01-23"]
[4.069876670837402, -1.907762050628662, "But Mrs Merkel also has geopolitics in mind.", "2020-01-23"]
[5.37628698348999, -4.124306678771973, "She wants to avoid taking sides in the burgeoning US-China tech cold war.", "2020-01-23"]
[7.483282566070557, -5.407298564910889, "A Huawei ban in Germany, especially if aped by other European countries, could widen the rift.", "2020-01-23"]
[4.813412189483643, -3.901508092880249, "Mrs Merkel chose the occasion of a transatlantic award ceremony this week to argue that China should be tied into the multilateral order, not excluded from it.", "2020-01-23"]
[4.025234222412109, 0.01944231428205967, "Yet MPs are unconvinced.", "2020-01-23"]
[7.450194835662842, -5.465015411376953, "Having failed to win them over, Mrs Merkel may want to delay a Huawei decision until after a discussion among EU leaders in March.", "2020-01-23"]
[4.338877201080322, -4.112545490264893, "A common European strategy could shield countries from Chinese retaliation.", "2020-01-23"]
[5.373318195343018, -1.236603021621704, "The debate also suits those who want a more active European industrial policy.", "2020-01-23"]
[7.61126708984375, -5.179713249206543, "Since the Chinese state props up its firms, dirigistes argue that the EU should help European 5G kitmakers like Nokia and Ericsson.", "2020-01-23"]
[4.153110980987549, -0.20494219660758972, "But delay cuts both ways.", "2020-01-23"]
[7.483379364013672, -5.34500789642334, "On January 29th the European Commission will suggest that governments should consider banning dodgy suppliers, as part of a \u201ctoolbox\u201d of 5G security proposals to sway decision-makers who are still undecided.", "2020-01-23"]
[7.472635746002197, -5.45782995223999, "Mrs Merkel may seek compromise by barring Huawei from \u201ccore\u201d elements of Germany\u2019s 5G network but not the (more lucrative) \u201cperipheral\u201d antennae.", "2020-01-23"]
[7.466678619384766, -5.406770706176758, "Yet that is not good enough for her critics, who say 5G tech renders the core-periphery distinction defunct.", "2020-01-23"]
[3.8333449363708496, -1.712144136428833, "Mrs Merkel would like not to choose.", "2020-01-23"]
[3.9864752292633057, -0.6841533184051514, "But she may have to.", "2020-01-23"]
[6.980833530426025, -0.1980539709329605, "Finance & economics | Free exchange\nThe costs of America\u2019s lurch towards managed trade\nChina\u2019s vow to buy more American goods carries the risk of waste and distortion\n\nSTANDING BEFORE the global glitterati at the World Economic Forum in the Swiss mountain resort of Davos, President Donald Trump bragged of a \u201ctransformative change\u201d to America\u2019s trade policy.", "2020-01-25"]
[5.5787882804870605, -2.2834975719451904, "The newly inked \u201cphase one\u201d deal with China, he said on January 21st, would lower trade barriers and protect intellectual property.", "2020-01-25"]
[7.03232479095459, -2.23188853263855, "He crowed about China\u2019s promise to buy an extra $200bn of American services, energy, agricultural produce and manufactured goods over the next two years.", "2020-01-25"]
[3.815199136734009, -1.3577178716659546, "He was not exaggerating.", "2020-01-25"]
[5.393228054046631, -1.2600106000900269, "The agreement on a level of purchases, rather than on the rules of trade, does indeed mark a fundamental shift in American policy.", "2020-01-25"]
[4.38074254989624, -0.06541585177183151, "But not one for the better.", "2020-01-25"]
[6.139146327972412, -0.9176443815231323, "America has embraced outcome-based rules in its trade relations before.", "2020-01-25"]
[5.70953369140625, -1.789738416671753, "Mercantilists like Mr Trump manage trade in two ways: either by restraining foreigners\u2019 sales to America, or by encouraging them to buy more American goods.", "2020-01-25"]
[6.211631774902344, -2.4962127208709717, "In the 1980s American negotiators spent most of their efforts on the first, as they faced political pressure to contain a burgeoning trade deficit and became convinced that Japan\u2019s trade practices were unfair.", "2020-01-25"]
[7.145358085632324, -1.556044340133667, "At their peak, these \u201cvoluntary\u201d restraints affected around 12% of all exports to America, including cars, steel, machine tools, textile products and semiconductors.", "2020-01-25"]
[7.7903666496276855, -2.2550289630889893, "Voluntary import expansions, where a trading partner agrees to import more, as China has, were less common.", "2020-01-25"]
[6.362889766693115, -2.5925867557525635, "Most famously, Ronald Reagan\u2019s administration negotiated a commitment from the Japanese government that 20% of its semiconductor market would be imported.", "2020-01-25"]
[5.984997749328613, -0.6587938070297241, "The aim was not so much to target the trade deficit directly, but to prise open what America thought was an unfairly closed market.", "2020-01-25"]
[7.346271514892578, -0.592057466506958, "The hope was that the intervention would jolt suppliers into investing in new economic relationships and lead to a sustained shift in trade patterns.", "2020-01-25"]
[5.016332626342773, -3.030367851257324, "A generous interpretation of Mr Trump\u2019s deal with China is that he is simply trying to do the same.", "2020-01-25"]
[5.97588586807251, -3.518357515335083, "He is not alone in feeling that China\u2019s market shuts out outsiders, or that its policymakers do not always play fair.", "2020-01-25"]
[5.928714752197266, -2.716628313064575, "Veteran trade negotiators tell of haggling away one Chinese trade barrier, only for another to pop up elsewhere.", "2020-01-25"]
[4.763566017150879, -0.2010301649570465, "(Economists recognise this problem as the difficulty of writing down a \u201ccomplete contract\u201d that covers every contingency.", "2020-01-25"]
[5.8861308097839355, -1.212302327156067, ") An outcome-based trade deal, tied to easily verifiable trade flows, should help to overcome distrust, and could force China to provide real market access.", "2020-01-25"]
[7.334954738616943, -0.5341600179672241, "If it led to more investment in supply-chain infrastructure, then it could have lasting effects.", "2020-01-25"]
[7.157599449157715, -2.4990792274475098, "It could even be argued that managing trade with China would be easier than it was with Japan.", "2020-01-25"]
[6.47938871383667, -2.9091477394104004, "Later attempts to repeat Reagan\u2019s semiconductor tactic failed, as Japan\u2019s government had grown tired of cajoling its private sector into changing its sourcing decisions.", "2020-01-25"]
[7.013923168182373, -1.9628863334655762, "It had no direct control over who bought the managed products, and had to resort to pleading letters to firms, as well as surveys asking about who they were buying from.", "2020-01-25"]
[7.305408954620361, -3.8862111568450928, "By contrast, China\u2019s government has the purchasing power of its state-owned enterprises at its disposal, and sway over the private sector too.", "2020-01-25"]
[5.8634033203125, -0.22792483866214752, "Dig into the details of Mr Trump\u2019s new deal, though, and the risks of waste and distortion become clear.", "2020-01-25"]
[8.387609481811523, -2.707549810409546, "The agreed increase in sales to China is large and rapid.", "2020-01-25"]
[7.47001314163208, -2.3114027976989746, "According to an analysis by Chad Bown of the Peterson Institute for International Economics (with whom your columnist hosts a podcast), China has, in effect, pledged to increase its purchases of certain American agricultural products by 60%, and manufactured products by 65%, by the end of this year compared with levels in 2017 (see chart).", "2020-01-25"]
[7.213710784912109, -2.785066604614258, "This must happen regardless of economic conditions in China.", "2020-01-25"]
[7.437367916107178, -2.4128546714782715, "Whereas Japan agreed to increase the share of imported goods in domestic demand, China has signed up to buy fixed dollar amounts.", "2020-01-25"]
[7.038015842437744, -3.215595245361328, "The risk is that China has promised to buy products that it either will not need or would rather get from elsewhere.", "2020-01-25"]
[7.0682244300842285, -2.613537549972534, "State-owned enterprises could suck up American commodities and leave them to rot.", "2020-01-25"]
[7.652959823608398, -2.67911696434021, "American exporters, lured by higher prices to Chinese buyers, could switch from more sustainable relationships to ones that fizzle once their artificial advantage ends.", "2020-01-25"]
[7.042047023773193, -2.6371865272521973, "Or China could resort to logistical gymnastics to make it appear that it is buying American, such as by transporting goods from third countries through America.", "2020-01-25"]
[7.783587455749512, -2.6252365112304688, "It could also have more American goods shipped directly to China, rather than through Hong Kong, so that they appear in the mainland\u2019s trade figures.", "2020-01-25"]
[6.829630374908447, -3.19023060798645, "Another danger is that China simply diverts trade from its other trading partners, prompting complaints that the biggest actors are carving up markets between themselves\u2014and carving others out.", "2020-01-25"]
[5.888176441192627, -0.9332111477851868, "Admittedly, members of the World Trade Organisation (WTO) are already allowed to agree on broad tariff cuts among themselves, which could lead to similar diversionary effects.", "2020-01-25"]
[6.078517913818359, -0.42488622665405273, "But trade deals are permitted, whereas discriminatory managed-trade arrangements are not.", "2020-01-25"]
[6.856518745422363, -3.0550522804260254, "And if, as Mr Bown warns, Brazilian and Argentine sellers of soyabeans or Russian and Canadian lobster-traders find themselves pushed out of China\u2019s market, they are unlikely to react well.", "2020-01-25"]
[5.689712047576904, -0.5582872033119202, "Managed decline\nIf the deal sticks, it will threaten the world\u2019s trading system.", "2020-01-25"]
[6.0348310470581055, -0.1337285041809082, "That system, ironically, is the result of America\u2019s turning away from managing trade in the 1990s.", "2020-01-25"]
[5.71124267578125, -0.5031036138534546, "Realising that it could not preach the virtues of free markets while itself practising something so different, America sought the creation of the WTO, as a shift towards a system based on rules rather than power.", "2020-01-25"]
[5.600220680236816, -1.9335424900054932, "Mr Trump\u2019s presidency has consistently undermined those rules, and the deal with China again reinforces the idea that they do not matter.", "2020-01-25"]
[5.389525890350342, -3.2647855281829834, "Now that he has won his share of the Chinese market, other countries may demand the same.", "2020-01-25"]
[3.8787078857421875, -0.7436243295669556, "But the deal could also very easily fall apart, ushering in another round of hostilities.", "2020-01-25"]
[7.073774814605713, -2.9618444442749023, "America is tightening its export controls, which could limit the goods available for China to buy.", "2020-01-25"]
[4.538890361785889, -0.6779541969299316, "So, whatever the deal\u2019s fate, disruption looks inevitable.", "2020-01-25"]
[4.210326194763184, -1.9106450080871582, "Whether Mr Trump will still be in office when that becomes clear remains to be seen.", "2020-01-25"]
[7.842551231384277, -1.9450116157531738, "Official figures on whether China\u2019s purchases have met this year\u2019s target will not become available until early 2021, after the presidential election.", "2020-01-25"]
[7.605330467224121, -5.17667293548584, "Leaders | Huawei and the tech cold war\nChina v America\nTrade without trust\n\nNINETEEN YEARS ago an unknown Chinese company set up its first European sales offices, in a suburb of Frankfurt and an English commuter town, and started bidding to build telecoms networks.", "2020-07-18"]
[7.488744258880615, -5.283083915710449, "Today Huawei symbolises the daunting rise of China Inc\u2014and a global trading system in which trust has collapsed.", "2020-07-18"]
[8.279918670654297, -3.3595950603485107, "With sales of $123bn, it is known for its razor-sharp prices and dedication to the industrial goals of China\u2019s rulers.", "2020-07-18"]
[6.034702301025391, -2.0302882194519043, "Since 2018 America has subjected it to a legal assault, making it a flashpoint in the trade war.", "2020-07-18"]
[7.48848819732666, -5.356812953948975, "Now Britain has said that it will block Huawei from its 5G networks (see article).", "2020-07-18"]
[5.104573726654053, -1.220748782157898, "Other European countries may follow.", "2020-07-18"]
[3.936434507369995, -1.5267679691314697, "But far from showing the West\u2019s resolve, the saga reveals its lack of a coherent strategy.", "2020-07-18"]
[6.427303791046143, -2.619704484939575, "If open societies and authoritarian China are to keep their economic links and avoid a descent into anarchy, a new trade architecture is needed.", "2020-07-18"]
[7.410915851593018, -5.203338146209717, "America\u2019s security chiefs have always worried that Huawei\u2019s equipment was designed to aid spying and would make its customers dependent on subsidised Chinese technology.", "2020-07-18"]
[5.147829532623291, -1.1719430685043335, "But over 170 other countries decided the risks were manageable.", "2020-07-18"]
[7.3842949867248535, -5.190683841705322, "Britain, which works closely with America on intelligence, created a \u201ccell\u201d of cyber-experts to monitor Huawei\u2019s gear in 2010 and, later, confined it to less sensitive parts of the network.", "2020-07-18"]
[6.134583473205566, -1.1457586288452148, "Other countries mirrored this approach.", "2020-07-18"]
[5.228981018066406, -4.140763282775879, "It offered a middle way between a naive embrace of Chinese state capitalism and a cold war.", "2020-07-18"]
[4.2575273513793945, -0.6609684824943542, "Such a finely balanced judgment has proved untenable.", "2020-07-18"]
[7.471125602722168, -5.290155410766602, "The Trump administration has urged the world to ditch Huawei and enforced a unilateral embargo on its suppliers, preventing sales of some components as well as chips made abroad using American tools.", "2020-07-18"]
[5.158228397369385, -0.8220458626747131, "Forced to choose between an ally and a supplier, Britain was inevitably drawn to this week\u2019s decision.", "2020-07-18"]
[7.3653082847595215, -0.14440827071666718, "It has become riskier for anyone to do business with a firm Uncle Sam wants to cripple.", "2020-07-18"]
[7.472743511199951, -5.369079113006592, "Huawei, for its part, has failed to reassure Britain\u2019s cyber-experts, who have complained that its buggy software is getting harder to monitor, or to reform its opaque governance and ownership.", "2020-07-18"]
[5.932671546936035, -4.653022766113281, "Any remaining illusions that China\u2019s leaders respect the rule of law when it really matters have been shattered by events in Hong Kong.", "2020-07-18"]
[7.483696460723877, -5.374800205230713, "The direct cost of ripping Huawei out of European networks is tolerable\u2014adding less than 1% to Europeans\u2019 phone bills if amortised over 20 years.", "2020-07-18"]
[8.373526573181152, -3.9197580814361572, "Ericsson and Nokia, two Western suppliers, can ramp up production and new competition may emerge as networks come to depend more on software and open standards.", "2020-07-18"]
[6.100800514221191, 0.12288307398557663, "The true burden has nothing to do with antennae but stems from the decay of the world\u2019s trading system.", "2020-07-18"]
[7.487821102142334, -5.371444225311279, "Perhaps a dozen countries might end up banning Huawei\u2014Germany is sitting on the fence (see article).", "2020-07-18"]
[7.920334815979004, -4.013345241546631, "But it will still be used in much of the emerging world, hastening the splintering of the tech industry.", "2020-07-18"]
[5.543292045593262, -0.6963461637496948, "Trade relies on common rules but Britain\u2019s decision has been made amid a swirl of lobbying and threats.", "2020-07-18"]
[4.722354412078857, 0.4614869952201843, "It is hard to elicit a principle behind it that can be usefully applied more broadly.", "2020-07-18"]
[7.927217483520508, -4.329747676849365, "If the problem is gear made in China, then Ericsson and Nokia do that, too.", "2020-07-18"]
[7.972885608673096, -4.423342227935791, "If it is Chinese firms building systems which connect devices (in the case of 5G, robots and machines), then a similar logic could be applied across a digitising world economy.", "2020-07-18"]
[8.216349601745605, -4.281492710113525, "German cars and Apple phones sold in China are packed with software, data and sensors.", "2020-07-18"]
[6.885521411895752, -4.331254959106445, "Is China entitled to ban them, too?", "2020-07-18"]
[4.7165727615356445, -0.5753360986709595, "This feeds a spiralling sense of lawlessness.", "2020-07-18"]
[7.352538585662842, -1.7202346324920654, "The average tariff on Sino-American trade is 20%.", "2020-07-18"]
[8.72445297241211, -1.522782802581787, "Direct investment flows from China to Europe have dropped by 69% from the peak in 2016, according to Rhodium, a research firm.", "2020-07-18"]
[7.326456069946289, -0.17850865423679352, "Other firms are caught in the crossfire.", "2020-07-18"]
[7.487813949584961, -4.813507556915283, "TikTok faces a ban in India and, perhaps, America.", "2020-07-18"]
[6.695136547088623, -4.371192932128906, "China plans to impose sanctions on Lockheed Martin for selling arms to Taiwan.", "2020-07-18"]
[7.168455600738525, -3.7823948860168457, "Now that President Donald Trump has ended Hong Kong\u2019s special status, HSBC, a bank with huge interests there, could be subject to punishment by both China and America.", "2020-07-18"]
[7.186030864715576, -3.783403158187866, "Some Chinese lenders may be banned from dealing in dollars.", "2020-07-18"]
[7.4940385818481445, -5.3760457038879395, "The logic of the Huawei ban is one of disengagement and containment.", "2020-07-18"]
[6.175658702850342, 0.08993468433618546, "But this will not work if it is applied across the entire economic relationship.", "2020-07-18"]
[5.79050350189209, -2.6961286067962646, "The West\u2019s last great authoritarian rival, the Soviet Union, was a trade minnow.", "2020-07-18"]
[8.097169876098633, -3.0168297290802, "China accounts for 13% of world exports and 18% of world market capitalisation, and is the dominant economic force in Asia.", "2020-07-18"]
[6.412600994110107, -2.9122321605682373, "Instead a new trade regime is needed that acknowledges China\u2019s nature.", "2020-07-18"]
[4.171941757202148, 0.13916952908039093, "That is not easy.", "2020-07-18"]
[5.518017768859863, -0.32949456572532654, "The World Trade Organisation (WTO), which aims to set universal rules, has failed to evolve with the digital economy.", "2020-07-18"]
[7.369185447692871, -5.163975238800049, "Nor was it prepared for President Xi Jinping\u2019s drive to increase state and Communist Party influence over private Chinese firms and those, like Huawei, which say they are mutually owned by workers.", "2020-07-18"]
[5.60567569732666, -2.4931108951568604, "Disillusioned with the WTO, the Trump administration\u2019s negotiators unilaterally tried to wrestle China into liberalising its economy and cutting subsidies, using the threat of tariffs and embargoes.", "2020-07-18"]
[4.004586696624756, -0.620615541934967, "That has been a fiasco.", "2020-07-18"]
[5.794626235961914, -0.4353751242160797, "So how should the trade architecture work in an age of mistrust?", "2020-07-18"]
[5.9980058670043945, -0.747666597366333, "The goal should be to maximise trade consistent with both sides\u2019 strategic security.", "2020-07-18"]
[6.730597019195557, -2.7706704139709473, "That means fencing off flashpoints, such as tech, that generate lots of tension but a minority of trade: perhaps a third of Western firms\u2019 sales to China based on our analysis of Morgan Stanley\u2019s data, for example.", "2020-07-18"]
[7.4134440422058105, -5.153196334838867, "These sectors will require scrutiny and international security certification of the kind Britain tried with Huawei.", "2020-07-18"]
[4.443490028381348, 0.3242757320404053, "It may not work.", "2020-07-18"]
[6.627712249755859, -0.4084092676639557, "But at least commerce in other areas can flourish.", "2020-07-18"]
[7.307070732116699, -3.8091087341308594, "Chinese firms should also be required to accept open governance of their big subsidiaries in the West, including local shareholders, foreign directors and managers with real autonomy, and disclosures that all help create a degree of independence from the state.", "2020-07-18"]
[8.134310722351074, -3.4472765922546387, "This is not hard: multinationals such as Unilever have been doing it for decades.", "2020-07-18"]
[7.703341007232666, -4.6794304847717285, "TikTok could be a pioneer.", "2020-07-18"]
[6.293984413146973, -0.2515631318092346, "The ultimate network effect\nOpen societies are stronger when they act in unison.", "2020-07-18"]
[4.065439224243164, -1.6960153579711914, "Europe may be tempted to go it alone, ending decades of transatlantic co-operation.", "2020-07-18"]
[4.3249945640563965, -2.031879186630249, "Yet at some point, soon if Mr Trump fails to win a second term, America will reinvigorate its alliances because it has been less effective without them.", "2020-07-18"]
[5.896640300750732, -4.04938268661499, "The West cannot fundamentally change China or ignore it.", "2020-07-18"]
[4.221335411071777, -2.2425923347473145, "But by acting together, it can find a way to do business with an authoritarian state it mistrusts.", "2020-07-18"]
[7.520005226135254, -5.33057975769043, "Huawei marked a failure to do this.", "2020-07-18"]
[4.161224842071533, -0.1700437366962433, "Time to start again.", "2020-07-18"]
[7.344627380371094, 0.1259690374135971, "Finance & economics | Free exchange\nWhy trade imbalances are a worry during a global downturn\nMonetary policy begins to look more like a zero-sum game\n \n\nLIKE OTHER crises before it, covid-19 seems destined to accentuate troublesome features of the world economy.", "2020-10-08"]
[8.024401664733887, -0.9489548206329346, "Though these were briefly suppressed when the pandemic first struck, they have now rebounded.", "2020-10-08"]
[7.720114707946777, 0.6941584348678589, "America recorded its largest trade deficit in 14 years in August, despite having gone from being a big importer of oil to a net exporter in that time.", "2020-10-08"]
[8.299572944641113, -1.6796516180038452, "Its goods deficit is neatly matched by a resurgent surplus in China.", "2020-10-08"]
[7.923763751983643, -1.9084229469299316, "Temporary factors, such as a surge in China\u2019s exports of personal-protective equipment, are partly to blame.", "2020-10-08"]
[4.919711112976074, -0.026826344430446625, "But there is reason to worry that these fault lines will persist, adding a dangerous element to an already fraught global policy environment.", "2020-10-08"]
[7.7273054122924805, 0.4396936297416687, "Global imbalances reached a modern peak just before the onset of the financial crisis of 2007-09, when the absolute sum of countries\u2019 current-account surpluses and deficits amounted to over 5% of world GDP.", "2020-10-08"]
[7.7387285232543945, 0.5251263380050659, "Current-account gaps were pushed wider in part by what economists called the \u201cglobal saving glut\u201d, the result of soaring oil prices, and precautionary saving by emerging-economy governments prepared for sudden reversals in global risk appetites.", "2020-10-08"]
[8.093086242675781, -1.5484113693237305, "Gaps eased in the decade after the crisis as oil prices fell and China edged towards rebalancing its economy.", "2020-10-08"]
[7.998332977294922, -0.8789552450180054, "Yet on the eve of the pandemic, imbalances still remained at about 3% of global GDP, roughly one-and-a-half times the level common in the early 1990s.", "2020-10-08"]
[5.830587387084961, -0.6676607728004456, "And yawning trade gaps have since opened up in some places.", "2020-10-08"]
[7.771442890167236, 0.6038057208061218, "America\u2019s current-account deficit, which stood at 2% of GDP at the end of 2019, had leapt to 3.5% of GDP six months later.", "2020-10-08"]
[8.295797348022461, -1.6098095178604126, "China\u2019s current-account balance went from a surplus of 1.1% of GDP in late 2019 to a deficit in the first quarter of 2020, before flipping back to a surplus of 3.1% of GDP in the second.", "2020-10-08"]
[7.636815071105957, 0.5256474614143372, "Current-account gaps are not inherently bad.", "2020-10-08"]
[7.641031742095947, 0.5526342391967773, "A developing economy in need of investment, for instance, might consume more than it produces for a time as it builds up its productive capacity\u2014and the wherewithal to repay accumulated foreign obligations in future.", "2020-10-08"]
[7.1663432121276855, 0.3615833818912506, "But in some cases they can be a source of crisis, if they reflect a build-up of financial vulnerabilities.", "2020-10-08"]
[7.088924407958984, 0.30372849106788635, "And, most pertinently for the global economy today, in times of depressed demand they are particularly problematic.", "2020-10-08"]
[7.762762546539307, 0.5603152513504028, "Economies run current-account surpluses when they produce more than they consume.", "2020-10-08"]
[7.6769890785217285, 0.5864413976669312, "When there is plenty of global demand to go around, this is at most a minor inconvenience for deficit economies, which enjoy more consumption than their domestic productive capacity alone would allow.", "2020-10-08"]
[7.71875, 0.5879973769187927, "When demand is scarce, however, surplus countries siphon off spending power from trading partners when they have precious little to spare.", "2020-10-08"]
[8.388134956359863, -4.214783191680908, "In a paper published in 2015, Ricardo Caballero of the Massachusetts Institute of Technology, Pierre-Olivier Gourinchas of the University of California, Berkeley, and Emmanuel Farhi, then also of Berkeley, described this effect.", "2020-10-08"]
[7.896368980407715, 0.1162104457616806, "The authors frame their argument in terms of the demand for safe assets.", "2020-10-08"]
[7.624371528625488, 0.5311945080757141, "Globally, every surplus must be matched by a deficit, and saving in one place must be met by borrowing elsewhere.", "2020-10-08"]
[7.823619365692139, 0.5238709449768066, "Surplus countries save by buying foreign government bonds.", "2020-10-08"]
[7.932190418243408, 0.42097678780555725, "When global interest rates are well above zero, these purchases simply push interest rates down, inducing deficit countries to borrow and spend more.", "2020-10-08"]
[8.52017593383789, 0.24489393830299377, "When interest rates drop to zero, however, this channel stops working, as rates cannot fall much further.", "2020-10-08"]
[7.76296329498291, 0.4211820363998413, "Instead, the offsetting rise in borrowing in deficit countries must come through squeezed incomes\u2014a recession.", "2020-10-08"]
[8.497455596923828, 0.10311566293239594, "Since the financial crisis, interest rates across the rich world have been near zero, with a few brief exceptions.", "2020-10-08"]
[8.26393985748291, -0.36506927013397217, "And parts of the emerging world have edged closer to the low-rate quagmire this year.", "2020-10-08"]
[7.8628668785095215, 0.31187573075294495, "In these circumstances, fiscal expansion\u2014which increases the global stock of government bonds\u2014is an effective way to boost growth, both within the stimulating country and beyond.", "2020-10-08"]
[7.692826271057129, 0.6420029997825623, "America\u2019s large current-account deficit partly reflects strong consumption, supported by stimulus, of goods produced at home and abroad.", "2020-10-08"]
[8.02082633972168, 0.30216315388679504, "But decisions about monetary easing become more fraught.", "2020-10-08"]
[7.909879207611084, 0.37582528591156006, "Part of the boost, especially at low rates, comes from currency depreciation, which helps exporters grab a larger share of trading partners\u2019 spending.", "2020-10-08"]
[6.585445404052734, -0.40643152594566345, "In the 1930s, countries on the losing end of such demand grabs put up tariff barriers, leading to escalating protectionism and the breakdown of global trade.", "2020-10-08"]
[7.106500148773193, 0.036275751888751984, "There goes the neighbourhood\nToday, bold fiscal stimulus could spare the world this fate.", "2020-10-08"]
[8.022696495056152, 0.08973480761051178, "But governments are already less free-spending than they were in the spring.", "2020-10-08"]
[5.2372212409973145, -1.5794848203659058, "On October 6th President Donald Trump ended talks on a new round of stimulus.", "2020-10-08"]
[7.66001558303833, 0.49754613637924194, "The day before, Rishi Sunak, Britain\u2019s chancellor of the exchequer, spoke of the need to get public finances under control.", "2020-10-08"]
[8.183198928833008, 0.2539333403110504, "If fiscal stimulus is scaled back, that leaves monetary easing looking increasingly zero-sum.", "2020-10-08"]
[8.5382719039917, -0.009603054262697697, "A doveish tweak to the Federal Reserve\u2019s strategy in August contributed to a decline in the dollar against the euro, exacerbating a deflation problem in Europe.", "2020-10-08"]
[7.357373237609863, 0.3486129641532898, "For its part, America is putting some surplus countries in the cross-hairs.", "2020-10-08"]
[7.493847846984863, -2.3307130336761475, "On October 2nd it opened an investigation into currency manipulation by Vietnam.", "2020-10-08"]
[7.966416835784912, -1.253456950187683, "Rapid growth in the foreign-exchange reserves of a number of surplus Asian economies suggests that governments are intervening to depress their currencies, reckons Brad Setser of the Council on Foreign Relations, a think-tank.", "2020-10-08"]
[6.08843994140625, -3.469468832015991, "American scrutiny of China might also intensify if imbalances stay wide.", "2020-10-08"]
[8.054403305053711, -1.7257399559020996, "Though the dollar has fallen against the yuan by around 5% since May, some evidence suggests that China has acted on the sly to slow the pace of its currency\u2019s appreciation.", "2020-10-08"]
[5.733581066131592, -0.25853171944618225, "The trade spats of recent years were in many ways a delayed reaction to earlier economic grudges, inflamed by persistent imbalances.", "2020-10-08"]
[5.269847869873047, 0.021552009508013725, "Had the global expansion continued, they might have fizzled out.", "2020-10-08"]
[6.5776495933532715, 0.38152122497558594, "Instead, the world finds itself bound once more by the harsh realities of depression economics.", "2020-10-08"]
[5.605564594268799, -0.09341376274824142, "If they are not defused by enlightened self-interest and co-operation, imbalances could easily become the basis for debilitating economic conflict.", "2020-10-08"]
[6.44157075881958, -2.206711530685425, "Graphic detail | Daily chart\nNew data show the failures of Donald Trump\u2019s China trade strategy\nAmerican exports have fallen well short of targets in the deal\u2019s first year\n\nDONALD TRUMP is rarely accused of subtlety.", "2021-02-10"]
[5.982598304748535, -2.3686132431030273, "His bellicose approach to China\u2019s trade surplus and (more justifiably) its unfair practices was no exception.", "2021-02-10"]
[6.789239406585693, -2.4865684509277344, "Swingeing tariffs on Chinese goods did succeed in bringing China to the negotiating table.", "2021-02-10"]
[5.4630560874938965, -1.4290939569473267, "In January 2020 the two countries signed a \u201cphase-one\u201d trade deal.", "2021-02-10"]
[7.818915367126465, -2.257972002029419, "China agreed to raise its imports of a selection of American goods from $78bn in 2019 to $159bn in 2020, with yet more spending pledged in 2021.", "2021-02-10"]
[5.831477642059326, -2.2476274967193604, "The president hailed this as \u201ca momentous step...toward a future of fair and reciprocal trade with China.", "2021-02-10"]
[4.594810962677002, -0.6772506237030029, "\u201d\nIn reality, the deal was limited and trade disputes rumbled on regardless.", "2021-02-10"]
[6.332993507385254, -3.463294506072998, "Worse still, China has \u201cfailed spectacularly\u201d to meet that $159bn commitment in the agreement\u2019s first year, according to a new analysis by the Peterson Institute for International Economics, a think-tank in Washington, DC.", "2021-02-10"]
[7.661695957183838, -2.0700182914733887, "In 2020 China spent only $94bn on the American goods covered by the deal.", "2021-02-10"]
[8.051688194274902, -1.218271255493164, "That is about as much as it did in 2017, before Mr Trump began his trade war (causing the figure to tumble in the following years).", "2021-02-10"]
[8.282928466796875, -1.0098342895507812, "Granted, the numbers in 2020 may have been dampened by the covid-19 pandemic.", "2021-02-10"]
[8.159926414489746, -1.29818856716156, "But China\u2019s economy still recovered enough to grow by 2.3% last year.", "2021-02-10"]
[8.017386436462402, -1.1644309759140015, "By June its total imports had regained pre-coronavirus levels.", "2021-02-10"]
[8.064507484436035, -1.86235511302948, "Most of the shortfall came in manufactures, which made up 70% of goods covered by the agreement.", "2021-02-10"]
[8.372279167175293, -1.7182326316833496, "America\u2019s sales to China were meant to reach $99bn, but only managed $57bn\u2014a 5% drop from the year before.", "2021-02-10"]
[6.603156089782715, -3.164910316467285, "China\u2019s purchases of cars and aircraft fell painfully short of the Trump administration\u2019s aspirations.", "2021-02-10"]
[8.374763488769531, -1.17018723487854, "Energy shipments did particularly poorly, reaching just $10bn of the targeted $26bn.", "2021-02-10"]
[5.96884822845459, -4.30537748336792, "Embarrassingly, China may not even be the culprit.", "2021-02-10"]
[6.0510663986206055, -1.9663456678390503, "America seems to have set ludicrously high targets that its own energy producers could not meet.", "2021-02-10"]
[8.275689125061035, -1.5448683500289917, "Farm exports also fell short, at $27bn of the pledged $33bn.", "2021-02-10"]
[6.818092346191406, -1.895669937133789, "American farmers nonetheless gorged on billions of dollars of subsidies\u2014dished out by Mr Trump\u2019s administration to protect them from the effects of the trade war.", "2021-02-10"]
[4.648236274719238, -0.6398907899856567, "Even the deal\u2019s few apparent successes could prove fleeting.", "2021-02-10"]
[8.277125358581543, -2.5250978469848633, "Sales of medical products to China beat the target, but were spurred by the pandemic.", "2021-02-10"]
[7.93159294128418, -3.773981809616089, "So did semiconductor exports, but they were accelerated by America\u2019s threat to limit future sales of chips on national-security grounds, which prompted Chinese firms to stockpile them.", "2021-02-10"]
[5.627405643463135, -1.5052125453948975, "The Peterson Institute has also measured the carnage that Mr Trump wrought in the first place.", "2021-02-10"]
[7.923542499542236, -2.299973487854004, "The authors note that in 2009-17 China\u2019s imports from America grew at a similar rate to those from other countries (when considering the goods covered in the phase-one deal).", "2021-02-10"]
[7.96178674697876, -1.8880410194396973, "They used this to create a hypothetical scenario, in which imports from the United States continued to track the growth rate of those from the rest of the world in 2018-20.", "2021-02-10"]
[7.946063041687012, -1.9829649925231934, "In this counterfactual universe, China\u2019s spending on American goods in that three-year period would have been roughly $340bn.", "2021-02-10"]
[7.495250225067139, -0.9920539259910583, "Mr Trump\u2019s tariffs helped reduce the real total to less than $260bn.", "2021-02-10"]
[5.524900913238525, -1.8071140050888062, "In contrast Europe, in its much-criticised recent trade pact with China, managed to get much of what Mr Trump won without launching a self-harming trade war to win it.", "2021-02-10"]
[8.310118675231934, -2.2293927669525146, "The bloc\u2019s exports to China rose by a fifth in 2017-20.", "2021-02-10"]
[4.328747749328613, -3.0100462436676025, "As President Joe Biden devises his own trade strategy for China, parts of the Trump team\u2019s approach may be worth adapting.", "2021-02-10"]
[6.942914009094238, -3.4906365871429443, "Among other worthy achievements, the think-tank highlights getting China to cut certain non-tariff barriers, accept more foreign investment and punish intellectual-property violations.", "2021-02-10"]
[4.75324010848999, -1.9761685132980347, "Yet overall, its report shows that Mr Trump\u2019s approach was foolish.", "2021-02-10"]
[5.70116662979126, -0.8764369487762451, "To manage trade relations with bilateral purchase targets is to wield a blunt weapon that is easily overpowered by events.", "2021-02-10"]
[5.34433650970459, -3.625345468521118, "America\u2019s efforts would be better spent, the think-tank argues, working with allies who support free markets to tackle China together.", "2021-02-10"]
[5.489526748657227, 0.6519908905029297, "The Economist explains\nIs the trade dispute between America and Europe over Airbus and Boeing over?", "2021-06-17"]
[4.915917873382568, -0.7077034115791321, "A deal marks a truce, but may not resolve the 17-year-old quarrel\n \nIT IS THE longest trade dispute in the history of the World Trade Organisation (WTO) and its predecessors.", "2021-06-17"]
[5.5315446853637695, 0.7197898030281067, "America and the European Union have been fighting for 17 years over subsidies provided to Boeing, an American planemaker, and its European arch-rival, Airbus.", "2021-06-17"]
[3.8719680309295654, -0.5974263548851013, "But is an end to the tussle in sight?", "2021-06-17"]
[5.220334529876709, -1.415596604347229, "On June 15th, amid the hubbub of President Joe Biden\u2019s first trip to Europe, America and the EU signed an agreement to prevent the dispute, and the associated retaliatory measures, from escalating into a broader trade war.", "2021-06-17"]
[5.515178680419922, 0.6883004903793335, "Two days later America and Britain, where some Airbus factories are based, agreed on a similar deal.", "2021-06-17"]
[4.040158271789551, -0.3801348805427551, "What is behind the dispute?", "2021-06-17"]
[5.828795433044434, -0.9339671730995178, "And do the deals really end it?", "2021-06-17"]
[5.497253894805908, 0.7374688386917114, "The battle began in 2004, the year after Airbus first overtook Boeing in aircraft deliveries.", "2021-06-17"]
[5.565983295440674, 0.7582747340202332, "America ripped up a previous understanding on subsidies for large civil aircraft manufacturers after Boeing complained that its rival unfairly received what grew to become $22bn in repayable \u201claunch aid\u201d to develop new airliners.", "2021-06-17"]
[5.601778984069824, 0.7645977735519409, "Airbus and the EU soon hit back with their own claim, stating that Boeing\u2019s commercial operations had benefited from generous military contracts as well as tax breaks worth $24bn.", "2021-06-17"]
[5.484804153442383, -0.16645486652851105, "The WTO eventually ruled in the two parallel cases that both firms had received illegal subsidies.", "2021-06-17"]
[6.350727558135986, -1.3640789985656738, "In 2019 it awarded America the right to slap tariffs worth $7.5bn on European goods.", "2021-06-17"]
[6.3803606033325195, -1.354759931564331, "It also gave the EU the right to impose tariffs worth $4bn on American products ranging from planes to Harley-Davidson motorcycles.", "2021-06-17"]
[3.9775631427764893, -0.36252474784851074, "The dispute has dragged on for two main reasons.", "2021-06-17"]
[4.654631614685059, 0.35991889238357544, "The first is the sheer complexity of the case.", "2021-06-17"]
[5.412503242492676, 0.04420726001262665, "It has taken the WTO much longer to work out whether subsidies robbed each party of aircraft orders than it would have done to rule on the average trade case.", "2021-06-17"]
[5.562687397003174, 0.6243817806243896, "This is because the market for airliners is so different from the sort of commodity goods, such as steel or aluminium, that trade cases are usually fought over.", "2021-06-17"]
[5.314633846282959, 0.31523796916007996, "The second was the determination of the two sides to push litigation at the WTO as far as possible\u2014a sign of how strong the lobbying power of Airbus and Boeing used to be.", "2021-06-17"]
[4.990381717681885, -1.607027292251587, "A deal only became a serious possibility after the election of Joe Biden, who is keen to strengthen America\u2019s alliance with Europe in the face of threats from China and Russia.", "2021-06-17"]
[5.611992359161377, 0.7544021010398865, "Both countries have taken advantage of 17 years of bickering between America and Europe to dish out subsidies of their own worth tens of billions of dollars, helping national champions develop jets to take on Airbus and Boeing.", "2021-06-17"]
[4.267389297485352, -0.5557299256324768, "Even so, the deal defers the dispute rather than ending it.", "2021-06-17"]
[6.448965072631836, -1.2839150428771973, "The retaliatory tariffs arising from the WTO litigation will be suspended for five years.", "2021-06-17"]
[5.602650165557861, 0.7403284311294556, "State financing \u201con market terms\u201d (ie, broadly on borrowing terms available from private-sector lenders) for the development and production of airliners will still be allowed, while a working group led by American and European trade ministers attempts to reach a final understanding about past and future subsidies.", "2021-06-17"]
[5.41396951675415, 0.7076836228370667, "It is a sign that neither side appears to believe that large commercial aircraft can ever be built on fully commercial terms.", "2021-06-17"]
[4.097439289093018, -0.38752901554107666, "But the two sides remain far apart on what exactly counts as \u201cmarket terms\u201d and what a final agreement on subsidies should look like.", "2021-06-17"]
[5.570923328399658, 0.7906212210655212, "Without any detailed rules on what handouts are and aren\u2019t allowed, the efforts of China and Russia to build planes to compete with Airbus and Boeing will continue unhindered this decade.", "2021-06-17"]
[5.390572547912598, 0.7158298492431641, "That certainly was not the outcome that America and Boeing were seeking when they started the dispute in 2004.", "2021-06-17"]
[4.540686130523682, -3.4972379207611084, "|WASHINGTON, DC\n\nBriefing | Pushing back\nJoe Biden is determined that China should not displace America\nHis China policy is looking even tougher than Donald Trump\u2019s\n \nAMERICA MUST focus on \u201cblunting Chinese power and order and building the foundations for US power and order\u201d.", "2021-07-17"]
[4.5715718269348145, -3.2429451942443848, "That, at least, is the message of a recent book by Rush Doshi, until recently a scholar at the Brookings Institution, a think-tank in Washington, DC.", "2021-07-17"]
[5.162058353424072, -4.250995635986328, "\u201cThe Long Game: China\u2019s Grand Strategy to Displace American Order\u201d argues that China has worked for years to undermine America\u2019s geopolitical dominance and shape a more illiberal world order that better protects and serves China\u2019s interests.", "2021-07-17"]
[4.5987958908081055, -0.5890184044837952, "It concludes that these efforts need to be repaid in kind.", "2021-07-17"]
[5.200401306152344, -4.004009246826172, "This is a striking rebuke to decades of American foreign-policy thinking focused on \u201cengagement\u201d with China.", "2021-07-17"]
[4.49600887298584, -3.3065669536590576, "The rebuke gains extra weight from the fact that Mr Doshi is now a China director on President Joe Biden\u2019s National Security Council, where he works under Kurt Campbell, his mentor and a leading architect of the administration\u2019s China strategy.", "2021-07-17"]
[3.9389469623565674, -0.4221108853816986, "Engagement was already on its uppers.", "2021-07-17"]
[4.938163757324219, -1.6670492887496948, "Donald Trump had replaced it with something more belligerent and capricious.", "2021-07-17"]
[4.036014080047607, -2.8837578296661377, "Many hoped that Mr Biden would bring some order to the chaos and lay down rules for a return to some sort of engagement, albeit on less friendly terms than those practised by the Obama administration in which he served.", "2021-07-17"]
[4.130698204040527, -3.142000198364258, "But although Mr Biden\u2019s administration is indeed forgoing the caprice and wilfulness of his predecessor, in other respects it is toughening policy, assiduously building a strategic framework for countering and checking China\u2019s rise.", "2021-07-17"]
[4.19999361038208, -3.2555813789367676, "Unlike Mr Trump, Mr Biden seems sincerely worried about a world in which China\u2019s authoritarian model wins.", "2021-07-17"]
[4.451800346374512, -2.2793288230895996, "That makes him more serious about the policies implemented, often haphazardly, by the hawks who served in the previous administration.", "2021-07-17"]
[4.469156265258789, -3.552522659301758, "In its first six months Mr Biden\u2019s administration has, to the surprise of many, officially affirmed the label of \u201cgenocide\u201d applied by the last administration to atrocities in Xinjiang, and also worked with allies to impose further sanctions on the perpetrators.", "2021-07-17"]
[7.191699028015137, -4.938612461090088, "It has kept in place and refined Mr Trump\u2019s prohibitions on doing business with Huawei and a long list of technology companies and military-affiliated businesses (see chart 1).", "2021-07-17"]
[5.010793685913086, -3.6492810249328613, "It has made countering China a priority in talks with allies around the world, and shown no urgency to hold a summit with Xi Jinping, China\u2019s president.", "2021-07-17"]
[4.1426615715026855, -3.18466854095459, "Mr Biden is positioning America as the West\u2019s leader in a \u201ccontest with autocrats\u201d, as he put it at the G7 summit in June.", "2021-07-17"]
[5.3220930099487305, -4.3038010597229, "In an interview with The Economist a senior administration official said China sees the next 10 to 15 years as a window of opportunity in which to \u201cassert its authority globally\u201d: continuing its attempts to dominate critical technologies and rewrite the rules of the global order, and cowing its critics so as to make the world safe for autocracy.", "2021-07-17"]
[6.437353134155273, -4.730982780456543, "This is not a secret.", "2021-07-17"]
[4.788982391357422, -3.9045917987823486, "Mr Xi has outlined China\u2019s ambitions to exert influence on the global order, seizing a moment when the Communist Party views the West to be in decline.", "2021-07-17"]
[4.6225409507751465, -3.2133285999298096, "Even so, people in the West, the official said, are only beginning to recognise \u201cthat we\u2019re dealing with a country that is perhaps less interested in coexistence, and more interested in dominance\u201d.", "2021-07-17"]
[3.95298433303833, -0.3718966245651245, "The time to take a stand, therefore, is now.", "2021-07-17"]
[4.004854679107666, -1.9832066297531128, "Defining the relationship as one of two antagonists with antithetical values makes it sound like the cold war.", "2021-07-17"]
[6.471231937408447, -3.602961540222168, "But there are crucial differences, none more notable than China\u2019s inextricable integration into the global economy.", "2021-07-17"]
[4.751918792724609, -3.7792491912841797, "America cannot try to contain it as it did the Soviet Union; instead Mr Biden wants to counter China\u2019s influence by increasing America\u2019s own.", "2021-07-17"]
[4.551673889160156, -0.8064823746681213, "The emerging strategy, while still protean, sounds of a kind with Mr Doshi\u2019s prescription for \u201cblunting and building\u201d.", "2021-07-17"]
[5.036012649536133, -1.5731967687606812, "The building comes first.", "2021-07-17"]
[4.356144905090332, -3.403107166290283, "Mr Biden\u2019s aides invariably start any discussion of China strategy with the need to restore American greatness after decades of decline.", "2021-07-17"]
[4.301159858703613, -2.6715192794799805, "\u201cRarely has a great power like the United States gone on such a detour,\u201d says the senior official.", "2021-07-17"]
[4.2434000968933105, -3.3255786895751953, "\u201d America must recover from all that, and invest in itself, Mr Biden\u2019s aides say, so that it can deal with China from a position of strength.", "2021-07-17"]
[7.38600492477417, -1.177181363105774, "Hence the United States Innovation and Competition Act, which passed the Senate in early June packed with spending intended to improve America\u2019s competitiveness.", "2021-07-17"]
[8.51121997833252, -4.062511444091797, "It would authorise $52bn to boost semiconductor research and manufacturing in America and $29bn for a new applied-sciences fund that would support projects in advanced materials, robotics, artificial intelligence and other technologies.", "2021-07-17"]
[7.552773952484131, 0.04783529043197632, "It also contains extra money for going to the Moon.", "2021-07-17"]
[7.483104705810547, 0.046631500124931335, "Spending does not have to be aimed so precisely to be part of the policy.", "2021-07-17"]
[4.290468692779541, -3.047628164291382, "Mr Biden\u2019s $1.9trn pandemic recovery package, which passed in March; his multi-trillion dollar proposals for \u201chard\u201d and \u201csoft\u201d infrastructure; his provisos on buying American: all can be read as part of a rebuilding policy aimed at China while also looking to fulfil lavish campaign promises.", "2021-07-17"]
[6.505819797515869, -3.6669600009918213, "But ambitious as they look in Washington, these numbers cannot compare with Chinese spending on infrastructure and industrial policy.", "2021-07-17"]
[5.065293788909912, 0.15892580151557922, "And they are shrinking.", "2021-07-17"]
[4.848657608032227, -2.5605502128601074, "The core infrastructure plan has been whittled down to $600bn in negotiations with Republicans whose distaste for handing victories to Mr Biden exceeds their animosity to China (though Democrats want to add back $3.5trn in another package).", "2021-07-17"]
[4.330130100250244, -3.1482999324798584, "Republicans such as Ted Cruz, Marco Rubio and Josh Hawley, all self-professed China hawks, are unlikely to abandon their party\u2019s opposition to Mr Biden\u2019s domestic agenda when they have their eyes on his job.", "2021-07-17"]
[6.138315200805664, -3.5798933506011963, "Even if America were united in its efforts, though, building back at a rate that would seriously diminish China\u2019s current prospects is not possible.", "2021-07-17"]
[7.810112953186035, -3.1292738914489746, "Barring a serious setback, China\u2019s economy will become the world\u2019s largest within its 10-15 year \u201cwindow of opportunity\u201d.", "2021-07-17"]
[5.94612455368042, -4.02081298828125, "The country\u2019s gigantic market will exert, as Communist Party lingo puts it, a \u201cpowerful gravitational field\u201d far beyond its borders.", "2021-07-17"]
[8.26181411743164, -1.4071067571640015, "It will be able to spend even more on its armed forces.", "2021-07-17"]
[8.500041961669922, -3.8445932865142822, "The country\u2019s investments in research and development will make its technological prowess increasingly formidable.", "2021-07-17"]
[5.023535251617432, -3.9091389179229736, "That is why an antagonistic policy requires what Mr Doshi calls \u201casymmetric blunting\u201d: ways of undermining China\u2019s attempts to rebuild the world order that do not cost too much.", "2021-07-17"]
[5.243104934692383, -4.531679153442383, "Militarily, that means adopting an approach of \u201cdeterrence by denial\u201d in areas just beyond internationally recognised Chinese waters, investing in state-of-the-art weapons to stop China seizing control of waters or islands (like Taiwan) to which it considers itself entitled.", "2021-07-17"]
[6.986320972442627, -4.185548305511475, "Economic blunting tactics include enforcing export controls so that American companies do not fuel China\u2019s rapid development of critical technologies\u2014a tool that the Trump administration used to cripple Huawei and to impede China\u2019s biggest chipmaker, Semiconductor Manufacturing International Corporation.", "2021-07-17"]
[5.010951995849609, -4.091154098510742, "Political blunting includes countering China\u2019s influence in the United Nations and other multilateral institutions.", "2021-07-17"]
[4.084820747375488, -2.9149200916290283, "Because such strategies require partners, their cultivation is a core tenet of Mr Biden\u2019s strategy.", "2021-07-17"]
[4.608356475830078, -2.2921814918518066, "He has been courting other governments and sorting out old grievances.", "2021-07-17"]
[5.877205848693848, -1.5459967851638794, "He has agreed to a suspension of tariffs in a 17-year-old dispute with the EU over subsidies to Airbus, an aerospace company.", "2021-07-17"]
[5.493015766143799, -1.8485426902770996, "He has also waived sanctions on the company building the Russian-led Nord Stream 2 pipeline as a favour to Germany, which will be the recipient of most of its gas.", "2021-07-17"]
[4.796842575073242, -3.4891738891601562, "In so doing he signalled that his administration views potential co-operation with allies on China as more important than confronting Russia.", "2021-07-17"]
[5.781507968902588, -2.3449673652648926, "In March America agreed on a new cost-sharing deal for its military presence in South Korea.", "2021-07-17"]
[7.661531448364258, -1.7840840816497803, "This cultivation has borne some fruit.", "2021-07-17"]
[6.204999923706055, -4.477535247802734, "In March Britain, Canada and the EU joined with America in imposing sanctions on Chinese officials and entities over Xinjiang\u2014the first time any other governments had done so.", "2021-07-17"]
[4.7336812019348145, -3.4233946800231934, "In May South Korean President Moon Jae-in, on a visit to the White House, agreed to a mention of preserving the status of Taiwan in the subsequent joint statement.", "2021-07-17"]
[4.795475959777832, -4.250097274780273, "In June the G7 and, a couple of days later, a NATO summit both produced statements recognising the threat posed by China.", "2021-07-17"]
[4.732774257659912, -0.5140576958656311, "Serious blunting, though, requires more than co-ordinated statements and (largely symbolic) sanctions.", "2021-07-17"]
[6.204229354858398, -0.17204956710338593, "Here there is less to report.", "2021-07-17"]
[6.469484329223633, -3.434748649597168, "Build Back Better World, or B3W, a response to China\u2019s Belt and Road Initiative announced at the G7 summit, has no new institutional framework or funding.", "2021-07-17"]
[4.383038520812988, -3.3652491569519043, "Mr Biden has worked with the G7 and the Quad, a military grouping with Australia, Japan and India, to counter China\u2019s coercive, strings-attached vaccine diplomacy.", "2021-07-17"]
[7.036861896514893, -0.46368134021759033, "But the commitments of vaccine doses are tiny compared with the need.", "2021-07-17"]
[5.166082382202148, -3.052955389022827, "He has not as yet put serious resources to his broader vision of providing middle-income countries with alternatives to taking money and business from China.", "2021-07-17"]
[4.635540008544922, -1.850477933883667, "Congress would not let him.", "2021-07-17"]
[4.106520652770996, -1.8160611391067505, "Where America does not lead, its allies seem unlikely to go of their own accord.", "2021-07-17"]
[6.373093128204346, -4.239028453826904, "In May the European Parliament responded to China\u2019s bullying over the EU\u2019s earlier Xinjiang sanctions by freezing ratification of an investment treaty.", "2021-07-17"]
[5.327319622039795, -0.93219393491745, "But many governments still want such deals and are not looking for trouble.", "2021-07-17"]
[5.0026397705078125, -3.7163379192352295, "On July 1st Rishi Sunak, Britain\u2019s chancellor, called for a \u201cmature and balanced relationship\u201d with China, eyeing the City\u2019s potential to sell financial services into the world\u2019s second-largest national market.", "2021-07-17"]
[5.886117458343506, -3.3075168132781982, "On July 7th Boris Johnson, the prime minister, said he did not want to scare away investment because of an \u201canti-China spirit\u201d.", "2021-07-17"]
[4.778459072113037, -3.859638214111328, "Emmanuel Macron, the French president, and Armin Laschet, who may succeed Angela Merkel as German chancellor, have shown a lack of enthusiasm for confronting China.", "2021-07-17"]
[6.329068183898926, -1.172406554222107, "Smaller countries feel similarly.", "2021-07-17"]
[8.272977828979492, -2.390275001525879, "Not coincidentally, the number of countries with which China shares more trade than America is far greater than the other way round (see chart 2).", "2021-07-17"]
[4.76246976852417, -0.8604214787483215, "There are also American voices opposed to a tougher line.", "2021-07-17"]
[7.648728370666504, -3.6110787391662598, "Businesses and financial institutions are lobbying hard to maintain access to the China market and for the easing of export controls.", "2021-07-17"]
[4.46258020401001, -3.517249584197998, "On July 7th more than 40 progressive groups wrote to Mr Biden urging him to drop America\u2019s \u201cantagonistic posture\u201d towards China and to co-operate on climate change.", "2021-07-17"]
[4.370492458343506, -3.446709632873535, "Such calls are music to Mr Xi\u2019s ears.", "2021-07-17"]
[5.217344284057617, -3.8480112552642822, "As Mr Doshi writes, Chinese officials routinely treat America\u2019s wish for progress on major challenges\u2014such as climate or nuclear non-proliferation\u2014as opportunities for leverage.", "2021-07-17"]
[5.2249603271484375, -3.789335012435913, "China\u2019s determination to link issues America would like to keep separate makes America\u2019s interest in cordoning off areas for co- operation some what moot.", "2021-07-17"]
[4.3827009201049805, -0.04960684850811958, "They are not decisions it can make on its own.", "2021-07-17"]
[5.3731513023376465, 0.25839248299598694, "The climate looks likely to fall victim to this antagonism.", "2021-07-17"]
[4.187480449676514, -1.6925686597824097, "Both countries will lower their emissions (though Mr Biden\u2019s ambitions may be thwarted by opposition at home) but it will be hard for them to come together to set rules of the road for others.", "2021-07-17"]
[6.356515407562256, 0.4264935851097107, "There are economic risks, too.", "2021-07-17"]
[4.363433361053467, -3.0384860038757324, "There are almost no advocates for free and unfettered trade around Mr Biden, and that suits the architects of his China policy well.", "2021-07-17"]
[4.993036270141602, -2.184539318084717, "During the 2020 presidential campaign Jake Sullivan, now Mr Biden\u2019s national security adviser, co-authored an article calling on foreign-policy experts to stop deferring to economists and move past the assumption \u201cthat more trade is always the answer\u201d.", "2021-07-17"]
[5.084988117218018, -2.954312801361084, "He is in no rush to get rid of Mr Trump\u2019s tariffs and \u201cphase one\u201d trade deal, which required China to meet specific import quotas; they may not be to his taste, but they could supply leverage for future negotiations.", "2021-07-17"]
[6.90657901763916, -1.5666495561599731, "This was despite the judgment of economists outside the administration\u2014and some inside\u2014that the tariffs hurt America more than they hurt China.", "2021-07-17"]
[7.073687553405762, -3.2096664905548096, "There are also areas where trade with China is seen as a risk in and of itself.", "2021-07-17"]
[6.513470649719238, -3.8437113761901855, "China\u2019s dominance over the markets for some key resources, while not yet a national-security problem, could become one.", "2021-07-17"]
[5.614142894744873, -2.7779314517974854, "Mr Sullivan, Mr Campbell, Mr Doshi and others want America to reduce the degree to which it relies on its antagonist for some critical commodities.", "2021-07-17"]
[8.112458229064941, -3.1213977336883545, "In June the administration completed a supply-chain review that identified areas that China dominates\u2014including rare-earth metals, lithium and cobalt (vital for high-capacity batteries) and some drugs and drug ingredients\u2014and called for America to work with other countries on how to wean themselves off the Chinese market.", "2021-07-17"]
[6.2376532554626465, -0.08503793179988861, "Such concerns could lead to a bifurcation in global trade.", "2021-07-17"]
[4.0996413230896, -0.8001524209976196, "But voices warning of the economic costs such a split would impose are exactly those to which Mr Sullivan wants policymakers to pay less heed.", "2021-07-17"]
[4.0731520652771, -2.886385917663574, "If his security-first view prevails Mr Biden may go further to decouple the two economies than did Mr Trump, parts of whose administration exploited his inattention in order to do less than he would have wished.", "2021-07-17"]
[5.871485233306885, -3.081773042678833, "The treasury secretary, Steven Mnuchin, delayed efforts to impose sanctions on Chinese institutions.", "2021-07-17"]
[7.181318759918213, -3.802994728088379, "Officials at the Bureau of Industry and Security (BIS) dragged their feet on drawing up a list of emerging technologies that could be subject to broad export controls.", "2021-07-17"]
[7.053988456726074, -3.6165013313293457, "Customs and Border Protection issued most of its orders to block imports of goods made by forced labour in Xinjiang only in 2020, after Mr Trump had taken to blaming China for the pandemic.", "2021-07-17"]
[3.9688360691070557, -2.905264139175415, "Mr Biden\u2019s administration is more responsive to his intentions.", "2021-07-17"]
[7.030877590179443, -4.5064616203308105, "The machinery that can be used to blacklist more Chinese companies has been fine-tuned, in part to make it more resistant to legal challenges.", "2021-07-17"]
[5.8699727058410645, -2.0521180629730225, "It has maintained virtually all the existing sanctions, export controls and customs orders, and instituted a few more that were under way before Mr Trump left office.", "2021-07-17"]
[7.922913074493408, -4.196541786193848, "These included a ban in June on imports from a Xinjiang-based company which produces the type of silicon needed for solar cells, because of concerns about the forced labour of Uyghurs there.", "2021-07-17"]
[8.226949691772461, -4.075506210327148, "Some 45% of the world\u2019s supply of this highly refined silicon comes from Xinjiang, and sanctions against more of its manufacturers are expected, if not from the administration, then through a bill pending in Congress.", "2021-07-17"]
[5.719575881958008, -2.307279586791992, "In a speech on July 13th Mr Sullivan signalled concerns about companies evading export controls \u201cin ways that harm national security\u201d.", "2021-07-17"]
[7.177082061767578, -4.36106014251709, "What that posture means in terms of slowing China\u2019s progress in technologies such as artificial intelligence and quantum computing is still a matter of concern for those watching proceedings.", "2021-07-17"]
[8.033186912536621, -4.032329082489014, "The tech industry has its worries about China (particularly over the long-term security of Taiwan Semiconductor Manufacturing Company, the main supplier of the highest-end chips).", "2021-07-17"]
[6.471689701080322, -0.21185354888439178, "But it still wants to sell it more stuff.", "2021-07-17"]
[5.3029656410217285, -3.2812018394470215, "The most ardent foreign-policy hawks want the toughest actions, including things they are sure the Biden administration would not dare to do, such as banning dollar-denominated transactions with leading Chinese chipmakers.", "2021-07-17"]
[4.172581672668457, -1.081921100616455, "Both sides have been keenly interested in who would serve as the new head of the BIS, seeing the position as a bellwether.", "2021-07-17"]
[4.615635871887207, -2.2692360877990723, "But when, on July 13th, they learned it would be Alan Estevez, a former Obama-era Pentagon official with experience conducting national-security reviews of foreign investments, they seemed at first little the wiser.", "2021-07-17"]
[4.351881980895996, -2.124204397201538, "As a nominee to a sensitive post his chief attribute may be a lack of preconceptions as to how he will approach the job.", "2021-07-17"]
[6.182906150817871, -4.025638103485107, "Beyond the question of how hard to push, though, lies the disconcerting realisation that China may well be an immovable object.", "2021-07-17"]
[7.649909496307373, -3.1301159858703613, "If American businesses turn away from China, others will step in.", "2021-07-17"]
[4.975426197052002, -4.089122772216797, "Bonnie Glaser, a China expert at the German Marshall Fund, a think-tank, says the best hope of shaping China\u2019s choices lies in forming an \u201canti-China coalition\u201d (though not explicitly calling it that).", "2021-07-17"]
[3.9770729541778564, -2.686843156814575, "Like those around Mr Biden, she believes that, even then, the odds of affecting change will not be good, but \u201cwe have to try\u201d.", "2021-07-17"]
[4.536113739013672, -0.7107710242271423, "An us-v-them approach has problems.", "2021-07-17"]
[4.1110405921936035, -1.83897066116333, "When Mr Biden presents it as a dichotomy of democracies versus autocracies, European officials wince\u2014and the status of a country like Vietnam, which Mr Biden wants on-side, becomes problematic.", "2021-07-17"]
[4.277915000915527, -3.422476053237915, "Jude Blanchette of the Centre for Strategic and International Studies, another think-tank, argues that the Biden administration would be better-served if it stopped paying such close-up attention to China and instead zoomed out to take a broader view of the world.", "2021-07-17"]
[5.266755104064941, -3.589258909225464, "America reacts to everything Chinese leaders do, he says: they adopt an industrial policy, America adopts an industrial policy; they secure supply chains, so does America; they have a Belt and Road Initiative, so must America.", "2021-07-17"]
[4.446211814880371, -3.6136629581451416, "Mr Blanchette argues that America should take a different page out of Mr Xi\u2019s playbook: talk less about its adversary and more about the world it wants to build.", "2021-07-17"]
[4.561453342437744, -3.215129852294922, "\u201cXi just does not talk about America a lot.", "2021-07-17"]
[4.219089508056641, -1.7256916761398315, "When they articulate their vision it\u2019s not an America strategy,\u201d he says.", "2021-07-17"]
[5.042776584625244, -4.198925971984863, "\u201cIt\u2019s \u2018this is the role China wants to play in the world over the next 10, 20, 30, 40, 50 years\u2019.", "2021-07-17"]
[4.196573734283447, -3.27535343170166, "\u201d Like some members of the Biden administration, Mr Blanchette looks to the early days of the cold war for inspiration.", "2021-07-17"]
[4.809760093688965, -3.636197090148926, "Then America placed its attempts to contain the Soviet Union within a broader vision of the world.", "2021-07-17"]
[4.9497809410095215, -3.916555166244507, "If today it could articulate such a vision again, it might become clearer how China fits in and open up a policy shaped by America\u2019s continuing role, rather than purely by China\u2019s rise.", "2021-07-17"]
[6.161635875701904, -4.719152450561523, "|New York\n\nChina | Courting influence\nChina is becoming more assertive in international legal disputes\nParty leaders are using such cases to reshape legal and regulatory norms\n\nIN EARLY JANUARY the Communist Party published a five-year plan for the development of \u201csocialist rule of law with Chinese characteristics\u201d.", "2021-09-18"]
[5.7969255447387695, -2.6733124256134033, "Most of the document is domestically focused, but one section is devoted to foreign matters.", "2021-09-18"]
[6.172974109649658, -4.825957775115967, "It calls on China to help shape international law, to turn itself into the first choice of jurisdiction when resolving cross-border disputes and to encourage the use of Chinese law abroad.", "2021-09-18"]
[5.067315101623535, -0.9184129238128662, "The party\u2019s goal, the plan says, is to promote \u201cfair and reasonable\u201d international rules.", "2021-09-18"]
[4.396535396575928, -1.33094322681427, "But in the past year it has become increasingly clear that the party means to take a legal fight to the world.", "2021-09-18"]
[6.228471279144287, -4.855834484100342, "President Xi Jinping wants China\u2019s legal apparatus to grow bolder when dealing with international matters, and to reshape international legal and regulatory norms.", "2021-09-18"]
[6.183684825897217, -4.805901527404785, "In areas such as patents, maritime rights, cyber-security, sanctions and extradition battles, the Communist Party is using its legal system to safeguard and advance China\u2019s interests in ways it has not previously done.", "2021-09-18"]
[5.774223327636719, -4.429917335510254, "The most visible part of this push has been the party\u2019s aggressive response to Western sanctions imposed for the repression of ethnic Uyghurs, a Muslim minority.", "2021-09-18"]
[6.403267860412598, -4.452353000640869, "China imposed retaliatory sanctions on Western officials and academics.", "2021-09-18"]
[6.437076091766357, -4.4407196044921875, "It then authorised the seizure of assets and blocking of transactions made by firms complying with foreign sanctions.", "2021-09-18"]
[6.20642614364624, -3.8027989864349365, "(In August the legislature delayed a vote on extending the same provision from mainland China to Hong Kong.", "2021-09-18"]
[6.113512992858887, -4.780388832092285, ")\nChina is also advancing its conception of the rule of law\u2014one that exists under the unquestioned leadership of the party\u2014beyond its borders in other areas, such as intellectual property.", "2021-09-18"]
[6.240016460418701, -4.84661865234375, "At a Politburo meeting last November Mr Xi called for greater assertiveness in cross-border disputes, saying China should \u201cpromote the extraterritorial application\u201d of its intellectual-property laws.", "2021-09-18"]
[6.230319023132324, -4.881222724914551, "Mr Xi was in effect \u201cweaponising the judiciary\u201d to defend China\u2019s interests abroad, says Mark Cohen, a scholar of Chinese intellectual-property law at the University of California, Berkeley.", "2021-09-18"]
[6.832089900970459, -4.78590726852417, "In the past year Chinese courts have issued sweeping orders on behalf of Chinese smartphone-makers that seek to prevent lawsuits against them in other countries over the use of foreign companies\u2019 intellectual property.", "2021-09-18"]
[6.664365768432617, -4.905637741088867, "The Chinese courts have ordered these \u201canti-suit injunctions\u201d so that they (rather than foreign courts) can decide how much Chinese firms should pay in royalties to the holders of patents that their products use.", "2021-09-18"]
[6.213815212249756, -4.875635147094727, "Jorge Contreras at the University of Utah says this marks an unusual escalation in the use of judicial power globally.", "2021-09-18"]
[6.461202144622803, -4.876099109649658, "The assertion by China\u2019s courts of a right to set global rates in patent disputes is not unprecedented; a British court did something similar in 2017.", "2021-09-18"]
[6.211378574371338, -4.859324932098389, "But China\u2019s courts have become much more activist than others in claiming this authority.", "2021-09-18"]
[3.8596179485321045, -0.41527536511421204, "The stakes are high.", "2021-09-18"]
[6.292801856994629, -4.9073076248168945, "Chinese courts typically grant a fraction of what might be ordered by a Western court.", "2021-09-18"]
[5.948118209838867, -4.407020092010498, "And China typically has leverage over the foreign parties in these cases.", "2021-09-18"]
[6.853701114654541, -4.176336288452148, "Those that manufacture goods in China or sell to the Chinese market must heed such rulings or face big penalties.", "2021-09-18"]
[6.874625205993652, -4.935191631317139, "In the past year Huawei, Oppo and Xiaomi have all won anti-suit injunctions against foreign patent-holders.", "2021-09-18"]
[4.755058288574219, -0.6396202445030212, "Out-of-court agreements on royalty rates are typical in such cases.", "2021-09-18"]
[6.9078755378723145, -5.017964839935303, "Experts say the Chinese injunctions helped Huawei and Xiaomi win better settlements, and may do the same for Oppo.", "2021-09-18"]
[7.2396345138549805, -3.4524896144866943, "Another focus for the courts has been the Belt and Road Initiative (BRI), Mr Xi\u2019s sprawling effort to finance and build physical and digital infrastructure all around the world.", "2021-09-18"]
[6.25277853012085, -3.2374887466430664, "It has spawned numerous disputes between foreign entities and Chinese contractors and banks.", "2021-09-18"]
[6.331633567810059, -4.823852062225342, "China has set up a special international commercial court to resolve some disputes.", "2021-09-18"]
[6.284117698669434, -4.8296637535095215, "In 2019 the Supreme People\u2019s Court called for the strengthening of Chinese courts\u2019 capacity to hear international commercial cases and for the improvement of arbitration, the better to settle such matters in China.", "2021-09-18"]
[5.371377468109131, -0.6886788010597229, "Foreign experts say such cases would normally be handled in the country where the work was done.", "2021-09-18"]
[6.387050628662109, -4.520580291748047, "\u201cIt would be unbelievable for any foreign company that\u2019s doing business in their country, not in China, to accept dispute resolution in China unless they\u2019re politically coerced or economically coerced into doing it,\u201d says Jerome Cohen of New York University.", "2021-09-18"]
[4.388629913330078, -1.4787623882293701, "The party would argue that it has merely begun to take a more active role in shaping international law.", "2021-09-18"]
[6.365447521209717, -3.52514910697937, "China entered international treaties and bodies, such as the UN and the World Trade Organisation (WTO), under rules it had no hand in writing, after years during which the Communist Party was either hostile to such institutions or followed the advice of Deng Xiaoping, a former leader, to keep a low profile in international affairs.", "2021-09-18"]
[4.423949241638184, -3.468752861022949, "Mr Xi has shed that caution.", "2021-09-18"]
[6.358834266662598, -4.871870517730713, "Foreign companies have begun to note the willingness of the Chinese courts to claim more authority in matters beyond their borders.", "2021-09-18"]
[8.51416301727295, -3.971451759338379, "At least one, Samsung Electronics of South Korea, has tried to benefit from it.", "2021-09-18"]
[6.822680950164795, -4.9898858070373535, "In December a court in Wuhan granted an injunction to Samsung, forbidding Ericsson, a Swedish telecoms firm, from going to any other court in the world to resolve a global dispute over the use of Ericsson\u2019s patents in Samsung\u2019s hardware.", "2021-09-18"]
[6.69550085067749, -4.928005695343018, "A judge in Texas, at Ericsson\u2019s request, tried to rebuff the Chinese ruling with an \u201canti-interference order\u201d, which some have called an \u201canti-anti-suit injunction\u201d.", "2021-09-18"]
[6.648679256439209, -4.926961898803711, "The Texas judge ruled that Ericsson deserved a hearing in America on a royalty rate for use of its patents in the American market.", "2021-09-18"]
[6.586948871612549, -4.9079694747924805, "But the Wuhan court had pre-emptively included an \u201canti-anti-anti-suit injunction\u201d in its original ruling.", "2021-09-18"]
[5.123147010803223, -1.8503227233886719, "Samsung and Ericsson agreed on a global settlement in May, the Wuhan court having strengthened Samsung\u2019s negotiating position.", "2021-09-18"]
[6.2440505027771, -4.87786865234375, "Judges, officials and business people have bristled at the new aggressiveness of China\u2019s courts.", "2021-09-18"]
[7.317236423492432, -4.000111103057861, "In July the European Union filed a request with the WTO that China be more transparent about such cases.", "2021-09-18"]
[6.3028082847595215, -4.799210071563721, "Its rulings are often not made public, yet Chinese judicial authorities have tended to view these cases as important guideposts for future rulings.", "2021-09-18"]
[6.614583969116211, -4.7393412590026855, "The office of the US Trade Representative has also registered concern about China\u2019s use of anti-suit injunctions.", "2021-09-18"]
[4.812765598297119, -3.743572473526001, "Mr Xi might argue that the playing field has for too long been skewed against China.", "2021-09-18"]
[6.2082295417785645, -4.895514488220215, "Mr Contreras says Chinese officials now see judicial assertiveness as an important new tool that can help tilt things in their direction.", "2021-09-18"]
[6.5020976066589355, -1.544335126876831, "By Invitation | Global trade\nRobert Lighthizer on the need for tariffs to reduce America\u2019s trade deficit\nThe country\u2019s deficits with China are so immense that new thinking\u2014and hefty tariffs\u2014are required, says the US trade representative under Donald Trump\n \nINTERNATIONAL TRADE HAS largely failed America over the past three decades.", "2021-10-05"]
[4.63997745513916, -0.1732727438211441, "Indeed, it is slowly bleeding the country to death.", "2021-10-05"]
[6.387971878051758, -0.3017328381538391, "This is true not because the basic principle articulated by David Ricardo that there are gains from trade was wrong (it is not) but because a situation has developed that he never could have imagined.", "2021-10-05"]
[7.59271764755249, 0.5877485871315002, "One country has become a great, persistent trade debtor.", "2021-10-05"]
[3.96291184425354, -0.9032273292541504, "This has come about neither by intention nor by design.", "2021-10-05"]
[7.563804626464844, 0.5703039765357971, "America became the world\u2019s great consumer and borrower quite by accident.", "2021-10-05"]
[4.755236625671387, 0.41129204630851746, "The scale of the problem is hard to comprehend.", "2021-10-05"]
[7.758237838745117, 0.6274647116661072, "America has rung up over $12trn dollars in accumulated global deficits since 2001.", "2021-10-05"]
[7.691366195678711, 0.670657217502594, "Thirty years ago the trade deficit was around $80bn a year: today it is eight times larger and likely to grow even bigger this year\u2014some believe it may exceed $1trn.", "2021-10-05"]
[8.10255241394043, -0.9657933712005615, "Over the same period, the economy\u2019s nominal GDP merely grew by three and a half times.", "2021-10-05"]
[7.613746643066406, 0.7172519564628601, "People tend to think of trade deficits on an annual basis but the reality is that they are cumulative.", "2021-10-05"]
[7.686182022094727, 0.6313577890396118, "Deficits in some years and surpluses in others are unimportant because they might even out.", "2021-10-05"]
[4.207515239715576, -0.020724890753626823, "But that is not what is happening.", "2021-10-05"]
[7.489075183868408, 0.6919817924499512, "The important issue is not America\u2019s annual global trade deficit nor its bilateral trade imbalances but the decades-long trend of enormous deficits without any surpluses.", "2021-10-05"]
[8.070194244384766, -2.527942419052124, "The country has literally handed over trillions of dollars of its wealth to other countries, with China getting the lion\u2019s share.", "2021-10-05"]
[6.123391628265381, -0.08597125858068466, "This was never supposed to be able to happen under the theory of trade espoused by economists.", "2021-10-05"]
[6.483646392822266, -0.42568349838256836, "None of this is to denigrate the benefits of trade.", "2021-10-05"]
[7.02101469039917, -0.7987021803855896, "International trade has clearly helped some parts of the United States.", "2021-10-05"]
[8.296399116516113, -2.3765196800231934, "The country is the second-largest exporting nation after China, and overseas markets help to support millions of American jobs.", "2021-10-05"]
[7.693029403686523, -2.1653997898101807, "For example, the profitability of the agricultural sector depends in large part on exports.", "2021-10-05"]
[8.39100170135498, -2.008697032928467, "The country\u2019s services sectors run substantial surpluses every year and it is a leader in technology, financial-services exports and other areas.", "2021-10-05"]
[7.300321102142334, -1.1689870357513428, "Clearly, America has many competitive advantages and often benefits from them.", "2021-10-05"]
[7.646658897399902, 0.6395158767700195, "The problem is that America is also by far the largest importer in the world\u2014and that has contributed to making it the world\u2019s largest debtor.", "2021-10-05"]
[7.643352031707764, 0.6976858377456665, "The country has been running trade deficits averaging well over $500bn a year (or 3%-5% of GDP) for more than 20 years and the figure is growing.", "2021-10-05"]
[7.650763034820557, 0.6406955718994141, "Deficits are bad for a number of reasons.", "2021-10-05"]
[6.971477031707764, 0.26558199524879456, "They can be a drag on economic growth, they can negatively affect the composition of the labour force and wages, and they can lead to macroeconomic distortions.", "2021-10-05"]
[7.672379970550537, 0.6738389134407043, "Perhaps more important, with these persistent deficits America has shipped trillions of dollars of its wealth to foreign countries in return for goods, often short-term consumer goods.", "2021-10-05"]
[7.850099563598633, 0.49723151326179504, "Those dollars don\u2019t just sit in a foreign vault\u2014our trading partners use them to purchase American assets and debt instruments.", "2021-10-05"]
[7.5590620040893555, 0.6387606859207153, "In a real sense, America is trading ownership of its productive assets and economic future for short-term consumption.", "2021-10-05"]
[7.87033748626709, 0.37104368209838867, "America\u2019s net-investment figures\u2014how much it owns in other countries compared to how much they own in the United States\u2014show that America has gone from being the country with the largest net-investment surplus to the one with, by far, the largest net deficit of more than $15trn.", "2021-10-05"]
[8.422751426696777, -1.372702956199646, "(For perspective this figure is about one half the total value of America\u2019s 100 biggest corporations.", "2021-10-05"]
[7.899862766265869, -0.8571398258209229, ") Ten years ago, the number was less than $5trn.", "2021-10-05"]
[8.004034996032715, -0.3087999224662781, "There are many reasons for this, including the recent increase in the value of foreign-owned US assets.", "2021-10-05"]
[7.334004878997803, 0.6122308373451233, "But undoubtedly the principal driver is the trade deficit.", "2021-10-05"]
[7.441115856170654, 0.6089714765548706, "There is much discussion about the causes of this trade imbalance: an overvalued currency, America\u2019s tax policy, unfair foreign trade practices, closed markets abroad, subsidies and so forth.", "2021-10-05"]
[5.165676593780518, 0.3112586736679077, "But whatever the causes, the situation is unsustainable.", "2021-10-05"]
[7.185173988342285, 0.5668136477470398, "A country cannot exchange future wealth for short-term consumption indefinitely.", "2021-10-05"]
[7.966893672943115, -0.5300033688545227, "Of course, not all foreign investment in America is bad.", "2021-10-05"]
[7.008432388305664, -0.0517965629696846, "Some of it creates jobs and increases productivity.", "2021-10-05"]
[8.336933135986328, -1.44480562210083, "But most of the inflow is not for new factories or manufacturing.", "2021-10-05"]
[8.438299179077148, -1.6349245309829712, "Indeed foreign direct investment is a tiny fraction of all capital flows into the country, on the order of 1%.", "2021-10-05"]
[7.961009979248047, -0.13585519790649414, "These investments bid up our equity markets but also transfer to the buyer a right to future profits and national wealth.", "2021-10-05"]
[7.75804328918457, 0.6469248533248901, "Some have suggested that the longstanding trade deficit results from a low savings rate among Americans.", "2021-10-05"]
[4.527278900146484, 0.351228803396225, "But this claim simply renames the fundamental problem\u2014it does not offer a solution.", "2021-10-05"]
[7.547921180725098, 0.604829728603363, "Whether the trade deficit results primarily from foreign countries using market distorting policies to put American producers at an unfair disadvantage\u2014as I believe\u2014or whether American policymakers should do more to encourage savings in the country, society still face the same challenge: how to create a more balanced global economy in which Americans are not giving away their economic future by selling assets to fund their short-term consumption.", "2021-10-05"]
[7.415075302124023, 0.6450989842414856, "For years economists concluded that trade deficits were unimportant.", "2021-10-05"]
[7.421365737915039, 0.1834946572780609, "Goods come in, dollars go out.", "2021-10-05"]
[7.418821334838867, 0.36703625321388245, "Ultimately there is balance because the dollars come back in the form of investment.", "2021-10-05"]
[6.100552082061768, 0.45116400718688965, "This construct, however, is usually based on a static, one-year analysis.", "2021-10-05"]
[7.700294017791748, 0.6502373218536377, "To appreciate the actual impact of these deficits we need to consider the nature of what is exchanged\u2014often short-term consumption for a country\u2019s wealth\u2014and the long-term multi-year, dynamic effect.", "2021-10-05"]
[7.767241477966309, 0.45307672023773193, "Specifically, the annual transfers of half a trillion dollars have a compounding effect: they result in progressively more investment, jobs and innovation for one\u2019s trading partners and less for the debtor country.", "2021-10-05"]
[4.873847007751465, 0.33851543068885803, "This sort of dynamic analysis provides a more accurate picture of the situation, albeit a darker one.", "2021-10-05"]
[7.4651875495910645, 0.6198789477348328, "If wealth is the life-force of an economy, America\u2019s persistent, massive trade deficit means it is being bled to death.", "2021-10-05"]
[4.890250205993652, 0.23772595822811127, "Some people have warned about this for years.", "2021-10-05"]
[7.572043418884277, 0.618781566619873, "Almost 20 years ago the investor Warren Buffett was alarmed by these deficits and wrote an essay about two hypothetical lands, Thriftville and Squanderville.", "2021-10-05"]
[7.5446457862854, 0.6922010779380798, "He described what happens when a country consistently runs trade deficits.", "2021-10-05"]
[7.5331130027771, 0.5906204581260681, "It sells its assets to pay for short-term consumption and in the end the people of Squanderville are impoverished and working in a country owned by Thriftville.", "2021-10-05"]
[7.586258888244629, 0.6821619272232056, "Mr Buffett often explains that by running huge deficits America is like a farmer who spends more than he makes and sells pieces of the farm and gives mortgages on other parts to pay for the excess consumption.", "2021-10-05"]
[3.8052608966827393, -0.35642144083976746, "That can\u2019t end well.", "2021-10-05"]
[6.993875026702881, 0.21339662373065948, "And there is a brutal intergenerational aspect to it: current consumers are impoverishing their children.", "2021-10-05"]
[8.017370223999023, 0.2980708181858063, "In 2003, when Mr Buffett wrote the article, he warned that \u201cthe rest of the world owns a staggering $2.5trn more of the US than we own of other countries.", "2021-10-05"]
[7.802331924438477, -0.8027260899543762, "\u201d As cited above, that figure now exceeds $15trn.", "2021-10-05"]
[6.52691125869751, 0.5627198815345764, "Even then, Mr Buffett warned: \u201cWe have entered the world of negative compounding\u2014goodbye pleasure, hello pain.", "2021-10-05"]
[7.599676132202148, 0.5308656692504883, "\u201d\nIt is interesting that very few countries run large trade deficits.", "2021-10-05"]
[7.810161113739014, 0.6738318800926208, "Among the largest are Britain, France, Canada, India and of course America, whose deficit is eight times larger than the next highest.", "2021-10-05"]
[8.088231086730957, -2.537484645843506, "These numbers must be interpreted relative to the size of the economies but absolute numbers are also informative.", "2021-10-05"]
[7.857804298400879, 0.5396513938903809, "On the other side of the coin, only two countries consistently run huge surpluses\u2014China and Germany.", "2021-10-05"]
[7.5451555252075195, -1.301967978477478, "Both benefit from what many believe to be an artificially weak currency, varying levels of industrial policy and citizens who are willing to forgo current consumption.", "2021-10-05"]
[7.7235026359558105, -1.8367055654525757, "Another negative effect of this huge wealth transfer is that America\u2019s biggest single bilateral trade deficit is with China.", "2021-10-05"]
[7.2980756759643555, 0.6648026704788208, "I am primarily focused here on the dangers of cumulating enormous global trade deficits and I don't believe, generally, that bilateral deficits are a problem absent unfair practices or systemic issues.", "2021-10-05"]
[7.898472309112549, -2.8090755939483643, "But the wealth transfer to China is another matter.", "2021-10-05"]
[5.323727607727051, -4.288763523101807, "China is not only our global adversary but it is in a competition with the Western, free, democratic system to determine if it or their system will endure\u2014whether liberal democracy or autocratic socialism is better.", "2021-10-05"]
[8.037432670593262, -2.6034669876098633, "It is not an exaggeration to say that the hundreds of billions of dollars that we send to China every year has made the Chinese Communist Party much richer and helped pay for a great expansion of its military capability.", "2021-10-05"]
[4.176144599914551, -1.3222492933273315, "This is neither in the interests of America nor the free world.", "2021-10-05"]
[6.492081165313721, 0.16401025652885437, "Not so long ago the view of classical economists prevailed.", "2021-10-05"]
[7.643892288208008, 0.7135037779808044, "It was hard to fathom that one country could run up trillions of dollars in accumulated trade deficits year after year.", "2021-10-05"]
[7.447414398193359, 0.4600568413734436, "The assumption was that when a country ran a trade deficit it would see its currency adjust.", "2021-10-05"]
[7.831191539764404, 0.5126546025276184, "As one purchased from the surplus country, this bids up its currency; the converse is true of deficit countries.", "2021-10-05"]
[7.621551036834717, 0.45608413219451904, "So as the deficit went up, the value of the currency would go down, and imports would be more expensive and exports cheaper overseas.", "2021-10-05"]
[4.808797836303711, 0.090541310608387, "In short, the situation would correct itself.", "2021-10-05"]
[5.499988079071045, 0.016690503805875778, "Yet this mechanism has not worked for America.", "2021-10-05"]
[8.398746490478516, 0.05758250132203102, "Its reserve currency status, the safe-haven effect of the dollar and foreign-currency manipulation have kept the dollar higher than it should be.", "2021-10-05"]
[8.451861381530762, 0.08567003160715103, "The IMF estimated in 2019 that the dollar was overvalued by as much as 12% and other economists argue it is even higher.", "2021-10-05"]
[7.573746681213379, 0.5428320169448853, "During the period of the gold standard this chronic deficit situation could not have existed because the deficit country would see its gold reserves disappear and it would be left with no means to purchase imported goods.", "2021-10-05"]
[6.93178129196167, -0.5059648752212524, "Under the postwar Bretton Woods system of fixed exchange rates, fears that accumulating trade deficits would lead to a draining of the American gold supply prompted the Nixon Administration to take the country off the gold standard and impose across-the-board tariffs on imports in 1971.", "2021-10-05"]
[8.075599670410156, -0.30506205558776855, "This persistent wealth transfer is fairly recent and unprecedented.", "2021-10-05"]
[6.067887783050537, -0.5954768657684326, "It is worth noting that Ricardo himself always framed the trade debate in a balanced context.", "2021-10-05"]
[7.285236835479736, -0.9567686915397644, "England would sell cloth and Portugal would sell wine.", "2021-10-05"]
[6.280448913574219, 0.18368719518184662, "Experts who studied these matters always assumed balance over time.", "2021-10-05"]
[6.6211347579956055, -0.06755131483078003, "When John Maynard Keynes was outlining his thoughts for the International Trade Organisation after the second world war, he included a mechanism to allow countries to adjust their tariff rates to bring about balance when necessary.", "2021-10-05"]
[6.016138076782227, -0.5622822046279907, "This concept was carried forward in a vaguer form in article 22 of the General Agreement on Tariffs and Trade (GATT) in 1947 and now in the rules of its successor, the World Trade Organisation.", "2021-10-05"]
[6.340016841888428, -0.8195399045944214, "Countries facing balance of payment issues can suspend their GATT obligations following certain prescriptions.", "2021-10-05"]
[6.350780487060547, 0.03695955500006676, "There was always an assumption that trade would be more or less balanced over time.", "2021-10-05"]
[6.579536437988281, 0.23975947499275208, "Even Friedrich Hayek, Keynes\u2019 adversary in debates over the role of the state in the economy, assumed that trade imbalances would be temporary, not perpetual.", "2021-10-05"]
[6.5834574699401855, 0.26437583565711975, "Hayek would never have approved of any mechanism to bring about balance but, as Oren Cass points out in this essay \u201cHayek\u2019s Broken Promise\u201d, the great man always believed a country needed exports and imports and that balance would come from natural forces.", "2021-10-05"]
[6.839545726776123, 0.3743090033531189, "After decades of accumulated trade deficits, we are entitled to question Hayek\u2019s confidence in natural forces and explore other ways to bring about needed balance.", "2021-10-05"]
[7.2700276374816895, 0.6168626546859741, "Furthermore, trade deficits create political problems as well as economic ones.", "2021-10-05"]
[6.6659698486328125, -0.08210954070091248, "America\u2019s trade situation has contributed to a hollowing out of manufacturing capabilities, loss of millions of jobs, wealth inequality in the country and damage to the cities and towns that have relied on these jobs.", "2021-10-05"]
[4.512328147888184, -0.865513265132904, "There is a strong sense in the American body politic that something is very wrong.", "2021-10-05"]
[4.811343193054199, -0.8155058026313782, "This is part of the reason why Donald Trump was elected president and populism is on the rise.", "2021-10-05"]
[6.7877349853515625, 0.26544106006622314, "Economists can debate the importance of savings rates and productivity but voters have their own instinctive reaction.", "2021-10-05"]
[5.614549160003662, -1.701356291770935, "President Trump followed through on his campaign promise in 2016 and radically changed the trade agenda.", "2021-10-05"]
[5.601703643798828, -1.669675350189209, "He raised tariffs, renegotiated agreements and threatened to do much more.", "2021-10-05"]
[5.3845672607421875, -1.5077251195907593, "The populist, worker-first United States-Mexico-Canada Agreement passed a historically divided Congress a year before the presidential election in 2020 with 90% of lawmakers, both Republicans and Democrats, in favour.", "2021-10-05"]
[6.306994915008545, -1.0612684488296509, "The backlash from farmers and others that was predicted by pundits never happened.", "2021-10-05"]
[5.567992687225342, -1.630033016204834, "In fact, both presidential candidates ran on essentially the same trade platform.", "2021-10-05"]
[5.360318660736084, -1.7846060991287231, "Joe Biden abandoned his past support for comprehensive trade deals like TPP.", "2021-10-05"]
[6.649569511413574, -3.552539587020874, "Both emphasised the need to bring back jobs that were outsourced overseas and to reduce dependency on China, even if their tone and preferred tactics differed slightly (though there has been little discernible difference so far).", "2021-10-05"]
[5.839249134063721, -0.7346761226654053, "In short, the public demands balanced trade and politicians of both parties are responding.", "2021-10-05"]
[5.162271499633789, 0.38312456011772156, "There are a number of possible ways to achieve greater balance.", "2021-10-05"]
[7.356046676635742, -1.3200243711471558, "In his article in 2003, Mr Buffett suggested that America require import certificates.", "2021-10-05"]
[7.710319995880127, -2.08323073387146, "These would be issued to those who export and would be sold by them to importers.", "2021-10-05"]
[6.650965213775635, -0.6389039754867554, "This system would be effective because it would penalise imports and subsidise exports.", "2021-10-05"]
[4.8889689445495605, 0.4623534381389618, "Yet it also might be quite disruptive.", "2021-10-05"]
[7.096189975738525, -0.11832831054925919, "It would create a market for these certificates with possibilities for manipulation and speculation.", "2021-10-05"]
[6.758616924285889, -0.5576285123825073, "Others have suggested that America implement a so-called \u201cmarket-access charge\u201d.", "2021-10-05"]
[7.361103057861328, -0.5214115381240845, "Essentially, the Federal Reserve would impose a variable tax on capital flows into the country from foreign persons.", "2021-10-05"]
[7.51546573638916, -0.36934423446655273, "It would raise or lower the tax to disincentivise foreigners from buying American assets; this drop in demand for the assets would lower the value of the dollar.", "2021-10-05"]
[7.144180774688721, -0.882360577583313, "The idea is that this would \u201crealign\u201d (that is to say, \u201cweaken\u201d) the dollar and bring about trade balance.", "2021-10-05"]
[5.377919673919678, 0.3811298608779907, "This mechanism also would work but the process is complicated and easily misunderstood.", "2021-10-05"]
[7.162482738494873, 0.16557304561138153, "Some might argue that it would discourage investment.", "2021-10-05"]
[6.986500263214111, -0.05100647360086441, "A third approach, more consistent with Keynes\u2019s notion, would be for the United States or any country that experiences the emergence of a huge, regular trade deficit to impose a temporary tariff on all imports and gradually increase it or decrease it depending on the level of the deficit.", "2021-10-05"]
[7.024270534515381, -1.051195740699768, "For example, a 10% tariff could be applied to all imports.", "2021-10-05"]
[7.424335479736328, -0.5630196332931519, "If the deficit did not go down in a couple of years, the tariff would be increased to 20% for several more years.", "2021-10-05"]
[7.630307197570801, -0.40588444471359253, "If this did not have the needed effect it might go up to 30%.", "2021-10-05"]
[6.431220054626465, -0.7220010161399841, "(Of course, the programme would make exceptions for critical goods.", "2021-10-05"]
[7.244851112365723, -0.808904767036438, ") When the deficit was substantially reduced, the tariffs would also decline and eventually be eliminated.", "2021-10-05"]
[6.935189723968506, -0.313838928937912, "All three of these approaches would reduce the trade deficit.", "2021-10-05"]
[6.650171279907227, 0.33887502551078796, "They all would have costs too.", "2021-10-05"]
[6.6998138427734375, -0.3020532429218292, "They would raise the price of imported goods (both for personal use and as inputs for companies) and discourage consumption.", "2021-10-05"]
[6.5521159172058105, -0.45367154479026794, "They would add regulation to the economy and they would be opposed by our trading partners.", "2021-10-05"]
[6.454521656036377, -0.1234043687582016, "These downsides, however, would be temporary and surely would be outweighed by the benefits of balanced trade.", "2021-10-05"]
[7.094114780426025, -0.34279125928878784, "It would improve economic growth, encourage manufacturing and job creation and put upward pressure on wages.", "2021-10-05"]
[6.7448410987854, -0.5245971083641052, "Of the three approaches the best one would be that which would have the least interference with markets: yes, tariffs.", "2021-10-05"]
[5.731022357940674, 0.41688358783721924, "The mechanism is already in place to collect them.", "2021-10-05"]
[6.721195220947266, -0.9226818680763245, "As every ornate custom house in every international port attests, governments have collected tariffs for over a millennium and economists know their effects.", "2021-10-05"]
[7.702532768249512, -0.49951714277267456, "None of this is likely to reverse the negative net foreign investment that resulted from trade deficits in the past, but it may reduce or stop the outflow.", "2021-10-05"]
[4.647642612457275, -0.015955155715346336, "Most importantly it represents a vital shift in thinking.", "2021-10-05"]
[7.5937371253967285, 0.7332680821418762, "America\u2019s cumulative deficits hurt the country: the pain is apparent even if the reason is camouflaged.", "2021-10-05"]
[6.208894729614258, -0.26854851841926575, "Policymakers, business leaders, economists\u2014and the public, most of all\u2014need to abandon the dogma of trade from 18th-century philosophers of the political economy, and embrace new thinking for novel circumstances.", "2021-10-05"]
[6.24135160446167, -0.5434614419937134, "Special report | World trade\nThe new order of trade\nTrade has been about growth and efficiency.", "2021-10-06"]
[6.240581035614014, 0.16827206313610077, "Now other goals are competing for attention, says Soumaya Keynes\n\nTHIS NEWSPAPER was founded in 1843 to campaign for the repeal of Britain\u2019s protectionist corn laws (which was achieved three years later).", "2021-10-06"]
[6.604743957519531, -0.24887923896312714, "The case it made for free trade was that tariffs enrich the wealthy at the expense of the poor, and that discrimination against foreigners leads to copycat retaliation, making everybody worse off.", "2021-10-06"]
[6.175989627838135, 0.36488598585128784, "Our introductory issue lamented that governments, classes and individuals \u201chave been too apt to conclude that their benefit could be secured by a policy injurious to others\u201d.", "2021-10-06"]
[6.415127754211426, 0.19732342660427094, "For over 200 years, economists have largely accepted such arguments, although some politicians have displayed an atavistic fondness for protection.", "2021-10-06"]
[6.381303787231445, -0.6010052561759949, "But after 1945, most leaders around the world converged on support for freer trade.", "2021-10-06"]
[6.001310348510742, -0.5374707579612732, "Taken by the idea that more open markets promote innovation, competition and growth, they pursued them, first in the General Agreement on Tariffs and Trade (GATT), founded in 1948, and then after the GATT was transformed into the World Trade Organisation (WTO) in 1995.", "2021-10-06"]
[5.9178338050842285, -0.9137697815895081, "The WTO was an extraordinary achievement.", "2021-10-06"]
[4.8440632820129395, -0.5651824474334717, "For the first time\u2014and almost uniquely for international institutions\u2014the system included binding dispute settlement, so that victims of rule-breaking could win redress.", "2021-10-06"]
[5.766401290893555, -0.32829007506370544, "No longer could big countries throw their weight around and assume that any injury to others was consequence-free.", "2021-10-06"]
[6.321822643280029, -3.2361714839935303, "Such was the faith placed in the new institution that, when China belatedly joined it in 2001, many in the West hoped that it would lead to economic and political convergence with rich democracies.", "2021-10-06"]
[5.9091057777404785, -0.7900006771087646, "Exceptions were permitted within the rules-based system, but they were carefully policed.", "2021-10-06"]
[5.459381580352783, -1.0928318500518799, "One for national security was invoked sparingly, as everybody saw it could too easily be abused.", "2021-10-06"]
[6.070788860321045, -0.9303967356681824, "Environmental protection was allowed as a justification for some trade restrictions, but no more than was absolutely necessary.", "2021-10-06"]
[6.163533687591553, -0.32806581258773804, "Labour lobbyists complaining of unfair competition were denounced as protectionist by those who saw cost differentials as legitimate forms of comparative advantage.", "2021-10-06"]
[6.19376802444458, -0.5917232632637024, "Indeed, economic integration was seen as a way to help achieve these other goals.", "2021-10-06"]
[6.478279113769531, -0.22468581795692444, "Not only would economies benefit from being bound together, but faster growth would mean higher environmental and labour standards.", "2021-10-06"]
[7.155121803283691, -0.8337029814720154, "All this translated into generally lower tariffs.", "2021-10-06"]
[7.526378631591797, -0.9853304028511047, "Between 1990 and 2017 the trade-weighted average global tariff applied under WTO rules fell by 4.2 percentage points.", "2021-10-06"]
[7.791589736938477, -1.135412573814392, "The drop was greatest in poorer countries: in the same period China\u2019s tariffs fell by 28 points, India\u2019s by 51 and Brazil\u2019s by 10.", "2021-10-06"]
[6.19132661819458, -1.1396372318267822, "It also prompted a push for bilateral and regional trade deals, which expanded from around 50 in the early 1990s to as many as 300 in 2019.", "2021-10-06"]
[7.369316101074219, -0.9109739661216736, "These have cut trade-weighted applied tariffs by a further 2.3 percentage points.", "2021-10-06"]
[7.951941967010498, -1.0309090614318848, "This system supported an explosion of global trade as a share of gross output, from around 30% in the early 1970s to 60% in the early 2010s.", "2021-10-06"]
[8.137340545654297, -1.3444215059280396, "Over the same period complex global supply chains grew from around 37% to 50% of total trade.", "2021-10-06"]
[7.416848182678223, -0.8371989727020264, "The stunning collapse in transport costs boosted international commerce.", "2021-10-06"]
[5.405313014984131, 0.13831885159015656, "But so did stability.", "2021-10-06"]
[7.795287132263184, -2.4217891693115234, "After China joined the WTO, one study by Kyle Handley of the University of California, San Diego, and Nuno Lim\u00e3o of the University of Maryland found that reduction in uncertainty was responsible for around a third of the growth in Chinese exports between 2000 and 2005.", "2021-10-06"]
[7.111910343170166, -0.5666110515594482, "As those early campaigners predicted, freer trade has brought higher living standards.", "2021-10-06"]
[7.823767185211182, -1.0189203023910522, "A report by the World Bank in 2019 concluded that a 1% rise in participation in global value chains is linked with an increase in income per head of more than 1% in the long run.", "2021-10-06"]
[7.180190563201904, -0.7974853515625, "A survey of the literature by Douglas Irwin of Dartmouth College found that poor countries which liberalised trade enjoyed higher growth of 1-1.5 percentage points, cumulating to 10-20% after a decade.", "2021-10-06"]
[7.204988479614258, -0.7909415364265442, "The United States International Trade Commission, an independent government agency, reckons America\u2019s bilateral and regional trade agreements have raised real incomes by 0.6%.", "2021-10-06"]
[6.29733419418335, -0.7302301526069641, "Some moves towards further liberalisation have continued.", "2021-10-06"]
[5.816431522369385, -2.101374864578247, "In November 2020 15 Asia-Pacific countries signed the Regional Comprehensive Economic Partnership, the world\u2019s biggest trade block.", "2021-10-06"]
[5.810953617095947, -1.487605333328247, "Trading in the African Continental Free Trade Area, a deal ratified by 38 countries, began on January 1st this year.", "2021-10-06"]
[5.631269454956055, -0.929453432559967, "Post-Brexit Britain is trying to cover 80% of its trade with preferential deals, albeit after erecting large new barriers with its closest neighbour, the European Union.", "2021-10-06"]
[7.252631187438965, -4.505227088928223, "And America and the EU are discussing common international standards for the digital economy.", "2021-10-06"]
[6.120882987976074, -0.144023135304451, "Yet the appetite for freer trade is not what it was.", "2021-10-06"]
[6.666274547576904, -0.57724529504776, "There has not been a general round of liberalisation since the mid-1990s.", "2021-10-06"]
[5.8105244636535645, -0.49987420439720154, "Other dealmaking has also slowed.", "2021-10-06"]
[6.001338958740234, -0.09978188574314117, "Partly that is down to a widespread perception that the ideology of free trade has failed to deliver its promises.", "2021-10-06"]
[6.1106791496276855, -0.053373221307992935, "In the rich world, politicians have seen furious backlashes against trade agreements and complaints that liberalisation has created losers as well as winners, leaving many workers behind.", "2021-10-06"]
[5.58266544342041, -1.7677905559539795, "President Donald Trump embodied a rejection of the rules-based trade system.", "2021-10-06"]
[5.813478469848633, -1.603163719177246, "Although the Biden administration no longer hands out random tariff threats, few think America is incapable of electing a protectionist like Mr Trump again.", "2021-10-06"]
[5.349201679229736, -0.33266136050224304, "Meanwhile the WTO faces gridlock.", "2021-10-06"]
[6.220552444458008, -3.789950132369995, "Many believe that China took most of the benefits they were promised without offering enough in return.", "2021-10-06"]
[4.900208473205566, -0.2660215497016907, "It has become impossible to update the rules in a group with 164 members that all need to agree.", "2021-10-06"]
[5.784322738647461, -0.28368714451789856, "And the system that is meant to stop trade disputes spiralling out of control no longer works.", "2021-10-06"]
[7.644306659698486, -1.093951940536499, "The covid-19 pandemic has revealed how quickly panicked nationalism can gum up global supply chains.", "2021-10-06"]
[7.829824447631836, -4.0088396072387695, "Over two-thirds of countries applying export controls on medical devices in 2020 still had restrictions in place in August 2021.", "2021-10-06"]
[6.029066562652588, -0.2401108294725418, "For all the post-war embrace of free trade, political support for it seems to rest on fragile foundations.", "2021-10-06"]
[4.404652118682861, 0.32615041732788086, "That could jeopardise growth.", "2021-10-06"]
[6.831696510314941, -0.3895382583141327, "According to one study, the uncertainty associated with Mr Trump\u2019s trade wars may have depressed global growth by 0.75 percentage points in 2019.", "2021-10-06"]
[6.536270618438721, -0.6256325244903564, "The WTO\u2019s economists reckon that between 2000 and 2016 the cost of trade associated with policy fell from the equivalent of a 9% tariff in 2000 to a 6% tariff in 2016, but this includes an uptick since 2012.", "2021-10-06"]
[7.434924602508545, -0.9224687218666077, "A simulation from the IMF found that the equivalent of a 10% tariff would reduce global output by around 1% after three years, and by 1.5% if productivity losses from the protection of inefficient firms are added.", "2021-10-06"]
[6.060177803039551, -0.09173733741044998, "As freer trade loses favour, other priorities have crowded in.", "2021-10-06"]
[5.856791973114014, -0.5606231689453125, "There was so much focus on liberalisation and what it would bring that, as time went on, \u201ctrade became a negotiating thing\u2014trade for trade itself,\u201d says Ngozi Okonjo-Iweala, director-general of the WTO.", "2021-10-06"]
[6.306902885437012, -0.5636577010154724, "Now, she notes, non-trade goals that had lost out to the cause of greater liberalisation are coming back.", "2021-10-06"]
[6.2206525802612305, -0.49688640236854553, "This special report explores how trade policy is being used to achieve non-trade objectives, including greater resilience, human rights and a healthier planet.", "2021-10-06"]
[5.983551502227783, -0.23570187389850616, "And it asks whether the open trading system can survive this shift.", "2021-10-06"]
[6.325777530670166, -0.032044194638729095, "The place to start is with a look at the strains created by America\u2019s turn away from the rules-based multilateral trading system that it did so much to create.", "2021-10-06"]
[5.482004165649414, -2.785494089126587, "Leaders | Building back best\nLatin America could become an alternative to China\nBut only if the protectionist policies of the region\u2019s politicians don\u2019t get in the way\n \nLATIN AMERICA\u2019S economies are punch-drunk from the pandemic.", "2021-10-14"]
[8.221954345703125, -0.8624054193496704, "No other region suffered a bigger drop in GDP in 2020 or a higher death rate.", "2021-10-14"]
[7.867735862731934, -0.904010534286499, "Even before the coronavirus arrived, the larger Latin economies lagged behind emerging-world success stories in Asia and Europe.", "2021-10-14"]
[6.574559688568115, -0.6045985817909241, "They were held back by poor governance, excessive dependence on commodities and protectionism.", "2021-10-14"]
[6.590299129486084, -0.8861256241798401, "In the steepness of its barriers to trade, the region is second only to sub-Saharan Africa.", "2021-10-14"]
[8.306052207946777, -1.9248067140579224, "From 1995 to 2015 its participation in global supply chains rose by just 0.1%; in the rest of the world supply-chain trade jumped by 19%.", "2021-10-14"]
[5.136201858520508, -1.2820841073989868, "But the Americas now have a chance to make progress.", "2021-10-14"]
[8.00129508972168, -3.155137300491333, "The capriciousness of Chinese regulators, the tangled state of global trade and the trend towards reshoring and nearshoring are prompting firms in the United States to reassess where they should build factories and invest their cash.", "2021-10-14"]
[8.25927448272705, -2.5105483531951904, "With the right policies, Latin American countries could be attractive locations for new plants supplying the United States and each other.", "2021-10-14"]
[6.037550449371338, -1.1130526065826416, "This is the best chance in decades to pursue a policy of regional economic integration.", "2021-10-14"]
[3.9479339122772217, -2.7320809364318848, "Whether that actually takes place will depend in part on President Joe Biden.", "2021-10-14"]
[5.440970420837402, -3.0354723930358887, "Already, Latin American governments are being courted to take part in Mr Biden\u2019s Build Back Better World partnership, an infrastructure-investment programme that is intended to counter China\u2019s Belt and Road Initiative.", "2021-10-14"]
[3.966294050216675, -2.7537083625793457, "Yet, for all its good intentions, the Biden plan lacks ambition.", "2021-10-14"]
[5.008546829223633, -2.2430922985076904, "As well as promoting infrastructure-building, Mr Biden should urge his neighbours to lower trade barriers, harmonise provisions across the hundreds of trade agreements which already criss-cross the region and clear up onerous customs procedures.", "2021-10-14"]
[7.853082656860352, -0.07484959065914154, "This could help persuade investors to take the plunge.", "2021-10-14"]
[6.1601457595825195, -0.05553778260946274, "Nobody should underestimate how hard it will be to overcome Latin America\u2019s scepticism of markets.", "2021-10-14"]
[6.59980583190918, -0.8070008158683777, "Big economies such as Brazil and Argentina have long been protectionist, coddling domestic firms behind high trade barriers.", "2021-10-14"]
[5.573096752166748, -0.3085865080356598, "The results of past trade deals have sometimes been disappointing.", "2021-10-14"]
[5.747880935668945, -3.1268398761749268, "Left-wing leaders, such as Andr\u00e9s Manuel L\u00f3pez Obrador of Mexico, want less private capital in the economy, not more.", "2021-10-14"]
[5.330077648162842, -2.5973405838012695, "Peru has recently elected a far-left leader, Pedro Castillo, who has been seeking to calm the market\u2019s apprehension about his economic policies, with only some success.", "2021-10-14"]
[6.42744779586792, 0.05260056257247925, "Partly as a result, Latin America has failed to transform itself economically as East Asia has done over the past generation.", "2021-10-14"]
[7.015238285064697, -0.18978741765022278, "Since the North American Free Trade Agreement took effect in 1994, real income per person in Mexico, measured by purchasing power, has fallen further behind that in the United States.", "2021-10-14"]
[4.384993076324463, -0.2514149248600006, "However, you can find signs of openness.", "2021-10-14"]
[6.682927131652832, -2.3304898738861084, "Uruguay is seeking new trade deals with China and, as part of a regional grouping, South Korea.", "2021-10-14"]
[4.956206321716309, -2.7526001930236816, "In Ecuador Guillermo Lasso, the president and a former banker, is valiantly battling populism.", "2021-10-14"]
[7.751016616821289, -1.9921975135803223, "Countries that have been open to trade, like Chile and Costa Rica, have outgrown their inward-looking Latin American peers.", "2021-10-14"]
[4.98050594329834, -1.3085049390792847, "Even Mexico holds out some hope.", "2021-10-14"]
[8.433716773986816, -3.1167240142822266, "In recent years its exporters competed directly with China\u2019s in industries that China came to dominate.", "2021-10-14"]
[5.254944801330566, -1.5092389583587646, "Now Mexicans have adapted.", "2021-10-14"]
[8.419697761535645, -3.113492965698242, "Whereas the country\u2019s overall growth has been disappointing, its manufacturers have shifted from low-value textiles into automotive, aerospace and semiconductor industries that will benefit from being close to the United States and far from China.", "2021-10-14"]
[4.286726474761963, -2.797877550125122, "Mr Biden could help by pairing access to badly needed investment through Build Back Better with a drive for trade liberalisation.", "2021-10-14"]
[4.84033203125, -2.9729740619659424, "In September members of the Biden administration visited Colombia, Ecuador and Panama to gauge interest in the initiative, which could also boost Latin America\u2019s defences against climate change.", "2021-10-14"]
[6.172908782958984, 0.5423717498779297, "The alternative to integration is grim.", "2021-10-14"]
[6.378947734832764, 0.13736461102962494, "Further economic stagnation in Latin America would leave governments struggling to cope with the rising costs of climate change.", "2021-10-14"]
[5.90485954284668, 0.10105195641517639, "A lack of jobs and growth would rile their increasingly frustrated citizens, many of whom have taken to the streets in recent years.", "2021-10-14"]
[4.585472106933594, -1.7329800128936768, "Similarly, a further inward lurch in Latin America would not serve the security and commercial interests of the United States.", "2021-10-14"]
[6.704147815704346, -0.20183250308036804, "At the very least it would be a missed opportunity to expand markets for the country\u2019s firms.", "2021-10-14"]
[3.9847962856292725, -2.8393914699554443, "Mr Biden has a chance to help create a more prosperous region.", "2021-10-14"]
[4.817248344421387, -2.049880266189575, "He should take it.", "2021-10-14"]
[6.317065238952637, -2.1578214168548584, "Finance & economics | Free exchange\nNew research counts the costs of the Sino-American trade war\nIt has been a lose-lose ordeal\n \nTHE INITIAL two-year segment of the \u201cphase one\u201d trade deal between America and China comes to an end on December 31st.", "2022-01-01"]
[3.908360719680786, -1.2854390144348145, "Neither country is in a mood to mark the occasion.", "2022-01-01"]
[5.659350395202637, -2.9521026611328125, "Mutual antagonism is as fierce as ever; a new American law banning goods made with forced labour in Xinjiang is the latest flashpoint.", "2022-01-01"]
[6.215097427368164, -1.6660006046295166, "Still, it is a good moment to take stock of the economic outcomes of the Sino-American trade war.", "2022-01-01"]
[4.163199424743652, -0.9761128425598145, "The verdict is unremittingly negative for both countries\u2014with one important exception.", "2022-01-01"]
[5.140416145324707, -0.2461075782775879, "Start with the most glaring failure.", "2022-01-01"]
[7.518869400024414, -2.2575957775115967, "As part of the phase-one deal, signed on January 15th 2020, China promised to import dramatically more from America, by buying an additional $200bn in goods and services in 2020 and 2021, compared with 2017 levels.", "2022-01-01"]
[6.653635025024414, -2.6876959800720215, "Having long complained about China\u2019s manipulation of its economy, America demanded that it manipulate trade flows.", "2022-01-01"]
[6.225651264190674, -3.835965156555176, "As it turns out, Chinese officials lacked either the willingness or the ability to get it done.", "2022-01-01"]
[8.181022644042969, -1.7565925121307373, "China will reach barely a tenth of its purchase target for goods, according to data compiled by Chad Bown of the Peterson Institute for International Economics, a think-tank.", "2022-01-01"]
[6.436454772949219, -3.344693660736084, "Even allowing for pandemic-related disruptions, America\u2019s strategy of browbeating China into buying more of its wares has underwhelmed.", "2022-01-01"]
[6.953662395477295, -1.8549925088882446, "More broadly, the trade war has hurt both the Chinese and American economies, as a growing body of research shows.", "2022-01-01"]
[6.632690906524658, -1.1809611320495605, "The superpowers started hitting each other with tariffs in early 2018, giving economists two full pre-covid years of numbers to crunch.", "2022-01-01"]
[7.515888690948486, -1.7259314060211182, "During that time average American tariffs on Chinese imports soared from 3% to 19%, while average Chinese tariffs on American imports went from 8% to 21%.", "2022-01-01"]
[5.787291526794434, -0.4573252499103546, "It is hard to overstate how big a shock this was to the world\u2019s biggest bilateral trading relationship.", "2022-01-01"]
[7.071803092956543, -0.8008177876472473, "Pablo Fajgelbaum of Princeton University and Amit Khandelwal of Columbia University calculate that the tariffs were applied to even more trade as a share of American GDP than were the notorious Smoot-Hawley levies of 1930, which led to a spiral of international retaliation and may have worsened the Depression.", "2022-01-01"]
[6.005191326141357, -1.411054015159607, "Mercifully, the Sino-American trade war has precipitated no such disaster.", "2022-01-01"]
[6.723133087158203, -0.16742506623268127, "The global economy was in much better shape to begin with.", "2022-01-01"]
[7.228449821472168, -0.6379703879356384, "And price effects have been muffled by complex supply chains.", "2022-01-01"]
[6.5627312660217285, -1.9698445796966553, "At the onset of the trade war, a common assumption was that both sides would bear the costs of the tariffs: Chinese suppliers would charge a little less for their goods, and American importers would pay a bit more.", "2022-01-01"]
[7.094512939453125, -1.4347783327102661, "Yet an early study by economists including Gita Gopinath, now of the IMF, found that American importers in fact bore more than 90% of the cost of America\u2019s tariffs.", "2022-01-01"]
[7.620477199554443, -2.1332590579986572, "The obvious explanation was that they had little choice but to rely on Chinese suppliers, at least in the short run, and could not negotiate lower prices.", "2022-01-01"]
[7.413681507110596, -0.7269851565361023, "In addition, prices to consumers barely budged, suggesting that retailers absorbed the costs through thinner profits.", "2022-01-01"]
[7.074296474456787, -0.42257270216941833, "This could not last, wrote Ms Gopinath and her colleagues: at some point American importers would pass higher costs on to customers.", "2022-01-01"]
[8.012802124023438, -0.6513845324516296, "Chinese economists might gleefully point to America\u2019s current surge in inflation to argue that this is now happening.", "2022-01-01"]
[7.21823787689209, -0.5545805096626282, "At the margin they are surely right that tariffs can be inflationary, as even Janet Yellen, America\u2019s treasury secretary, has conceded.", "2022-01-01"]
[7.1581950187683105, 0.00931999459862709, "But dislocations stemming from the pandemic\u2014from microchip shortages to a quintupling of shipping costs\u2014are far bigger factors in driving up prices.", "2022-01-01"]
[6.009061336517334, -0.7990670800209045, "The trade war only adds to the headache.", "2022-01-01"]
[7.193474292755127, -1.1864252090454102, "One reason why America levied tariffs was to encourage manufacturers to relocate there.", "2022-01-01"]
[7.710230350494385, -0.3076412081718445, "Yet trade friction has in fact depressed business investment in America, suggests research by Mary Amiti of the Federal Reserve Bank of New York and others.", "2022-01-01"]
[8.451704978942871, -1.139114499092102, "The share prices of companies trading with China fared especially badly after tariff announcements.", "2022-01-01"]
[8.306650161743164, -0.3805752992630005, "This reflected lower returns to capital and, by extension, weaker incentives to invest.", "2022-01-01"]
[8.475926399230957, -0.638421893119812, "All told, the annual investment growth of listed American firms was likely to have shrunk by 1.9 percentage points by the end of 2020.", "2022-01-01"]
[7.68139123916626, -0.9462329745292664, "Aaron Flaaen and Justin Pierce of the Federal Reserve Board estimate that exposure to higher tariffs was associated with a decline in American manufacturing employment of 1.4%.", "2022-01-01"]
[6.777466773986816, -0.9567883014678955, "The burden of higher import costs and retaliatory levies outweighed the benefits of being sheltered from foreign competition.", "2022-01-01"]
[5.570433139801025, -3.7808916568756104, "So far all this might sound like a win for China.", "2022-01-01"]
[4.72106409072876, 0.09417091310024261, "But more recent papers show that it too has taken some blows.", "2022-01-01"]
[7.792809963226318, -3.105604410171509, "Because of a lack of granular official Chinese data, Davin Chor of the Tuck School of Business and Li Bingjing of the University of Hong Kong studied satellite images of night-time lights to gauge economic activity.", "2022-01-01"]
[6.222871780395508, -2.5975229740142822, "The bulk of China\u2019s population, they found, would have been oblivious to the trade war.", "2022-01-01"]
[7.829766273498535, -1.0963340997695923, "But for the directly affected export-intensive parts of the country, they estimated that the tariffs led to a 2.5% contraction in GDP per person.", "2022-01-01"]
[7.874096870422363, -3.268070697784424, "Another approach by economists including Xu Mingzhi of Peking University was to look at data from 51job.com, a Chinese job platform.", "2022-01-01"]
[7.280089855194092, -0.8963601589202881, "Firms more exposed to American tariffs posted roughly 3% less ads in the six months following tariff increases, and reduced salary offers by 0.5% on average.", "2022-01-01"]
[5.032196044921875, -3.728875160217285, "Chinese officials like to talk about bilateral co-operation as \u201cwin-win\u201d.", "2022-01-01"]
[6.006174564361572, -0.4295857548713684, "The trade war has been lose-lose.", "2022-01-01"]
[6.094119548797607, -0.8120726346969604, "The trade war has been constructive in one respect, however.", "2022-01-01"]
[7.740241527557373, -1.3567569255828857, "America\u2019s imports from China are fractionally lower than before it implemented tariffs.", "2022-01-01"]
[8.448074340820312, -2.272213935852051, "By contrast, its imports from Vietnam have doubled, and those from Mexico have risen by 20%.", "2022-01-01"]
[8.199572563171387, -1.9184074401855469, "Viewed narrowly, this may be a sign that trade is being diverted from more efficient producers in China to slightly less efficient ones.", "2022-01-01"]
[6.054046154022217, 0.24950526654720306, "But as a matter of business strategy, this looks sensible.", "2022-01-01"]
[7.606652736663818, -1.1382126808166504, "One of the lessons of the supply-chain snarls of the past year is the danger of over-reliance on a single source.", "2022-01-01"]
[7.564218521118164, -1.857789397239685, "American firms can thank the trade war for getting them started on the messy business of rethinking their supply chains.", "2022-01-01"]
[5.5704498291015625, -3.6837823390960693, "The trajectory of Sino-American relations suggests they have every reason to hasten the shift.", "2022-01-01"]
[5.499321460723877, -4.330519199371338, "China | Chaguan\nChina and America are barely speaking, though crises loom\nA comfortless calm reigns, but a storm is coming\n\nDuring Donald Trump\u2019s four years in the White House, tempests buffeted relations between America and China.", "2022-10-27"]
[6.258447647094727, -2.1538145542144775, "There was a trade war, backed by presidential tweets \u201chereby\u201d ordering American businesses to leave China.", "2022-10-27"]
[5.589731216430664, -4.229824066162109, "There was also mutual finger-pointing over the origins of covid-19, including conspiracy theories, promoted by Chinese diplomats, that the virus began in an American military laboratory.", "2022-10-27"]
[4.976983070373535, -4.078149795532227, "In 2020 Mr Trump\u2019s secretary of state, Mike Pompeo, urged his country to see clearly its differences with the \u201cbankrupt, totalitarian\u201d ideology of the Communist Party, and to empower the Chinese people to \u201cinduce China to change\u201d.", "2022-10-27"]
[5.1408796310424805, -3.8997159004211426, "That speech is not forgotten in Beijing, where party leaders heard a call for their overthrow.", "2022-10-27"]
[4.596076965332031, -0.9430387616157532, "Today, a chilly, comfortless calm reigns.", "2022-10-27"]
[3.995875835418701, -1.6321123838424683, "The powers resemble rival battle-fleets, navigating seas filled with icebergs and other half-understood dangers.", "2022-10-27"]
[4.732685089111328, -3.0958480834960938, "Fresh ice was sighted during the Communist Party congress which ended on October 22nd.", "2022-10-27"]
[4.6312055587768555, -3.465233325958252, "A day later Xi Jinping was crowned as party chief for a third term, and possibly for life.", "2022-10-27"]
[5.236032962799072, -4.1788434982299805, "Mr Xi\u2019s report to the congress catalogued threats to national security, including attempts by unnamed forces (meaning America, above all) to sabotage, subvert and contain China\u2019s rise.", "2022-10-27"]
[6.288937568664551, -4.170347690582275, "He stressed the need for China to show a fighting spirit and achieve greater self-reliance, especially in core technologies.", "2022-10-27"]
[4.528939723968506, -3.529613494873047, "Mr Xi\u2019s bleak survey was months in the drafting.", "2022-10-27"]
[4.4456400871276855, -1.4807617664337158, "But it sounded like an echo of one delivered days earlier in Washington.", "2022-10-27"]
[4.5870280265808105, -3.7090365886688232, "President Joe Biden\u2019s administration published a National Security Strategy that accuses China of intending to reshape the international order.", "2022-10-27"]
[7.383235454559326, -4.138963222503662, "The strategy\u2019s unveiling was preceded by the announcement of stringent controls on exports of advanced American semiconductors and chip-making technologies.", "2022-10-27"]
[7.056664943695068, -4.333743572235107, "The rules aim to stop China from using American products and know-how to build supercomputers and artificial intelligence (AI) systems that could help the People\u2019s Liberation Army to create world-beating weapons, or China\u2019s police state to perfect surveillance systems.", "2022-10-27"]
[4.036021709442139, -2.88334584236145, "Staying ahead of strategic competitors is no longer enough, Biden administration officials explained.", "2022-10-27"]
[7.8013014793396, -4.233640193939209, "From now on, America must maintain as large a technological lead as possible.", "2022-10-27"]
[6.617333889007568, -3.76826810836792, "To date, China has unveiled no countermeasures to these export controls, though domestic chip-making companies have been summoned to Beijing for emergency meetings.", "2022-10-27"]
[4.532203674316406, -0.544981837272644, "The new controls land in a sea of bilateral troubles.", "2022-10-27"]
[5.143383502960205, -3.760225296020508, "Since August, when Nancy Pelosi, the speaker of the House of Representatives, angered leaders in Beijing by visiting the island of Taiwan (which China claims for its own) Chinese officials have suspended talks with America about everything from drug-smuggling to avoiding collisions involving warplanes and naval ships.", "2022-10-27"]
[4.976014137268066, -3.7227327823638916, "When American diplomats in China are summoned for meetings, rote talking points dominate and Chinese officials demand that America atone for its mistakes.", "2022-10-27"]
[5.357029914855957, -3.871920585632324, "Though COP27, a big climate-change conference, is days away, China is not letting its climate envoy, Xie Zhenhua, talk to his American counterpart, John Kerry.", "2022-10-27"]
[6.080192565917969, -4.245497703552246, "China has blocked UN resolutions condemning North Korean missile tests.", "2022-10-27"]
[5.535950660705566, -3.923577070236206, "Once Chinese envoys joined America in approving UN sanctions on North Korea.", "2022-10-27"]
[5.359567642211914, -3.6951098442077637, "Now they blame sanctions for provoking tensions, and hint that co-operation over Korean security is conditional on better relations between China and America.", "2022-10-27"]
[3.8242027759552, -0.7384291291236877, "Attempts to keep relations from a free-fall can be glimpsed.", "2022-10-27"]
[4.308010578155518, -2.9002935886383057, "Officials from both sides are working on a possible meeting between Mr Biden and Mr Xi at the g20 summit of world leaders in Bali in mid-November.", "2022-10-27"]
[5.470407962799072, -3.758291006088257, "In Washington, there is talk of avoiding misperceptions and ensuring that competition with China does not descend into conflict.", "2022-10-27"]
[4.370607852935791, -3.5100579261779785, "Efforts are under way to ensure that, as Mr Xi welcomes such foreign visitors as the German chancellor, Olaf Scholz, to Beijing for a post-congress victory lap, he hears consistent messages from Western leaders, notably about Vladimir Putin\u2019s war in Ukraine, and Russian threats of escalation there.", "2022-10-27"]
[5.799716949462891, -3.7759904861450195, "In Beijing scholars suggest that things could be worse, noting that though the party congress heard a grim report about the international situation, there were no major changes in foreign and security policies, for instance over Taiwan.", "2022-10-27"]
[4.972538948059082, -4.09472131729126, "Da Wei, director of the Centre for International Security and Strategy at Tsinghua University, sees this moment as a \u201cpause for reflection\u201d, as China absorbs a \u201cblunt and hostile\u201d National Security Strategy.", "2022-10-27"]
[6.258805274963379, -4.227466583251953, "In Professor Da\u2019s telling, the mainstream Chinese view is that America\u2019s high-tech controls are a selfish plan to control a lucrative industry.", "2022-10-27"]
[5.56707763671875, -3.675654411315918, "\u201cFrom China\u2019s perspective, the United States is trying to strangle China\u2019s economy, or at least some sectors,\u201d he charges.", "2022-10-27"]
[5.065374851226807, -2.1502861976623535, "America\u2019s aim is not to defend human rights or its national security, but \u201cto strengthen its position in the global supply chain.", "2022-10-27"]
[6.36022424697876, -3.535811185836792, "\u201d\nFor their part, American officials deny that export controls are a bid to contain China.", "2022-10-27"]
[4.974400043487549, -4.105033874511719, "Their denials refer to specific, cold-war definitions of containment, recalling George Kennan\u2019s strategy of countering all forms of Soviet influence worldwide.", "2022-10-27"]
[7.889978885650635, -4.354879379272461, "In reality, America has come to see domination of high-end semiconductor manufacturing as vital to national security, says Gregory Allen, a former Pentagon official specialising in AI, now at the Centre for Strategic and International Studies, a think-tank in Washington.", "2022-10-27"]
[5.824106693267822, -3.5027780532836914, "America aims to slow China\u2019s technological progress not wreck its economy, he says.", "2022-10-27"]
[5.118903636932373, -1.705140233039856, "But an unspoken goal is \u201cto preserve our ability to destroy their economy at a later time, should we need that tool.", "2022-10-27"]
[5.512578010559082, -3.7734274864196777, "\u201d\nShould China come to the same view of America\u2019s plans, the current glacial calm cannot last.", "2022-10-27"]
[4.003003120422363, -2.9602596759796143, "Mr Biden\u2019s team is more disciplined than Mr Trump\u2019s band of hawks and ideologues, who lurched from one noisy clash with China to another.", "2022-10-27"]
[4.452460289001465, -1.6545802354812622, "But, like an iceberg, America\u2019s ambitions are larger and more disruptive than they at first appear.", "2022-10-27"]
[4.1683125495910645, -1.7075728178024292, "Nor will American allies escape being dragged into a contest that weaponises supply chains.", "2022-10-27"]
[5.194091320037842, -3.7694356441497803, "Leaders | America v China  \nWhy the China-US contest is entering a new and more dangerous phase\nChinese officials rage at what they see as American bullying \n \nYou may have hoped that when China reopened and face-to-face contact resumed between politicians, diplomats and businesspeople, Sino-American tensions would ease in a flurry of dinners, summits and small talk.", "2023-03-30"]
[5.388144016265869, -3.7423648834228516, "But the atmosphere in Beijing just now reveals that the world\u2019s most important relationship has become more embittered and hostile than ever.", "2023-03-30"]
[5.173356056213379, -4.194644451141357, "In the halls of government Communist Party officials denounce what they see as America\u2019s bullying.", "2023-03-30"]
[5.563202381134033, -4.290002346038818, "They say it is intent on beating China to death.", "2023-03-30"]
[5.499358654022217, -4.278729438781738, "Western diplomats describe an atmosphere laced with intimidation and paranoia.", "2023-03-30"]
[6.81005334854126, -3.3682808876037598, "In the Diaoyutai State Guesthouse, multinational executives attending the China Development Forum worried what a deeper decoupling would mean for their businesses.", "2023-03-30"]
[3.8327903747558594, -0.8868091702461243, "The only thing both sides agree on is that the best case is decades of estrangement\u2014and that the worst, of a war, is growing ever more likely.", "2023-03-30"]
[3.9701225757598877, -0.7496730089187622, "Each side is following its own inexorable logic.", "2023-03-30"]
[5.464486598968506, -2.8313732147216797, "America has adopted a policy of containment, although it declines to use that term.", "2023-03-30"]
[5.250907897949219, -4.323147773742676, "It sees an authoritarian China that has shifted from one-party to one-man rule.", "2023-03-30"]
[4.653554916381836, -3.617600202560425, "President Xi Jinping is likely to be in power for years and is hostile to the West, which he believes is in decline.", "2023-03-30"]
[4.904755115509033, -2.1805150508880615, "At home he pursues a policy of repression that defies liberal values.", "2023-03-30"]
[5.458772659301758, -3.203216314315796, "He has broken promises to show restraint when projecting power outward, from Hong Kong to the Himalayas.", "2023-03-30"]
[4.37252950668335, -3.3576974868774414, "His meeting with Vladimir Putin this month confirmed that his goal is to build an alternative world order that is friendlier to autocrats.", "2023-03-30"]
[4.928314685821533, -4.188896179199219, "Faced with this, America is understandably accelerating its military containment of China in Asia, rejuvenating old alliances and creating new ones, such as the aukus pact with Australia and Britain.", "2023-03-30"]
[7.560330867767334, -4.1148881912231445, "In commerce and technology America is enacting a tough and widening embargo on semiconductors and other goods.", "2023-03-30"]
[6.663717746734619, -4.314410209655762, "The goal is to slow Chinese innovation in order that the West can maintain its technological supremacy: why should America let its inventions be used to make a hostile regime more dangerous?", "2023-03-30"]
[5.7428202629089355, -4.116051197052002, "To China\u2019s leaders, this amounts to a scheme to cripple it.", "2023-03-30"]
[5.387126922607422, -2.2483270168304443, "America, in their eyes, thinks it is exceptional.", "2023-03-30"]
[5.566234111785889, -4.269625186920166, "It will never accept that any country can be as powerful as itself, regardless of whether it is communist or a democracy.", "2023-03-30"]
[5.46671199798584, -4.219236850738525, "America will tolerate China only if it is submissive, a \u201cfat cat, not a tiger\u201d.", "2023-03-30"]
[5.110711097717285, -4.19667387008667, "America\u2019s Asian military alliances mean that China feels it is being encircled within its own natural sphere of influence.", "2023-03-30"]
[5.079711437225342, -3.7290613651275635, "Red lines agreed on in the 1970s, when the two countries re-established relations, such as those on Taiwan, are being trampled by ignorant and reckless American politicians.", "2023-03-30"]
[5.611704349517822, -4.3154120445251465, "China\u2019s rulers think it only prudent to raise military spending.", "2023-03-30"]
[5.455158710479736, -2.5648460388183594, "In commerce, they view American containment as unfair.", "2023-03-30"]
[7.489153861999512, -3.9479055404663086, "Why should a country whose gdp per head is 83% lower than America\u2019s be deprived of vital technologies?", "2023-03-30"]
[7.306081771850586, -4.7227325439453125, "Officials and businesspeople were appalled by the spectacle of TikTok, the subsidiary of a Chinese firm, being roasted in an American congressional hearing this month.", "2023-03-30"]
[4.954826831817627, -4.045628547668457, "Although some Chinese liberals dream of emigrating, even worldly, Western-educated technocrats now loyally condemn shows of wealth, promote self-reliance and explain why globalisation must serve Mr Xi\u2019s political priorities.", "2023-03-30"]
[3.7877142429351807, -1.2016178369522095, "Given two such entrenched and contradictory world-views, it is naive to think that more diplomacy alone can guarantee peace.", "2023-03-30"]
[4.247607707977295, -2.979210376739502, "A meeting in Bali between President Joe Biden and Mr Xi in November eased tensions, but the deeper logic of confrontation soon reasserted itself.", "2023-03-30"]
[5.12252950668335, -3.805875778198242, "The spy-balloon crisis (Chinese officials mock America for downing what they call a stray \u201cnaughty balloon\u201d) showed how both leaders must appear tough at home.", "2023-03-30"]
[5.2962822914123535, -4.046018600463867, "America wants China to adopt guardrails to control the rivalry, including hotlines and protocols on nuclear weapons, but China sees itself as the weaker party: why tie yourself down with rules set by your bully?", "2023-03-30"]
[3.9197793006896973, -1.215877652168274, "Nothing suggests the hostilities will ease.", "2023-03-30"]
[5.066646099090576, -3.9227187633514404, "America\u2019s election in 2024 will show that China-bashing is a bipartisan sport.", "2023-03-30"]
[4.59160852432251, -3.63765025138855, "Mr Xi faces a slowing economy and has tied his legitimacy to a vision of a muscular and \u201crejuvenated\u201d nation.", "2023-03-30"]
[4.364468574523926, -1.9188964366912842, "Faced with such an opponent, America and other open societies should adhere to three principles.", "2023-03-30"]
[6.693068981170654, 0.02868376113474369, "The first is to limit economic decoupling, which the IMF reckons could cost anything between a manageable 0.2% of world gdp and an alarming 7%.", "2023-03-30"]
[6.120818138122559, -0.5920422673225403, "Trade in non-sensitive sectors also helps maintain routine contact between thousands of firms, thereby narrowing the geopolitical divide.", "2023-03-30"]
[6.989438533782959, -3.5209412574768066, "Embargoes should be saved for sensitive sectors or areas in which China has a chokehold because it is a monopoly supplier: these account for a minority of Sino-American trade.", "2023-03-30"]
[6.991680145263672, -4.314840316772461, "Where possible, businesses that straddle both sides of the cold war, such as TikTok\u2014accused of spreading Chinese misinformation\u2014should be ring-fenced, sold or spun off, not be forced to close.", "2023-03-30"]
[4.236999034881592, -1.3762410879135132, "The second principle is to lower the chances of war.", "2023-03-30"]
[4.037298202514648, -1.3018685579299927, "Both sides are locked in a \u201csecurity dilemma\u201d in which it is rational to shore up your position, even as that makes the other side feel threatened.", "2023-03-30"]
[5.122297763824463, -4.283275127410889, "The West is right to seek military deterrence to meet a growing Chinese threat\u2014the alternative is a collapse of the American-led order in Asia.", "2023-03-30"]
[5.033923625946045, -3.238943576812744, "But seeking military dominance around flashpoints, notably Taiwan, could spark accidents or clashes that spiral out of control.", "2023-03-30"]
[5.247827529907227, -4.053770542144775, "America should aim to deter a Chinese attack on Taiwan without provoking one.", "2023-03-30"]
[5.0871124267578125, -3.8656160831451416, "This will take wisdom and restraint from a generation of politicians in Washington and Beijing who, by contrast with the leaders of America and the Soviet Union in the 1950s, have no personal experience of the horrors of a world war.", "2023-03-30"]
[4.2643141746521, -1.9186785221099854, "The last principle is that America and its allies must resist the temptation to resort to tactics that make them more like their autocratic opponent.", "2023-03-30"]
[7.0883378982543945, -0.8408057689666748, "In this rivalry, liberal societies and free economies have big advantages: they are more likely to create innovations and wealth and to command legitimacy at home and abroad.", "2023-03-30"]
[4.31940221786499, -2.1087610721588135, "If America sticks to its values of openness, equal treatment of all and the rule of law, it will find it easier to maintain the loyalty of its allies.", "2023-03-30"]
[5.373433589935303, -4.1767778396606445, "America must be clear that its dispute is not with the Chinese people, but with China\u2019s government and the threat to peace and human rights that it poses.", "2023-03-30"]
[7.838527679443359, -4.386861324310303, "The 21st century\u2019s defining contest is not just about weapons and chips\u2014it is a struggle over values, too.", "2023-03-30"]
[7.769952297210693, -3.689633369445801, "|Berlin, Brussels and Paris\n\nInternational | From Macron to Mercedes\nEurope can\u2019t decide how to unplug from China\nWe calculate the continent\u2019s exposure to the Asian power\n \nHow should Europe handle China?", "2023-05-15"]
[4.095158576965332, -1.402807354927063, "The continent is trying to decide.", "2023-05-15"]
[5.364236354827881, -0.8686248660087585, "After decades of pursuing trade, Europeans are pondering how much to decouple.", "2023-05-15"]
[5.061007499694824, -3.8461415767669678, "Their closest ally, America, wavers between China-bashing and war talk on the one hand, and de-escalation and partial detente on the other.", "2023-05-15"]
[4.064008712768555, -1.3549277782440186, "Individual European countries struggle to agree with each other.", "2023-05-15"]
[4.156179428100586, -2.18607759475708, "Last week Josep Borrell, the eu\u2019s chief diplomat, urged Europe\u2019s foreign ministers in a letter to find \u201ca coherent strategy\u201d in the face of \u201ca hardening of the us-China competition\u201d.", "2023-05-15"]
[4.391906261444092, -4.012933731079102, "But it is far from clear what that strategy might be, or whether Europe would remain so closely aligned with America in the event of a war over Taiwan.", "2023-05-15"]
[3.951597213745117, -2.213475227355957, "An awkward procession of Europe\u2019s leaders to Beijing in the past few months points to the lack of a plan.", "2023-05-15"]
[4.385787487030029, -3.4576194286346436, "Germany\u2019s Olaf Scholz paid a visit accompanied by business leaders in November; his foreign minister, who is from a different political party, went last month and struck a tough tone.", "2023-05-15"]
[6.21255350112915, -1.3252038955688477, "Spain\u2019s prime minister, Pedro S\u00e1nchez, went to open doors to his country\u2019s trade.", "2023-05-15"]
[4.240731716156006, -3.511145830154419, "Emmanuel Macron ostentatiously sought to strike a partnership with Xi Jinping.", "2023-05-15"]
[4.29692268371582, -3.960495710372925, "The French president took 53 corporate bosses with him, and insisted that Europe distance itself from Sino-American tensions and from a conflict over Taiwan.", "2023-05-15"]
[4.175973415374756, -1.8322230577468872, "His clumsy comments caused an uproar in Europe and America.", "2023-05-15"]
[4.120301723480225, -1.5973634719848633, "The war in Ukraine has complicated matters further as the mood has turned against autocracies.", "2023-05-15"]
[4.483049392700195, -4.189157962799072, "Most countries on the eu\u2019s eastern flank\u2014which once opened their arms to Chinese investors\u2014have become hawkish.", "2023-05-15"]
[4.510254383087158, -4.28040075302124, "\u201cRussia\u2019s invasion of Ukraine had a sorting effect in Europe when it comes to China,\u201d says Janka Oertel of the European Council on Foreign Relations, a think-tank.", "2023-05-15"]
[4.526800155639648, -4.084123611450195, "It seems that those in the east are as leery of the \u201cno-limits\u201d friendship between Moscow and Beijing as they are of Mr Macron\u2019s talk of \u201cstrategic autonomy\u201d from America.", "2023-05-15"]
[6.372783184051514, -4.029274940490723, "Meanwhile, everyone knows that China remains keen to exploit transatlantic differences.", "2023-05-15"]
[4.497657775878906, -0.8646790385246277, "Finding common cause is onerous because it is hard to tell what America wants.", "2023-05-15"]
[4.557525157928467, -2.1745824813842773, "Jake Sullivan, President Joe Biden\u2019s national security adviser, and Janet Yellen, the treasury secretary, have each recently distanced the Biden administration from hard talk of \u201cdecoupling\u201d, in favour of \u201cde-risking\u201d\u2014a term also used in the past few months by Ursula von der Leyen, the head of the European Commission.", "2023-05-15"]
[4.359235763549805, -1.8912367820739746, "(She had intended to distinguish Europe\u2019s policy of managing risk from what seemed to be a tougher American approach akin to economic divorce.", "2023-05-15"]
[5.206798076629639, -3.7851803302764893, ") Yet it is not long since the spy-balloon episode, when us-China relations hit a 30-year low.", "2023-05-15"]
[5.682128429412842, -3.781018018722534, "Congress and public opinion in America are hostile to China.", "2023-05-15"]
[3.8131496906280518, -2.068911552429199, "Tensions may rise during the election campaign in 2024, and a pugnacious Republican, perhaps Donald Trump, may win.", "2023-05-15"]
[4.305222511291504, -4.050480365753174, "All this makes it urgent for Europe to devise a coherent China policy.", "2023-05-15"]
[6.124331474304199, -3.3912668228149414, "Its leaders need to work out how far they want to reduce its dependency on China, and in so doing also respond to the hundreds of billions of dollars in green-industry subsidies unveiled last year in America\u2019s Inflation Reduction Act.", "2023-05-15"]
[4.787635803222656, -0.9822258353233337, "They also need to decide what they would do if America became more demanding.", "2023-05-15"]
[4.377532482147217, -4.088290691375732, "In an extreme case, in the event of a war over Taiwan, Europe might be expected to impose sanctions on China like those it has slapped on Russia, and to back a military campaign.", "2023-05-15"]
[4.393454074859619, -0.7087153792381287, "Some hope that the new doctrine of de-risking is a compromise that solves the dilemma.", "2023-05-15"]
[5.149516582489014, 0.2692023813724518, "Others fear that it will prove meagre and inflexible in the face of changing technological and geopolitical realities.", "2023-05-15"]
[8.199043273925781, -3.009488344192505, "Europe is more economically exposed to China than America is.", "2023-05-15"]
[8.3868408203125, -3.237894058227539, "Some 8% of publicly listed European firms\u2019 revenues are from China, compared with 4% for American ones, according to Morgan Stanley, an American bank.", "2023-05-15"]
[8.263605117797852, -2.6784462928771973, "Europe and America send a similar share of goods exports to China (7-9%), but because Europe is a more trade-intensive economy its sensitivity is higher.", "2023-05-15"]
[8.292425155639648, -2.9521915912628174, "Multinational investments in China are worth 2% of Europe\u2019s gdp compared with 1% for America.", "2023-05-15"]
[8.160144805908203, -2.916374683380127, "To form a holistic view we have come up with a yardstick of \u201ctotal China exposure\u201d (see chart 1).", "2023-05-15"]
[8.00291919708252, -2.7924420833587646, "This has three elements: exports of goods, exports of services and the sales of Western-owned subsidiaries in China.", "2023-05-15"]
[8.379501342773438, -1.015985131263733, "These figures are for 2020, the last year for which data are available.", "2023-05-15"]
[8.345637321472168, -3.3286924362182617, "The services and subsidiaries data include Hong Kong.", "2023-05-15"]
[8.246399879455566, -3.176928758621216, "We define Europe as its six largest economies, including Britain.", "2023-05-15"]
[8.203091621398926, -2.4590563774108887, "We measure each country\u2019s exposure as a share of its own economy.", "2023-05-15"]
[8.248655319213867, -3.2176456451416016, "The European big six\u2019s total China exposure has hit 5.6% of their combined gdp, up from 3.9% in 2011.", "2023-05-15"]
[8.558954238891602, -0.9490079283714294, "That is higher than America\u2019s at 4.2%.", "2023-05-15"]
[8.562154769897461, -0.9799033403396606, "There is a big range: Italy and Spain are at just 1-2%, France and Britain are at 4-5%.", "2023-05-15"]
[8.61713981628418, -0.9798244833946228, "Germany is a huge outlier at 9.9%.", "2023-05-15"]
[8.401802062988281, -3.193728446960449, "Two-thirds of the European big six\u2019s exposure is from the sales of subsidiaries in China rather than from exports from Europe.", "2023-05-15"]
[8.61541748046875, -3.2627642154693604, "Often these are the Chinese arms of industrial giants such as Volkswagen and basf.", "2023-05-15"]
[7.503396987915039, -0.8583148121833801, "In the event of a \u201crigid\u201d fragmentation of supply chains, the eurozone\u2019s gross national expenditure would drop by over 2%; roughly double the amount America\u2019s would, according to the European Central Bank.", "2023-05-15"]
[8.294230461120605, -0.6487991809844971, "Germany\u2019s fall would presumably be higher.", "2023-05-15"]
[8.354532241821289, -0.9517261981964111, "Similarly, an imf study in April found that in the event of an investment split between the West and China, European gdp would fall by 2%, more than twice the hit to America.", "2023-05-15"]
[7.880059242248535, -3.5939950942993164, "In addition, a separation would cause a crisis at some leading European firms that rely on China, including Germany\u2019s carmakers, France\u2019s luxury empires and two British banks.", "2023-05-15"]
[5.698122501373291, -2.911961555480957, "The emerging policy of de-risking refers to a calibrated reduction in links with China, rather than a wholesale economic decoupling.", "2023-05-15"]
[4.508193016052246, 0.04896514490246773, "Even this is a big departure from how things were a decade ago.", "2023-05-15"]
[7.6904296875, -3.1143245697021484, "Back then European businesses were still stuffing their order books with Chinese contracts, suppressing their doubts about rising industrial competition.", "2023-05-15"]
[8.325288772583008, -2.3496780395507812, "Overall trade between China and the eu grew 428% between 2002 and 2019.", "2023-05-15"]
[4.986555099487305, -1.3621766567230225, "An eu strategic paper four years ago marked the first stage of the pivot.", "2023-05-15"]
[5.667552947998047, -3.749751091003418, "It argued that China was not just a partner and an economic competitor, but a systemic rival.", "2023-05-15"]
[4.57012414932251, -0.8326621055603027, "The effects were swift.", "2023-05-15"]
[7.56110143661499, -3.713721990585327, "Capitals across Europe, which flogged ports and other infrastructure to Chinese investors, started to have second thoughts.", "2023-05-15"]
[7.474694728851318, -5.377247333526611, "To America\u2019s delight, many countries in Europe began to prise Huawei from their 5g networks (though Germany still let the Chinese telecoms firm in).", "2023-05-15"]
[5.822260856628418, -4.441067695617676, "Remonstrations over human-rights abuses, particularly of Uyghurs in Xinjiang, grew louder.", "2023-05-15"]
[7.804543495178223, -1.2401596307754517, "Supply-chain glitches during the pandemic showed the perils of relying too much on Chinese industry.", "2023-05-15"]
[5.454980850219727, -2.6179311275482178, "The Sino-eu \u201cComprehensive Agreement on Investment\u201d, struck in December 2020, was put to one side by Europe.", "2023-05-15"]
[4.686797618865967, -4.3191022872924805, "And China\u2019s declaration of a \u201cno-limits\u201d friendship with Russia just weeks before the invasion of Ukraine soured the mood further.", "2023-05-15"]
[4.702540874481201, -1.2236309051513672, "Mrs von der Leyen thinks that de-risking is the next step, and one that Europeans can agree on.", "2023-05-15"]
[4.3622283935546875, 0.29100725054740906, "But what it means in practice has yet to be clearly defined.", "2023-05-15"]
[6.132787227630615, -3.551856756210327, "It does not mean shutting the door to China altogether.", "2023-05-15"]
[6.6661858558654785, -0.2566278576850891, "It is partly about diversification, bolstering economic security and eradicating forced labour from supply chains.", "2023-05-15"]
[7.027811527252197, -4.447455883026123, "It is also focused on security concerns: hampering China\u2019s ability to get its hands on security-relevant technology such as quantum computing, which threatens encryption, or semiconductors for military purposes.", "2023-05-15"]
[4.4013752937316895, -4.205328464508057, "Like America, Europe is most strategically vulnerable when it comes to its critical dependence on China for certain supplies.", "2023-05-15"]
[9.334941864013672, -4.104473114013672, "In 2022 China mined nearly three-fifths of global rare-earth elements, used as components in electronic equipment.", "2023-05-15"]
[9.172605514526367, -3.793903112411499, "It also refined 60% of the world\u2019s lithium and 80% of its cobalt, two core inputs for the production of high-capacity electric batteries.", "2023-05-15"]
[9.340058326721191, -4.101714611053467, "Europe imports 98% of its rare earths from China, even more than America, which imports 80% from the Asian power.", "2023-05-15"]
[8.540738105773926, -3.3505988121032715, "According to a study by merics, a German think-tank, the eu relies on China for 97% of its chloramphenicol, used to manufacture antibiotics.", "2023-05-15"]
[8.664912223815918, -1.0072898864746094, "For America, the figure is 93%.", "2023-05-15"]
[8.241960525512695, -3.2060484886169434, "European firms have already been diversifying suppliers since the pandemic, \u201cfriend-shoring\u201d to allies, and \u201cnear-shoring\u201d closer to home.", "2023-05-15"]
[5.462279796600342, -2.270195484161377, "America\u2019s energy secretary also declared in March that the Biden administration wanted supply chains in countries \u201cwhose values we share.", "2023-05-15"]
[7.9523396492004395, -3.782938241958618, "\u201d \u201cAll of us learned from covid-19 that we have to double- and triple-source, and not only from China,\u201d says a French corporate titan.", "2023-05-15"]
[8.165059089660645, -3.0115363597869873, "Firms are looking to India, Mexico, Morocco, Norway and Turkey, among others.", "2023-05-15"]
[4.846419811248779, -0.941993772983551, "Policymakers are pushing in the same direction.", "2023-05-15"]
[9.125428199768066, -3.8461203575134277, "The eu has unveiled a Critical Raw Materials Act, designed to ensure that no more than 65% of annual consumption of any listed material should be sourced from any single country by 2030.", "2023-05-15"]
[8.014567375183105, -4.0076584815979, "In the realm of technology European firms that are embedded into America\u2019s technology industry are mirroring American export controls. asml, a Dutch firm which makes equipment used to build semiconductors, has limited the sale of its cutting-edge machines to China.", "2023-05-15"]
[7.9337687492370605, -3.487605571746826, "Europe\u2019s multinational companies are adjusting how they operate in China, too.", "2023-05-15"]
[7.810601234436035, -0.27400705218315125, "In some cases they are divesting.", "2023-05-15"]
[8.464561462402344, -3.3487911224365234, "In others they are making subsidiaries in China more self-sufficient, with a higher share of inputs and sales made locally.", "2023-05-15"]
[8.27405071258545, -3.1545698642730713, "One measure of this is the share of investment by subsidiaries in China financed from their own profits, rather than from capital sent from Europe.", "2023-05-15"]
[8.496294975280762, -2.7115416526794434, "For German subsidiaries in China this has risen from 2% in 2002 and 52% in 2012 to a new high of 85% in 2022 (see chart 2).", "2023-05-15"]
[8.23182487487793, -3.468287944793701, "If these Chinese subsidiaries were perfectly self-sufficient they could in an extreme scenario be separated from the European parent, with both arms able to continue to operate: think of vw Germany and vw China.", "2023-05-15"]
[6.544573783874512, -0.25914981961250305, "The result would be huge wealth destruction for shareholders in big European firms (many of whom are not actually European) but less damage to Europe\u2019s economy.", "2023-05-15"]
[6.977043151855469, -0.04336575046181679, "In practice this shift to \u201cone company, two systems\u201d is only just beginning and for many large firms decoupling would be severely disruptive.", "2023-05-15"]
[7.120708465576172, -3.7074451446533203, "A final element of de-risking is stricter screening of Chinese investment coming into Europe.", "2023-05-15"]
[7.118775844573975, -3.7934556007385254, "Strategic infrastructure is increasingly off-limits for Chinese investors, as inward investment in Europe is screened for security risks.", "2023-05-15"]
[8.715667724609375, -1.4890722036361694, "Overall Chinese investment in Europe last year fell to its lowest point since 2013, according to a study by merics and Rhodium Group, a consultancy based in New York.", "2023-05-15"]
[8.21036434173584, -3.045670986175537, "China\u2019s foreign direct investment peaked in Europe back in 2016, Rhodium estimates.", "2023-05-15"]
[5.696531772613525, 0.12516050040721893, "The emergence of de-risking is understandable, but Europe\u2019s middle way is riddled with potholes.", "2023-05-15"]
[6.732684135437012, -3.8628952503204346, "Big companies, still keen on the China dream, may refuse to go along for the ride.", "2023-05-15"]
[7.757080554962158, -4.024410724639893, "\u201cThere are certain no-go areas on tech in China,\u201d says one senior European industrialist, \u201cbut on the rest we are not decoupling; it is business as usual, and the more the better.", "2023-05-15"]
[8.014236450195312, -3.5499258041381836, "\u201d When Mr Macron was in Beijing, Airbus, a European aircraft manufacturer, agreed to expand an assembly line in Tianjin, and confirmed an order to sell China 160 planes.", "2023-05-15"]
[5.521690845489502, 0.30982664227485657, "De-risking may also struggle to adapt to technological change and its commercial effects, which can create new links even as old ones are dismantled.", "2023-05-15"]
[9.210587501525879, -2.810203790664673, "Cars are a good example.", "2023-05-15"]
[9.280351638793945, -3.2324869632720947, "The eu exports almost no electric vehicles to China.", "2023-05-15"]
[9.38329792022705, -3.3394861221313477, "Yet almost all of China\u2019s car exports to the eu, many of which are made for European brands, are battery-powered (see chart 3).", "2023-05-15"]
[8.33506965637207, -2.080610990524292, "Exports have shot up from less than \u20ac100m ($112m) a month before the pandemic to around \u20ac1bn a month now.", "2023-05-15"]
[9.432512283325195, -3.3838748931884766, "As Europe\u2019s motorists seek greener transport, China is both eager and well positioned to flood the continent with cheaper electric models.", "2023-05-15"]
[4.487857818603516, -3.9392991065979004, "The greatest weakness of de-risking in its current guise is that it little prepares Europe for the shock that would follow an attempt by China to seize Taiwan.", "2023-05-15"]
[4.312075614929199, -4.080506324768066, "Europe\u2019s armed forces and its defence industry are already stretched, and the continent would struggle to find the capacity to provide much military support to America and Taiwan.", "2023-05-15"]
[3.9209578037261963, -1.7689359188079834, "Its leaders have little appetite for involvement in another war.", "2023-05-15"]
[5.562005519866943, -1.3287700414657593, "But America would probably expect Europe to enforce the kind of embargo put in place on Russia.", "2023-05-15"]
[7.931642532348633, -3.576552391052246, "That would hurt American firms: despite Apple\u2019s efforts to diversify its production to India, the tech giant still relies on China.", "2023-05-15"]
[6.4432902336120605, -0.25424402952194214, "But it would harm Europe more, causing a bigger economic hit and destabilising more companies.", "2023-05-15"]
[4.376518726348877, -4.016839981079102, "Mr Macron\u2019s recent suggestion that Europe should not follow America\u2019s lead on Taiwan, in case it is dragged \u201cinto crises that are not [its] own\u201d, delighted Beijing and dismayed European capitals.", "2023-05-15"]
[4.208982944488525, -2.055694818496704, "Gabrielius Landsbergis, Lithuania\u2019s foreign minister, retorted tartly that, at a time when Europeans depend on America\u2019s backing of Ukraine, they should be trying to preserve transatlantic unity rather than \u201cbegging for dictators to help secure peace in Europe\u201d.", "2023-05-15"]
[4.349782943725586, -3.7781591415405273, "Officials in Paris note, as Mr Macron eventually did, that it is official French policy to support the status quo over Taiwan.", "2023-05-15"]
[4.89759635925293, -4.290470123291016, "With naval bases and territories in the Indo-Pacific, France has direct interests in the region.", "2023-05-15"]
[3.910262107849121, -1.3241329193115234, "\u201cThe problem isn\u2019t French policy but the disconnect between what we do and what Macron says, which creates unnecessary doubts among our partners,\u201d notes Antoine Bondaz, at the Foundation for Strategic Research, a French think-tank.", "2023-05-15"]
[4.342889785766602, -4.053980350494385, "One virtue of Mr Macron\u2019s comments, notes a Scandinavian minister, is that they have prompted Europeans to talk more about China.", "2023-05-15"]
[4.412402629852295, -1.5640451908111572, "Many on the continent fret about escalatory American rhetoric.", "2023-05-15"]
[5.064689636230469, -1.1870440244674683, "On May 12th the eu\u2019s foreign ministers managed to agree to a set of principles for future dealings with the country.", "2023-05-15"]
[5.158919811248779, -1.182139277458191, "It will be discussed at the eu\u2019s next summit in June.", "2023-05-15"]
[4.418852806091309, -4.01231050491333, "The bloc\u2019s deliberations in the coming months will depend heavily on France and Germany, which are its two biggest economies, and among the most exposed to China, and some of the least keen on cutting commercial ties.", "2023-05-15"]
[4.252850532531738, -4.027102470397949, "Mr Macron has long pushed Europe to become more self-reliant.", "2023-05-15"]
[4.785540580749512, -4.035006999969482, "Mr Scholz, faced with divergent views in his coalition government and a strong industry lobby, is still working on a national strategy that will shape Germany\u2019s approach to China (which keeps on being delayed).", "2023-05-15"]
[4.42990255355835, -2.9026386737823486, "He is expected to host a bilateral summit with the country next month.", "2023-05-15"]
[4.514093399047852, -4.177771091461182, "Much of eastern Europe seems wary of Chinese influence.", "2023-05-15"]
[5.319127559661865, -4.414810657501221, "The country\u2019s bullying of Lithuania in recent years over a Taiwanese diplomatic office in the country disgusted many.", "2023-05-15"]
[8.042423248291016, -3.1697280406951904, "That is in spite of the fact that central and eastern Europe received some \u20ac3.8bn through China\u2019s clubby \u201c16+1\u201d initiative between 2000 and 2017.", "2023-05-15"]
[4.559475898742676, -3.8956265449523926, "Comments made last month by Lu Shaye, the Chinese ambassador to France, helped focus minds.", "2023-05-15"]
[5.246181964874268, -3.683464765548706, "He appeared to dispute the legal status of all former Soviet countries (even if China later corrected his remarks).", "2023-05-15"]
[3.7491514682769775, -0.5991494655609131, "The end of the affair?", "2023-05-15"]
[4.537789821624756, -1.3706163167953491, "Europe needs a measured debate about what to do next.", "2023-05-15"]
[3.905134916305542, -1.8242907524108887, "France and Germany both have reservations about Mrs von der Leyen\u2019s de-risking measures, but they back the principle.", "2023-05-15"]
[7.258439064025879, -3.4901516437530518, "Outward investment screening is under discussion, though will be difficult to put into practice.", "2023-05-15"]
[7.2448410987854, -3.5703694820404053, "Inward investment screening is up and running, although Europeans disagree on how much to tighten the rules.", "2023-05-15"]
[4.0039286613464355, -1.4578872919082642, "Beyond de-risking, collective eu policy has not been thought through.", "2023-05-15"]
[5.548749923706055, -3.2731542587280273, "That is in spite of the fact that de-risking doesn\u2019t provide an answer to a scenario in which relations between America and China were to rupture.", "2023-05-15"]
[4.274593830108643, -2.420832872390747, "Since Russia invaded Ukraine, the transatlantic alliance has stood remarkably firm.", "2023-05-15"]
[5.3871846199035645, -3.742103099822998, "A Chinese move on Taiwan would prove an even more dangerous, and far more difficult, test.", "2023-05-15"]
[6.5004682540893555, -3.457165002822876, "|BEIJING and SYDNEY\n\nAsia | Surviving the dragon\nAustralia has faced down China\u2019s trade bans and emerged stronger\nThe \u201clucky country\u201d may be uniquely able to endure Chinese bullying\n \nWHEN China launched a campaign of economic coercion against Australia in 2020, Communist Party bosses thought they had crushing leverage.", "2023-05-23"]
[6.788794040679932, -3.134197235107422, "The economies of the two countries\u2014resource-rich Australia and commodities-hungry China\u2014were complementary and closely connected.", "2023-05-23"]
[6.663082122802734, -3.169118881225586, "By massively curbing shipments of everything from timber to coal, lobsters, barley and wine, on pretexts including exaggerated concerns about trade practices and pest infestations, China imposed a A$24bn ($16bn) hit on Australia, representing 5.5% of its total annual exports.", "2023-05-23"]
[4.3904032707214355, 0.19048793613910675, "Yet it did not succumb.", "2023-05-23"]
[6.414144515991211, -3.4074883460998535, "And like a surfer surviving a shark attack with no more than a lightly gnawed board, Australia is now emerging from three years of Chinese bullying in remarkably good shape.", "2023-05-23"]
[7.475414752960205, -2.259427070617676, "Its exports briefly suffered under the strictures, then surged\u2014culminating last year in Australia\u2019s biggest-ever trade surplus, equivalent to more than 7% of gDP.", "2023-05-23"]
[6.8078532218933105, -2.2983524799346924, "And the trade blocks, imposed after Australia\u2019s then-conservative government dared call for an inquiry into the origins of Covid-19, are coming off.", "2023-05-23"]
[6.603637218475342, -3.069312334060669, "On May 18th, after a meeting between the two countries\u2019 trade ministers in Beijing, China lifted a de facto ban on Australian timber.", "2023-05-23"]
[5.969027996063232, -4.269834995269775, "(\u201cSerious study\u201d by quarantine officials had allayed its concerns about bug infestation, explained Xiao Qian, China\u2019s ambassador in Canberra.", "2023-05-23"]
[7.051583290100098, -2.818483591079712, ") Since January, Chinese importers have been quietly buying Australian coal: in the first quarter of 2023 Australia sent them A$1.2bn-worth of the stuff.", "2023-05-23"]
[6.869192600250244, -2.969456672668457, "Australia\u2019s centre-left Labor government says cotton and copper exports are also resuming.", "2023-05-23"]
[6.851654529571533, -2.31437611579895, "China is reviewing tariffs on barley, Australia having suspended its case against them at the World Trade Organisation (WTO).", "2023-05-23"]
[6.401534557342529, -3.4583687782287598, "After years of unchecked Chinese bullying, on Asia\u2019s seas, in its multilateral forums and beyond, Australia\u2019s escape is being widely understood as a significant win.", "2023-05-23"]
[4.038957595825195, -0.3503057360649109, "And so it is.", "2023-05-23"]
[3.8307065963745117, -0.9077821373939514, "Yet it involved, as well as strong nerves, a large dose of luck.", "2023-05-23"]
[5.4103102684021, -4.0982666015625, "Chinese leaders were only half-right.", "2023-05-23"]
[6.707222938537598, -3.1889071464538574, "As their boycott began, Australia\u2019s economy was indeed reliant on China.", "2023-05-23"]
[8.366178512573242, -2.511794328689575, "Exports of goods and services to China accounted for 11% of outbound trade in 2005.", "2023-05-23"]
[8.696372985839844, -1.1943106651306152, "By 2020, the share stood at 37%.", "2023-05-23"]
[6.7185893058776855, -3.2032580375671387, "Mitigating its reliance, Australia\u2019s bet on China was chiefly a wager on international trade.", "2023-05-23"]
[8.352721214294434, -2.9033122062683105, "Australia has relatively few multinationals that manufacture and sell inside China.", "2023-05-23"]
[6.770194053649902, -3.2224292755126953, "But even without vast China-based subsidiaries, Australia was vulnerable.", "2023-05-23"]
[8.101339340209961, -2.855015754699707, "The Economist\u2019s in-house index of China exposure adds goods exports to China, services exports to China and Hong Kong, and the revenue of foreign multinationals\u2019 affiliates operating in China and Hong Kong.", "2023-05-23"]
[8.01292610168457, -2.0853888988494873, "Australia\u2019s exposure, at 8.2% of GDP in 2020, was double that of America, and close to that of Germany.", "2023-05-23"]
[6.696127414703369, -3.136495351791382, "Luckily for Australia, however, the two economies were such a good fit that China\u2019s firms felt as much pain from the curbs as Australia\u2019s, if not more.", "2023-05-23"]
[9.126466751098633, -4.0375261306762695, "And some commodities, such as Australian iron ore, were so hard to replace China chose not to target them.", "2023-05-23"]
[6.781068801879883, -3.0279464721679688, "Also luckily, many of Australia\u2019s bruised exporters found other markets.", "2023-05-23"]
[7.0327839851379395, -2.5623252391815186, "After China slapped a tariff of up to 80% on Australian barley, its producers sold it to South-East Asian countries.", "2023-05-23"]
[7.418424129486084, -2.2046468257904053, "They also planted other crops.", "2023-05-23"]
[7.384237289428711, -2.429342269897461, "And Chinese beer-makers had to buy other countries\u2019 barley, which was not as good.", "2023-05-23"]
[6.834945201873779, -3.107222080230713, "When China blocked shipments of Australian coal, similarly, it had to buy more from Russia and Indonesia.", "2023-05-23"]
[6.732929706573486, -2.997121810913086, "That left India and Japan short, so Australia sold to them.", "2023-05-23"]
[8.012643814086914, -0.9194777011871338, "Meanwhile, rising world prices made Australian miners lots of money.", "2023-05-23"]
[6.845409870147705, -3.062258243560791, "Australian pain, though not insignificant, was concentrated: lobster fishermen struggled; wine exports to China\u2019s middle classes plunged.", "2023-05-23"]
[6.461259841918945, -3.372235059738159, "Australia\u2019s efforts to manage the crisis politically were assisted by Chinese overreach.", "2023-05-23"]
[6.387933254241943, -4.050848960876465, "China\u2019s propaganda machine fiercely denounced Australia, and almost all official contacts were frozen.", "2023-05-23"]
[6.2243218421936035, -3.902637004852295, "In November 2020 China\u2019s embassy in Australia made public a list of 14 grievances with the country\u2019s then conservative government.", "2023-05-23"]
[6.001975059509277, -4.235884189605713, "Ranging far beyond economic questions, China moaned that members of Australia\u2019s parliament were allowed to criticise the Communist Party and that the country\u2019s news outlets published \u201cunfriendly or antagonistic\u201d reporting on China.", "2023-05-23"]
[6.446381568908691, -3.3647518157958984, "The then-prime minister, Scott Morrison, suggested that these complaints were essentially against \u201cAustralia just being Australia\u201d.", "2023-05-23"]
[6.584490776062012, -3.2366652488708496, "Encouraged by such missteps, Australia held its nerve.", "2023-05-23"]
[5.698769569396973, -3.6596057415008545, "The election of a new government, led by Anthony Albanese, then gave China an excuse to climb down.", "2023-05-23"]
[5.137137413024902, -2.0416297912597656, "Mr Albanese\u2019s government has been careful not to crow.", "2023-05-23"]
[5.259274482727051, -3.958418130874634, "Dispelling talk of a big win for the West, it claims to be steadfastly respectful and pragmatic in its dealing with China.", "2023-05-23"]
[3.9128363132476807, -0.7929382920265198, "The idea, ministers say, is to \u201cco-operate where we can, disagree where we must\u201d\u2014meaning no gratuitous poking of the dragon.", "2023-05-23"]
[3.8751230239868164, -0.6614111065864563, "\u201cDisagree behind closed doors, but don\u2019t amplify your differences,\u201d warns another Australian official.", "2023-05-23"]
[5.196523189544678, -3.7946887016296387, "\u201cChina responds well to this.", "2023-05-23"]
[6.594646453857422, -3.238328218460083, "\u201d\nAlongside such caution, Australia also understood its strengths.", "2023-05-23"]
[5.150275230407715, -3.623340368270874, "China relented because it \u201csaw that we wouldn\u2019t capitulate\u201d, the same official argues.", "2023-05-23"]
[6.535637378692627, -3.2811295986175537, "Australia resisted demands to change laws, overturn investment bans and muffle critics.", "2023-05-23"]
[4.888864994049072, -4.109419345855713, "Rather, under its previous and current government, it tied its security policy tighter to America through AUKUS, a trilateral submarine-building pact that also includes Britain, and a policy of deterrence.", "2023-05-23"]
[5.072415828704834, -4.220334053039551, "It is also doing more diplomatically to counter China\u2019s influence in the Pacific.", "2023-05-23"]
[5.978176593780518, -0.05331278592348099, "The trade bans have in this sense backfired.", "2023-05-23"]
[6.602874279022217, -3.0037992000579834, "Australia set another useful example at the wto.", "2023-05-23"]
[6.811017990112305, -2.404489755630493, "China agreed to review its barley tariffs just as Australia\u2019s case against them was concluding.", "2023-05-23"]
[6.476496696472168, -3.1038596630096436, "Rather than force the issue to a judgment, Australia suspended its action.", "2023-05-23"]
[5.353042125701904, -3.9660325050354004, "\u201cChina does not want to be shamed in the international arena,\u201d says Matthew Goodman of the Center for Strategic and International Studies in Washington.", "2023-05-23"]
[6.669713973999023, -3.1361329555511475, "Australia was additionally helped by the fact that China wants to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a vast regional trade deal.", "2023-05-23"]
[6.434901714324951, -3.509939670562744, "As a CPTPP member, Australia could block China\u2019s accession.", "2023-05-23"]
[6.305230140686035, -3.650202989578247, "It accordingly made clear there was no possibility of accession talks so long as China was trampling economic rules and its pre-existing free-trade agreements with Australia.", "2023-05-23"]
[6.4955854415893555, -3.273284673690796, "How will Australia guard against the risk of a repeat?", "2023-05-23"]
[7.335028171539307, -2.932692289352417, "Decoupling is not on the agenda\u2014China still accounts for almost a third of its total goods and services exports.", "2023-05-23"]
[5.325756549835205, -4.235809803009033, "But three years of Chinese bullying have left a mark.", "2023-05-23"]
[6.714538097381592, -3.0964295864105225, "Australia is trying to reduce its reliance on China by signing free-trade agreements with India and Britain.", "2023-05-23"]
[5.169829845428467, -1.1548057794570923, "Another, with the EU, is in the works.", "2023-05-23"]
[5.854697227478027, -3.8528473377227783, "China\u2019s aggression has concentrated minds among Australia\u2019s partners and allies, too.", "2023-05-23"]
[5.6558685302734375, -1.8827576637268066, "At meetings in Japan on May 20th, leaders of the Group of Seven (G7) countries voiced concern at the \u201cdisturbing rise in incidents of economic coercion\u201d and promised, for the first time, to collaborate against attempts to \u201cweaponise economic dependencies\u201d.", "2023-05-23"]
[4.576940536499023, -2.162850856781006, "There is more talk of solidarity and co-ordination, so countries do not profit by selling more to a bully when a friend or neighbour is being targeted.", "2023-05-23"]
[4.9461588859558105, -3.527430772781372, "America\u2019s ambassador to Japan, Rahm Emanuel, talks of his country offering \u201csupport and countervailing opportunities to partners in their times of need\u201d.", "2023-05-23"]
[8.091064453125, -2.8139383792877197, "China is the largest trade partner of a long and growing list of countries.", "2023-05-23"]
[6.696065902709961, -3.1712090969085693, "Very few have the wealth and natural resources that protected Australia, the \u201clucky\u201d country.", "2023-05-23"]
[6.572400093078613, -3.4276328086853027, "Even so, many are studying the lessons of Australia\u2019s escape from China\u2019s grip.", "2023-05-23"]
[5.941773414611816, -2.8203420639038086, "The Economist explains\nWhat does \u201cde-risking\u201d trade with China mean?", "2023-05-31"]
[4.335896015167236, -4.0937724113464355, "Europe wants to reduce its exposure to, but not decouple from, the country\n\nAT THEIR SUMMIT in Hiroshima on May 20th, the leaders of the G7 group of rich democracies talked about \u201cde-risking\u201d their economic ties with China, but not decoupling from it.", "2023-05-31"]
[4.06918478012085, -1.762779951095581, "The same phrase appeared in an important speech by Ursula von der Leyen, president of the European Commision, in March.", "2023-05-31"]
[5.780961513519287, 0.3757562041282654, "What does \u201cde-risking\u201d mean?", "2023-05-31"]
[5.385426044464111, 0.38495418429374695, "In principle, the idea is easy to illustrate.", "2023-05-31"]
[4.419046401977539, -4.198023796081543, "Consider Europe prior to the invasion of Ukraine.", "2023-05-31"]
[5.85830020904541, -1.9208396673202515, "Many countries, notably Germany, piped much of their imported gas from Russia, creating a worrying economic vulnerability.", "2023-05-31"]
[6.474076271057129, 0.1411365121603012, "They could have stopped, despite the costs.", "2023-05-31"]
[3.9130656719207764, 0.026688240468502045, "That would have counted as decoupling.", "2023-05-31"]
[5.7509074211120605, -1.3486464023590088, "Alternatively, Europe might have prepared a more robust back-up plan, investing more heavily in terminals and storage tanks that would allow it to import gas from elsewhere in a pinch.", "2023-05-31"]
[6.171023368835449, 0.4356357455253601, "That is economic de-risking.", "2023-05-31"]
[6.686765670776367, -0.23182645440101624, "It is an attempt to reduce economic vulnerability with the least possible damage to trade and investment.", "2023-05-31"]
[4.347455024719238, -4.219322681427002, "After Russia\u2019s invasion, Europe has become more worried about its economic dependence on other geopolitical rivals, especially China.", "2023-05-31"]
[9.192484855651855, -3.8334615230560303, "The EU, Mrs von der Leyen pointed out, relies on China for 98% of its rare-earth supply, 93% of its magnesium and 97% of its lithium, a critical input for electric-vehicle batteries.", "2023-05-31"]
[6.965826034545898, -3.3887617588043213, "In a dispute, China could restrict supplies, just as it briefly curtailed exports to Japan during a territorial squabble in 2010.", "2023-05-31"]
[8.231056213378906, -3.4252727031707764, "China is also a vital market for many EU companies.", "2023-05-31"]
[6.661530017852783, -2.9377613067626953, "They could face the kind of boycotts, arbitrary inspections and delays imposed on Australian wine, beef and other products after the two countries fell out in late 2017.", "2023-05-31"]
[4.4052534103393555, -4.289290428161621, "Mrs von der Leyen also worried that European technology could help China modernise its military and improve its intelligence capabilities.", "2023-05-31"]
[5.250834941864014, -1.1314371824264526, "How is the EU trying to reduce these risks?", "2023-05-31"]
[7.334122180938721, -0.3905618190765381, "The first step is to identify them more precisely, through \u201cstress tests\u201d and supply-chain audits.", "2023-05-31"]
[7.665012359619141, -2.455857992172241, "The bloc plans to cultivate alternative trading partners, Mrs von der Leyen said, including India, Australia and the Association of South-East Asian Nations.", "2023-05-31"]
[9.147699356079102, -3.8712093830108643, "The Commission has recently proposed the Critical Raw Materials Act, which aims to increase mining of resources like lithium and graphite within the EU and diversify its foreign suppliers.", "2023-05-31"]
[7.561662197113037, -3.6710729598999023, "Members such as France, Germany and Italy have increased their scrutiny of direct investment from China, especially in sensitive high-tech sectors, and the European Commission has tried to make this screening more consistent and co-ordinated.", "2023-05-31"]
[8.11414909362793, -3.995699644088745, "It is harder now to imagine a deal like that in 2016 when Kuka, a German robotics firm, was acquired by Midea, a Chinese firm.", "2023-05-31"]
[5.433435916900635, -1.1689825057983398, "In March the EU agreed on the text of a new, more predictable protocol for responding to \u201ceconomic coercion\u201d with tariffs and similar measures.", "2023-05-31"]
[7.197288990020752, -3.5618228912353516, "The union is also contemplating the use of export controls and more screening of outward direct investment.", "2023-05-31"]
[5.518524646759033, -3.1295711994171143, "\u201cDe-risking\u201d is sometimes seen as a label for a more commercially minded approach to China than the tougher decoupling that is popular with hawkish American policymakers.", "2023-05-31"]
[4.167529106140137, 0.17721986770629883, "But the distinction is not so clear in practice.", "2023-05-31"]
[5.356509208679199, -2.225839138031006, "America\u2019s national security adviser, Jake Sullivan, has been happy to borrow the term to describe his government\u2019s approach, which includes stricter export controls than Europe has adopted.", "2023-05-31"]
[5.956050395965576, -3.093886613845825, "And since a clean economic break with China is hard to imagine (last year American imports of goods and services from China reached a record high), the partial or piecemeal decoupling that some in America advocate may be hard to distinguish from de-risking.", "2023-05-31"]
[5.793115139007568, -3.094910144805908, "If the EU eventually imposes export controls or blocks a European investment project in China, it will no doubt call it de-risking.", "2023-05-31"]
[5.632272720336914, -3.0819132328033447, "And China will probably call it decoupling.", "2023-05-31"]
[5.7415452003479, -3.1672732830047607, "|Mexico City\n\nThe Americas | Comrades across continents\nWhat does China want from Latin America and the Caribbean?", "2023-06-15"]
[5.798569679260254, -3.339519739151001, "Along with trading with the region, it is increasingly important in geopolitical terms\n\nChina\u2019s engagement with Latin America has tended to be purely transactional.", "2023-06-15"]
[7.989949703216553, -2.411153793334961, "It went from hardly trading with the region at the turn of the century to overtaking the United States to become the top trading partner for South America, and the second almost everywhere else in Latin America.", "2023-06-15"]
[8.049280166625977, -2.3401038646698, "Annual goods trade between China and Latin America rose to $445bn in 2021, up from $12bn in 2000.", "2023-06-15"]
[4.809316158294678, -0.23535215854644775, "But its relationship with the region appears to be evolving.", "2023-06-15"]
[7.331667900085449, -3.0605309009552, "Latin America is increasingly useful to China in geopolitical terms, too.", "2023-06-15"]
[6.447428226470947, -4.712489604949951, "On June 8th the Wall Street Journal reported that the Communist government of Cuba had secretly agreed to allow China to set up an electronic-spying facility in the country.", "2023-06-15"]
[5.919734477996826, -4.590803146362305, "At first American and Cuban officials denied the story.", "2023-06-15"]
[4.833853721618652, -1.607145071029663, "Two days later the White House admitted that a base has existed for some time.", "2023-06-15"]
[5.1438889503479, -4.363218307495117, "This is not the first time that China has been reported to have military or security footholds in the region.", "2023-06-15"]
[6.008083343505859, -4.59432315826416, "China has long been thought to have a small military presence in Cuba and access to listening stations.", "2023-06-15"]
[6.673521995544434, -4.781531810760498, "It has several satellite ground-stations in Latin America, which are believed to also have spying purposes.", "2023-06-15"]
[6.37062406539917, -4.737256050109863, "A space observatory in Argentina is run by the Chinese army and its activities are opaque.", "2023-06-15"]
[4.303752422332764, -2.0375301837921143, "The latest move is \u201ca small step\u201d, says Evan Ellis of the United States Army War College, \u201cbut over a big threshold\u201d.", "2023-06-15"]
[4.515829563140869, -2.184799909591675, "Deepening geopolitical ties follow closer economic ones.", "2023-06-15"]
[7.962790489196777, -3.0163967609405518, "China is a big source of cash for the region.", "2023-06-15"]
[7.532394886016846, -2.968212842941284, "Between 2005 and 2021 Chinese state-owned banks loaned $139bn to Latin American governments.", "2023-06-15"]
[8.827340126037598, -3.3041367530822754, "It has invested billions of dollars in the region, mainly in energy and mining.", "2023-06-15"]
[7.179011821746826, -3.214715003967285, "Some 21 countries in Latin America and the Caribbean have signed up to China\u2019s Belt and Road Initiative, a massive global infrastructure-building spree.", "2023-06-15"]
[7.626080513000488, -2.7057979106903076, "Latin American countries are also turning to the yuan for trade and to include in their central-bank reserves.", "2023-06-15"]
[7.679464817047119, -2.5243451595306396, "On June 2nd Argentina doubled its currency-swap line with China, meaning that around a third of its central-bank reserves, which stand at $32bn, will effectively be in yuan.", "2023-06-15"]
[7.692928314208984, -2.5002551078796387, "Last year, the yuan surpassed the euro to become the second-most important foreign currency in Brazil\u2019s central-bank vaults.", "2023-06-15"]
[6.49069356918335, 0.501416802406311, "Many commercial projects have caused concern.", "2023-06-15"]
[7.848505973815918, -4.3878021240234375, "In some cases, they are in sensitive industries such as telecoms or energy.", "2023-06-15"]
[6.963746547698975, -3.650942802429199, "In April a Chinese state-owned power company reached an agreement to purchase two power suppliers in Peru that would give China a near-monopoly over the country\u2019s energy grid.", "2023-06-15"]
[6.109971046447754, -4.327042102813721, "Some fret over Chinese construction of ports in the region, such as the Chancay megaport near Lima in Peru, fearing that they could be repurposed to military ends.", "2023-06-15"]
[5.0323381423950195, -4.186880588531494, "China\u2019s most recent strategy paper on Latin America, published in 2016, says it will \u201cactively carry out military exchanges and co-operation\u201d.", "2023-06-15"]
[4.9748921394348145, -4.15916633605957, "Although the United States remains the primary military partner in the region, China has boosted engagement with law-enforcement agencies.", "2023-06-15"]
[6.482874870300293, -4.593733787536621, "It has trained police forces from countries including Argentina and Brazil, donated cars and investigative equipment to Nicaragua and Costa Rica, and sold surveillance equipment to Ecuador.", "2023-06-15"]
[5.348385334014893, -4.260709762573242, "So far, China seems to be winning the geopolitical popularity contest\u2014and not just with the usual suspects, such as Venezuela\u2019s autocratic regime or Cuba\u2019s socialists.", "2023-06-15"]
[5.109127044677734, -3.475555419921875, "Since 2017 five countries in the region have ditched ties with Taiwan in favour of China.", "2023-06-15"]
[7.098038196563721, -3.0723631381988525, "In March, Honduras was the latest to do so.", "2023-06-15"]
[4.479955196380615, -3.3465068340301514, "Xiomara Castro, the president of Honduras, wrapped up a six-day visit to China on June 14th.", "2023-06-15"]
[7.230815887451172, -3.0596673488616943, "Argentina, Honduras and Uruguay are all in the process of joining the Shanghai-based New Development Bank, founded by the BRICS countries.", "2023-06-15"]
[4.070427417755127, 0.11795994639396667, "Not all are impressed.", "2023-06-15"]
[6.080925941467285, -3.3168962001800537, "Argentina\u2019s centre-right opposition is challenging an agreement between the governor of Tierra del Fuego, at the southernmost tip of the continent, and a Chinese petrochemicals group to build a port, power station and chemical plant there costing $1.2bn.", "2023-06-15"]
[5.594336032867432, -3.4677836894989014, "But mostly Latin America\u2019s leaders shrug off concerns about Chinese meddling.", "2023-06-15"]
[4.992072582244873, -2.7521181106567383, "The chance to avoid what they perceive as hypocritical lectures from the United States appeals not only to left-wingers, but also to populists who have little time for human rights, such as El Salvador\u2019s president, Nayib Bukele, and to moderates in Ecuador, Panama and Costa Rica.", "2023-06-15"]
[7.809999942779541, -2.5011789798736572, "Even under Jair Bolsonaro, Brazil\u2019s right-wing president from 2018 to 2022, who made critical comments about the country, China continued to trade and invest in Brazil.", "2023-06-15"]
[5.215696334838867, -4.20657205581665, "Whether China\u2019s deeper engagement is a risk depends on \u201cthe eye of the beholder\u201d, says a Mexican official.", "2023-06-15"]
[5.6077704429626465, -4.1716628074646, "China has tended to avoid provoking the United States, keeping its engagement primarily in South America rather than Central America and the Caribbean (with the exception of Cuba).", "2023-06-15"]
[7.593275547027588, -2.8774783611297607, "But China\u2019s growing ambitions and Latin America\u2018s supplies of many of the minerals needed for the green transition, such as lithium and copper, mean ties are likely to deepen.", "2023-06-15"]
[9.019925117492676, -4.203799247741699, "|SHANGHAI\n\nBusiness | China and Europe\nWhy is China blocking graphite exports to Sweden?", "2023-06-22"]
[9.23336124420166, -3.577192783355713, "Its motive may be more commercial than political\n\nIN EARLY 2020 Swedish battery-makers noticed something alarming.", "2023-06-22"]
[9.118407249450684, -4.083293914794922, "Their Chinese suppliers were no longer able to sell them graphite, a mineral crucial to the production of lithium-ion cells.", "2023-06-22"]
[5.071699142456055, -1.150183081626892, "The Swedes assumed the problem would pass.", "2023-06-22"]
[9.240251541137695, -3.5551347732543945, "Yet three years on, as Chinese investments in the battery industry have surged in Europe, Swedish firms are still largely cut off.", "2023-06-22"]
[9.113204002380371, -4.1241350173950195, "In 2020 China\u2019s exports to Sweden of two types of graphite nearly disappeared.", "2023-06-22"]
[5.300121307373047, -0.15842916071414948, "In 2021 and 2022 they vanished completely.", "2023-06-22"]
[9.027633666992188, -4.198329925537109, "Although China\u2019s commerce ministry has issued no formal ban, many Chinese graphite exporters face a prohibition in all but name.", "2023-06-22"]
[8.96967601776123, -4.205333232879639, "One company was told that licences to export graphite to Sweden were no longer being issued by Chinese regulators.", "2023-06-22"]
[9.120357513427734, -4.0838704109191895, "Given that China supplies more than 60% of the world\u2019s natural graphite and almost all the man-made version, the situation alarms producers that rely on China for the graphite anodes used in their cells.", "2023-06-22"]
[6.980836868286133, -2.9535701274871826, "A halt in supplies from China can upset supply chains, raise costs and disrupt production.", "2023-06-22"]
[6.864850997924805, -0.946969747543335, "For Sweden, where the industry is just getting off the ground, a total ban on exports could do serious damage.", "2023-06-22"]
[9.17686939239502, -3.910092353820801, "In its only official statement on the matter, the European Commission said earlier this year that the drying up of Chinese graphite exports \u201cis creating negative repercussions for battery production in Europe, a key sector for the eu green transition\u201d.", "2023-06-22"]
[5.810401439666748, -4.469040870666504, "China frequently throws its weight around when it seeks to punish countries over political disputes.", "2023-06-22"]
[6.769882678985596, -3.114727020263672, "In a row with Australia that started in 2020, it officially banned imports of coal from down under (the restriction was lifted this year) and put in place an unofficial ban on lobsters, with devastating consequences for Australian sellers who had come to rely almost exclusively on Chinese appetites.", "2023-06-22"]
[9.082554817199707, -4.158828258514404, "Officials in China have often threatened to ban exports of minerals such as rare earths to America as retaliation for sanctions.", "2023-06-22"]
[9.130852699279785, -4.015624046325684, "Export bans for battery minerals such as lithium and cobalt have become more common.", "2023-06-22"]
[8.267546653747559, -3.8032267093658447, "According to the OECD, a club mostly of rich countries, China was the greatest offender in restricting the supply of materials needed for the transition to renewable energy.", "2023-06-22"]
[9.055335998535156, -4.236222267150879, "Grasping the reasons behind the Swedish graphite ban could be just as important as dealing with it.", "2023-06-22"]
[6.135885715484619, -4.449109077453613, "At first blush, the ban appears to have been triggered by one of many small diplomatic spats between China and Sweden in recent years.", "2023-06-22"]
[5.918097972869873, -4.696263313293457, "In late 2019 Swedish PEN, a free-speech advocacy group, gave an award to Gui Minhai, a publisher and dissident who is imprisoned in China.", "2023-06-22"]
[6.072577476501465, -4.273623466491699, "The Chinese embassy in Stockholm immediately lashed out with threats against Sweden.", "2023-06-22"]
[5.991282939910889, -4.739025115966797, "Mr Gui, a Swedish citizen, has been at the centre of a dispute between the two countries since he was kidnapped by Chinese agents in Thailand in 2015.", "2023-06-22"]
[8.990275382995605, -4.265851020812988, "In 2020 and 2021 people familiar with Mr Gui\u2019s case believed it was the motive for the graphite restrictions.", "2023-06-22"]
[4.115808486938477, -0.11879831552505493, "The same people now believe there could be more to it than a petty quarrel over an award.", "2023-06-22"]
[9.187366485595703, -3.744055986404419, "As graphite exports to Sweden have slumped, China\u2019s overall battery and electric-vehicle investments across Europe have soared.", "2023-06-22"]
[8.799845695495605, -3.445544958114624, "In Hungary China\u2019s top battery-maker, CATL, poured $8bn into a factory last year, which amounted to one of the biggest foreign investments ever made in the country.", "2023-06-22"]
[8.531848907470703, -3.470017194747925, "In Poland smaller but similar factories are being built by Chinese firms.", "2023-06-22"]
[9.074178695678711, -3.960059404373169, "At the same time, graphite exports to those two countries have rocketed.", "2023-06-22"]
[9.145973205566406, -4.0460076332092285, "Hungary imported more than $230m-worth of one form of graphite in 2022, up from just a few thousand dollars\u2019 worth of the stuff five years earlier.", "2023-06-22"]
[9.25172233581543, -3.5169732570648193, "As it happens, one of the most competitive firms in Europe\u2019s nascent battery business is Northvolt of Sweden.", "2023-06-22"]
[8.576872825622559, -3.132493495941162, "The company has begun to expand in Europe and will receive subsidies to build new factories.", "2023-06-22"]
[8.983242988586426, -4.2661309242248535, "It is unclear what impact, if any, the graphite ban has had on Northvolt.", "2023-06-22"]
[7.15453577041626, 0.16830581426620483, "But it is believed to have the potential to raise costs at a time when competition to win market share is fiercer than ever.", "2023-06-22"]
[8.998987197875977, -4.275867938995361, "The insiders aware of the Chinese graphite ban have started to question if the unofficial measures have been designed to stymie innovation in Europe as China builds a foothold there.", "2023-06-22"]
[8.842621803283691, -3.4014511108398438, "In May one Chinese firm, Putailai, announced a $1.3bn investment to build Europe\u2019s largest factory for making anodes.", "2023-06-22"]
[9.160150527954102, -3.506688356399536, "It will become a core supplier to the Swedish battery industry.", "2023-06-22"]
[7.911235809326172, -3.10957670211792, "|Singapore\n\nFinance & economics | Rising tigers, hidden dragon\nHow America is failing to break up with China\nThe countries\u2019 economic ties are more profound than they appear\n \nWHEN IT COMES to tracing the geography of global supply chains, few companies provide a better map than Foxconn, the world\u2019s largest contract manufacturer.", "2023-08-08"]
[8.654265403747559, -3.3227970600128174, "This year the Taiwanese giant has built or expanded factories in India, Mexico, Thailand and Vietnam.", "2023-08-08"]
[7.477736473083496, -3.4052932262420654, "The Chinese production sites once loved by Western companies are firmly out of fashion.", "2023-08-08"]
[6.369729042053223, -3.0591750144958496, "Souring relations between the governments in Washington and Beijing have made businesses increasingly fretful about geopolitical risks.", "2023-08-08"]
[8.256519317626953, -2.2535462379455566, "As a consequence, in the first half of the year, America traded more with Mexico and Canada than it did with China for the first time in almost two decades.", "2023-08-08"]
[6.243377685546875, -0.2558943033218384, "The map of global trade is being redrawn.", "2023-08-08"]
[4.757051467895508, -1.004232406616211, "At first glance, this is almost exactly as desired by America\u2019s policymakers.", "2023-08-08"]
[6.096609592437744, -1.6121666431427002, "Under first Donald Trump and then Joe Biden, officials have put in place an array of tariffs, rules and subsidies.", "2023-08-08"]
[7.166416168212891, -4.188357353210449, "The latest arrived on August 9th: an executive order introducing screening for outbound investment, and banning some investment into Chinese quantum computing, artificial-intelligence projects and advanced chips.", "2023-08-08"]
[5.224993705749512, -4.085953235626221, "America wants to weaken China\u2019s grip on sensitive industries and, in a motivation that mostly goes unspoken, prepare for a possible invasion of Taiwan by its adversary.", "2023-08-08"]
[5.683971405029297, -2.6192753314971924, "This attempt to \u201cde-risk\u201d trade with China is the cornerstone of the White House\u2019s foreign policy.", "2023-08-08"]
[5.832961559295654, 0.07493095099925995, "Yet despite extensive efforts, and the reshaping of trade seemingly evident in headline statistics, much of the apparent de-risking is not what it appears.", "2023-08-08"]
[7.51416015625, -2.6262664794921875, "Instead of being slashed, trade links between America and China are enduring\u2014just in more tangled forms.", "2023-08-08"]
[7.725778579711914, -2.539200782775879, "The American government\u2019s preferred trading partners include countries such as India, Mexico, Taiwan and Vietnam, in which it hopes to spur the \u201cfriendshoring\u201d of production to replace imports that would have come from China.", "2023-08-08"]
[7.92765998840332, -2.2267038822174072, "And trade with these allies is rising fast: just 51% of American imports from \u201clow-cost\u201d Asian countries came from China last year, down from 66% when the Trump administration\u2019s first tariffs were introduced five years ago, according to Kearney, a consultancy.", "2023-08-08"]
[7.445953369140625, -2.7286643981933594, "The problem is that trade between America\u2019s allies and China is also rising, suggesting that they are often acting as packaging hubs for what, in effect, remain Chinese goods.", "2023-08-08"]
[7.6865386962890625, -2.6121904850006104, "This flow of products means that, although America may not be buying as much directly from China as before, the two countries\u2019 economies still rely on each other.", "2023-08-08"]
[7.759072780609131, -2.4686503410339355, "For evidence, look at the countries that benefit from reduced direct Chinese trade with America.", "2023-08-08"]
[4.989072799682617, 0.3649083077907562, "Research by Caroline Freund of the University of California, San Diego and co-authors investigates this dynamic.", "2023-08-08"]
[7.726956367492676, -2.6573305130004883, "It finds that countries which had the strongest trade relationships with China in a given industry have been the greatest beneficiaries of the redirection of trade, suggesting deep Chinese supply chains still matter enormously to America.", "2023-08-08"]
[7.2259931564331055, -3.881941795349121, "This is even truer in categories that include the advanced manufacturing products where American officials are keenest to limit China\u2019s presence.", "2023-08-08"]
[8.16387939453125, -2.2038381099700928, "When it comes to these goods, the share of American imports arriving from China declined by 14 percentage points between 2017 and 2022, whereas those from Taiwan and Vietnam\u2014countries that import heavily from China\u2014gained the greatest market share.", "2023-08-08"]
[8.423296928405762, -3.532654047012329, "In short, Chinese activity is still vital to the production of even the most sensitive products.", "2023-08-08"]
[7.600376605987549, -1.6808583736419678, "Exactly how the rerouting works in practice differs across countries and industries.", "2023-08-08"]
[8.084393501281738, -3.2929325103759766, "A few products can be sourced only in China.", "2023-08-08"]
[9.181148529052734, -3.994598150253296, "These include some processed rare earths and metals where Chinese companies dominate entire industries, such as the gallium used in chip production and the lithium processed for electric-vehicle batteries.", "2023-08-08"]
[7.689887046813965, -2.506383180618286, "Sometimes exports to America and the rest of the West from their allies are nothing more than Chinese products that have been repackaged to avoid tariffs.", "2023-08-08"]
[8.397622108459473, -3.162040948867798, "Most often, though, inputs are simply mechanical or electrical parts that could be found elsewhere at greater cost by an assiduous importer, but are cheaper and more plentiful in China.", "2023-08-08"]
[5.943528652191162, -3.1782069206237793, "All three types of phoney decoupling can be found in China\u2019s backyard.", "2023-08-08"]
[8.3675537109375, -2.281979560852051, "The latest official data, published in 2018, concerning exports by the Association of South-East Asian Nations (ASEAN), a regional club, show that 7% by value were actually attributable to some form of production in China\u2014a figure that is probably an underestimate, given how difficult it is to disentangle trade.", "2023-08-08"]
[8.17019271850586, -2.283325433731079, "Fresher data suggest that China has only grown in importance since then.", "2023-08-08"]
[8.328930854797363, -2.098820209503174, "The country has increased its share of exports to the bloc in 69 of 97 product categories monitored by ASEAN.", "2023-08-08"]
[8.67607593536377, -3.68562650680542, "Electronic exports, the largest category, which covers everything from batteries and industrial furnaces to hair clippers, have exploded.", "2023-08-08"]
[8.33963680267334, -2.31270432472229, "In the first six months of the year Chinese sales of these goods in Indonesia, Malaysia, Thailand, the Philippines and Vietnam rose to $49bn, up by 80% compared with five years ago.", "2023-08-08"]
[8.09066390991211, -2.859919548034668, "There is a similar pattern in foreign direct investment, where Chinese spending in crucial South-East Asian countries has overtaken America\u2019s.", "2023-08-08"]
[8.956844329833984, -3.216343879699707, "Factories farther afield are also humming with Chinese activity, perhaps most notably in the car industry.", "2023-08-08"]
[8.789910316467285, -2.510140895843506, "In Mexico the National Association of Autopart Makers, a lobby group, has reported that last year 40% of nearshoring investment came from sites moving to the country from China.", "2023-08-08"]
[7.9250946044921875, -1.874105453491211, "A rich supply of intermediate goods is duly following.", "2023-08-08"]
[8.592000007629395, -2.444392442703247, "In the past year Chinese companies exported $300m a month in parts to Mexico, more than twice the amount they managed five years ago.", "2023-08-08"]
[9.173025131225586, -3.012610912322998, "In central and eastern Europe, where the car industry has boomed in recent years, phoney decoupling is even more conspicuous.", "2023-08-08"]
[9.058672904968262, -3.0295307636260986, "In 2018 China provided just 3% of automotive parts brought into the Czech Republic, Hungary, Poland, Slovakia, Slovenia and Romania.", "2023-08-08"]
[9.23652458190918, -3.2539966106414795, "Since then, Chinese imports have surged, thanks to the rapid adoption of electric vehicles, where the country increasingly dominates production.", "2023-08-08"]
[9.116313934326172, -3.0778932571411133, "China now provides 10% of all car parts imported into central and eastern Europe, more than any other country outside the eu.", "2023-08-08"]
[5.9276275634765625, -2.7966935634613037, "Tighter trade links between America\u2019s allies and China are the paradoxical result of America\u2019s desire for weaker ones.", "2023-08-08"]
[7.823854923248291, -3.110114097595215, "Firms panicked by worsening relations across the Pacific are pursuing \u201cChina plus one\u201d strategies, keeping some production in the world\u2019s second-largest economy, while moving the rest to countries, such as Vietnam, that are friendlier to Uncle Sam.", "2023-08-08"]
[7.971367835998535, -2.764240264892578, "Yet American demand for final products from allies also boosts demand for Chinese intermediate inputs, and produces incentives for Chinese firms to operate and export from alternative places.", "2023-08-08"]
[8.283102035522461, -3.5111560821533203, "Although Apple, the world\u2019s largest company by market capitalisation, has moved production outside China in recent years, this comes with a caveat: much of the production still relies on Chinese companies.", "2023-08-08"]
[8.509957313537598, -3.300830602645874, "The tech giant lists 25 producers in Vietnam on its official suppliers list.", "2023-08-08"]
[8.348836898803711, -3.096062421798706, "Nine are from mainland China.", "2023-08-08"]
[4.646988868713379, -1.2570502758026123, "How worried should American policymakers be?", "2023-08-08"]
[6.958157539367676, -2.6766321659088135, "In the worst-case outcome\u2014a war in which supplies of goods between China and America are almost completely severed\u2014dealing only indirectly with China or with Chinese firms on the soil of third countries is probably an improvement on Chinese production.", "2023-08-08"]
[6.661346435546875, -0.27027878165245056, "Moreover, companies are adapting to security rules so as to reduce costs for consumers.", "2023-08-08"]
[6.657649040222168, -3.0915777683258057, "But this also carries risks: a belief that decoupling is under way may obscure just how critical Chinese production remains to American supply chains.", "2023-08-08"]
[7.671738147735596, -2.691646099090576, "The fact that so much production in Asia, Mexico and parts of Europe ultimately relies on imports and investment from China helps explain why so many governments, particularly in Asia, are at best fair-weather friends to America, at least when it comes to shifting supply chains.", "2023-08-08"]
[6.416111469268799, -1.052097201347351, "If forced to choose between the two countries once and for all, exporters would suffer mightily.", "2023-08-08"]
[5.462166786193848, -3.3960485458374023, "A recent study by researchers at the IMF models a scenario in which countries must pick between America and China, with their decision on which of the two superpowers to side with determined by recent voting patterns at the UN.", "2023-08-08"]
[8.054872512817383, -0.7468616962432861, "Such a scenario, the researchers calculate, would reduce GDP by as much as 4.7% for the worst-affected countries.", "2023-08-08"]
[6.6198320388793945, -2.614414930343628, "Those in South-East Asia would be struck particularly hard.", "2023-08-08"]
[6.643146991729736, -3.285522699356079, "Given that most countries are desperate for the investment and employment that trade brings, America has been unable to convince its allies to reduce China\u2019s role in their supply chains.", "2023-08-08"]
[7.8367695808410645, -2.918663501739502, "Many are content to play both sides\u2014receiving Chinese investment and intermediate goods, and exporting finished products to America and the rest of the West.", "2023-08-08"]
[6.162779808044434, -3.112565755844116, "Ironically, then, the process driving America and China apart in trade and investment may actually be forging stronger financial and commercial connections between China and America\u2019s allies.", "2023-08-08"]
[3.9612691402435303, -2.7361583709716797, "Needless to say, that is not what President Biden had in mind.", "2023-08-08"]
[4.344727993011475, -3.1844921112060547, "Leaders | Costly and dangerous \nJoe Biden\u2019s China strategy is not working\nSupply chains are becoming more tangled and opaque\n\nOn August 9th President Joe Biden unveiled his latest weapon in America\u2019s economic war with China.", "2023-08-10"]
[7.130863666534424, -4.173645496368408, "New rules will police investments made abroad by the private sector, and those into the most sensitive technologies in China will be banned.", "2023-08-10"]
[5.637428283691406, -2.218501567840576, "The use of such curbs by the world\u2019s strongest champion of capitalism is the latest sign of the profound shift in America\u2019s economic policy as it contends with the rise of an increasingly assertive and threatening rival.", "2023-08-10"]
[6.876794338226318, -0.618272066116333, "For decades America cheered on the globalisation of trade and capital, which brought vast benefits in terms of enhanced efficiency and lower costs for consumers.", "2023-08-10"]
[5.763126373291016, 0.3365623652935028, "But in a dangerous world, efficiency alone is no longer enough.", "2023-08-10"]
[5.341263771057129, -4.211308479309082, "In America, and across the West, China\u2019s rise is bringing other aims to the fore.", "2023-08-10"]
[6.693784236907959, -4.364869594573975, "Understandably, officials want to protect national security, by limiting China\u2019s access to cutting-edge technology that could enhance its military might, and to build alternative supply chains in areas where China maintains a vice-like grip.", "2023-08-10"]
[4.486743450164795, -3.1471405029296875, "The result is a sprawl of tariffs, investment reviews and export controls aimed at China, first under the previous president, Donald Trump, and now Mr Biden.", "2023-08-10"]
[7.536609172821045, -2.7504286766052246, "Janet Yellen, America\u2019s treasury secretary, has travelled to Delhi and Hanoi to tout the benefits of \u201cfriendshoring\u201d, signalling to company bosses that shifting away from China would be wise.", "2023-08-10"]
[5.811352729797363, 0.3954174220561981, "Although such \u201cde-risking\u201d measures would lower efficiency, the thinking goes, sticking to sensitive products would limit the damage.", "2023-08-10"]
[6.706025123596191, -0.2905552387237549, "And the extra cost would be worth it, because America would be safer.", "2023-08-10"]
[4.633936405181885, 0.1087157279253006, "The consequences of this new thinking are now becoming clear.", "2023-08-10"]
[4.127857208251953, -0.950126051902771, "Unfortunately, it is bringing neither resilience nor security.", "2023-08-10"]
[7.174596309661865, -0.4825144410133362, "Supply chains have become more tangled and opaque as they have adapted to the new rules.", "2023-08-10"]
[7.297255039215088, -3.2987396717071533, "And, if you look closely, it becomes clear that America\u2019s reliance on Chinese critical inputs remains.", "2023-08-10"]
[5.362151145935059, -3.7851455211639404, "More worrying, the policy has had the perverse effect of pushing America\u2019s allies closer to China.", "2023-08-10"]
[4.873607635498047, -0.8934916853904724, "All this may come as a surprise, because, at first glance, the new policies look like a smashing success.", "2023-08-10"]
[7.086092948913574, -2.668220281600952, "Direct economic links between China and America are shrivelling.", "2023-08-10"]
[8.066994667053223, -2.5487537384033203, "In 2018 two-thirds of American imports from a group of \u201clow-cost\u201d Asian countries came from China; last year just over half did.", "2023-08-10"]
[7.734767436981201, -2.7774276733398438, "Instead, America has turned towards India, Mexico and South-East Asia.", "2023-08-10"]
[7.836983680725098, -0.09336269646883011, "Investment flows are adjusting, too.", "2023-08-10"]
[8.296567916870117, -2.6372830867767334, "In 2016 Chinese firms invested a staggering $48bn in America; six years on, the figure had shrunk to a mere $3.1bn.", "2023-08-10"]
[7.682450294494629, -2.8760807514190674, "For the first time in a quarter of a century, China is no longer one of the top three investment destinations for most members of the American Chamber of Commerce in China.", "2023-08-10"]
[7.941425323486328, -3.1091148853302, "For the best part of two decades, China claimed the lion\u2019s share of new foreign-investment projects in Asia.", "2023-08-10"]
[8.456954956054688, -1.3571113348007202, "Last year it received less than India or Vietnam.", "2023-08-10"]
[7.349892616271973, -3.153869152069092, "Dig deeper, though, and you find that America\u2019s reliance on China remains intact.", "2023-08-10"]
[7.836073875427246, -2.7951104640960693, "America may be redirecting its demand from China to other countries.", "2023-08-10"]
[8.5148344039917, -3.2845308780670166, "But production in those places now relies more on Chinese inputs than ever.", "2023-08-10"]
[8.003363609313965, -2.3753719329833984, "As South-East Asia\u2019s exports to America have risen, for instance, its imports of intermediate inputs from China have exploded.", "2023-08-10"]
[8.650779724121094, -2.4227137565612793, "China\u2019s exports of car parts to Mexico, another country that has benefited from American de-risking, have doubled over the past five years.", "2023-08-10"]
[8.102588653564453, -2.974071741104126, "Research published by the imf finds that even in advanced-manufacturing sectors, where America is keenest to shift away from China, the countries that have made most inroads into the American market are those with the closest industrial links to China.", "2023-08-10"]
[7.070427894592285, -0.08071596175432205, "Supply chains have become more complex, and trade has become more expensive.", "2023-08-10"]
[6.363506317138672, -3.95220685005188, "But China\u2019s dominance is undiminished.", "2023-08-10"]
[3.8631491661071777, -0.39396771788597107, "What is going on?", "2023-08-10"]
[7.9147419929504395, -2.3135998249053955, "In the most egregious cases, Chinese goods are simply being repackaged and sent via third countries to America.", "2023-08-10"]
[8.7367582321167, -3.631446599960327, "At the end of 2022, America\u2019s Department of Commerce found that four major solar suppliers based in South-East Asia were doing such minor processing of otherwise Chinese products that they were, in effect, circumventing tariffs on Chinese goods.", "2023-08-10"]
[9.2760009765625, -4.072498798370361, "In other areas, such as rare-earth metals, China continues to provide inputs that are hard to replace.", "2023-08-10"]
[4.700610637664795, 0.4748789668083191, "More often, though, the mechanism is benign.", "2023-08-10"]
[6.716801166534424, -0.18806946277618408, "Free markets are simply adapting to find the cheapest way to supply goods to consumers.", "2023-08-10"]
[8.4276704788208, -3.0978057384490967, "And in many cases China, with its vast workforce and efficient logistics, remains the cheapest supplier.", "2023-08-10"]
[6.68701696395874, -2.4261672496795654, "America\u2019s new rules have the power to redirect its own trade with China.", "2023-08-10"]
[6.7064690589904785, -3.4435153007507324, "But they cannot rid the entire supply chain of Chinese influence.", "2023-08-10"]
[3.90794038772583, 0.04200312867760658, "Much of the decoupling, then, is phoney.", "2023-08-10"]
[4.212886810302734, -3.091301918029785, "Worse, from Mr Biden\u2019s perspective, his approach is also deepening the economic links between China and other exporting countries.", "2023-08-10"]
[4.997747421264648, -2.22163987159729, "In so doing, it perversely pits their interests against America\u2019s.", "2023-08-10"]
[6.539653778076172, -3.7902681827545166, "Even where governments are worried about the growing assertiveness of China, their commercial relationships with the biggest economy in Asia are deepening.", "2023-08-10"]
[5.894679546356201, -1.682889461517334, "The Regional Comprehensive Economic Partnership, a trade deal signed in November 2020 by many South-East Asian countries and China, creates a sort of single market in precisely the intermediate goods in which trade has boomed in recent years.", "2023-08-10"]
[8.038732528686523, -2.684058666229248, "For many poorer countries, receiving Chinese investment and intermediate goods and exporting finished products to America is a source of jobs and prosperity.", "2023-08-10"]
[5.373411655426025, -1.1264333724975586, "America\u2019s reluctance to support new trade agreements is one reason why they sometimes see it as an unreliable partner.", "2023-08-10"]
[5.357334136962891, -3.9034950733184814, "If asked to choose between China and America, they might not side with Uncle Sam.", "2023-08-10"]
[4.4262824058532715, -1.602937936782837, "All this carries important lessons for American officials.", "2023-08-10"]
[5.749561309814453, -4.256392002105713, "They say that they want to be precise in how they guard against China using a \u201csmall yard and high fence\u201d.", "2023-08-10"]
[5.1879401206970215, -0.7008934020996094, "But without a clear sense of the trade-offs from their tariffs and restrictions, the risk is that each security scare makes the yard bigger and the fence taller.", "2023-08-10"]
[5.070257186889648, 0.30591750144958496, "The fact that the benefits have so far been illusory and the costs greater than expected underscores the need for laser focus.", "2023-08-10"]
[6.753299236297607, -3.1974856853485107, "Moreover, the more selective the approach, the greater the likelihood that trading partners can be persuaded to reduce their reliance on China in the areas that really matter.", "2023-08-10"]
[5.630725860595703, 0.3872472047805786, "Without it, de-risking will make the world not safer, but more dangerous.", "2023-08-10"]
[5.486972808837891, -4.686333179473877, "China | Chaguan\nA Chinese dispute with the Philippines is a test of America\nChina yearns to expose its rival as an unreliable ally\n\nTo grasp China\u2019s approach to the international rule of law, look at the South China Sea.", "2023-11-09"]
[5.416214942932129, -4.7880425453186035, "In recent weeks and months, large white-hulled ships belonging to China\u2019s coastguard have been bullying small boats sent to resupply a rusting ship-cum-garrison purposely grounded by the Philippines\u2014an American treaty ally\u2014on a disputed coral atoll two decades ago.", "2023-11-09"]
[5.407732009887695, -4.754763603210449, "China claims that atoll, the Second Thomas Shoal, as its own.", "2023-11-09"]
[5.280709743499756, -4.601779460906982, "At the same time, fighter jets from the People\u2019s Liberation Army (PLA) have repeatedly staged dangerously close intercepts of American reconnaissance flights in international skies close to China\u2019s coasts.", "2023-11-09"]
[5.459423542022705, -4.779520034790039, "To justify such assertiveness, China offers convoluted claims about the history of the South China Sea and about international law that are rejected by almost all its maritime neighbours.", "2023-11-09"]
[3.7854528427124023, -0.8802070617675781, "To understand this apparently self-defeating strategy, the Broadway musical \u201cGuys and Dolls\u201d is an oddly helpful guide.", "2023-11-09"]
[5.150475978851318, -4.224361896514893, "Specifically, China\u2019s approach to geopolitics brings to mind Big Jule, a character in that peerless drama, first performed in 1950.", "2023-11-09"]
[4.016168117523193, -1.634961724281311, "A visitor from Chicago, Big Jule intimidates a cast of small-time New York gamblers with hints of ties to mobsters and glimpses of a gun under his coat.", "2023-11-09"]
[3.8607678413391113, -1.5852166414260864, "After losing a fortune on a dice game, Big Jule proposes a few more rounds, this time using his own custom dice, which are blank.", "2023-11-09"]
[3.7548811435699463, -1.013416051864624, "\u201cI had the spots taken off for luck.", "2023-11-09"]
[3.803415536880493, -1.1593576669692993, "But I remember where the spots formerly were,\u201d he explains, after patting his revolver meaningfully.", "2023-11-09"]
[3.9710817337036133, -1.5425117015838623, "Playing this version of the game, his outraged but fearful hosts proceed to lose large sums to Big Jule.", "2023-11-09"]
[5.135768413543701, -4.098880767822266, "The link with Chinese statecraft involves Big Jule\u2019s use of spurious rules to get his way, rather than simply admitting to robbing fellow gamblers at gunpoint.", "2023-11-09"]
[5.416274547576904, -4.8276591300964355, "There are no \u201cGuys and Dolls\u201d references in \u201cChina\u2019s Law of the Sea, The New Rules of Maritime Order\u201d, a recent book by Isaac Kardon of the Carnegie Endowment for International Peace.", "2023-11-09"]
[5.4289350509643555, -4.789340496063232, "Leaving that flaw aside, the book is a fine, deeply researched guide to China\u2019s efforts to subvert or reinterpret any principles that complicate its claims to more than four-fifths of the South China Sea.", "2023-11-09"]
[5.831483840942383, -4.675936222076416, "Citing Chinese official texts, Mr Kardon shows how the Communist Party sees international law as a \u201cweapon\u201d: a way to codify power relations between larger and smaller states, rather than a source of binding, universal norms.", "2023-11-09"]
[5.504042148590088, -4.866477966308594, "In painstaking detail, the book records how soon after China signed the UN Convention on the Law of the Sea (UNCLOS) in 1982, officials in Beijing began passing laws that challenged the treaty.", "2023-11-09"]
[5.429013252258301, -4.827874183654785, "China applies rules for drawing maritime boundaries around rocks, reefs and far-flung islands in different ways, depending on whether features are Chinese-controlled or occupied by the troops or fishing fleets of its rivals.", "2023-11-09"]
[5.48241662979126, -4.869200706481934, "Chinese authorities forcefully defend exclusive fishing, mineral and navigation rights within 200 nautical miles of their territory, citing UNCLOS.", "2023-11-09"]
[5.420812606811523, -4.795214653015137, "At the same time, China routinely sends naval ships, fishing fleets and oil- and gas-survey vessels into waters that are just as close to other countries.", "2023-11-09"]
[5.229402542114258, -0.5913131237030029, "(America upholds UNCLOS rules but is not a party to the convention.", "2023-11-09"]
[5.502143859863281, -4.873538494110107, ")\nIn 2016 the Permanent Court of Arbitration in The Hague largely upheld a claim by the Philippines government that China\u2019s assertion of \u201chistoric rights\u201d over swathes of the South China Sea is without legal basis.", "2023-11-09"]
[5.580324649810791, -4.770850658416748, "China calls that arbitral ruling a scrap of waste paper and continues to maintain and expand military bases on disputed reefs and artificial islands.", "2023-11-09"]
[5.583179473876953, -4.703976631164551, "In its confrontation with the Philippines over the Second Thomas Shoal, China has given public warning that it will not allow boats to deliver building materials to shore up the crumbling hulk of the Sierra Madre, the beached ship used as a garrison by Filipino marines since 1999.", "2023-11-09"]
[5.425506591796875, -4.846250534057617, "Chinese coastguard cutters have used lasers and water cannon against supply boats, and collided with a Filipino vessel in October.", "2023-11-09"]
[5.38851261138916, -4.726344585418701, "The Philippines government released videos of these clashes.", "2023-11-09"]
[4.985538005828857, -4.175713062286377, "With American credibility as a treaty ally at stake, President Joe Biden said last month that any attack on Filipino aircraft, vessels or armed forces would trigger the two countries\u2019 \u201cironclad\u201d mutual-defence commitments.", "2023-11-09"]
[5.953794956207275, -4.637485027313232, "To Chinese experts, it is self-evident that politics will decide these questions of international law.", "2023-11-09"]
[5.174148082733154, -4.384150981903076, "Zhou Bo, a retired PLA senior colonel now at Tsinghua University\u2019s Centre for International Security and Strategy, argues that China has been \u201crestrained\u201d at the Second Thomas Shoal and that the use of water cannon does not count as force.", "2023-11-09"]
[4.385675430297852, -2.356757164001465, "As a result he is sceptical of suggestions that America might escort Filipino convoys to the Sierra Madre, especially with conflicts raging in Ukraine and the Middle East.", "2023-11-09"]
[4.390344619750977, -2.2277655601501465, "\u201cWithout the use of force, I think it would be difficult for the US to be provocative, especially with two wars going on in the world,\u201d he says.", "2023-11-09"]
[5.316840648651123, -4.461617469787598, "Against that, Hu Bo, a naval expert at Peking University, concedes that China faces a diplomatic dilemma at the Second Thomas Shoal, where neighbouring Asian countries may sympathise with the Philippines as the weaker party.", "2023-11-09"]
[4.5409159660339355, -1.4357749223709106, "\u201cRight now, nobody cares about the truth and facts.", "2023-11-09"]
[5.436121463775635, -4.792463302612305, "Right now, people just say China has big ships and the Philippines has small ships,\u201d he says.", "2023-11-09"]
[5.315432548522949, -4.683674335479736, "As for mid-air intercepts, American arguments about its legal rights to fly and sail through international airspace and waters, and its calls for more \u201cprofessionalism\u201d from Chinese pilots, fall flat.", "2023-11-09"]
[3.9243035316467285, -0.8751178979873657, "\u201cI consider a collision almost inevitable, given the high frequency of encounters,\u201d says Mr Zhou.", "2023-11-09"]
[5.069175720214844, -4.004456043243408, "But if Chinese pilots stayed farther away, that would amount to \u201cescorting America as it harms China\u2019s interests,\u201d he insists.", "2023-11-09"]
[5.479951858520508, -4.803633213043213, "The South China Sea is a dangerous and revealing place just now.", "2023-11-09"]
[5.658308506011963, -3.8223278522491455, "Both China and America have every reason to avoid conflict there.", "2023-11-09"]
[5.276759624481201, -3.986767530441284, "But China yearns to expose America as an unreliable ally, and to make the Philippines obey Chinese-drawn red lines, or pay a visible price.", "2023-11-09"]
[3.873414993286133, -1.2758872509002686, "To keep the peace, rules will be of less help than calculations of relative power and national interests.", "2023-11-09"]
[3.855759620666504, -1.5122387409210205, "In this bleak world, Big Jule would be right at home.", "2023-11-09"]
[5.754607677459717, -3.0926401615142822, "Asia | IPEF MIA\nAmerica\u2019s crumbling trade initiative in Asia\nJoe Biden\u2019s limp trade strategy has just got even weaker\n\nTHERE IS NO lack of American engagement in Asian capitals on security and geopolitics.", "2023-11-23"]
[5.035127639770508, -4.152679920196533, "That is what all the talk of a \u201cfree and open Indo-Pacific\u201d is about\u2014seeking friends and allies in a new great-power contest, to China\u2019s annoyance.", "2023-11-23"]
[5.295486927032471, -3.1514556407928467, "There has been much less evidence of an economic dimension to America\u2019s Asian diplomacy\u2014despite a strong desire for one across the region.", "2023-11-23"]
[5.125953197479248, -4.068952560424805, "Countries in East and South-East Asia thrive on their economic ties with China, but want an American counterbalance.", "2023-11-23"]
[5.987114429473877, -3.246297597885132, "They fear that over-relying on the regional giant would erode their agency and sovereignty.", "2023-11-23"]
[5.355118751525879, -1.6979100704193115, "Yet hopes of serious American engagement were dashed when, in one of his first acts as president, Donald Trump in 2017 pulled out of the Trans-Pacific Partnership, a high-grade trade deal with 12 members.", "2023-11-23"]
[4.450850486755371, -0.4179879128932953, "What remained of those hopes has just taken another beating.", "2023-11-23"]
[4.317927360534668, -2.901951551437378, "A cornerstone of President Joe Biden\u2019s economic initiative for Asia, launched in May 2022 and called the Indo-Pacific Economic Framework for Prosperity (IPEF), has crumbled.", "2023-11-23"]
[4.568199157714844, -2.6395692825317383, "At the initiative\u2019s unveiling in Tokyo, Mr Biden called it \u201can economic vision\u201d that would underpin \u201cnew rules for the 21st-century economy\u201d.", "2023-11-23"]
[5.159238338470459, -3.0493087768554688, "Four pillars were envisaged: that America and its Asian partners would co-operate to promote clean energy; fight tax evasion and money laundering; boost trade, especially of the digital sort; and build resilient supply chains in the face of such things as pandemics.", "2023-11-23"]
[6.159936428070068, -0.015793457627296448, "IPEF was emphatically not a trade pact to open markets and cut tariffs.", "2023-11-23"]
[5.6459479331970215, -1.0797510147094727, "Trade deals need congressional approval, which is a non-starter in Washington these days, given the protectionist turn in both America\u2019s main parties.", "2023-11-23"]
[5.709427356719971, 0.21937856078147888, "Yet if IPEF looked weaker for that, it was thought to be executive-led, so relatively fleet and flexible.", "2023-11-23"]
[7.034025192260742, -3.0361058712005615, "Countries swiftly signed up, including Australia, Brunei, Fiji, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.", "2023-11-23"]
[4.915250301361084, -2.73761248588562, "A summit of APEC, the Asia-Pacific trade talking-shop, held in San Francisco on November 16th and 17th, was due to showcase this American initiative.", "2023-11-23"]
[4.731883525848389, -1.1693412065505981, "After months of negotiation among ipef members, agreements on all four pillars were promised.", "2023-11-23"]
[5.496903419494629, -1.420359492301941, "A signed deal to co-operate more on supply chains was announced, along with in-principle agreements on green energy and fighting corruption.", "2023-11-23"]
[6.228689670562744, 0.03533575311303139, "Yet the most important pillar, concerning trade, collapsed.", "2023-11-23"]
[5.652076244354248, -1.7614017724990845, "At the last minute America dropped plans to announce even a partial agreement on enforceable trade rules.", "2023-11-23"]
[6.054405212402344, -3.059526205062866, "This has left Asian negotiators (Australian and Japanese above all) and Asian and American business executives utterly dismayed.", "2023-11-23"]
[4.643327713012695, -0.07217336446046829, "They had known something was wrong for months.", "2023-11-23"]
[6.99294376373291, -4.563900947570801, "For one, America flipped its negotiating position on digital trade, from pushing to ease access to data to opposing it.", "2023-11-23"]
[7.0853962898254395, -4.798410415649414, "That seemed to be in response to pressure from Senator Elizabeth Warren, a left-winger who thinks big tech has conspired to capture government.", "2023-11-23"]
[3.996016263961792, -2.469494104385376, "Additional opposition, it emerged last week, had come from another leftist Democrat, Senator Sherrod Brown, who is up for re-election next year in Ohio, a battleground midwestern state.", "2023-11-23"]
[5.729176998138428, -0.26316824555397034, "Last week Mr Brown criticised the proposed trade pillar on the basis that it \u201clacks enforceable labour standards\u201d.", "2023-11-23"]
[4.254909515380859, -0.2638189196586609, "That seems to have put the kibosh on it.", "2023-11-23"]
[4.806049823760986, -1.2107704877853394, "The US Trade Representative, Katherine Tai, no avid fan of open trade herself, says the negotiations will continue and a conclusion is possible.", "2023-11-23"]
[7.312183856964111, -4.516655921936035, "To develop digital business with America and others, countries such as Indonesia and Vietnam were prepared to allow more scrutiny of their labour and environmental standards and resist their own protectionist impulse to wall off national data.", "2023-11-23"]
[4.261094570159912, -1.910975456237793, "Now, says Deborah Elms of the Hinrich Foundation, a think-tank in Singapore, that carrot is off the table.", "2023-11-23"]
[8.057957649230957, -2.6564295291900635, "China\u2019s trade web is meanwhile growing.", "2023-11-23"]
[4.31511926651001, -3.04862380027771, "Asian policymakers have no illusions about the dysfunctional nature of American politics or how long it may last\u2014this week Mr Trump promised to \u201cknock out\u201d IPEF if he is re-elected next year.", "2023-11-23"]
[5.308444499969482, -3.25789737701416, "Even so, there is still Asian goodwill towards America, though dwindling.", "2023-11-23"]
[6.161746978759766, -3.970085382461548, "Despite their growing sense of frustration, Asian governments want to persist with IPEF.", "2023-11-23"]
[5.357566833496094, -3.1200618743896484, "That is partly because, as one South-East Asian diplomat says, the region views the framework as of more strategic than economic value.", "2023-11-23"]
[6.1561126708984375, -3.0477283000946045, "So it is better to keep America engaged in lengthy discussions about Asian supply chains and standards than to see it wander off altogether.", "2023-11-23"]
[6.020179748535156, -1.1587300300598145, ") maybe one day it might even rediscover that trade liberalisation is in its interest.", "2023-11-23"]
[7.790041446685791, -3.7954728603363037, "China | Chaguan\nChina and the EU risk a trade war\nMassive Chinese overcapacity in electric cars is a giant political risk for Europe\n\nChina and the European Union could not have set expectations much lower for their summit on December 7th in Beijing.", "2023-12-07"]
[3.9706504344940186, -2.167850971221924, "Before Xi Jinping hosted Charles Michel, president of the European Council, and Ursula von der Leyen, head of the European Commission, EU officials warned that substantive agreements on trade, climate change or geopolitical differences were unlikely.", "2023-12-07"]
[4.497756481170654, -4.296573638916016, "The EU visitors were expected to raise China\u2019s closeness to Russia and to ask about alleged sales by Chinese companies of dual-use items, such as semiconductors or drone parts, that help Russia\u2019s war effort in Ukraine.", "2023-12-07"]
[4.755244255065918, -4.329708576202393, "Alas, China\u2019s line on Ukraine has hardened in recent months.", "2023-12-07"]
[4.814877510070801, -3.5995421409606934, "Chinese officials have left Western diplomats with the impression that they expect Vladimir Putin to avoid a humiliating defeat, and to see Western unity crumble, making a frozen conflict a likely outcome.", "2023-12-07"]
[4.360910415649414, -3.5011186599731445, "Just in case China\u2019s indifference to moral pressure was not clear enough, on December 4th Mr Xi hosted Alexander Lukashenko, the president of Belarus, for the second time this year.", "2023-12-07"]
[4.338434219360352, -3.5055296421051025, "Mr Xi spoke of strengthening political trust with Mr Lukashenko, a Putin ally and pariah in EU circles.", "2023-12-07"]
[4.305478572845459, -2.755553722381592, "Arguably, the China-EU summit was not as urgently needed as last month\u2019s meeting between Mr Xi and President Joe Biden in California.", "2023-12-07"]
[6.152077674865723, -4.047911643981934, "For months the Chinese government had severed channels of communication with America.", "2023-12-07"]
[5.500673770904541, -3.4755632877349854, "In contrast China-EU dialogues and working groups never stopped.", "2023-12-07"]
[3.9454076290130615, -2.0211193561553955, "That said, recent high-level China-EU contacts are described as \u201ctalking about everything, without concrete results\u201d.", "2023-12-07"]
[4.296097755432129, -0.7702683806419373, "Yet the lack of drama should not be mistaken for calm.", "2023-12-07"]
[5.718678951263428, -0.5729063749313354, "A giant confrontation over trade looms.", "2023-12-07"]
[6.495182514190674, -3.687917709350586, "Tensions are high because, as so often before, Chinese state planners and local officials have subsidised overcapacity in a promising sector.", "2023-12-07"]
[8.154994010925293, -3.3988499641418457, "Over the years, Europe\u2019s industrial landscape has been reshaped several times by China opening far more firms and factories than markets need.", "2023-12-07"]
[8.440752983093262, -3.7397468090057373, "Whereas in the past the threat involved basic commodities such as steel, lately China has achieved dominance in advanced sectors which European firms once led, like wind turbines or solar energy.", "2023-12-07"]
[9.238459587097168, -2.8186657428741455, "Another such sector is cars, an industry with a powerful grip on public hearts and minds.", "2023-12-07"]
[9.409422874450684, -3.4089412689208984, "China has focused on battery-powered electric vehicles.", "2023-12-07"]
[9.390054702758789, -2.755620241165161, "Even after consolidation in the sector, over a hundred firms still produce such cars.", "2023-12-07"]
[8.618446350097656, -3.199644088745117, "A few brands are world-class.", "2023-12-07"]
[8.567047119140625, -2.948695182800293, "Most are cheaper than Western rivals.", "2023-12-07"]
[8.256867408752441, -3.4326844215393066, "Chinese firms became dominant through a mixture of subsidies and coercive transfers of foreign technologies, but also hard work and foresight, as they leap-frogged slow-to-change foreign firms.", "2023-12-07"]
[9.248403549194336, -3.006385326385498, "Between them they make far more cars than China\u2019s market demands.", "2023-12-07"]
[5.554544448852539, -1.2123254537582397, "Some European governments are ready to resort to crude protectionism.", "2023-12-07"]
[9.408809661865234, -3.3554365634918213, "In October the European Commission launched an investigation into Chinese electric vehicles and whether their makers receive subsidies that break international trade laws and harm EU firms.", "2023-12-07"]
[6.656814098358154, -1.1608856916427612, "The probe could see punitive tariffs imposed.", "2023-12-07"]
[5.7426371574401855, -3.690615653991699, "It has already angered China.", "2023-12-07"]
[9.291211128234863, -3.134765148162842, "German carmakers\u2014whose China operations remain huge, though less profitable than before\u2014are anxious about retaliation.", "2023-12-07"]
[3.9467685222625732, -1.746496558189392, "In a recent speech, Ms von der Leyen retorted to German politicians that Europe faces unsustainable competition.", "2023-12-07"]
[8.21151351928711, -3.539396286010742, "\u201cThere is clear overcapacity in China, and this overcapacity will be exported.", "2023-12-07"]
[7.098355770111084, -1.305679440498352, "Especially if overcapacity is driven by direct and indirect subsidies,\u201d she said.", "2023-12-07"]
[8.082379341125488, -1.7171446084976196, "\u201cThis will worsen as China\u2019s economy slows down, and its domestic demand does not pick up.", "2023-12-07"]
[5.325003623962402, -4.268710613250732, "\u201d\nIn early December Chaguan attended the Stockholm China Forum, a private gathering in Singapore of American, Chinese and European officials and scholars convened by the German Marshall Fund, a think-tank, and Sweden\u2019s foreign ministry.", "2023-12-07"]
[7.867451190948486, -3.7218382358551025, "One theme was Chinese overcapacity in manufacturing and its potential to disrupt European attempts to \u201cde-risk\u201d relations with China.", "2023-12-07"]
[4.7822489738464355, -1.2781308889389038, "When considering the European perspective, it helps to think about EU goals as sides of a triangle.", "2023-12-07"]
[8.808136940002441, -3.5761616230010986, "On one side is the bloc\u2019s determination to embrace green, low-carbon technologies.", "2023-12-07"]
[6.944493293762207, -3.517123222351074, "On another is its desire to end damaging dependencies on Chinese products and inputs.", "2023-12-07"]
[6.664390563964844, -0.31520572304725647, "And on the third side is its goal of preserving industrial jobs.", "2023-12-07"]
[4.310253620147705, -1.2181981801986694, "As of now, Europe cannot have all three sides of its triangle.", "2023-12-07"]
[9.314173698425293, -3.4936468601226807, "The EU could prioritise the first goal, focusing on the environment by importing Chinese-made electric vehicles and other clean tech.", "2023-12-07"]
[6.751298904418945, 0.04470761865377426, "But that would ignore fears about lost businesses and jobs.", "2023-12-07"]
[9.347002983093262, -3.3075296878814697, "European officials worry that millions of subsidised Chinese cars could be dumped on its markets each year, especially as tariffs and other rules close American markets to batteries from China.", "2023-12-07"]
[9.33794116973877, -3.2013673782348633, "Of course, guarding European jobs and businesses by blocking Chinese vehicles would raise the opposite problem: Europe would be less green than it wants to be.", "2023-12-07"]
[6.7431535720825195, -0.8842495679855347, "Such protectionism would also harm drivers.", "2023-12-07"]
[4.340641021728516, -0.6873471736907959, "A bigger challenge pertains to the second side of the triangle.", "2023-12-07"]
[6.7628068923950195, -3.700561761856079, "China is determined to keep the EU reliant on its supply chains.", "2023-12-07"]
[4.66124153137207, -3.7845458984375, "Indeed, in 2020 Mr Xi called such dependencies a \u201cpowerful counter-measure\u201d for controlling foreigners.", "2023-12-07"]
[9.103119850158691, -4.138619422912598, "Since then China has imposed export controls on critical minerals, including a form of man-made graphite that European firms need to make advanced batteries.", "2023-12-07"]
[8.210616111755371, -3.6391942501068115, "The EU could work to avoid dependencies on Chinese technologies while trying to keep factories humming at home.", "2023-12-07"]
[9.25816535949707, -3.855923652648926, "But without Chinese minerals, for instance, those same factories cannot produce electric cars or batteries at scale, forcing Europe to forgo or delay its low-carbon revolution.", "2023-12-07"]
[4.2546610832214355, -4.129293918609619, "For years to come, then, Europe must choose between the planet, independence from China and shielding industry at home.", "2023-12-07"]
[8.623021125793457, -3.3514797687530518, "China, for its part, continues to invest heavily in manufacturing.", "2023-12-07"]
[7.880547046661377, -3.780241012573242, "Chinese officials appear to believe that their country\u2019s market power and control of clean technologies will force Europe to back down.", "2023-12-07"]
[3.89082407951355, -1.8723196983337402, "They hope that Ms von der Leyen\u2019s commission lacks support from key EU governments.", "2023-12-07"]
[3.9858522415161133, 0.03193271905183792, "Perhaps they are right.", "2023-12-07"]
[5.82798433303833, -0.7299609184265137, "If they are wrong, this could end with a trade war.", "2023-12-07"]
[5.839671611785889, -4.538937091827393, "China | China and the world\nXi Jinping\u2019s paranoia is making China isolated and insular\nFrom his personal travel plans to capital flows, cross-border exchange is shrinking\n\n\u201cNIhao, china\u201d is the name of the country\u2019s latest effort to attract foreign visitors.", "2024-02-12"]
[5.490385055541992, -4.371564865112305, "The logo accompanying the phrase (which means \u201cHello, China\u201d) features a panda\u2014an image always handy when China wants to seem cuddly.", "2024-02-12"]
[4.6142706871032715, -3.67317533493042, "Chinese officials have been touring the West to promote the campaign, helped by a video in which happy-looking foreigners intone the Chinese greeting.", "2024-02-12"]
[4.498917579650879, -1.2261167764663696, "Those with a deeper grasp of the language might sense a different mood, including billboards on city streets warning people to look out for foreign spies, and government propaganda on social media urging vigilance against threats to national security.", "2024-02-12"]
[6.193577289581299, -4.597582817077637, "The Communist Party often tells people that tourists, journalists and businesspeople could all be after China\u2019s secrets.", "2024-02-12"]
[5.946098804473877, -4.285122394561768, "More than a year after Chinese leaders scrapped the \u201czero-covid\u201d policy which had kept the country sealed off from most foreign visitors from early 2020 to the end of 2022, they are now pushing in two contradictory directions.", "2024-02-12"]
[5.745140552520752, -2.7936670780181885, "Parts of the government appear eager to court foreigners.", "2024-02-12"]
[7.659138202667236, -3.4661500453948975, "Last month China sent a large delegation to the World Economic Forum in Davos, Switzerland.", "2024-02-12"]
[6.025529384613037, -3.5832290649414062, "Li Qiang, the prime minister, told the gathering that \u201cno matter how the world changes, China will\u2026open its door still wider to the world.", "2024-02-12"]
[8.282020568847656, -2.1610257625579834, "\u201d\nIn at least one key respect this is true: China\u2019s trade in dollar terms is 31% higher than in 2019.", "2024-02-12"]
[7.833512306213379, -2.965960741043091, "But The Economist has looked at a range of other measures, from the number of flights and visits to China by foreign tourists to levels of academic exchange, investment flows and even the personal travel schedule of China\u2019s leader, Xi Jinping.", "2024-02-12"]
[5.149719715118408, 0.10827168822288513, "They suggest a country overshadowed by a profoundly changing relationship with the West, a more security-driven style of policymaking at home and by the parlous state of its economy.", "2024-02-12"]
[5.397235870361328, -4.31948184967041, "China has become more inward-looking, as the West has become more wary.", "2024-02-12"]
[8.338265419006348, -1.6120492219924927, "At the most basic level, far fewer outsiders are crossing borders into China.", "2024-02-12"]
[8.37539005279541, -1.2139382362365723, "Last year the country recorded about 62m fewer entries and exits by foreigners than in 2019, before the pandemic began\u2014a drop of more than 63%.", "2024-02-12"]
[4.996364116668701, 0.4183849096298218, "Behind these figures lie deeper trends.", "2024-02-12"]
[5.3632917404174805, 0.10622229427099228, "Take the geopolitical environment.", "2024-02-12"]
[5.300182342529297, -4.353971481323242, "In the three years during which China shut its borders to prevent the spread of covid, and its leaders hunkered down at home, the West, led by America, was engaged in a wide-ranging rethink of how to cope with China\u2019s rise as a global power.", "2024-02-12"]
[5.18776273727417, -3.0715410709381104, "President Donald Trump focused on trying to cut America\u2019s trade deficit with China, but his administration sought to push back on other fronts, too, including efforts to contain China\u2019s military activity.", "2024-02-12"]
[3.8969926834106445, -2.6719229221343994, "There was no let-up after Joe Biden became president in 2021.", "2024-02-12"]
[4.605374336242676, -4.3552045822143555, "In the following year Russia\u2019s invasion of Ukraine drove the wedge between the West and China even deeper.", "2024-02-12"]
[4.761293888092041, -4.300793647766113, "China had just called itself a \u201cno-limits\u201d partner of Russia.", "2024-02-12"]
[7.701547145843506, -3.8629441261291504, "Mr Biden ramped up controls on the export to China of advanced semiconductors.", "2024-02-12"]
[5.948333740234375, -3.9861133098602295, "The invasion threw up an unexpected obstacle to the restoration of normal flows of people between China and America.", "2024-02-12"]
[5.843611240386963, -4.662210464477539, "In response to Russia\u2019s aggression, America and its allies barred Russian airlines from using their airspace.", "2024-02-12"]
[5.831092834472656, -4.626211166381836, "Russia imposed a tit-for-tat ban.", "2024-02-12"]
[5.741006374359131, -4.428778648376465, "This has impeded the reopening of aviation routes between America and China that were severed during the pandemic: America does not want to give an advantage to Chinese airlines by allowing routes to reopen, when those airlines could save time and fuel, and therefore gain passengers, by flying over Russia.", "2024-02-12"]
[4.2284255027771, -2.9346179962158203, "At a meeting in November Mr Biden and Mr Xi agreed to \u201cwork towards a significant further increase in scheduled passenger flights\u201d.", "2024-02-12"]
[7.838957786560059, -2.3528668880462646, "According to oag, a travel-data firm, in February 2019 there were 1,219 scheduled direct flights from China to America.", "2024-02-12"]
[8.60053539276123, -1.8331215381622314, "In February 2024 there are 269 (see map).", "2024-02-12"]
[5.715719699859619, -4.363682270050049, "According to FlightAware, an American flight-tracking website, Chinese airlines are avoiding Russia on newly approved routes.", "2024-02-12"]
[4.965607166290283, -2.3370518684387207, "In part, America is to blame for a reduction in contacts between the two countries that were once considered routine.", "2024-02-12"]
[4.846529483795166, -3.844360828399658, "In 2022 it ended a Trump-era campaign by the Department of Justice, known as the China Initiative, whose aim was ferreting out Chinese spies in American academia and business.", "2024-02-12"]
[4.583624362945557, -0.43414512276649475, "The scheme had become mired in accusations of racial profiling.", "2024-02-12"]
[4.4135942459106445, 0.08412580192089081, "But ditching it has not put scientists at ease.", "2024-02-12"]
[6.6466145515441895, -4.2442708015441895, "Worried about being accused of helping China by sharing advanced know-how, American researchers have become increasingly wary of collaborating with their Chinese counterparts.", "2024-02-12"]
[7.763425350189209, -3.4914467334747314, "In 2020 the number of science papers jointly produced by Chinese and American researchers began to fall.", "2024-02-12"]
[4.94527006149292, -0.08482270687818527, "\u201cThat is certainly a consequence of the political environment\u201d in America, says Jonathan Adams of Clarivate, an analytics firm.", "2024-02-12"]
[7.64174747467041, -3.6070449352264404, "Of China\u2019s internationally collaborative research papers, the share involving American co-authors has fallen from a peak of 47% in 2013 to 32% in 2022,  the company\u2019s data show (see chart 1).", "2024-02-12"]
[5.795070171356201, -4.412760257720947, "At America\u2019s borders, officers have become twitchier about Chinese entering for study.", "2024-02-12"]
[5.8896098136901855, -4.401006698608398, "Chinese diplomats complain that some students with valid visas are being subjected to lengthy interrogations, often about Chinese government backing for their projects.", "2024-02-12"]
[5.257999420166016, -0.8020282983779907, "They say a few of them have been sent back.", "2024-02-12"]
[5.514822959899902, -4.258258819580078, "Deborah Seligsohn of Villanova University in Pennsylvania, who has been studying Sino-American exchanges in science, says she knows Chinese academics whose research is \u201ccompletely uncontroversial\u201d who have been subjected to such questioning.", "2024-02-12"]
[6.273357391357422, -4.189621448516846, "Among foreigners mulling trips to China, memories have been slow to fade of the sometimes brutal enforcement of its zero-covid measures.", "2024-02-12"]
[6.110271453857422, -4.283919811248779, "China now all but ignores covid (it abolished the last vestige of pandemic control in November, by ending the need to fill out a health-declaration form on arrival).", "2024-02-12"]
[4.5570197105407715, -0.9742545485496521, "But potential visitors are \u201cstill fearful at the back of their minds about potential lockdowns,\u201d says John Grant of oag.", "2024-02-12"]
[6.875195503234863, 0.23178836703300476, "\u201cYou know, the horror stories that we\u2019ve all heard about\u2026all of that impacts consumers\u2019 perceptions of the market.", "2024-02-12"]
[5.419368743896484, -4.32176399230957, "\u201d\n \nChina\u2019s state-controlled media like to highlight examples of American mistreatment of Chinese people.", "2024-02-12"]
[5.415987491607666, -4.366569995880127, "Such cases serve a propaganda campaign that portrays the West as racist and a builder of barriers and of menacing security networks that are aimed at keeping an innocent China in its place.", "2024-02-12"]
[7.27109956741333, -3.6668131351470947, "Perhaps intentionally, this depiction of the West may be deterring some Chinese students from going to America: in the academic year of 2022-23 they numbered about 290,000, down from a peak of more than 370,000 in 2019-20.", "2024-02-12"]
[4.587871551513672, -3.7841429710388184, "Mr Xi likes to present his own country as a champion of global engagement (in a world laden with doubt about globalisation, he describes it with striking confidence as an \u201cirreversible trend of the times\u201d).", "2024-02-12"]
[4.331004619598389, -2.1864752769470215, "In reality he seems less inclined to travel abroad.", "2024-02-12"]
[4.627323627471924, -2.305227041244507, "In 2023, after the better part of three years without venturing overseas, he spent only 13 days outside the country, compared with a more typical 28 days in 2019.", "2024-02-12"]
[4.3956451416015625, -2.642678737640381, "In September last year he shunned an annual gathering of g20 leaders in India, despite having attended previous such events in person or online.", "2024-02-12"]
[4.669259071350098, -2.84586238861084, "He did, however, travel to San Francisco in November for a summit of the Asia-Pacific Economic Co-operation forum.", "2024-02-12"]
[4.4542741775512695, -3.342569589614868, "There, at his first face-to-face meeting with Mr Biden for a year, he insisted that for America and China, \u201cturning their backs on each other is not an option\u201d.", "2024-02-12"]
[7.6256914138793945, -3.085820198059082, "Many Chinese officials survey their struggling economy, with its collapsing property firms and mountains of debt, and still see benefit to be gained from the West\u2019s markets, capital and technology.", "2024-02-12"]
[4.98948335647583, -3.7165122032165527, "Mr Xi is maintaining military pressure on Taiwan but does not appear ready for an all-out clash with the West that an assault may entail.", "2024-02-12"]
[5.195082187652588, -3.7911176681518555, "In December China resumed military-to-military communications with America, having suspended them for more than a year in protest against high-level contact between America and Taiwan.", "2024-02-12"]
[4.9816575050354, -4.014881134033203, "The door is barely ajar: China\u2019s armed forces share little in such dialogue.", "2024-02-12"]
[4.445073127746582, -3.597075939178467, "But the message is that Mr Xi wants a stable relationship with the West.", "2024-02-12"]
[4.418403148651123, -2.323113441467285, "He appears not to want Westerners to rush for the exits.", "2024-02-12"]
[5.385044097900391, -4.083981037139893, "That is evident in the \u201cNihao, China\u201d campaign.", "2024-02-12"]
[5.875245094299316, -4.494320392608643, "Since December tourists from France, Germany, Italy, the Netherlands, Spain and Switzerland, as well as Malaysia, have been allowed to visit China visa-free for 15 days.", "2024-02-12"]
[4.588850498199463, -4.2104597091674805, "Russians may be close friends, but they do not enjoy such a concession.", "2024-02-12"]
[7.111048221588135, -3.558274507522583, "Many Western businesspeople, however, worry about China\u2019s shaky economy and the government\u2019s heavy hand over it.", "2024-02-12"]
[8.673596382141113, -1.5654668807983398, "Foreign direct investment in greenfield projects in China has declined from more than $87bn in 2013 to less than $18bn in 2022 (see chart 4).", "2024-02-12"]
[8.698756217956543, -1.3492406606674194, "Flows of portfolio investment into China have been negative for the past four quarters as global funds dump Chinese equities (see chart 5).", "2024-02-12"]
[6.509983539581299, -4.3769917488098145, "Foreign businesspeople are anxious about the growing assertiveness of China\u2019s secret police: raids last year on foreign consulting firms in China rang alarm bells.", "2024-02-12"]
[7.497286796569824, -3.260552406311035, "On February 1st the American Chamber of Commerce in China released its annual survey of member companies\u2019 mood.", "2024-02-12"]
[6.857421875, -3.830679178237915, "Nearly 40% said they believed foreign firms were less welcome in China than they were in 2022, a year when many businesses were battered by covid-related lockdowns.", "2024-02-12"]
[4.67220401763916, -3.7473082542419434, "Mr Xi is \u201cliving in his own world, surrounded by the security people\u201d, says a prominent Western businessman in Beijing.", "2024-02-12"]
[4.57457971572876, -1.6196868419647217, "\u201cAnd then you have these economic decision-makers around him who find it very difficult to find time with him, to alert him and to stop this erosion in sentiment.", "2024-02-12"]
[4.635975360870361, -3.8147871494293213, "\u201d\n \nMr Xi keeps railing against what he sees as \u201cideological infiltration\u201d by the West, and talking up the need to make China\u2019s economy \u201cself-reliant\u201d.", "2024-02-12"]
[5.306358814239502, -4.428351879119873, "The West\u2019s heightened resolve to counteract harmful behaviour by China abroad has stiffened his sinews.", "2024-02-12"]
[7.724911689758301, -4.066101551055908, "In response to America\u2019s chip war, his government is pumping money into Chinese companies to help them produce cutting-edge technology by themselves (see Business section).", "2024-02-12"]
[7.586564540863037, -2.6041555404663086, "What about the big exception to the trend of isolation, China\u2019s soaring trade flows, which reflect its continuing role as an industrial powerhouse?", "2024-02-12"]
[4.184870719909668, 0.16741237044334412, "Even they tell a story.", "2024-02-12"]
[8.421906471252441, -1.456354022026062, "During Mr Xi\u2019s rule, the share of China\u2019s foreign trade with major rich-world economies has been falling.", "2024-02-12"]
[7.885642051696777, -2.2475669384002686, "In recent years, trade with the ten-member Association of South-East Asian Nations and the other countries of brics\u2014namely Brazil, Russia, India and South Africa\u2014has grown more rapidly than its trade with Europe and America (see chart 6).", "2024-02-12"]
[4.8646368980407715, -3.6694633960723877, "For Mr Xi, although America remains important, \u201csouth-south co-operation\u201d is growing fast as a strategic and economic priority.", "2024-02-12"]
[4.818852424621582, -4.034104824066162, "What he means by this is the creation of an alternative centre of world power\u2014one that pivots around China, with the West at a safe distance.", "2024-02-12"]
[4.79839563369751, -4.01320219039917, "China is stepping up efforts to woo countries of the \u201cglobal south\u201d, as Mr Xi calls it, trying to secure them to China\u2019s orbit with implicit promises of economic gain in return for their acquiescence to China\u2019s worldview.", "2024-02-12"]
[5.99348783493042, -3.5791501998901367, "China is opening a new door.", "2024-02-12"]
[4.859719276428223, -0.9393504858016968, "This time it is setting the terms for those allowed to enter.", "2024-02-12"]
[5.054669380187988, -4.075949668884277, "China | America\u2019s election, viewed from Beijing\nHow scared is China of Donald Trump\u2019s return?\n60% tariffs are a danger, yet some Chinese nationalists are cheering him on\n \nIF YOU WANT to get a sense of how China feels about the prospect of Donald Trump winning America\u2019s presidential election, Chinese social media offers some revealing signals.", "2024-02-20"]
[4.109775543212891, -0.37367114424705505, "In the past few weeks it has begun to boil over with fury and mockery.", "2024-02-20"]
[7.0244622230529785, -1.7709739208221436, "The prospect of American tariffs of over 60% on Chinese imports?", "2024-02-20"]
[6.684953212738037, -1.8552404642105103, "\u201cAdd even more,\u201d rages one online commentator in the mainland.", "2024-02-20"]
[4.881402492523193, -1.6954764127731323, "\u201cI\u2019d be curious to see how ordinary Americans would live.", "2024-02-20"]
[4.425234317779541, -1.9641845226287842, "\u201d Others think Mr Trump would increase the odds of a war.", "2024-02-20"]
[3.9689741134643555, -1.7985223531723022, "The world will \u201cnever be at peace\u201d with him around, reckons another netizen.", "2024-02-20"]
[3.8588850498199463, -1.3811358213424683, "\u201cThis old madman is too vicious,\u201d says a third.", "2024-02-20"]
[3.938397169113159, -1.6494660377502441, "\u201cHe must be annihilated.", "2024-02-20"]
[4.911953926086426, -3.8299367427825928, "\u201d\nIt is not just online: the prospect of a Trump victory is the subject of debate among China\u2019s elite, too.", "2024-02-20"]
[5.53563928604126, -1.4988412857055664, "They fear his return to the White House would lead to an even hotter trade war, with potentially vast economic costs.", "2024-02-20"]
[4.762219429016113, -3.4568002223968506, "But they also believe his contempt for alliances (witness the latest outburst against NATO) could yield huge propaganda gains and undermine the American-led security system in Asia, freeing China to act as it pleases on Taiwan and more.", "2024-02-20"]
[4.662787437438965, -3.3837995529174805, "Some Chinese nationalists are cheering his successes and call him Comrade Chuan Jianguo: Chuan being a common rendering of Mr Trump\u2019s surname, and Jianguo meaning \u201cbuild the country\u201d.", "2024-02-20"]
[5.034177303314209, -3.4198057651519775, "It is a way of suggesting that Mr Trump\u2019s excesses make China stronger.", "2024-02-20"]
[4.538949489593506, -3.3356711864471436, "For Xi Jinping, China\u2019s leader, the unpredictable trade-offs that a Trump presidency would involve are especially difficult to weigh, even if the two men\u2019s relationship is reasonable enough after multiple encounters from banquets in Beijing to steak dinners at Mar-a-Lago, Mr Trump\u2019s lair in Florida.", "2024-02-20"]
[4.413571357727051, -3.409813642501831, "\u201cI like President Xi a lot,\u201d Mr Trump recently told Fox News.", "2024-02-20"]
[4.226052284240723, -2.4048969745635986, "\u201cHe was a very good friend of mine during my term.", "2024-02-20"]
[5.000709056854248, -1.673581838607788, "\u201d On the one hand Mr Trump\u2019s presidency from 2017 to 2021 saw a profound shift in America\u2019s policy.", "2024-02-20"]
[6.165561199188232, -1.5726255178451538, "His administration deployed tariffs in an attempt to reduce America\u2019s trade deficit and protect jobs.", "2024-02-20"]
[5.638289451599121, -3.86413836479187, "It redefined the domestic debate in America, with China portrayed as a political, technological and military adversary.", "2024-02-20"]
[4.053314208984375, -3.0747287273406982, "On the other hand Mr Biden\u2019s more systematic approach to governing has posed a different kind of threat to China than that of Mr Trump\u2019s first term.", "2024-02-20"]
[6.782627582550049, -2.2742862701416016, "America has kept the Trump tariffs in place, but on top of that also built a comprehensive system for restricting Western technology flows to China.", "2024-02-20"]
[4.948766231536865, -4.080435752868652, "And by investing in America\u2019s security partnerships and alliances, from Australia and India to the Philippines and South Korea, it has rejuvenated an Asian security system to deter and contain China.", "2024-02-20"]
[4.201523780822754, -3.2424683570861816, "Mr Biden may be known as Shui Wang, or Sleepy King, in China.", "2024-02-20"]
[4.207050800323486, -2.2600648403167725, "But while more restrained than Mr Trump, he has in some ways been a more formidable opponent.", "2024-02-20"]
[4.596949100494385, -3.4009087085723877, "A big part of Mr Xi\u2019s calculus now is working out what Mr Trump could do on China in a second term.", "2024-02-20"]
[5.066583156585693, -3.235759735107422, "You might imagine that after four years in office, the MAGA appetite to confront China would be sated.", "2024-02-20"]
[4.987631320953369, -3.5701863765716553, "Yet the available signals suggest that opposition to China in Mr Trump\u2019s inner circle may have intensified.", "2024-02-20"]
[5.213230133056641, -2.132591485977173, "Take the views of Robert Lighthizer, Mr Trump\u2019s influential trade representative, who could get a top job again in the White House.", "2024-02-20"]
[6.021193027496338, -1.9862051010131836, "In the period from 2017 to 2021 he launched an investigation into Chinese theft of intellectual property and invoked Section 301 of America\u2019s trade law, which allows the president to punish trade partners that do not play fair, in order to raise tariffs.", "2024-02-20"]
[7.460168838500977, -1.700363039970398, "The average tariff faced by Chinese firms rose from 3% in 2018 to 21% by the end of 2019, when the two countries struck a truce (see chart 1).", "2024-02-20"]
[5.412891387939453, -3.8644819259643555, "Mr Lighthizer\u2019s position remains intensely hostile to China, whose totalitarian instincts, he argues, pose an ever greater danger.", "2024-02-20"]
[5.473453521728516, -4.140565395355225, "In a book published last year, \u201cNo Trade is Free\u201d, he argues China is \u201cthe greatest threat that the American nation and its system of Western liberal democratic government has faced since the American revolution\u201d.", "2024-02-20"]
[7.1003875732421875, -4.2942795753479, "The book contains several tough proposals, including screening of Chinese investments not just on security grounds but also for \u201clong-term economic harm\u201d; the prohibition of any Chinese company from operating in America unless there is reciprocal access for American firms in China; and the banning of TikTok, a Chinese-owned short-video app.", "2024-02-20"]
[6.700770378112793, -1.3619163036346436, "Crucially, Mr Lighthizer recommends another huge increase in tariffs.", "2024-02-20"]
[6.224603176116943, -0.5578683018684387, "The goal, he argues, should be \u201cbalanced trade\u201d\u2014that is, presumably, no goods-trade deficit at all.", "2024-02-20"]
[7.942764759063721, -2.130681037902832, "Last year China still enjoyed a surplus with America of nearly $280bn, down from a record $419bn in 2018, but not far off the $347bn before Mr Trump took office.", "2024-02-20"]
[5.415999412536621, -2.4605512619018555, "To correct this Mr Lighthizer calls for the undoing of \u201cone of the worst mistakes\u201d in America\u2019s history: its decision to enter into \u201cpermanent normal trade relations\u201d (PNTR) with China in 2000.", "2024-02-20"]
[6.881478309631348, -2.0263326168060303, "This allowed China to pay the same low tariffs America charges most of its trading partners, rather than an alternative, steeper set of levies that appear in \u201ccolumn 2\u201d of America\u2019s tariff schedule and apply to only a handful of countries such as Cuba and North Korea, and now Russia and Belarus.", "2024-02-20"]
[7.337806701660156, -1.780773639678955, "Ending PNTR with China would raise tariffs on Chinese goods to 61% on average, according to Oxford Economics, a consultancy, assuming the Section 301 tariffs remain in place.", "2024-02-20"]
[7.410038948059082, -1.6070716381072998, "For Chinese mobile phones, tariffs would jump from 0% to 35%; for Chinese toys from 0% to 70%.", "2024-02-20"]
[6.980639934539795, -2.043522834777832, "Instead of settling for the existing column 2 tariffs, America might write a new tariff schedule just for China.", "2024-02-20"]
[6.467949867248535, -1.0356101989746094, "That could be even stricter on some goods (such as cars) but less restrictive on other products dear to American consumers, such as Apple iPhones.", "2024-02-20"]
[4.574568748474121, -3.3623664379119873, "Mr Xi will be busy asking his advisers to estimate how high the economic fallout might be.", "2024-02-20"]
[4.5533599853515625, -0.6415940523147583, "One guide is the past.", "2024-02-20"]
[7.530683994293213, -1.5091480016708374, "At its height, the trade war knocked as much as 0.8% off China\u2019s quarterly GDP, according to Goldman Sachs, a bank, equivalent to roughly $40bn in today\u2019s dollars.", "2024-02-20"]
[7.548163890838623, -1.5310343503952026, "Overall, the net trade effect was negative for China and positive for America.", "2024-02-20"]
[6.554869174957275, -2.2826879024505615, "But the conflict eroded the incomes of both Chinese and Americans by raising prices, disrupted financial markets in each country and led to policy uncertainty that inhibited business spending (see chart 2).", "2024-02-20"]
[4.5402750968933105, -2.9486401081085205, "During negotiations with China, Mr Trump liked to be both the arsonist and the firefighter, as one observer put it, starting conflagrations with angry tweets and then dousing them with diplomatic dinners.", "2024-02-20"]
[8.199073791503906, -0.07670149952173233, "These zigzags spooked global markets.", "2024-02-20"]
[6.5542097091674805, 0.3833499848842621, "Another guide to the potential cost is modelling.", "2024-02-20"]
[7.327946186065674, -1.9151942729949951, "Repeal of PNTR would shrink America\u2019s expected share of China\u2019s exports from about a fifth under existing policies to about 3%, according to Oxford Economics (see chart 3).", "2024-02-20"]
[4.8744988441467285, 0.49520716071128845, "There are many moving parts to such simulations.", "2024-02-20"]
[7.059031963348389, -0.8583981394767761, "One consideration is whether firms believe that new Trump tariffs would be maintained after he left office, as was the case last time (see Finance & economics section).", "2024-02-20"]
[7.84689998626709, -2.8814876079559326, "Another is that some Chinese components would still find their way into America\u2019s market embedded in goods assembled by other countries.", "2024-02-20"]
[8.505345344543457, -1.2251756191253662, "China\u2019s economy and financial markets are in dismal shape compared with 2017.", "2024-02-20"]
[5.632632732391357, -3.7001583576202393, "And it is not clear how China would retaliate: doing so during the first Trump presidency did not force America to back down.", "2024-02-20"]
[7.426271438598633, -1.5180367231369019, "Oxford Economics assumes that China would raise its tariffs by about 17 percentage points on average.", "2024-02-20"]
[4.011589050292969, -1.7463785409927368, "All in all, the once-intimate economic relationship between the superpowers could be reduced to an air-kiss.", "2024-02-20"]
[5.895188808441162, -3.19370698928833, "Either way, the kind of decoupling that Mr Trump\u2019s advisers envisage would inflict profound damage on China\u2019s economy.", "2024-02-20"]
[6.206314563751221, 0.02599281445145607, "Studies by JaeBin Ahn and other economists at the IMF show what would happen if the world splits into rival economic spheres with limited flows of foreign-direct investment between them.", "2024-02-20"]
[8.421936988830566, -1.4868605136871338, "If such flows were to fall by half, it could eventually reduce China\u2019s GDP by about 2%, relative to a baseline in which investment flows more freely.", "2024-02-20"]
[7.728912353515625, -1.4331930875778198, "Another study by Carlos G\u00f3es of the University of California, San Diego, and Eddy Bekers of the World Trade Organisation argues that tariff increases of around 30% could lower China\u2019s income by over 5% by 2040.", "2024-02-20"]
[4.148402214050293, -3.0204286575317383, "Judged on trade and tariffs, it is likely that Mr Xi favours a Biden victory.", "2024-02-20"]
[5.18275260925293, -3.3793768882751465, "A Biden administration would probably extend import curbs on Chinese electric vehicles and further impede the flow of American cutting-edge technology to China in realms including semiconductors, artificial intelligence and quantum computing.", "2024-02-20"]
[6.196274757385254, -1.0298389196395874, "But it is far less likely than a Trump administration to trigger a destabilising trade shock.", "2024-02-20"]
[4.916480541229248, -3.667372465133667, "Yet the America-China relationship encompasses far more than economics, and it is here that the calculus for Mr Xi may lean the other way.", "2024-02-20"]
[4.682567119598389, -3.9401988983154297, "He resents the Western-led world order and wants to establish China as an alternative centre of power.", "2024-02-20"]
[4.812685012817383, -3.4849720001220703, "Mr Trump\u2019s tempestuous relationship with America\u2019s allies in Europe and Asia may undermine cohesion with them on China policy if he is elected again.", "2024-02-20"]
[4.724268436431885, -3.618885040283203, "His contemptuous remarks about NATO, including his recent suggestion that he would not offer American protection to allies who fail to spend enough on defence, are music to China\u2019s ears.", "2024-02-20"]
[4.765787601470947, -4.270108699798584, "It sees NATO as a cold-war relic that the West uses to preserve its dominance.", "2024-02-20"]
[5.024105548858643, -3.320317029953003, "For the same reason, it relishes any tension in America\u2019s relationships with Japan and South Korea, such as Mr Trump caused by threatening the withdrawal of American troops from those countries if their governments would not agree to big increases in their contributions to the cost of maintaining the bases.", "2024-02-20"]
[4.111632823944092, -2.867178201675415, "A Trump administration might unwind the work Mr Biden has done to nurture Asian partnerships.", "2024-02-20"]
[5.064726829528809, -4.1631083488464355, "To China\u2019s chagrin, he created a new grouping, known as AUKUS, aimed at strengthening co-operation with Australia and Britain in responding to the security challenge posed by China\u2019s navy in the Indian Ocean and Pacific.", "2024-02-20"]
[4.704516410827637, -4.243559837341309, "China, inaccurately, calls it \u201cNATO-like\u201d.", "2024-02-20"]
[4.318692207336426, -2.3908865451812744, "Still, AUKUS involves exactly the kind of long-term, rather than transactional, relationship that Mr Trump dislikes.", "2024-02-20"]
[4.684652328491211, -3.4857640266418457, "Similarly on Taiwan, Mr Trump may be preferable for China.", "2024-02-20"]
[4.093413829803467, -2.884921073913574, "Mr Biden has sometimes gone beyond the conventional, ambivalent, language about America\u2019s commitments to the island.", "2024-02-20"]
[4.8052592277526855, -3.512991428375244, "He has said repeatedly that American troops would defend Taiwan if China invaded, only for his aides to walk back his comments after Chinese outrage.", "2024-02-20"]
[4.613888740539551, -2.0290441513061523, "Mr Trump is probably far less enthusiastic about protecting the island.", "2024-02-20"]
[4.922217845916748, -3.203145980834961, "In his memoir, John Bolton, who served as Mr Trump\u2019s national security adviser in 2018 and 2019 before a bitter parting of ways, wrote of Mr Trump\u2019s \u201cgrousing\u201d about weapons sales to Taiwan.", "2024-02-20"]
[4.790587425231934, -3.2816660404205322, "Mr Trump was \u201cdyspeptic\u201d about Taiwan, Mr Bolton said, suggesting his boss lacked commitment to a \u201cdemocratic ally\u201d.", "2024-02-20"]
[4.542451858520508, -3.5535309314727783, "Above all else, Mr Xi wants stability.", "2024-02-20"]
[5.824041843414307, -4.396054267883301, "The views of Chinese scholars probably echo official thinking.", "2024-02-20"]
[4.778388977050781, -3.916027069091797, "In an interview in state media in January, Yan Xuetong of Tsinghua University in Beijing said that the candidates would compete to show \u201cwho is more anti-China\u201d than the other: \u201cIf we want to prevent confrontation between the two sides from getting out of control and escalating into a conflict, our country needs to take some proactive measures.", "2024-02-20"]
[4.072223663330078, -3.071462392807007, "\u201d Mr Biden\u2019s approach to China is likely to be more predictable but better organised and enforced, and perhaps a bigger threat in the long run.", "2024-02-20"]
[4.869852542877197, -3.3941307067871094, "Mr Trump\u2019s potential for chaos and excesses could create opportunities for China to outmanoeuvre America but also bring the instability China dreads.", "2024-02-20"]
[3.9214696884155273, -1.6509543657302856, "Could there be a way out of superpower confrontation?", "2024-02-20"]
[4.142414093017578, -3.2436161041259766, "Wu Xinbo of Fudan University in Shanghai suggests that Mr Biden offers hope for Sino-American ties.", "2024-02-20"]
[4.8620405197143555, -3.457075357437134, "In an online article he describes Mr Trump as a \u201cunilateralist\u201d, having little need for China\u2019s help.", "2024-02-20"]
[4.1233015060424805, -3.2780935764312744, "\u201cBut Biden still hopes to maintain America\u2019s dominant position in the world,\u201d writes Mr Wu.", "2024-02-20"]
[5.025963306427002, -3.7753958702087402, "\u201cAs long as the United States wants to deal with many global problems, it cannot do without co-operation with China.", "2024-02-20"]
[4.425395965576172, -1.114377737045288, "\u201d Yet amid a military build-up and fraying trade ties such optimism is rare.", "2024-02-20"]
[4.651584148406982, -3.695297956466675, "Mr Xi will be watching the vote counts in November closely: the two likely candidates present China with very different challenges.", "2024-02-20"]
[5.083498954772949, -3.77388072013855, "But even as he waits for a result, he will know that however divided American politics may be, hostility towards China is now a bipartisan matter, and deeply entrenched.", "2024-02-20"]
[4.0729079246521, -2.2867586612701416, "For him and for America the election cycle is part of a longer-term struggle.", "2024-02-20"]
[6.161782741546631, -2.411173105239868, "Finance & economics | Free exchange\nTrump wants to whack Chinese firms.", "2024-02-22"]
[4.216119289398193, -0.9055019021034241, "How badly could he hurt them?", "2024-02-22"]
[5.168558597564697, -1.6854734420776367, "History provides a guide\n \nAfew months before America\u2019s presidential election in 1980, George H.", "2024-02-22"]
[4.706209182739258, -3.4804813861846924, "Bush paid a visit to Beijing.", "2024-02-22"]
[3.9761693477630615, -1.823089599609375, "He got a frosty reception.", "2024-02-22"]
[4.836782932281494, -3.5322628021240234, "Days earlier, Bush\u2019s running mate, Ronald Reagan, had angered China by saying that he wanted an official relationship with Taiwan, which China claims as its territory.", "2024-02-22"]
[5.107232093811035, -4.099086284637451, "America should stay out of China\u2019s \u201cinternal affairs\u201d, said its foreign minister\u2014just as China would not meddle in America\u2019s presidential race.", "2024-02-22"]
[6.289522171020508, -2.4027833938598633, "The prospect of a Reagan victory worried not only China\u2019s leaders but also its exporters.", "2024-02-22"]
[6.3988471031188965, -1.77461576461792, "Under President Jimmy Carter, Reagan\u2019s opponent, America had done them the favour of establishing \u201cnormal\u201d trading relations, meaning that they faced the same low tariffs America charged most other trading partners.", "2024-02-22"]
[4.320250988006592, -0.06786844879388809, "There was, however, a catch.", "2024-02-22"]
[4.670939922332764, -2.403045892715454, "Normal relations had to be approved each year by the president and Congress.", "2024-02-22"]
[5.740969657897949, -1.4098560810089111, "Would Reagan revoke them?", "2024-02-22"]
[5.852713108062744, -2.8845057487487793, "Chinese exporters, as well as the American companies that buy from them and invest in them, now face a similar threat from another loquacious and charismatic presidential contender: Donald Trump.", "2024-02-22"]
[6.1017374992370605, -1.8895667791366577, "If he wins in November, he has threatened to escalate the trade war he started in 2018 by imposing tariffs of 60% or more on Chinese goods.", "2024-02-22"]
[5.2888102531433105, -2.8458683490753174, "His allies have also advocated repealing normal trading relations with China, which became \u201cpermanent\u201d in 2000.", "2024-02-22"]
[6.247078895568848, -1.1494519710540771, "A new paper by George Alessandria of the University of Rochester and four co-authors suggests that the way exporters responded to the Reagan threat may hold lessons for new trade wars.", "2024-02-22"]
[7.095828533172607, 0.021456032991409302, "Entering a foreign market is costly for any firm.", "2024-02-22"]
[8.49804401397705, -2.8033995628356934, "It must first establish a \u201cbeachhead\u201d, as Richard Baldwin of IMD Business School in Lausanne has written, building distribution channels, advertising itself to potential buyers and bringing products into conformity with local regulations.", "2024-02-22"]
[7.487786293029785, -0.004780655261129141, "Many of these upfront costs are fixed (they must be paid even if sales are small) and sunk (they cannot be recovered if the firm packs up and leaves).", "2024-02-22"]
[4.467097759246826, 0.04927346110343933, "This has two consequences.", "2024-02-22"]
[8.437263488769531, -2.2484819889068604, "Exporting, even in an era of globalisation, is surprisingly rare.", "2024-02-22"]
[8.62682056427002, -2.3368749618530273, "A study of French manufacturers in 1985 found that only 15% sold to foreign markets.", "2024-02-22"]
[8.633708953857422, -1.8959892988204956, "The figure in a study of Colombian factories was 26%.", "2024-02-22"]
[8.374944686889648, -2.3920421600341797, "Even in China in the mid-2000s, a time of hyper-globalisation, the prevalence of exporting varied from 59% (in furniture-making) to 12% (in paper and printing), according to Mr Alessandria and his colleagues.", "2024-02-22"]
[5.828125953674316, 0.2806537449359894, "Another consequence is that exporting is persistent.", "2024-02-22"]
[8.345280647277832, -2.720580577850342, "Once a company has established a beachhead, it rarely evacuates from a country.", "2024-02-22"]
[7.711774826049805, -0.10079484432935715, "Firms must believe that the rewards will be large enough and last for long enough to justify upfront costs.", "2024-02-22"]
[6.302440643310547, -0.17654407024383545, "The prospect of tariff hikes and trade wars makes such calculations harder.", "2024-02-22"]
[6.737312316894531, -1.9128217697143555, "Even after Mr Carter lowered tariffs on China, the country\u2019s exporters had to weigh the chances that they would go back up.", "2024-02-22"]
[6.810773849487305, -0.9917755126953125, "The fear was acute in industries like toys where the pre-1980 tariffs were much higher than the \u201cnormal\u201d tariffs that applied thereafter.", "2024-02-22"]
[6.823846817016602, -1.882988691329956, "Likewise, even after Mr Trump raised tariffs on China in 2018, exporters had to weigh the chances that they would go back down.", "2024-02-22"]
[7.28761625289917, -2.426567554473877, "Exporting from China to America was and remains, in effect, a bet on American trade policy.", "2024-02-22"]
[7.106889724731445, -0.7246551513671875, "The pattern of bets reflects firms\u2019 beliefs about the tariffs they will face.", "2024-02-22"]
[6.851243019104004, 0.014868348836898804, "Although economists cannot directly observe these beliefs, they can observe the export decisions that reflect them.", "2024-02-22"]
[6.3613762855529785, -2.1703295707702637, "By examining how trade between America and China has evolved over time and differed from product to product, Mr Alessandria and his co-authors can therefore infer what firms must have believed about future American tariff policy.", "2024-02-22"]
[6.404275894165039, -0.8057087659835815, "They find that the tariff cuts in 1980 took time to become credible.", "2024-02-22"]
[7.811759948730469, -2.158215284347534, "For several years, exporters from China acted as if the chances of their reversal were 70% or more.", "2024-02-22"]
[5.788113594055176, -2.765056848526001, "The risks ebbed later in the decade after Reagan made his own visit to Beijing, Shanghai and Xi\u2019an in 1984.", "2024-02-22"]
[3.8209807872772217, -1.2758115530014038, "(It was a \u201cbreathtaking experience\u201d, he said, although it took him two stabs to snare a quail\u2019s egg with his chopsticks.", "2024-02-22"]
[6.611722946166992, -2.92875075340271, ") By the time China joined the World Trade Organisation in 2001, the probability had fallen to about 5%.", "2024-02-22"]
[6.092041015625, -0.8266218304634094, "The dynamics of the trade war in 2018 look similar \u201cbut in reverse\u201d, write Mr Alessandria and his co-authors.", "2024-02-22"]
[6.287981033325195, -2.508129358291626, "Despite Mr Trump\u2019s fiery rhetoric, Chinese exporters did not act in anticipation of his tariffs.", "2024-02-22"]
[4.328224182128906, -1.1024973392486572, "When the war arrived, they expected it to culminate quickly.", "2024-02-22"]
[4.425515651702881, -1.3363758325576782, "Judging by their actions in 2019 and 2020, they perceived that the probability the war would soon end was over 90%.", "2024-02-22"]
[6.017148971557617, -1.2722649574279785, "When Mr Trump left office and the tariffs did not go with him, their hopes evaporated.", "2024-02-22"]
[4.3255295753479, -1.2849420309066772, "The probability of an end to the war fell to 46% in 2021 and to 24% by 2024.", "2024-02-22"]
[5.953855037689209, -1.4284305572509766, "The results have a paradoxical implication: entrenchment of tariffs under President Joe Biden did more harm to trade than their imposition under Mr Trump.", "2024-02-22"]
[6.159478664398193, -0.7869091033935547, "Would a second trade war be as damaging?", "2024-02-22"]
[4.495319843292236, -2.0407419204711914, "The sheer recklessness of Mr Trump\u2019s latest threat is double-edged.", "2024-02-22"]
[6.4580769538879395, -1.0870029926300049, "On the one hand, a sweeping 60% tariff would be far more disruptive than the targeted 25% tariffs he imposed in 2018.", "2024-02-22"]
[4.342358112335205, 0.26156896352767944, "But their vertiginous height may make them harder to sustain.", "2024-02-22"]
[6.801449775695801, -0.3882664442062378, "If they annoy too many consumers, hurt too many American firms or exact too big a toll on the stockmarket, they may prove relatively short-lived.", "2024-02-22"]
[6.296740531921387, -2.530073642730713, "Chinese exporters did not take Mr Trump\u2019s trade threats seriously before 2018.", "2024-02-22"]
[4.677143573760986, -1.8047808408737183, "Although they will not want to make the same mistake again, the most damaging of Mr Trump\u2019s policies are ones that outlive his time in office, becoming a permanent feature.", "2024-02-22"]
[4.460652828216553, -2.0141446590423584, "And not everything Mr Trump says in his presidential campaigns comes to pass.", "2024-02-22"]
[5.288463592529297, -1.6808207035064697, "The same was true of Reagan.", "2024-02-22"]
[5.493566989898682, -3.4891393184661865, "He never followed through on his desire to restore official relations with Taiwan.", "2024-02-22"]
[5.014833450317383, -3.2917063236236572, "In Beijing, Bush tried hard to quell the anger his remarks had caused.", "2024-02-22"]
[4.917947769165039, -3.84330677986145, "\u201cI certainly respect your views on wanting to stay out of the American election,\u201d he said in response to China\u2019s foreign minister.", "2024-02-22"]
[3.6977691650390625, -1.0304648876190186, "\u201cI\u2019d like to stay out of it myself sometimes, because it gets pretty hot in the cross-fire.", "2024-02-22"]
[6.414833068847656, -3.2959094047546387, "\u201d For China\u2019s exporters and the American firms that buy from them, this year\u2019s election will be just as uncomfortable.", "2024-02-22"]
[5.755226135253906, -2.80007004737854, "|San Francisco and Singapore\n\nFinance & economics | Still coupled\nHow Trump and Biden have failed to cut ties with China\nIt is hard to overcome economic incentives\n \nDonald Trump and Joe Biden do not agree on much, but they are of a similar mind when it comes to America\u2019s trade relations with China.", "2024-02-27"]
[6.57077169418335, -3.332268476486206, "They believe that the world\u2019s largest economy is simply too reliant on its second-largest.", "2024-02-27"]
[7.534036159515381, -2.642457962036133, "Thus American officials travel the world touting the benefits of \u201cfriendshoring\u201d\u2014or shifting production out of China and into less risky markets.", "2024-02-27"]
[7.217920303344727, -3.2989702224731445, "Business leaders make positive noises, and are sincerely worried by China\u2019s weak economic growth, not to mention its volatile politics.", "2024-02-27"]
[7.625511646270752, -2.096491575241089, "The number of comments in earnings calls referring to \u201creshoring\u201d has exploded.", "2024-02-27"]
[3.795964002609253, -0.808049201965332, "Yet how much of this is anything more than talk?", "2024-02-27"]
[6.190794944763184, -3.065599203109741, "Last year The Economist argued that lots of the supposed decoupling between America and China is in fact illusory.", "2024-02-27"]
[5.341358661651611, -0.8822928667068481, "Look closer, we wrote, and the two countries\u2019 economic relationship is holding strong, even if this fact is masked by tricks on both sides.", "2024-02-27"]
[4.757821559906006, -0.48914721608161926, "Since then a growing body of evidence confirms, and strengthens, our original findings.", "2024-02-27"]
[7.164099216461182, -2.7224855422973633, "The economies of America and China are not coming apart.", "2024-02-27"]
[5.562620162963867, -0.8243522644042969, "Indeed, some changes to supply chains may be binding the two countries even closer together.", "2024-02-27"]
[7.653470516204834, -2.6968915462493896, "A complete picture of Chinese-American trade would cover trade in services, including America\u2019s use of Chinese apps and China\u2019s love of American films.", "2024-02-27"]
[6.9601664543151855, -0.19395866990089417, "But these flows are difficult to track, meaning that economists have focused their attention on trade in goods, which customs officials measure reasonably accurately.", "2024-02-27"]
[3.9169387817382812, -2.858891487121582, "Here, the headline figures will cheer Messrs Biden and Trump.", "2024-02-27"]
[8.53212833404541, -2.404745101928711, "Last year Mexico overtook China as America\u2019s largest source of imports.", "2024-02-27"]
[8.215002059936523, -2.0564708709716797, "Since 2017 the share of America\u2019s imports coming from China has fallen by a third to around 14%, according to American figures.", "2024-02-27"]
[7.9710187911987305, -0.8084512948989868, "A chunk of that decline came after Mr Trump implemented high tariffs in 2018.", "2024-02-27"]
[6.605201721191406, -3.0706119537353516, "Another chunk reflects growing worries about China\u2019s territorial ambitions: if China invades Taiwan, many Asian supply chains will become unworkable.", "2024-02-27"]
[5.15968656539917, 0.35321101546287537, "The headline figures do not tell the whole story, however.", "2024-02-27"]
[4.2605977058410645, -2.7260985374450684, "To understand why, start with Mr Trump\u2019s tariffs, which Mr Biden has largely kept in place.", "2024-02-27"]
[8.265849113464355, -2.1812782287597656, "Before their introduction in 2018, American statistics suggested that America received many more imports from China than did Chinese statistics.", "2024-02-27"]
[4.568113803863525, 0.10129725933074951, "Now the opposite is true.", "2024-02-27"]
[8.131220817565918, -2.2708022594451904, "China reports that its exports to America rose by $30bn between 2020 and 2023, whereas America says its Chinese imports fell by $100bn.", "2024-02-27"]
[8.368438720703125, -1.5387978553771973, "If China\u2019s data are correct, the country\u2019s share of American imports has still declined, but by much less.", "2024-02-27"]
[4.859177589416504, 0.5665820240974426, "What accounts for the gap between the measures?", "2024-02-27"]
[7.873525142669678, -2.0562009811401367, "Adam Wolfe of Absolute Strategy Research, an advisory firm, suggests that the switch reflects the fact that American importers have an incentive to underreport how much they are buying from China in categories covered by tariffs.", "2024-02-27"]
[8.284345626831055, -1.9703994989395142, "Mr Wolfe estimates that, as a consequence, America now understates its imports from China by 20-25%.", "2024-02-27"]
[8.277566909790039, -1.5730541944503784, "At the same time, in recent years the Chinese government has cut taxes on exporters, reducing the incentive for domestic businesses to undercount goods leaving the country.", "2024-02-27"]
[4.084600925445557, 0.1784207969903946, "Other data provide additional reason for scepticism about decoupling.", "2024-02-27"]
[8.054405212402344, -2.574225425720215, "\u201cInput-output\u201d tables, as published by the Asian Development Bank, show the share of a country\u2019s economic activity that can be traced back to others.", "2024-02-27"]
[8.139933586120605, -2.891087055206299, "Examining 35 industries, we calculate that in 2017 the Chinese private sector contributed on average 0.41% of American firms\u2019 inputs.", "2024-02-27"]
[8.599970817565918, -1.0910571813583374, "That may not sound like much, but it beat the 0.38% that came from Germany and the 0.24% from Japan.", "2024-02-27"]
[8.4379301071167, -2.587538003921509, "By 2022 China\u2019s share had more than doubled to 1.06%, a larger proportional increase than for either Germany or Japan.", "2024-02-27"]
[4.94520378112793, 0.28676289319992065, "It is hard to know exactly what is behind this trend.", "2024-02-27"]
[8.208285331726074, -3.3486719131469727, "America\u2019s attempts to build clean-energy infrastructure could be one factor, making imports of Chinese electrical equipment much more important.", "2024-02-27"]
[7.6647419929504395, -3.716580390930176, "American service-sector firms also appear to be increasingly reliant upon intellectual property owned in China.", "2024-02-27"]
[4.094792366027832, 0.17095063626766205, "Whatever the cause, the figures are hard to square with supposed decoupling.", "2024-02-27"]
[5.885201454162598, -3.27949595451355, "Developments on the Chinese side also push against decoupling.", "2024-02-27"]
[6.576467990875244, -3.557455062866211, "China\u2019s leaders have no intention of relinquishing their country\u2019s role in global supply chains, even as its biggest trading partner is half-heartedly trying to cut it off.", "2024-02-27"]
[8.317305564880371, -2.6043200492858887, "In December the Central Economic Work Conference, China\u2019s agenda-setting economic council, made expanding trade in intermediate products (those used to make finished goods) a priority.", "2024-02-27"]
[7.848361968994141, -3.125581979751587, "State banks are redirecting credit from property to manufacturing, raising the prospect of a glut of Chinese exports.", "2024-02-27"]
[8.710553169250488, -3.778738498687744, "And many of the new titans of Chinese industry, like Contemporary Amperex Technology, a battery firm; BOE Technology Group, a producer of organic light-emitting-diode displays; and LONGi Green Energy Technology, which makes components for solar panels, are well placed to benefit from this strategy.", "2024-02-27"]
[7.541746139526367, -0.4344885051250458, "Indeed, the growth of these sorts of companies is already having an impact.", "2024-02-27"]
[8.232202529907227, -2.3920063972473145, "We estimate that since 2019 China\u2019s global exports of intermediate goods have risen by 32%, compared with a rise in other sorts of exports, such as finished goods, of only 2%.", "2024-02-27"]
[8.222827911376953, -2.1744918823242188, "The surge is driven by exports to countries such as India and Vietnam, which are two of the American government\u2019s preferred trading partners.", "2024-02-27"]
[8.118699073791504, -1.9361158609390259, "American trade with these countries is, in turn, increasing\u2014from 4.1% of its goods imports in 2017 to 6.4% today.", "2024-02-27"]
[7.920213222503662, -2.6819028854370117, "In combination, these trends imply that the two countries often act as something akin to packaging hubs for goods made with Chinese inputs that are destined for America\u2019s shores.", "2024-02-27"]
[5.037909984588623, -1.1307754516601562, "Across the world, many such arrangements are emerging.", "2024-02-27"]
[7.074001312255859, -0.37236857414245605, "Take the case of India, where the government is trying to build up its manufacturing base.", "2024-02-27"]
[8.04816722869873, -3.7285687923431396, "Following the introduction of subsidies, mobile-phone exports have soared, suggesting that India is eating China\u2019s lunch.", "2024-02-27"]
[8.4578275680542, -3.81593656539917, "However, in a recent paper Rahul Chauhan, Rohit Lamba and Raghuram Rajan, three economists, point out that the import of mobile-phone parts, such as batteries, displays and semiconductors, has also jumped.", "2024-02-27"]
[8.11164379119873, -4.171127796173096, "India appears to be more of a mobile-phone go-between than it does a smartphone powerhouse.", "2024-02-27"]
[8.221957206726074, -2.1880857944488525, "Vietnam\u2019s trade with America is booming.", "2024-02-27"]
[8.008891105651855, -2.6294569969177246, "But its production remains deeply intertwined with Chinese supply chains, meaning that much of the increase may be accounted for by products with little Vietnamese content.", "2024-02-27"]
[7.850821018218994, -2.331102132797241, "In the most extreme cases, Vietnamese exports are essentially rerouted from China, as America\u2019s Department of Commerce occasionally gripes.", "2024-02-27"]
[7.515287399291992, -1.735597014427185, "The correlation between Vietnam\u2019s exports to America and its imports from China is now significantly higher than it was before Mr Trump\u2019s tariffs were put in place.", "2024-02-27"]
[8.12346076965332, -2.715977907180786, "This suggests that that the South-East Asian manufacturing high-flyer increasingly plays a role as a conduit, matching Chinese production to American demand.", "2024-02-27"]
[5.746868133544922, -1.9963061809539795, "In Mexico the situation is a little more complicated.", "2024-02-27"]
[7.696200847625732, -2.000988483428955, "Standards established by the United States-Mexico-Canada Agreement require a higher \u201cregional-value content\u201d, meaning that exports are scrutinised to ensure production was conducted in North America.", "2024-02-27"]
[8.580787658691406, -2.3816282749176025, "In some industries where Mexican exports to America are booming, such as the production of cars, the growth is difficult to attribute to decoupling, since China has never exported large quantities of vehicles and parts to America: in 2018 it was the source of just 6% of American imports of such goods.", "2024-02-27"]
[8.598746299743652, -2.4531710147857666, "All the same, Mexico\u2019s imports of Chinese industrial supplies have surged, rising by about 40% since 2019.", "2024-02-27"]
[3.995955467224121, -1.1066313982009888, "Even in America\u2019s backyard, decoupling is not going to plan.", "2024-02-27"]
[7.922699451446533, -2.692960023880005, "The overall picture is therefore clear: Chinese supply chains may be less visible, but they remain extremely important to the American economy.", "2024-02-27"]
[4.551497936248779, -0.4283711910247803, "Will they retain their pivotal role?", "2024-02-27"]
[6.5871357917785645, -1.8496124744415283, "Mr Trump has threatened enormous tariffs on all Chinese products should he become president in November.", "2024-02-27"]
[7.265115737915039, -2.010620355606079, "Such levies may be enough to encourage some companies to move out of China for good.", "2024-02-27"]
[5.103692054748535, -3.5410070419311523, "Aggression from Xi Jinping\u2014whether in Taiwan or elsewhere\u2014could have a similar impact.", "2024-02-27"]
[8.265869140625, -3.48531174659729, "Over decades, some countries that currently act as a final step in production lines may develop more impressive industrial capabilities, and challenge China\u2019s position.", "2024-02-27"]
[5.855587005615234, -3.5016584396362305, "In the absence of dramatic shifts in American or Chinese policy, do not expect much to change any time soon.", "2024-02-27"]
[7.837437629699707, -2.88399076461792, "Many countries are more than happy to play both sides\u2014receiving Chinese investment and intermediate goods, and exporting finished products to America.", "2024-02-27"]
[8.116216659545898, -3.449057102203369, "Economic efficiency, provided by China\u2019s huge scale and manufacturing expertise, is a powerful force in favour of the status quo.", "2024-02-27"]
[3.9155383110046387, -0.05463956668972969, "Decoupling may be strong rhetoric, but that is not quite the same thing.", "2024-02-27"]
[6.638828754425049, -1.0941779613494873, "By Invitation | American trade policy\nDonald Trump\u2019s former trade chief makes the case for more tariffs\nThere are economic, geopolitical and moral reasons to increase protectionism, says Robert Lighthizer\n\n \nWHEN AMERICA grew in the 19th century from a modest agricultural country into the world\u2019s largest economy, tariffs were critical to its success.", "2024-03-08"]
[4.376461505889893, -0.13476185500621796, "In recent decades, however, the T word has become toxic to some.", "2024-03-08"]
[6.58289909362793, -0.28993985056877136, "Free-trade purists argue that tariff increases destroy capitalism.", "2024-03-08"]
[6.439352989196777, -0.8738681077957153, "When tariffs rose during the Trump administration, and that didn\u2019t happen, the purists claimed that we should ignore the facts and rely on their antiquated economic models.", "2024-03-08"]
[6.601159572601318, -1.6462162733078003, "Now that Donald Trump has proposed a modest tariff on many goods and larger tariffs on Chinese products, Americans deserve a reasoned public discussion.", "2024-03-08"]
[6.22772741317749, -1.5189285278320312, "His stated objective with the broader tariff is to reduce America\u2019s trade deficit and to rejuvenate American manufacturing.", "2024-03-08"]
[6.850152969360352, -1.970436930656433, "The China tariffs are designed to help America prevail in that all-important geopolitical competition.", "2024-03-08"]
[4.509459495544434, 0.12147747725248337, "The usual objections are raised.", "2024-03-08"]
[6.562767028808594, -0.6397421360015869, "But the notion that tariffs are always good or always bad is guided more by theology than by reason.", "2024-03-08"]
[4.820477485656738, 0.5352921485900879, "The truth is that they are often beneficial.", "2024-03-08"]
[6.75639009475708, -0.7493115067481995, "In a pretend world of completely free and balanced trade and no government interventions, one can imagine tariffs being unnecessary.", "2024-03-08"]
[4.759299278259277, 0.5237845778465271, "In the real world, though, they can be useful.", "2024-03-08"]
[7.044174671173096, -1.1618385314941406, "Since the end of the cold war, America has come as close as almost any major country in history to eliminating significant tariffs.", "2024-03-08"]
[4.432358741760254, -0.023245036602020264, "It was a bold experiment, and it has failed.", "2024-03-08"]
[7.722175121307373, 0.7408376336097717, "America has run up more than $17trn in cumulative trade deficits over the past 24 years.", "2024-03-08"]
[7.900173187255859, 0.21813331544399261, "Now, foreign interests own over $18trn more in American assets than Americans own in all their countries.", "2024-03-08"]
[7.671833515167236, 0.13483060896396637, "Foreigners will get the future earnings associated with those assets, and Americans will have to work harder to make up for the earnings they have lost.", "2024-03-08"]
[7.499867916107178, 0.6549326181411743, "These massive trade deficits also drag down American economic growth.", "2024-03-08"]
[7.563533782958984, 0.5465503334999084, "Countries with persistent trade surpluses artificially lower global demand.", "2024-03-08"]
[7.586302280426025, 0.640123724937439, "Rather than expanding global production by buying foreign goods (how trade is supposed to work), such countries use massive market distortions to replace foreign production capacity with their own and use the proceeds of trade to buy long-term assets in countries with deficits.", "2024-03-08"]
[7.825833797454834, 0.28154456615448, "This slows growth in the deficit countries, particularly America.", "2024-03-08"]
[7.960622787475586, -1.096760869026184, "These facts help to explain the collapse of American manufacturing, and, importantly, of advanced manufacturing.", "2024-03-08"]
[8.48847770690918, -2.300671339035034, "Today, America annually imports $218bn more high-tech products than it exports.", "2024-03-08"]
[8.315861701965332, -3.899232864379883, "It invented personal computers, yet now virtually none are made there, and those that are require imported parts.", "2024-03-08"]
[8.297536849975586, -3.989015817642212, "It led the world in making semiconductors in the 1970s and 1980s, yet today it makes only 12% of global supply and is wholly dependent on imports for the most advanced chips.", "2024-03-08"]
[7.59054708480835, -4.017795562744141, "America has fallen behind China in cutting-edge sectors such as advanced batteries, nuclear-power equipment and drones.", "2024-03-08"]
[6.6936421394348145, -0.33156585693359375, "None of these developments result from the type of \u201ccomparative advantage\u201d you read about in economic textbooks.", "2024-03-08"]
[6.8474249839782715, -0.34281423687934875, "Instead, they result from the industrial policies of other countries.", "2024-03-08"]
[9.013065338134766, -3.844881057739258, "South Korea doesn\u2019t have a great steel industry because it has cheap ore.", "2024-03-08"]
[8.422212600708008, -3.8944194316864014, "Taiwan isn\u2019t a great semiconductor-manufacturing centre because it has inexpensive silicon.", "2024-03-08"]
[8.328326225280762, -3.3709278106689453, "China\u2019s manufacturing dominance was largely paid for by its government.", "2024-03-08"]
[7.58466911315918, -1.5555790662765503, "These and other countries benefit from a mix of subsidies, domestic market restrictions, lax labour laws and numerous other policies aimed at giving their companies an edge in global markets.", "2024-03-08"]
[7.082749843597412, -0.23033171892166138, "In the case of China, its government distorts the market by allocating resources to manufacturing and away from consumption.", "2024-03-08"]
[8.512430191040039, -1.3122676610946655, "As a result, its per-capita consumption is very low.", "2024-03-08"]
[6.774121284484863, 0.5098991394042969, "Letting consumption rise to natural levels and allocating more resources to individuals is inconsistent with the communist theory of personal austerity and could threaten Communist Party control.", "2024-03-08"]
[4.976987361907959, -1.382375717163086, "America should change its own policies because making things matters.", "2024-03-08"]
[8.493171691894531, -2.157421350479126, "There is an obvious national-security benefit from having a vibrant manufacturing base.", "2024-03-08"]
[8.207647323608398, -2.9590656757354736, "America doesn\u2019t just need munitions factories.", "2024-03-08"]
[8.729999542236328, -3.28055477142334, "In times of war it needs basic manufacturing, so it can scale up in order to, for example, make the steel used to build new defence plants.", "2024-03-08"]
[8.567383766174316, -2.670109510421753, "Furthermore, as economists like Harvard\u2019s Ricardo Hausmann and MIT\u2019s Cesar Hidalgo have shown, manufacturing a wide range of complex products is essential to building a high-performing economy.", "2024-03-08"]
[8.627842903137207, -2.024628162384033, "Despite accounting for around 11% of American GDP, manufacturing creates 35% of annual productivity increases and pays for 70% of business research and development.", "2024-03-08"]
[8.651952743530273, -3.8399527072906494, "No sector employs more super-STEM (high-end science, tech, engineering and maths) workers.", "2024-03-08"]
[7.3452653884887695, -0.4184117913246155, "Because the ability to innovate is closely related to proximity to production, losing factories has a multiplier effect on growth.", "2024-03-08"]
[6.643019199371338, -0.0796545073390007, "But the greatest evidence of the failure of free-trade policy can be seen in the effect it has had on America\u2019s middle and lower-middle class.", "2024-03-08"]
[7.765727519989014, -0.2995612621307373, "The economy has lost millions of high-paying jobs, and the earnings of many American workers have been largely stagnant for decades (with the exception of a large jump in 2019).", "2024-03-08"]
[7.8150811195373535, -0.29147422313690186, "As a result, inequality has increased rapidly: the top 1% of Americans now own more wealth than the middle 60%.", "2024-03-08"]
[7.011099815368652, 0.3128435015678406, "This stagnation has devastated many communities.", "2024-03-08"]
[5.983538627624512, 0.29693907499313354, "America has experienced an alarming increase in \u201cdeaths of despair\u201d: suicide, drug overdoses and alcohol poisoning.", "2024-03-08"]
[7.708554267883301, -0.2989453673362732, "Non-college-educated Americans now have a life expectancy nearly nine years lower than that of people with a degree.", "2024-03-08"]
[7.209186553955078, -0.3710918724536896, "For most of American history workers could expect to be economically better off and to live longer than their parents.", "2024-03-08"]
[4.684125900268555, 0.14414067566394806, "That has not been true since 2000.", "2024-03-08"]
[6.438107013702393, 0.06767002493143082, "There are, of course, numerous causes for this calamity, but a failed trade policy is clearly one.", "2024-03-08"]
[6.885699272155762, -0.7336947917938232, "The question then becomes: how can tariffs help?", "2024-03-08"]
[8.606637001037598, -3.7581517696380615, "Of course, they are a tool that should be used in conjunction with a pro-growth tax policy, a reduction in unnecessary regulation and the use of subsidies to develop key sectors like semiconductors.", "2024-03-08"]
[6.778692722320557, -0.8486879467964172, "But because America\u2019s economic imbalances are driven primarily by global trade flows, tariffs are the vital part of any serious reindustrialisation.", "2024-03-08"]
[6.652521133422852, -0.06625775247812271, "Economists have long recognised that in cases where significant distortions cannot be removed from a market, a second-best option is to take steps to offset the distortion\u2019s effect.", "2024-03-08"]
[6.782120227813721, -0.6648504734039307, "As Michael Pettis, an economist, points out, offsetting such foreign interference actually makes markets more efficient and increases the benefits of trade.", "2024-03-08"]
[6.487834453582764, -0.6901146173477173, "For example, if a country subsidises a product or if a company dumps in another market, global rules allow the use of tariffs in response.", "2024-03-08"]
[6.750921249389648, -0.6811054944992065, "In circumstances where the exporting country\u2019s trade distortions are systemic, broad tariffs may be the only way to offset them and reinstate market forces.", "2024-03-08"]
[6.416845798492432, -0.9475795030593872, "The Trump tariffs proved this point.", "2024-03-08"]
[7.823470115661621, -0.35022518038749695, "Before covid-19, real median household income in America rose from $70,840 in 2016 to an all-time high of $78,250 in 2019.", "2024-03-08"]
[8.329973220825195, -1.8847960233688354, "From January 2017 to January 2020 the number of jobs in manufacturing rose by 419,000.", "2024-03-08"]
[7.880334377288818, -0.9668282270431519, "The pandemic temporarily disrupted manufacturing growth.", "2024-03-08"]
[7.796010494232178, -1.3662710189819336, "However, the tariffs have mostly remained in place, and from January 2020 to January 2024 American manufacturers added another 194,000 jobs.", "2024-03-08"]
[6.96052885055542, -0.9221636056900024, "Sector-level data confirm that tariffs supported domestic production of tariffed goods.", "2024-03-08"]
[7.0136799812316895, -1.6434239149093628, "According to a study by the non-partisan United States International Trade Commission (ITC), America\u2019s Section 301 tariffs drastically reduced its dependence on imports of strategic goods from China and spurred domestic production of those goods.", "2024-03-08"]
[7.6447367668151855, -1.4270052909851074, "In the wake of the tariffs, imports of Chinese semiconductors, for instance, declined sharply (the largest annual fall being 72% in 2021) and American production increased (the largest gain being 7.8% in 2020).", "2024-03-08"]
[6.92161750793457, -0.9732975363731384, "The broader multi-country tariffs had an even more pronounced effect on domestic production of tariffed goods.", "2024-03-08"]
[7.6715006828308105, -1.1741745471954346, "The 25% steel tariffs, for instance, led to $22bn in new investment in steelmaking across the industry.", "2024-03-08"]
[8.868727684020996, -3.2159061431884766, "Now, with relief from the pressure of foreign overcapacity, American producers are modernising their mills and building electric arc furnaces.", "2024-03-08"]
[7.070662021636963, -0.7797525525093079, "Furthermore, the price effects have been minimal.", "2024-03-08"]
[7.771342754364014, -1.0658291578292847, "According to the ITC, the price of domestic steel increased by a mere 0.75% and overall steel prices by about 2.4%.", "2024-03-08"]
[8.625198364257812, -2.706537961959839, "Likewise, restrictions on imports of washing machines led to the opening of two new facilities, in Tennessee and South Carolina.", "2024-03-08"]
[7.800697326660156, -1.083520531654358, "Washing-machine prices fell back to pre-tariff levels after a brief adjustment spike, according to the Bureau of Labour Statistics.", "2024-03-08"]
[7.00006628036499, -1.1173737049102783, "Granted, other studies have concluded that retaliation from China blunted some of the tariffs\u2019 positive effects.", "2024-03-08"]
[7.034417152404785, -0.9153274297714233, "But none of these studies challenge the ITC\u2019s core finding that the tariffs boosted domestic production and employment in the tariffed sectors at a negligible cost to consumers.", "2024-03-08"]
[6.69964599609375, -1.4651204347610474, "Donald Trump has proposed a 10% tariff on all imported goods to offset economic distortions created by foreign governments, to reduce America\u2019s trade deficit and to speed up its reindustrialisation.", "2024-03-08"]
[7.356339931488037, -0.5624419450759888, "Experience suggests that this will succeed and that high-paying industrial jobs will be created.", "2024-03-08"]
[7.218429088592529, -0.67268967628479, "Indeed, a recent model from the non-profit Coalition for a Prosperous America, which unlike many other trade models does not unrealistically assume full employment, concluded that the tariffs will lead to an increase in real household income and millions of new jobs.", "2024-03-08"]
[7.221124172210693, -0.7279798984527588, "Mainstream economists disagree with the notion that tariffs would increase household income, but in the pre-covid Trump years we did raise tariffs and median family income rose, too.", "2024-03-08"]
[7.035809516906738, -1.057198405265808, "In some cases tariffs higher than 10% will be needed.", "2024-03-08"]
[9.429054260253906, -3.382033586502075, "By using a mix of massive subsidies, low borrowing costs, forced technology transfer, near monopolisation of input material and a relatively closed market, China has created an industry that makes electric vehicles (EVs) much more cheaply than Western companies can.", "2024-03-08"]
[9.53873062133789, -3.291499614715576, "It is now flooding the EV market in Europe and threatening producers there with severe harm.", "2024-03-08"]
[7.766833305358887, -0.9440850019454956, "It would do the same in America if not for 25% tariffs imposed by the Trump administration in 2018.", "2024-03-08"]
[9.479342460632324, -3.2586283683776855, "If China\u2019s efforts to manipulate the EV market succeed, tens of thousands of American workers will lose their jobs and fall out of the middle class.", "2024-03-08"]
[4.357498645782471, -1.8243094682693481, "In addition, America will send untold billions of dollars to an adversary that will use them to strengthen its armed forces and further threaten America.", "2024-03-08"]
[7.470830917358398, -0.6697876453399658, "Critics of the global 10% tariff allege that, if implemented, it will stoke inflation.", "2024-03-08"]
[4.174524307250977, 0.17684170603752136, "There is much reason to be sceptical of this claim.", "2024-03-08"]
[7.7766804695129395, -0.6175408959388733, "To start, tariffs were raised in the Trump years and inflation stayed below 2%.", "2024-03-08"]
[7.4521379470825195, -0.8810182809829712, "Second, even an ardently anti-tariff think-tank, the Peterson Institute for International Economics, found that the direct effect on inflation of Section 301 tariffs was an increase of just 0.26 percentage points.", "2024-03-08"]
[7.574121475219727, 0.3897835612297058, "Furthermore, countries with persistent trade surpluses that implement pro-manufacturing policies have tended to have lower inflation rates than countries with deficits.", "2024-03-08"]
[7.597645282745361, -0.45442670583724976, "This suggests that there may be little correlation between acting to protect your domestic market and your domestic inflation rate.", "2024-03-08"]
[7.678380966186523, -0.07861974835395813, "Finally, it is worth noting that the driver of personal inflation for most Americans is energy, fuel and food prices and the cost of health care.", "2024-03-08"]
[7.206483364105225, -1.5023510456085205, "These generally are not imported and would not be subject to tariffs in the Trump proposal.", "2024-03-08"]
[6.829220771789551, -1.343287706375122, "Both economic and geopolitical facts strongly support the planned tariff increases.", "2024-03-08"]
[4.424797058105469, 0.3749851882457733, "But there is also a moral case for them.", "2024-03-08"]
[7.433475494384766, -0.36473748087882996, "Americans deserve productive jobs, strong families and thriving, safe communities.", "2024-03-08"]
[6.553697109222412, -0.12913936376571655, "The free-trade policies of the past 30 years did not create any of this.", "2024-03-08"]
[4.557492256164551, -0.18590836226940155, "The wreckage they have left behind is all around us.", "2024-03-08"]
[6.705502510070801, -0.6717082262039185, "Properly used tariffs can be part of the solution.", "2024-03-08"]
[6.2382330894470215, -2.5956149101257324, "|Mexico City\n\nThe Americas | The China-Mexico-US triangle\nCould there be a US-Mexico trade war?", "2024-03-12"]
[7.654716968536377, 0.7011493444442749, "The bilateral trade deficit has exploded since Donald Trump was president\n\n \nMexican and US officials were cheered by trade data released in February.", "2024-03-12"]
[8.4710111618042, -2.433717727661133, "It showed that Mexico overtook China in 2023 to become the number-one exporter to the United States (see chart).", "2024-03-12"]
[8.194708824157715, -2.0814523696899414, "The value of goods sold has been rising steadily, and reached almost $476bn for the year; the equivalent figure for Chinese goods fell sharply, from $536bn in 2022 to $427bn in 2023.", "2024-03-12"]
[8.39448070526123, -2.4269914627075195, "The last time Mexico overtook China, in 2002, it was a blip (and Canada held the top spot).", "2024-03-12"]
[6.1376824378967285, -0.579595685005188, "Today its rise has the whiff of a new order for global trade.", "2024-03-12"]
[8.19351863861084, -0.9967178702354431, "Data for January 2024 show the trend remains strong.", "2024-03-12"]
[7.811313152313232, -2.6279470920562744, "United States\u2019 efforts to decouple from China and bring supply chains closer to home are intensifying, pushing trade through other countries.", "2024-03-12"]
[5.7426018714904785, -1.5222517251968384, "An updated free-trade agreement between the United States, Mexico and Canada, known as USMCA, has been in force since 2020.", "2024-03-12"]
[8.594322204589844, -2.396796226501465, "It supports Mexican exports of car parts, medical supplies and agricultural products to the United States.", "2024-03-12"]
[6.336214065551758, -2.7007639408111572, "But the third side of this trade triangle, between Mexico and China, is creating tension.", "2024-03-12"]
[8.113781929016113, -3.2918386459350586, "China\u2019s firms did not sit idle while incentives were created for companies to look beyond its shores.", "2024-03-12"]
[8.307785034179688, -2.5315864086151123, "They have been pushing into the same markets where the US aims to supplant China, including Mexico.", "2024-03-12"]
[8.08267593383789, -2.3240132331848145, "This means many Chinese exports are simply taking \u201ca slightly longer road to get to the same place\u201d, says Ana Guti\u00e9rrez of IMCO, a think-tank in Mexico City.", "2024-03-12"]
[5.708612442016602, -4.177284240722656, "China appears to be promoting this strategy.", "2024-03-12"]
[8.47690200805664, -2.759279489517212, "In December the country\u2019s leaders said it was a priority to export products that are used to make finished goods, rather than the finished goods themselves.", "2024-03-12"]
[8.493729591369629, -2.400893211364746, "Mexico is an attractive beachhead into the United States because USMCA gives tariff-free access for goods made with enough North American content.", "2024-03-12"]
[8.146860122680664, -2.572585344314575, "Mexico\u2019s official customs data show no sustained influx of goods from China.", "2024-03-12"]
[7.372334957122803, -2.9908456802368164, "But some US officials and industrialists believe Chinese inflows are being undercounted, whether deliberately or not.", "2024-03-12"]
[8.489578247070312, -2.3810617923736572, "The suspicion is that Mexico turns a blind eye to imports from China, and that those are then re-exported to the United States.", "2024-03-12"]
[8.865283012390137, -3.5145671367645264, "Steel and aluminium are the main concern.", "2024-03-12"]
[7.606109619140625, -1.9079203605651855, "In February Katherine Tai, the United States Trade Representative (USTR), noted a \u201clack of transparency regarding Mexico\u2019s steel and aluminium imports from third countries\u201d.", "2024-03-12"]
[7.043082237243652, -1.8371469974517822, "In December Mexico imposed tariffs of up to 80% on some steel imports from China, but US officials remain frustrated.", "2024-03-12"]
[6.573731422424316, -0.7686020135879517, "Setting tariff levels is one thing; actually enforcing them is another.", "2024-03-12"]
[8.310636520385742, -2.4196460247039795, "\u201cWhat we\u2019ve seen is that USMCA has really become a US, China and Mexico deal, where China is trans-shipping a lot of product through Mexico,\u201d says Jeff Ferry of the Coalition for a Prosperous America, a group that represents manufacturers.", "2024-03-12"]
[9.48167610168457, -3.302816867828369, "Electric vehicles are a looming concern.", "2024-03-12"]
[9.430115699768066, -3.321950912475586, "The price of the average EV in China is roughly half that in the United States, and China produces more than half the world\u2019s output.", "2024-03-12"]
[9.402604103088379, -3.210891008377075, "Without hefty tariffs in place, Chinese EV sales in the United States would probably boom, much as they have in other countries.", "2024-03-12"]
[6.94631814956665, -1.510683298110962, "President Joe Biden\u2019s administration is mulling raising tariffs on the vehicles above their current level of 25%.", "2024-03-12"]
[7.033763885498047, -4.206367015838623, "USMCA has rules against unfair subsidies and market practices, which are common among Chinese companies.", "2024-03-12"]
[4.865221977233887, -0.5232396721839905, "But in many cases no law or rule is being breached.", "2024-03-12"]
[8.651640892028809, -2.4051315784454346, "Mexico offers Chinese automakers a path around the tariff wall because USMCA\u2019s rules of origin contain what one US official calls \u201cloopholes\u201d that allow for the integration of Chinese components.", "2024-03-12"]
[8.401284217834473, -2.4907729625701904, "An importer can assemble Chinese components in Mexico and label Mexico as the country of origin, obscuring Chinese involvement.", "2024-03-12"]
[4.770022392272949, 0.09859350323677063, "\u201cNew tools may be needed,\u201d says the official.", "2024-03-12"]
[8.723878860473633, -2.4448256492614746, "There is already a large car-manufacturing industry in Mexico, and Chinese money is pouring in, especially to northern states that are the biggest exporters to the United States.", "2024-03-12"]
[9.340676307678223, -3.151360273361206, "In February BYD, China\u2019s most successful EV manufacturer, said it would make 150,000 vehicles a year in Mexico.", "2024-03-12"]
[8.634519577026367, -2.735255718231201, "BYD says that production will serve the local market, but many companies are eyeing the larger, wealthier market north of the border.", "2024-03-12"]
[8.547707557678223, -2.448803186416626, "Chinese foreign direct investment in Mexico hit $2.5bn in 2022.", "2024-03-12"]
[8.521578788757324, -2.5278944969177246, "Margaret Myers, of the Inter-American Dialogue, a think-tank in Washington, notes the \u201cremarkable growth\u201d of sophisticated manufacturing by Chinese companies in Mexico.", "2024-03-12"]
[4.682351112365723, -1.437471628189087, "What might the United States do about this?", "2024-03-12"]
[6.467708587646484, -1.2657160758972168, "In the case of steel and aluminium imports, it could copy its approach with the EU and Japan, where there are limits on the volumes that can be imported at lower tariff rates.", "2024-03-12"]
[6.983090400695801, -1.041446328163147, "Higher tariffs kick in after those limits have been reached.", "2024-03-12"]
[6.547049522399902, -1.5593514442443848, "When the Trump administration lifted steel and aluminium tariffs on Mexico in 2019, it was on the condition that Mexico restrain export surges into the United States.", "2024-03-12"]
[9.533931732177734, -3.2942638397216797, "Electric vehicles are trickier.", "2024-03-12"]
[6.804641246795654, -3.454836130142212, "Some would like new rules to cut China out of supply chains entirely.", "2024-03-12"]
[6.586994647979736, -3.5903353691101074, "\u201cIf you want to be a trading partner with the United States, we\u2019re not going to allow your country to be a stopping point for goods from China,\u201d says Mr Ferry.", "2024-03-12"]
[6.6414289474487305, -0.5886856317520142, "That would mean restrictive rules of origin and a tighter enforcement regime.", "2024-03-12"]
[7.010288238525391, -2.5831992626190186, "It would also raise thorny questions about how to treat production by Chinese-owned factories in Mexico.", "2024-03-12"]
[5.318184852600098, -2.3671343326568604, "Robert Lighthizer, who was the lead trade negotiator during Donald Trump\u2019s presidency, has said that a first step would be to strip China of its most-favoured-nation status.", "2024-03-12"]
[7.146599769592285, -1.9535624980926514, "That would automatically ratchet up tariffs on Chinese products across the board.", "2024-03-12"]
[6.347334861755371, -0.49333590269088745, "Enrique Dussel of UNAM, a university in Mexico City, says this would unmoor the world trade system.", "2024-03-12"]
[4.843486309051514, -1.2391268014907837, "\u201cThe United States [would be] saying \u2018adopt my rules or you\u2019re against me\u2019.", "2024-03-12"]
[5.273606777191162, -2.0477406978607178, "\u201d\nIf Mr Trump wins in November, he is likely to adopt a harder stance toward Mexico.", "2024-03-12"]
[7.83018684387207, -2.8199424743652344, "As well as Chinese trade, there is also the issue of migration.", "2024-03-12"]
[5.66282320022583, -1.8020542860031128, "But perhaps most importantly Mr Trump loathes trade imbalances.", "2024-03-12"]
[7.776559829711914, 0.7113860249519348, "The United States\u2019 trade deficit with Mexico rose to $152bn in 2023, up 17% from 2022.", "2024-03-12"]
[5.404029846191406, -1.5516571998596191, "In 2026 Mexico and the United States, along with Canada, have to discuss whether to extend USMCA\u2019s validity by another 16 years, to expire in 2052 instead of 2036.", "2024-03-12"]
[5.547192573547363, -1.7175630331039429, "Mr Trump signed USMCA, but that is no guarantee that he would not scrap it, or use its extension as leverage to extract concessions from Mexico.", "2024-03-12"]
[5.978324890136719, -1.686437964439392, "He has already talked of a 10% import tariff on goods from all countries, which is not possible for Mexico and Canada under USMCA\u2019s rules.", "2024-03-12"]
[5.77290153503418, -2.689547538757324, "Mexico seems unprepared, says Mr Dussel.", "2024-03-12"]
[5.709205627441406, -2.1164278984069824, "Claudia Sheinbaum, who is expected to be elected Mexico\u2019s next president in elections on June 2nd, is promoting \u201cnearshoring\u201d to raise Mexico\u2019s economic growth to 5% of GDP annually.", "2024-03-12"]
[5.8134307861328125, -2.9146759510040283, "\u201cMexico has an enormous sign reading \u2018Welcome China\u2019,\u201d says Mr Dussel.", "2024-03-12"]
[5.754426956176758, -2.5434069633483887, "The question confronting Mexico is the extent to which it is willing to risk its vital relationship with the United States, to keep that welcome sign shining.", "2024-03-12"]
[5.7525177001953125, -4.435512065887451, "China | Chaguan \nChina and America trade blame for a world on fire\nA global contest is under way to recruit like-minded countries as supporters\n\n\nMOST COUNTRIES have no desire to choose between China and America.", "2024-05-02"]
[4.223963260650635, -0.43470498919487, "But it is becoming clear that they might have to.", "2024-05-02"]
[4.002920627593994, -1.6816705465316772, "The contest between the two powers is going global.", "2024-05-02"]
[5.790867328643799, 0.1416165828704834, "This is an age of political turmoil, economic angst and rising barriers to trade.", "2024-05-02"]
[5.244374752044678, -3.6494903564453125, "In Beijing and Washington leaders see opportunities to blame rivals in the other capital for making the chaos worse.", "2024-05-02"]
[3.843290328979492, -0.42163047194480896, "For now, this contest often sounds surprisingly high-minded.", "2024-05-02"]
[5.259191513061523, -4.018484115600586, "Because so many countries fear a conflict between China and America, the two giants have cause to play the responsible, constructive great power.", "2024-05-02"]
[4.355064868927002, -3.338057518005371, "China\u2019s leader, Xi Jinping, duly adopted a gracious tone when he hosted America\u2019s secretary of state, Antony Blinken, in Beijing on April 26th.", "2024-05-02"]
[4.598254203796387, -3.6731514930725098, "Earlier China\u2019s top diplomat, Wang Yi, had accused the Biden administration of trying to contain his country with \u201cendless measures to suppress China\u2019s economy, trade, as well as science and technology\u201d.", "2024-05-02"]
[4.576911926269531, -3.8248887062072754, "But Mr Xi wished to talk about the \u201cbigger picture\u201d, namely that \u201cthe world today is undergoing transformation not seen in a century\u201d, and that \u201cwe live in an interdependent world and rise and fall together.", "2024-05-02"]
[5.121255874633789, -3.6317079067230225, "\u201d He suggested that China and America should help one another and avoid \u201cvicious competition\u201d.", "2024-05-02"]
[4.741671085357666, -3.7092244625091553, "Amid the warm words, Mr Xi offered a rebuke, noting that China opposes alliances and American-led \u201csmall blocs\u201d.", "2024-05-02"]
[4.819870471954346, -4.059887886047363, "That is code that China uses when accusing America of endangering peace by maintaining defence alliances with Atlantic partners in NATO, and with its Indo-Pacific partners, Japan, the Philippines and South Korea.", "2024-05-02"]
[3.7585198879241943, -0.8403655290603638, "Warm words should fool nobody.", "2024-05-02"]
[5.045411586761475, -4.212094783782959, "China\u2019s hostility to American-led alliances and blocs is an argument about power.", "2024-05-02"]
[4.283397674560547, -1.582094430923462, "It is also a challenge to the legitimacy of America\u2019s presence as a security guarantor in Europe and Asia.", "2024-05-02"]
[4.3329691886901855, -3.498403310775757, "On May 5th Mr Xi will leave for a five-day visit to three European countries, France, Hungary and Serbia.", "2024-05-02"]
[4.391252517700195, -2.2417497634887695, "His itinerary is no accident.", "2024-05-02"]
[5.1389546394348145, -4.184481143951416, "Each of those countries is praised by Chinese diplomats for its commitment to \u201cstrategic autonomy\u201d and an independent foreign policy, meaning a willingness to defy America.", "2024-05-02"]
[4.542298316955566, -3.9183883666992188, "Previewing Mr Xi\u2019s visit, Lu Shaye, China\u2019s ambassador to France, reminded Chinese reporters in Paris of the moment, 60 years ago, when France\u2019s then president, Charles de Gaulle, had the courage to withstand \u201cheavy pressure from the Western camp\u201d (ie, America) to establish diplomatic relations with China.", "2024-05-02"]
[4.552170276641846, -3.9628820419311523, "In Beijing the embassies of other European Union countries grumble that efforts to reach a consensus on China policies are routinely blocked by one member\u2014Hungary.", "2024-05-02"]
[4.505039691925049, -3.8495466709136963, "That diplomatic stance is directed from the top by Viktor Orban, the Hungarian prime minister and an avowedly pro-Chinese, pro-Russian champion of \u201cilliberal nationalism\u201d.", "2024-05-02"]
[4.461795330047607, -3.642915725708008, "Mr Xi\u2019s stop in Serbia is timed to coincide, to the day, with the 25th anniversary of NATO\u2019s bombing of the Chinese embassy in the Serbian capital, Belgrade.", "2024-05-02"]
[5.47996187210083, -4.277830600738525, "Three Chinese journalists died in that bombing and China has never accepted America\u2019s insistence that the attack was an error.", "2024-05-02"]
[4.571488857269287, -4.376221179962158, "When Russia invaded Ukraine in 2022, Chinese officials blamed NATO for provoking Russia by expanding to take in former Soviet-bloc countries.", "2024-05-02"]
[5.416445732116699, -4.784056186676025, "Nearer to home, China pushes the same line that America is an unwelcome, troublemaking presence when it sails warships through the South China Sea, in international waters that China claims for its own.", "2024-05-02"]
[5.553385257720947, -3.9261112213134766, "Still, as this contest for influence gathers pace, America has its own arguments to make about China isolating itself.", "2024-05-02"]
[4.802098274230957, -4.071959018707275, "In his meetings in Beijing Mr Blinken suggested that China is imperilling its own interests in three ways.", "2024-05-02"]
[5.42152214050293, -4.832547664642334, "The first involves Chinese harassment of coastguard ships and fishing boats belonging to the Philippines, an American treaty ally, as China asserts claims to almost the entire South China Sea, in defiance of international law.", "2024-05-02"]
[4.904224872589111, -4.060245990753174, "Mr Blinken pointed to a dramatic strengthening by the Philippines of its ties with America, and to unprecedented displays of support from such regional allies as Japan, South Korea and Australia.", "2024-05-02"]
[4.63990592956543, -4.089354038238525, "Second, Mr Blinken told his Chinese hosts that European security has for many decades been a \u201ccore interest\u201d for America\u2014a deliberate use of a phrase often uttered by Chinese diplomats.", "2024-05-02"]
[4.442566871643066, -4.324169635772705, "Europe\u2019s security is threatened by Chinese companies selling large quantities of microelectronics, machine tools and other dual-use components that Russia needs to make weapons for its war against Ukraine, Mr Blinken told his hosts.", "2024-05-02"]
[4.477582931518555, -4.038317680358887, "China needs to choose between propping up Russia and its desire for close relations with Europe, the secretary of state argued, citing views expressed to him by multiple European leaders.", "2024-05-02"]
[4.5296125411987305, -4.302905559539795, "As Nicholas Burns, the American ambassador to China, puts it: \u201cThe government in Beijing needs to understand that Putin\u2019s aggression on Ukraine is an existential threat to Europe.", "2024-05-02"]
[4.54499626159668, -4.403486251831055, "That is why the Europeans have been so angry with Chinese companies selling dual-use items to the Russian defence industry.", "2024-05-02"]
[7.739123344421387, -3.157341480255127, "\u201d\n\nFinally, Mr Blinken said that many countries share American concerns about Chinese industrial overcapacity leading to goods being exported at artificially low prices.", "2024-05-02"]
[9.116214752197266, -3.571230173110962, "He cited EU investigations into solar panels and electric vehicles from China, and Mexican and Brazilian probes into alleged dumping by Chinese firms.", "2024-05-02"]
[5.9224114418029785, -3.9926226139068604, "China is not ready to give ground on these points.", "2024-05-02"]
[5.443543434143066, -4.522087574005127, "Its diplomats blame America for instigating tensions in the South China Sea.", "2024-05-02"]
[5.504546165466309, -4.323744297027588, "They insist\u2014against all evidence\u2014that China is a neutral observer of the Ukraine conflict.", "2024-05-02"]
[7.863385200500488, -3.5554351806640625, "As for surging Chinese exports, its embassy in Paris recently declared in a statement that talk of Chinese overcapacity actually shows that Western industries have lost their competitive edge.", "2024-05-02"]
[3.9363365173339844, -0.2431410551071167, "That scornful tone is unwise.", "2024-05-02"]
[5.503314018249512, -3.6644482612609863, "China and America are in a long-term contest for global influence and leadership.", "2024-05-02"]
[3.996067523956299, -1.1078217029571533, "Both rivals need all the friends they can get.", "2024-05-02"]
[6.3046770095825195, 0.1764991283416748, "Briefing | The great regression\nThe world\u2019s economic order is breaking down\nCritics will miss globalisation when it is gone\n\nIN LATE APRIL, for the 75th time in a row, America blocked a mundane motion at the World Trade Organisation to fill vacancies on the panel that is the final arbiter of disputes among the group\u2019s members.", "2024-05-09"]
[5.384350299835205, -0.3443470597267151, "The relentless vetoes, obscure as they might sound, have in effect completely defanged the WTO for almost five years.", "2024-05-09"]
[4.882929801940918, -0.2832511365413666, "Members that are found to have violated its rules can simply appeal against the decision, to a panel that is not functioning for lack of personnel.", "2024-05-09"]
[4.812074184417725, -0.36536145210266113, "While the appeals moulder, the transgressions go unpunished.", "2024-05-09"]
[5.002758026123047, -0.5784279108047485, "Two years ago, at one of the WTO\u2019s biennial summits, members resolved to get the dispute-resolution mechanism up and running again by this year.", "2024-05-09"]
[4.18907356262207, -1.296684980392456, "At the latest summit, earlier this year, having failed to do so, they instead decided, without even a hint of irony, to \u201caccelerate discussions\u201d.", "2024-05-09"]
[5.542850494384766, -0.22365963459014893, "The dysfunction at the WTO is emblematic of a world where the institutions and rules intended to foster international trade and investment are falling into abeyance.", "2024-05-09"]
[4.7566752433776855, -0.07996124029159546, "Every day brings alarming new headlines.", "2024-05-09"]
[9.43715763092041, -3.3479607105255127, "The European Union, although supposedly both more supportive of free trade and more determined to reduce its greenhouse-gas emissions than other economic powers, is on the verge of imposing duties on Chinese electric vehicles.", "2024-05-09"]
[7.630335807800293, -4.071475505828857, "Last month EU officials raided a big Chinese security-equipment maker as part of a probe into subsidies.", "2024-05-09"]
[5.9949445724487305, -4.6087236404418945, "America recently imposed sanctions on more than 300 entities, including some in China and Turkey, for providing support to Russia\u2019s armed forces.", "2024-05-09"]
[5.566818714141846, -0.49540984630584717, "The proliferation of subsidies and sanctions is one of the most obvious signs of the unravelling of the \u201cinternational rules-based order\u201d, as policy wonks like to call it.", "2024-05-09"]
[5.987576961517334, -0.6313964128494263, "Institutions like the WTO were created to remove barriers to the movement of goods and capital and so foster trade and investment.", "2024-05-09"]
[4.651731491088867, 0.11531797796487808, "This process has gone into reverse, with the obstacles multiplying as the rules fray.", "2024-05-09"]
[6.588920593261719, 0.4274405837059021, "This unhappy regression\u2014call it deglobalisation, for want of a better term\u2014is beginning to become visible in the economic data, as investors reprice assets and redirect capital in a less integrated world.", "2024-05-09"]
[6.464245796203613, 0.11918854713439941, "Although these shifts have not yet had much impact on global living standards, they constitute a giant and alarming gamble: that the enormous reductions in poverty brought about by globalisation can continue without it.", "2024-05-09"]
[6.580561637878418, -0.38983476161956787, "In the aftermath of the second world war, the global economy was a Wild West.", "2024-05-09"]
[6.989786624908447, -0.7486266493797302, "Many countries imposed big tariffs on goods to build up domestic industry.", "2024-05-09"]
[6.974640369415283, -3.7053213119506836, "Capital controls were strict.", "2024-05-09"]
[7.578123092651367, 0.3330707252025604, "Governments regularly expropriated assets from foreign owners: it happened at least 260 times to American investors abroad between 1961 and 1975, according to an official report.", "2024-05-09"]
[7.002981662750244, -3.819643974304199, "Even when foreign investors were tolerated, they were not given the red-carpet treatment.", "2024-05-09"]
[5.970935821533203, -3.064866542816162, "Consider George Cohon, the McDonald\u2019s executive who led the effort to set up a branch of the fast-food chain in the Soviet Union in the 1970s and 1980s.", "2024-05-09"]
[6.989744663238525, -3.831333875656128, "Foreigners were forbidden from taking money out of the country, making it impossible for the firm to earn a return on its investment.", "2024-05-09"]
[6.508590221405029, -3.2023379802703857, "Its only option was to reinvest any profits within the Soviet Union and hope that the rules would change in the future.", "2024-05-09"]
[4.814078330993652, 0.16998310387134552, "Getting permission to open was also a slog.", "2024-05-09"]
[5.4805402755737305, -2.6590380668640137, "\u201cThis is a hamburger; this is an order of French fries,\u201d the late Mr Cohon recalled having to explain to surly bureaucrats in his memoir.", "2024-05-09"]
[4.8548359870910645, -1.963674545288086, "At one point he was made to wait in a hotel room for 17 days for a contract to be translated and typed up.", "2024-05-09"]
[6.41159200668335, -0.46683308482170105, "The end of the cold war, however, helped stitch the global economy together more tightly.", "2024-05-09"]
[6.205847263336182, -0.06766881048679352, "A consensus emerged, however fragile and reviled: that it was easier for economies to grow through integration than self-isolation.", "2024-05-09"]
[6.561278343200684, -3.124471664428711, "Governments abolished many capital controls (including the ones that prevented McDonald\u2019s from taking profits out of what had become Russia).", "2024-05-09"]
[6.248772144317627, -1.1602816581726074, "Many countries even surrendered some sovereignty to allow the emerging system to work better.", "2024-05-09"]
[5.836758136749268, -0.5242002010345459, "One of the reforms that accompanied the evolution of the General Agreement on Tariffs and Trade (GATT) into the WTO in 1995 was the creation of a binding mechanism to resolve trade disputes\u2014the one that America is now sabotaging.", "2024-05-09"]
[7.456540584564209, -3.326352119445801, "Politicians tried to court foreign investors like Cohon, rather than the other way round.", "2024-05-09"]
[6.216963768005371, -4.073284149169922, "This was always an incomplete process, in China in particular.", "2024-05-09"]
[7.937243938446045, -0.9525920748710632, "But flows of trade and investment soared.", "2024-05-09"]
[8.46645450592041, -1.083650827407837, "In recent years cross-border trade and investment have stopped growing (see charts 1 and 2).", "2024-05-09"]
[6.17998743057251, 0.1154794991016388, "Three big scourges are undermining globalisation: the proliferation of punitive economic measures of various sorts, the sudden vogue for industrial policy and the decay of global institutions.", "2024-05-09"]
[6.682501792907715, -0.9905722737312317, "The punitive measures do not typically take the form of higher tariffs.", "2024-05-09"]
[7.175105571746826, -1.0259721279144287, "Although a few big countries, such as America and India, have been raising them, tariffs remain low by historical standards\u2014and many governments continue to cut them.", "2024-05-09"]
[7.429757118225098, -0.9550334215164185, "In Canada and Japan average tariffs are still falling.", "2024-05-09"]
[7.184011936187744, -1.1075618267059326, "Australia recently abolished close to 500 tariffs unilaterally.", "2024-05-09"]
[6.2845869064331055, -0.3783600330352783, "There is little sign yet of the sort of tit-for-tat escalation that hobbled the world economy in the 1930s.", "2024-05-09"]
[6.443671703338623, -1.3919744491577148, "But the world\u2019s governments are imposing trade sanctions more than four times as often as they did in the 1990s, according to the Global Sanctions Database, a research outfit.", "2024-05-09"]
[5.901310920715332, -4.667452812194824, "Western governments have put hundreds of sanctions on Russia in retaliation for its invasion of Ukraine.", "2024-05-09"]
[7.130215644836426, -4.12139892578125, "America is placing ever more restrictions on China to thwart its technological ambitions, especially in semiconductors.", "2024-05-09"]
[7.310719013214111, -3.47102427482605, "Governments are also screening foreign investments more carefully and often barring investments in \u201cstrategic\u201d companies.", "2024-05-09"]
[7.586634159088135, -3.5444610118865967, "\u201cThe number of FDI regimes and regulatory enhancements is growing around the world, particularly in Europe,\u201d according to White & Case, a law firm.", "2024-05-09"]
[7.348320007324219, -2.1384119987487793, "In America in 2022 (the latest official data) the Committee on Foreign Investment in the United States closely scrutinised 286 proposed deals, up from just 97 in 2013.", "2024-05-09"]
[7.830743312835693, -4.287164211273193, "The British government recently approved the sale of the country\u2019s largest chipmaking facility to an American firm, after blocking a bid from a Chinese-owned entity.", "2024-05-09"]
[6.837827205657959, -4.287744522094727, "A senior Canadian minister has boasted that his government has blocked a number of Chinese bids for mining companies, saying that the move had gone down \u201cvery well\u201d with the American authorities.", "2024-05-09"]
[7.511380672454834, 0.30634254217147827, "Other countries are going to greater extremes and actually expropriating assets.", "2024-05-09"]
[8.39633560180664, -2.4623520374298096, "Earlier this year Mexico\u2019s government ordered the seizure of a hydrogen plant belonging to a French firm.", "2024-05-09"]
[7.161576747894287, 0.3573996424674988, "In March lawmakers in South Africa voted to confiscate land without compensation when it is in the national interest.", "2024-05-09"]
[9.015887260437012, -3.652264356613159, "A year ago Chile announced plans to expand the government\u2019s role in the lithium industry markedly.", "2024-05-09"]
[4.540605545043945, -4.415158271789551, "Russia\u2019s defenders complain that Western governments are discussing plans to expropriate Russian assets held abroad and divert the proceeds to help Ukraine.", "2024-05-09"]
[6.8158745765686035, -0.3183582127094269, "The second big change is the rise of industrial policy.", "2024-05-09"]
[8.799827575683594, -3.100827693939209, "Politicians are frantically competing to build up domestic supply chains and local industries\u2014not in coal and steel, as in the post-war period, but in clean energy, electric vehicles and computer chips.", "2024-05-09"]
[7.294159412384033, -0.8892092108726501, "By one count governments around the world adopted over 1,500 policies to promote specific industries in both 2021 and 2022, compared with almost none in the early 2010s.", "2024-05-09"]
[8.772368431091309, -3.5190694332122803, "On the fiscal side, America is funnelling billions of dollars to favoured firms to boost production of clean energy and computer chips.", "2024-05-09"]
[8.709754943847656, -3.5767717361450195, "Last month TSMC, a chipmaker that has been promised vast state funding, announced that construction of a big new plant in Arizona was on track.", "2024-05-09"]
[8.590506553649902, -3.326538324356079, "Well-funded schemes to boost domestic manufacturing include \u201cMade in Europe\u201d, \u201cMake in India\u201d and \u201cA Future Made in Australia\u201d.", "2024-05-09"]
[7.139797210693359, -1.5709114074707031, "Canada\u2019s government dubbed last year\u2019s budget its \u201cMade-in-Canada plan\u201d.", "2024-05-09"]
[6.637401580810547, -1.241728663444519, "It is in subsidies, rather than tariffs, that a tit-for-tat escalation is occurring.", "2024-05-09"]
[6.610191345214844, -1.4964380264282227, "A new paper published by the IMF finds a 74% probability that a subsidy for a given product in a big economy is met with a subsidy for the same product from another big economy within a year.", "2024-05-09"]
[5.116340637207031, 0.1292792111635208, "The third change relates to global institutions, which are a shadow of their former selves.", "2024-05-09"]
[7.0379958152771, 0.3630548417568207, "The IMF used to have almost exclusive power to resolve poor countries\u2019 debt problems.", "2024-05-09"]
[7.64889669418335, 0.11423119157552719, "But with the rise of alternative creditors such as China and India, it is finding that job more difficult.", "2024-05-09"]
[4.369474411010742, -0.6206941604614258, "Each part of a debt restructuring, including steps that were once formalities, are often now subject to protracted negotiations.", "2024-05-09"]
[7.521899223327637, 0.4363947808742523, "A growing number of countries, especially in sub-Saharan Africa, are nearly or already unable to service their debts.", "2024-05-09"]
[4.774062633514404, 0.18201763927936554, "Yet resolving such crises is proving almost impossible.", "2024-05-09"]
[5.624260902404785, 0.16001397371292114, "The IMF has also changed from within.", "2024-05-09"]
[5.456760406494141, 0.2651282548904419, "The organisation, chastened by widespread complaints that its policy prescriptions were too harsh in the 1980s and 1990s, now devotes growing attention to questions of climate change and inequality at the expense of its overarching mission of instilling sound macroeconomic management.", "2024-05-09"]
[6.125518321990967, 0.20332258939743042, "In the latest edition of its flagship annual publication, the \u201cWorld Economic Outlook\u201d, the word \u201creform\u201d appears 63 times, compared with 171 times in the edition of 30 years ago.", "2024-05-09"]
[5.560690402984619, -0.20241259038448334, "The most moribund multilateral institution, however, is the WTO.", "2024-05-09"]
[5.791382312774658, -0.3761330544948578, "Since the collapse of a 14-year-long negotiation in 2015, all talk of expanding free trade or deepening protections for it has fallen by the wayside.", "2024-05-09"]
[6.191630840301514, -0.8973673582077026, "This year\u2019s summit only just managed to extend a moratorium that, had it lapsed, could have seen countries imposing tariffs on cross-border transfers of data, including software and music.", "2024-05-09"]
[6.308669567108154, -0.7877722978591919, "With the appeals process frozen, governments can adopt capricious policies with little fear of censure.", "2024-05-09"]
[7.123098373413086, -0.248676136136055, "In the past year an index of \u201ctrade-policy uncertainty\u201d, produced by economists at the Federal Reserve, has been nearly twice as high as the long-run average.", "2024-05-09"]
[4.985593795776367, 0.08266133815050125, "The effects of these three scourges are predictably grim.", "2024-05-09"]
[7.150267124176025, -0.017939912155270576, "An index that tracks references to economic uncertainty in prominent publications is at twice its average level from 1997 to 2015.", "2024-05-09"]
[7.1256232261657715, 0.20777790248394012, "Not only has global trade in goods stagnated; the same problem now afflicts services, too.", "2024-05-09"]
[8.543254852294922, -1.007216453552246, "Cross-border investment is in retreat, as well, as a share of global gdp.", "2024-05-09"]
[8.601509094238281, -0.7933432459831238, "Both long-term (direct) and short-term (portfolio) flows are well below their peaks.", "2024-05-09"]
[7.610026836395264, -0.3915035128593445, "Companies are retrenching, to avoid geopolitical rifts in particular.", "2024-05-09"]
[8.563169479370117, -1.1884788274765015, "The share of American corporate profits coming from abroad is falling fast.", "2024-05-09"]
[7.406072616577148, -3.2562415599823, "Western law firms and banks are pulling out of China.", "2024-05-09"]
[5.88203239440918, -3.2233476638793945, "After Russia\u2019s invasion of Ukraine in 2022, McDonald\u2019s quit the Russian market.", "2024-05-09"]
[6.080112934112549, -3.0819058418273926, "A new Russian-owned restaurant, \u201cDelicious, full stop\u201d, has taken over many of the American chain\u2019s outlets.", "2024-05-09"]
[6.100996494293213, -3.0726499557495117, "(As if to bear out Cohon\u2019s proselytising about the benefits of globalisation, the new restaurant has received poor reviews.", "2024-05-09"]
[8.005644798278809, -0.20448444783687592, ")\n \nThose investors still willing to venture abroad expect a higher rate of return.", "2024-05-09"]
[7.896091938018799, -0.22868341207504272, "The Economist analysed data published by the Federal Reserve on stocks and flows of cross-border investment.", "2024-05-09"]
[8.187853813171387, 0.1207711398601532, "For years the gap between American investors\u2019 returns abroad and that on risk-free Treasury bonds was shrinking, suggesting that the world was becoming a safer place.", "2024-05-09"]
[5.0313873291015625, 0.1612211912870407, "But in recent years the gap has widened again, pointing to growing global instability (see chart 3) .", "2024-05-09"]
[6.696190357208252, 0.3688543438911438, "Another sign of deglobalisation comes from relative prices\u2014how similar prices are for the same goods and services in different places.", "2024-05-09"]
[6.933883190155029, -0.3468720614910126, "In a seamless market, variation should be small as firms and consumers seek out the best deals and incomes in poorer areas catch up with richer ones.", "2024-05-09"]
[7.994025707244873, -0.9402920007705688, "Before the pandemic average prices in Britain\u2019s costliest region were only about 10% higher than in its cheapest, for instance.", "2024-05-09"]
[8.140389442443848, -0.9085785150527954, "For years the variation in relative prices around the world was declining, signalling a convergence.", "2024-05-09"]
[4.814824104309082, 0.21321925520896912, "But in recent years progress has stopped or even gone into reverse (see chart 4).", "2024-05-09"]
[6.110347747802734, -0.06471743434667587, "Admittedly, economists\u2019 dream of a single global market was always a distant prospect.", "2024-05-09"]
[6.823492527008057, 0.1799933761358261, "Some services are hard to trade\u2014a lawyer or barber in Rome will struggle to attract customers from Auckland\u2014meaning that prices are unlikely ever to converge fully.", "2024-05-09"]
[6.213235855102539, 0.19471943378448486, "But growing global variation suggests that the world economy is atomising rather than integrating.", "2024-05-09"]
[6.39833402633667, 0.22330297529697418, "The reduced efficiency that this entails does not seem to bother the many politicians who are embracing deglobalisation.", "2024-05-09"]
[6.846154689788818, -0.3909980356693268, "So far the economic damage has been limited.", "2024-05-09"]
[8.062088966369629, -1.0080950260162354, "Last year global GDP grew by a respectable 3%.", "2024-05-09"]
[8.032313346862793, -1.785885214805603, "Some of the countries that have embraced isolationism most enthusiastically, including America and India, are growing especially quickly.", "2024-05-09"]
[6.640992641448975, 0.31482037901878357, "That has prompted some to argue that deglobalisation will actually boost growth.", "2024-05-09"]
[6.910787105560303, -0.13088537752628326, "The golden age of globalisation caused an unprecedented decline in global poverty.", "2024-05-09"]
[8.43975830078125, -1.2992700338363647, "The number of Chinese living in extreme deprivation, for instance, has fallen from 800m to almost zero.", "2024-05-09"]
[7.742156505584717, -0.6225630640983582, "\u201cStarting around 1990, developing economies began to grow more rapidly and catch up to the higher income levels enjoyed by advanced economies,\u201d says Douglas Irwin of Dartmouth College.", "2024-05-09"]
[8.324723243713379, -0.9339699149131775, "Research published in March suggests that inequality within countries has declined, too.", "2024-05-09"]
[6.232237815856934, 0.3158908784389496, "Moving away from global integration thus presents a massive risk to the world\u2019s poor, in particular.", "2024-05-09"]
[6.390560150146484, 0.40033507347106934, "Nonetheless, politicians appear wedded to deglobalisation, which they see as a means to secure a slice of \u201cthe industries of the future\u201d.", "2024-05-09"]
[8.304925918579102, -2.843796730041504, "Narendra Modi, who is about to be re-elected as India\u2019s prime minister, is spending vast sums on a \u201cproduction-linked incentives\u201d scheme to boost its share of global manufacturing.", "2024-05-09"]
[9.209159851074219, -3.4929070472717285, "China\u2019s leaders, meanwhile, are spending a fortune to strengthen their country\u2019s position as the global leader in clean energy and electric vehicles.", "2024-05-09"]
[6.493052959442139, -1.817641019821167, "Donald Trump, who may win a second term as America\u2019s president in November, is mulling a 60% tariff on all Chinese goods.", "2024-05-09"]
[5.304450511932373, -1.821469783782959, "He may well revive an old threat to quit the WTO altogether.", "2024-05-09"]
[3.8750522136688232, -2.690730333328247, "Joe Biden, the incumbent, is only slightly better.", "2024-05-09"]
[8.46787166595459, -1.956268548965454, "He is convinced that subsidies can turn a services-dominated economy back into a manufacturing powerhouse.", "2024-05-09"]
[5.522204875946045, -1.0389636754989624, "The EU, for its part, wants the WTO to allow space for industrial policy in future trade deals.", "2024-05-09"]
[5.532867908477783, -3.170210838317871, "At the same time tensions between the West and China make economic warfare ever more likely, even as they reduce the chance of meaningful reform to global institutions.", "2024-05-09"]
[6.495295524597168, 0.4729136824607849, "As deglobalisation gathers pace, its true costs are likely to become clear.", "2024-05-09"]
[4.7460455894470215, -2.658773899078369, "Leaders | Biden\u2019s baleful barriers\nAmerica\u2019s 100% tariffs on Chinese EVs: bad policy, worse leadership\nThe global trade system is disintegrating as you read this\n\n \nAlthough it is unfashionable to say so these days, one of the great accomplishments of the past half-century was the remarkable decrease in global tariffs.", "2024-05-15"]
[7.632429122924805, -0.9095199704170227, "This reduction, from average levies on imports of more than 10% in the 1970s to 3% today, helped fuel a boom in international commerce and a near-tripling in global GDP per person.", "2024-05-15"]
[7.642391204833984, -1.7198411226272583, "The more that countries opened up, the more they flourished.", "2024-05-15"]
[9.462440490722656, -3.19766902923584, "So it is deeply regrettable that President Joe Biden has decided to impose tariffs of 100% on electric vehicles (EVs) made in China.", "2024-05-15"]
[6.345935821533203, -0.26122963428497314, "Because trade benefits consumers broadly, but harms specific workers and companies that are able to organise resistance, it has always carried political costs.", "2024-05-15"]
[6.774608612060547, 0.3995804190635681, "Today those costs loom large in politicians\u2019 minds.", "2024-05-15"]
[5.838674068450928, -1.1708742380142212, "The consensus required to underpin an open trading system is disintegrating, a process accelerated by the fact that China is not playing fair, as well as the rise of Donald Trump\u2019s America-first vision.", "2024-05-15"]
[6.641883373260498, -1.168606162071228, "Politicians in America from both parties argue that they need to increase tariffs on a wide range of goods.", "2024-05-15"]
[8.316140174865723, -3.3845670223236084, "China is heavily subsidising its manufacturers, giving them an edge in global markets.", "2024-05-15"]
[9.400489807128906, -3.2091126441955566, "And, they add, the security risk of letting in Chinese cars is too great, since EVs are easily tracked and monitored.", "2024-05-15"]
[4.546422004699707, 0.20691445469856262, "There is something to these concerns.", "2024-05-15"]
[6.099708080291748, -1.1366783380508423, "But Mr Biden\u2019s tariffs are a blunt tool for dealing with them and will bring underappreciated economic harms to America and the world.", "2024-05-15"]
[4.23993444442749, -0.10415591299533844, "Return, for a moment, to first principles.", "2024-05-15"]
[6.285502910614014, -0.552697479724884, "As David Ricardo laid out more than two centuries ago and experience has since shown, it makes sense for governments to open their borders to imports even when others throw up barriers.", "2024-05-15"]
[7.52822208404541, -1.3300037384033203, "Residents in the liberalising country enjoy lower prices and greater variety, while companies focus on what they are best at producing.", "2024-05-15"]
[6.769654273986816, -0.640045166015625, "By contrast, tariffs coddle inefficient firms and harm consumers.", "2024-05-15"]
[9.167387962341309, -2.48138427734375, "America learned this the hard way in the 1980s, when Japanese carmakers\u2014in Washington\u2019s crosshairs\u2014agreed to quotas, driving up their prices in America.", "2024-05-15"]
[9.462469100952148, -2.650773525238037, "The \u201cbig three\u201d carmakers continued to churn out clunkers.", "2024-05-15"]
[8.03762149810791, -3.655613899230957, "Today\u2019s American firms fear competition from BYD\u2019s Seagull, some versions of which cost less than $10,000 in China.", "2024-05-15"]
[9.43654727935791, -2.656680107116699, "Now, they can sell inferior cars for three times the price.", "2024-05-15"]
[9.453020095825195, -3.170149087905884, "This gives American motorists little incentive to switch to greener wheels, as Mr Biden says he wants them to.", "2024-05-15"]
[7.357285976409912, -2.099604368209839, "You might argue that tariffs were inevitable, because America\u2019s green subsidies would otherwise flow to Chinese firms.", "2024-05-15"]
[5.810090065002441, 0.1772594302892685, "That is true, but it shows how one inefficient policy leads to the next.", "2024-05-15"]
[5.954300880432129, -1.5842972993850708, "Even less excusable is how the Biden administration went about imposing its tariffs.", "2024-05-15"]
[6.165907859802246, -0.4485972821712494, "Governments are rightly keen to manage the political costs of trade.", "2024-05-15"]
[6.315786361694336, -0.5265305638313293, "That is why the rules-based trading system has mechanisms against unfair competition.", "2024-05-15"]
[6.589785099029541, -0.4522605240345001, "Although economists welcome cheap imports, politicians can fight back if they worry that an influx would hurt specific industries and towns.", "2024-05-15"]
[6.673863410949707, -0.6982166171073914, "Since the second world war, America has generally used the power of example to establish the trade-off between economic efficiency and political reality.", "2024-05-15"]
[6.661689281463623, -1.3133093118667603, "The latest tariffs reject such mechanisms.", "2024-05-15"]
[9.356481552124023, -3.092313528060913, "The administration could have set out how Chinese EVs had gained from huge subsidies and then hit them with calibrated countervailing duties.", "2024-05-15"]
[5.412118911743164, -0.02814820408821106, "It could have documented the security threat it claims they pose, rather than offering scary conjectures.", "2024-05-15"]
[6.3783698081970215, -2.0931828022003174, "Instead, it covered its protectionist aims with a fig-leaf: the new tariffs were put on top of Mr Trump\u2019s, which were themselves originally justified by China\u2019s theft of American technology.", "2024-05-15"]
[9.512824058532715, -3.2720158100128174, "The real fear about Chinese EVs today is not that they are stealing from America, but that they have left American cars in the dust.", "2024-05-15"]
[4.517697811126709, -1.0242363214492798, "America\u2019s blatant disdain for the need to make a rigorous case has dangerous consequences.", "2024-05-15"]
[6.831656455993652, -0.16881771385669708, "At home it invites more firms to seek protection.", "2024-05-15"]
[6.678947925567627, -1.6178114414215088, "Republicans and Democrats are already vying to offer the steepest barriers: Mr Trump has warned that he will put tariffs of 200% on cars made by Chinese-owned plants in Mexico.", "2024-05-15"]
[6.820878982543945, -2.7754008769989014, "Abroad, protectionists will follow suit as China exports its surplus around the world, dealing another blow to the trading system that America once championed.", "2024-05-15"]
[9.509919166564941, -3.2159178256988525, "Brazil is increasing tariffs on EVs and the European Union may soon do so, too.", "2024-05-15"]
[6.3925580978393555, 0.05951334163546562, "America is still leading global trade policy\u2014but in the wrong direction.", "2024-05-15"]
[5.955567836761475, -0.9934176206588745, "|Delhi\n\nFinance & economics | The art of the deal\nRumours of the trade deal\u2019s death are greatly exaggerated\nPlenty of countries are in a dealmaking rush\n\n \nIn some parts of the world, not least America\u2019s capital, \u201ctrade\u201d is a dirty word.", "2024-06-13"]
[5.499160289764404, -1.6257294416427612, "Both Donald Trump and Joe Biden now champion protectionism, and neither president signed a single new trade deal.", "2024-06-13"]
[5.6062092781066895, -0.3081321120262146, "The World Trade Organisation (WTO) is a shell of its former self.", "2024-06-13"]
[5.78073263168335, -0.927014172077179, "So you might think that trade deals are history\u2014but in fact, from South Asia to Latin America, dealmaking continues apace.", "2024-06-13"]
[5.872054576873779, -0.49764150381088257, "To understand the new landscape, start with the birth of the modern trade deal.", "2024-06-13"]
[6.58953332901001, -0.43625712394714355, "The first half of the 20th century saw escalating tariffs and two world wars.", "2024-06-13"]
[5.908483982086182, -0.574103057384491, "Then, in 1948, the General Agreement on Tariffs and Trade (GATT) was signed in an effort to temper zero-sum competition.", "2024-06-13"]
[5.674666404724121, -0.48449277877807617, "The construction of the World Trade Organisation (WTO), which formalised continuous negotiations, followed in 1995.", "2024-06-13"]
[5.960094928741455, -0.8781176805496216, "One of its core principles is the \u201cmost-favoured nation\u201d clause: if you change tariffs on one country, you must do so for all the others, too.", "2024-06-13"]
[5.947754383087158, -0.7247663736343384, "The one exception is the free-trade agreement (FTA), through which countries can gain access to each others\u2019 markets by cutting tariffs and aligning standards.", "2024-06-13"]
[5.760259628295898, -1.1028202772140503, "Such deals proliferated after the fall of the Soviet Union, with an average of 13 a year struck in the 2000s (see chart 1).", "2024-06-13"]
[6.152318477630615, -3.8691916465759277, "That was until China\u2019s rise led many to rethink the system.", "2024-06-13"]
[5.723867416381836, -1.7889775037765503, "The WTO was accused of ignoring China\u2019s distortive trade practices, and Mr Trump blocked new appointments to the WTO\u2019s dispute-settlement committee, in effect defanging the organisation (a practice that Mr Biden has continued).", "2024-06-13"]
[5.42629337310791, -0.6608059406280518, "All the while new FTAs have become rarer, with just three signed in 2023.", "2024-06-13"]
[6.089580535888672, -0.6207812428474426, "Yet despite the headline numbers, interest in strengthening trade links is not dead.", "2024-06-13"]
[5.636505126953125, -0.887784481048584, "Dmitry Grozoubinski, the author of \u201cWhy Politicians Lie about Trade\u201d and a former trade negotiator, observes that dealmaking is slowing in part because countries have signed so many already.", "2024-06-13"]
[5.242651462554932, -0.665177047252655, "With 370 deals currently in force, there are few new potential partners left to court.", "2024-06-13"]
[4.359200477600098, -1.2282342910766602, "Meanwhile, some countries are actively pursuing negotiations.", "2024-06-13"]
[6.245344161987305, -1.5428067445755005, "Data from the WTO show that eight major economies\u2014Australia, China, the EU, India, Indonesia, Israel, South Korea and Turkey\u2014have each put at least three new trade deals into force in the past five years (see chart 2).", "2024-06-13"]
[4.604368209838867, -0.8017688989639282, "Different governments are pursuing different strategies.", "2024-06-13"]
[5.3017354011535645, -1.1735023260116577, "The EU has been striking \u201ceverything deals\u201d, with chapters covering both trade and topics ranging from climate to gender.", "2024-06-13"]
[6.98308801651001, -2.1448395252227783, "India is pursuing more targeted and streamlined deals.", "2024-06-13"]
[5.326145648956299, -1.382793664932251, "It took less than a year to complete one with the United Arab Emirates, signed in 2022.", "2024-06-13"]
[5.4644646644592285, -1.1598552465438843, "A deal with Australia, also signed in 2022, avoided many of the extra provisions the EU is keen on.", "2024-06-13"]
[8.102152824401855, -2.9239771366119385, "A third, with a bloc comprising Iceland, Liechtenstein, Norway and Switzerland, created targets for these countries to invest $100bn in India and create 1m jobs.", "2024-06-13"]
[6.0132317543029785, -1.0570636987686157, "If these are not met, India can renege on some of its tariff cuts.", "2024-06-13"]
[6.317284107208252, -1.477777361869812, "India\u2019s approach, says one of its government\u2019s former trade economists, has been to sign deals that open up complementary sectors in each country, to avoid hurting existing exporters.", "2024-06-13"]
[7.705926895141602, -3.166567802429199, "Many emerging economies\u2019 interest in new deals stems from a desire to attract businesses that want to be less exposed to China.", "2024-06-13"]
[5.754019737243652, -0.7897809743881226, "\u201cThe less people trust your system, the more signing trade deals can lock in elements of your business climate and provide investors [with] certainty,\u201d observes Mr Grozoubinski.", "2024-06-13"]
[5.823348045349121, -2.092665195465088, "He points to the Gulf states as especially active in this regard.", "2024-06-13"]
[4.904654502868652, -2.1438331604003906, "The Gulf Cooperation Council (GCC) has recently signed deals with South Korea and Pakistan, and is negotiating with Britain and China.", "2024-06-13"]
[4.749728202819824, -1.5444916486740112, "\u201cThe Emirates, Saudi, the GCC\u2026they\u2019re in negotiations with\u2026nearly everybody,\u201d Mr Grozoubinski says.", "2024-06-13"]
[5.877645969390869, -0.7119224071502686, "Alongside such traditional deals, trade policies that skirt the typical FTA framework are becoming more important.", "2024-06-13"]
[5.701973915100098, -0.5522546768188477, "For many countries, \u201cthere\u2019s a sense that the WTO is not doing it for them, that FTAs can be too much work and attract too much attention\u201d, says Kathleen Claussen of Georgetown University.", "2024-06-13"]
[6.47674036026001, -0.7365883588790894, "Average WTO tariff levels are already less than 10% globally, so \u201cthere\u2019s not much juice left to squeeze,\u201d she adds.", "2024-06-13"]
[5.923288345336914, -1.2682139873504639, "Even Uncle Sam has been quietly forging new trade links.", "2024-06-13"]
[5.6991801261901855, -0.8808069229125977, "Under-the-radar \u201cmini-deals\u201d focus on non-tariff barriers and do not go to Congress for approval (though many such deals are not legally enforceable).", "2024-06-13"]
[5.7488017082214355, -0.9666861295700073, "A common approach is the mutual recognition agreement, under which countries promise to rubber-stamp products certified by each other\u2019s regulators.", "2024-06-13"]
[5.63959264755249, -1.095122218132019, "In a paper published in 2022, Ms Claussen counted some 1,200 mini-deals on America\u2019s books.", "2024-06-13"]
[4.5801286697387695, -2.553046703338623, "The same year Mr Biden unveiled the Indo-Pacific Economic Framework\u2014not a trade deal, but what American officials call an \u201carrangement\u201d.", "2024-06-13"]
[5.526646137237549, -0.7909631133079529, "Mini-deals can plug gaps in domestic policy.", "2024-06-13"]
[6.4914937019348145, -1.6164560317993164, "America\u2019s Inflation Reduction Act included exceptions to its \u201cMade in America\u201d requirement for subsidies, for countries with which it has an FTA, but neglected to include important allies such as Japan and the EU.", "2024-06-13"]
[6.326186656951904, -2.5868074893951416, "So America later signed a \u201ccritical minerals agreement\u201d with Japan and classified it as an FTA, despite the deal hardly resembling one.", "2024-06-13"]
[5.672183513641357, -0.7882228493690491, "\u201cMini-deals are sort of becoming a form of insurance against protection,\u201d says Mr Grozoubinski.", "2024-06-13"]
[5.227320671081543, -1.1306993961334229, "Negotiations for a similar deal are under way with the EU.", "2024-06-13"]
[5.743492603302002, -0.97219318151474, "Other countries are using mini-deals, too.", "2024-06-13"]
[6.065877914428711, -0.7504734992980957, "Japan has an expedited process for passing trade policy that does not alter domestic law, as does the EU.", "2024-06-13"]
[5.50231409072876, -0.9758927226066589, "A paper by Lucian Cernat of the European Commission, published in 2023, counts some 2,000 mini-deals struck by the EU since 1962, dwarfing the 40-odd FTAs it has in force.", "2024-06-13"]
[6.3274993896484375, -0.44991758465766907, "Such deals can have a significant macroeconomic impact.", "2024-06-13"]
[6.280552864074707, -0.9498039484024048, "Another paper by Mr Cernat observes that mutual recognition agreements have historically boosted exports of affected products by between 15% and 40%, more than many FTAs.", "2024-06-13"]
[5.47052001953125, -1.223685622215271, "America and the EU are negotiating an agreement that would cut certification costs by more than the cost of many tariffs, and would affect some $200bn in annual trade flows, far more than the total affected by FTAs between the EU and many smaller countries.", "2024-06-13"]
[5.806188106536865, -0.7421164512634277, "In much of the world, non-traditional deals are likely only to grow in importance owing to the rise of the digital economy, says Devon Whittle, a former trade negotiator for Australia.", "2024-06-13"]
[7.0143609046936035, -4.324172019958496, "A health-care firm operating across borders, for instance, may face many different data-privacy rules that are hard even to catalogue.", "2024-06-13"]
[6.226706504821777, -0.5500501394271851, "Removing such barriers is a huge part of modern trade negotiations, and does not require an FTA.", "2024-06-13"]
[7.450308322906494, -4.433788299560547, "In recent years, countries including America, Japan and Singapore have pursued standalone deals for digital services.", "2024-06-13"]
[5.734384059906006, -0.7739432454109192, "Some would like to formalise the new system of targeted deals that often skirt the WTO.", "2024-06-13"]
[5.202724456787109, -2.2551445960998535, "A recent essay by Peter Harrell, a former official in Mr Biden\u2019s administration, argues for sectoral agreements in which like-minded economies strengthen supply-chain links to reduce their dependence on adversaries.", "2024-06-13"]
[7.346828937530518, -0.4699810743331909, "This would supercharge what is already happening through some mini-deals in fashion today.", "2024-06-13"]
[5.971864223480225, -0.7286198735237122, "It might also violate WTO rules.", "2024-06-13"]
[4.495296001434326, -0.7324485182762146, "But as Mr Whittle says, \u201csome governments may be willing to push at the boundaries\u201d.", "2024-06-13"]
[4.730966567993164, -1.8210419416427612, "After all, if Mr Trump returns to the White House, plenty more rules will be broken anyway.", "2024-06-13"]
[7.623924255371094, -1.819492220878601, "Finance & economics | The Tijuana two-step\nHow Chinese goods dodge American tariffs\nPolicymakers are unsure what to do about a tricky loophole\n \n\nQueues of idle trucks trying to enter America are standard fare at Mexico\u2019s border.", "2024-06-27"]
[8.638768196105957, -2.285731554031372, "Recently, however, vehicles at the Otay Mesa crossing, which separates California and the city of Tijuana, have been lining up to get into Mexico.", "2024-06-27"]
[8.6702241897583, -2.5028021335601807, "The trucks do not travel far\u2014they offload their shipping containers in newly built warehouses just 15km south of the border.", "2024-06-27"]
[7.902346134185791, -1.8672144412994385, "The goods are then separated into thousands of small packages and driven back to America.", "2024-06-27"]
[7.4992475509643555, -1.6735864877700806, "Although such imports are made in China and purchased in America, no tariffs are paid.", "2024-06-27"]
[6.426284313201904, -1.786741852760315, "Call it the Tijuana two-step.", "2024-06-27"]
[7.468059539794922, -1.5096551179885864, "The two-step is a way in which some retailers make use of a loophole in American trade rules known as the \u201cde minimis\u201d exemption, which means \u201ctoo small to be trifled with\u201d and allows packages worth less than $800 to enter America without facing duties.", "2024-06-27"]
[7.510544776916504, -1.5140018463134766, "More than 1.4bn packages, worth at least $66bn, are expected to arrive under the exemption this year, up from 500m in 2019 (see chart 1).", "2024-06-27"]
[7.244096279144287, -1.6377265453338623, "The rule exposes flaws in Uncle Sam\u2019s tariff strategy: bricks-and-mortar retailers that import from China must pay duties, while their offshore rivals bypass them altogether.", "2024-06-27"]
[6.699110507965088, -1.1810104846954346, "Some legislators now want to close the loophole, a move that would hit poor Americans.", "2024-06-27"]
[6.801276683807373, -0.8868467807769775, "Congress created the exemption in the 1930s to reduce hassle for, among others, tourists bringing home souvenirs.", "2024-06-27"]
[7.032341480255127, -0.3514915108680725, "But Trump-era policies and the rise of e-commerce have made it more important.", "2024-06-27"]
[7.611365795135498, -1.4028195142745972, "In 2016 legislators lifted the threshold on packages from $200 to $800 to save on enforcement.", "2024-06-27"]
[8.47390079498291, -2.2239785194396973, "In 2018-19 they raised tariffs on Chinese products, increasing incentives to find a dodge.", "2024-06-27"]
[7.811834812164307, -1.5435984134674072, "During the covid-19 pandemic, American imports of cheap goods such as clothes and homeware, which often come in under the threshold, shot up.", "2024-06-27"]
[7.78114128112793, -1.5077661275863647, "Trade through the exemption\u2014mostly the regular import of small packages rather than any trickery\u2014is now so large it distorts national data.", "2024-06-27"]
[8.149090766906738, -2.079806089401245, "Seven in ten de minimis parcels arrive from China.", "2024-06-27"]
[8.40550422668457, -3.168081760406494, "Shein and Temu, two large online retailers with Chinese supply chains, alone account for three in ten.", "2024-06-27"]
[8.014212608337402, -1.8152403831481934, "Our calculations, based on China\u2019s share of de minimis imports, suggest that America\u2019s trade deficit in goods is 13% larger with China, and 5% larger with the world, than official numbers indicate.", "2024-06-27"]
[7.8958892822265625, -2.379570245742798, "This may help explain a growing puzzle in Sino-American trade statistics.", "2024-06-27"]
[8.214615821838379, -2.1775612831115723, "China says that it exports about $73bn more than America thinks it receives, and some economists believe the true gap may be more than $150bn.", "2024-06-27"]
[7.835916996002197, -1.6408387422561646, "Figures from America\u2019s Customs and Border Protection (CBP), a law-enforcement agency, suggest that at least $37bn of the gap comes from goods which fall under the $800 threshold.", "2024-06-27"]
[6.607886791229248, 0.3568499684333801, "The real de minimis tally may be bigger still.", "2024-06-27"]
[7.702942848205566, -1.5126309394836426, "CBP relies on values entered by foreign shippers, who lack both training and a reason to declare goods accurately.", "2024-06-27"]
[7.92587947845459, -1.5198851823806763, "An improbably high 16% of parcels claim to be valued at $1 or less, according to data from private carriers.", "2024-06-27"]
[7.7370123863220215, -1.592313528060913, "A Senate investigation in 2018 found that foreign-shipment data was often a \u201clong line of illogical letters and characters\u201d in place of information about the origin and value of parcels.", "2024-06-27"]
[7.672564506530762, -1.4737601280212402, "Some sellers exploit the threshold in ways other than simply posting parcels worth less than $800.", "2024-06-27"]
[5.927559852600098, 0.3456065356731415, "One option is to falsely declare a good\u2019s value.", "2024-06-27"]
[7.989455223083496, -1.9436476230621338, "Amit Khandelwal of Yale University and Pablo Fajgelbaum of the University of California, Los Angeles find that America receives 79% fewer shipments from China with reported values just above $800 than just below, compared with 24% fewer shipments from all other countries, which face lower duties (see chart 2).", "2024-06-27"]
[7.4574689865112305, -1.0041468143463135, "Although some of this may reflect consumers opting for cheaper items to avoid tariffs, it seems unlikely the whole difference does.", "2024-06-27"]
[7.758493900299072, -1.5952647924423218, "American authorities recently found that almost a tenth of parcels violated import rules, typically by falsely listing the content or value of imports.", "2024-06-27"]
[4.711096286773682, -0.7225624322891235, "A different approach is what CBP calls \u201cstructuring\u201d.", "2024-06-27"]
[7.734160423278809, -1.4566457271575928, "Senders split a high-value order from a single customer into multiple parcels that qualify as duty-free.", "2024-06-27"]
[7.60349702835083, -1.4968533515930176, "Many e-commerce platforms advise shoppers to split orders when a cart exceeds the $800 threshold, which is allowed so long as the orders are placed 24 hours apart.", "2024-06-27"]
[7.781315803527832, -1.821934700012207, "The Tijuana two-step is another crafty but not illegal workaround, in which containers land in America, before travelling in \u201cbonded\u201d lorries to Mexico, meaning the goods are treated as if they have not entered the country.", "2024-06-27"]
[7.9435954093933105, -1.8205187320709229, "Once they arrive at a Mexican distribution hub, they are split into smaller packages and sent back to America, arriving under the $800 threshold.", "2024-06-27"]
[7.6122589111328125, -1.354310154914856, "The manoeuvre saves sellers in the region of 6-12% a package, according to Divey Gulati of ShipBob, a logistics firm.", "2024-06-27"]
[6.786318302154541, -0.9366047978401184, "There are big winners from this tariff avoidance.", "2024-06-27"]
[8.425971031188965, -3.1179018020629883, "They include Chinese producers.", "2024-06-27"]
[6.974071979522705, -0.8509694337844849, "However, the avoidance also generates a windfall for American consumers.", "2024-06-27"]
[7.093921184539795, -1.1424208879470825, "Messrs Khandelwal and Fajgelbaum calculate that, absent the exemption, consumers would have paid $7.8bn more in tariffs in 2021.", "2024-06-27"]
[7.152822971343994, -0.9903705716133118, "Include fees and the fact that producers often cut prices just below the threshold to avoid tariffs, and consumers save $22bn a year, or $69 each.", "2024-06-27"]
[8.134244918823242, -2.8161325454711914, "Poor households benefit most as they are the biggest consumers of cheap Chinese goods.", "2024-06-27"]
[8.203393936157227, -1.8035176992416382, "Indeed, one in every two de minimis parcels from China lands in the poorest postcodes, compared with one in five for the richest.", "2024-06-27"]
[7.058629989624023, -1.6224788427352905, "Without the exemption, tariffs on China would be even more regressive.", "2024-06-27"]
[8.543755531311035, -2.4613966941833496, "Border towns, and those seeking employment within them, are another winner.", "2024-06-27"]
[8.703851699829102, -2.3296029567718506, "Although the number of commercial lanes at the Otay Mesa crossing has doubled over the past year, waiting times for trucks entering Mexico have risen, such is the level of demand.", "2024-06-27"]
[8.759596824645996, -2.551640033721924, "Firms are building warehouses fast.", "2024-06-27"]
[8.808579444885254, -2.644357204437256, "DHL, a freight company, has constructed 15 in Mexico since 2016.", "2024-06-27"]
[8.675220489501953, -2.3940813541412354, "Industrial floorspace on the American side of Otay Mesa, where packages are received before distribution, has grown by 45% since 2019.", "2024-06-27"]
[8.773255348205566, -2.5178332328796387, "Amazon, an online retailer, built 340,000 square metres of warehouses across Otay Mesa and Tijuana in 2021-22.", "2024-06-27"]
[4.148464202880859, -0.14406174421310425, "But there are also losers.", "2024-06-27"]
[7.6999664306640625, -1.6314300298690796, "The wave of de minimis parcels, mostly filled with cheap clothing, is hitting America\u2019s heavily protected textiles sector.", "2024-06-27"]
[8.66854476928711, -1.430967092514038, "Industry representatives say 18 cotton mills have shut since last summer.", "2024-06-27"]
[7.595528602600098, -1.6104974746704102, "Retailers with physical stores receive bulk shipments and thus cannot avoid border levies.", "2024-06-27"]
[7.311883449554443, -1.7173128128051758, "For example, retailers importing t-shirts from China must pay a 16.5% duty, 7.5% in China-specific tariffs, as well as brokerage and customs fees.", "2024-06-27"]
[7.89232873916626, -1.3038259744644165, "That, in part, explains how Shein is able to list women\u2019s fashion items at 39-60% cheaper on average than H&M, a rival clothes retailer.", "2024-06-27"]
[7.599413871765137, -1.5731614828109741, "H&M paid $205m in import duties in 2022; Gap, a rival, paid $700m.", "2024-06-27"]
[7.261849403381348, -1.3577486276626587, "By contrast, Shein and Temu paid no import duties, according to a recent congressional report.", "2024-06-27"]
[6.491098403930664, -0.5959382653236389, "Some firms, including Shein, say they want rules enforcing more transparency for de minimis shipments, but the exemption to remain.", "2024-06-27"]
[5.996321201324463, -3.990015983581543, "For its part, China shows no signs of relenting.", "2024-06-27"]
[7.712036609649658, -2.2018649578094482, "In May the country\u2019s cabinet passed a resolution announcing its desire to \u201cexpand exports via cross-border e-commerce and advance the development of overseas warehousing\u201d.", "2024-06-27"]
[6.548243045806885, -0.41050058603286743, "The de minimis exemption is crucial to this strategy.", "2024-06-27"]
[7.443894386291504, -1.5184780359268188, "Without it, average tariffs on Chinese parcels worth less than $800 would jump from zero to 15%, as well as a fixed charge.", "2024-06-27"]
[4.610088348388672, -0.8367642760276794, "All this is causing anxiety in America.", "2024-06-27"]
[7.279834270477295, -1.5845990180969238, "In May CBP suspended several brokers from a programme designed to speed up shipments.", "2024-06-27"]
[7.752387523651123, -1.8584768772125244, "Foreign shippers are now made to declare contents before packages reach American shores.", "2024-06-27"]
[7.453597545623779, -1.4578328132629395, "A broker notes that some shipments which disclose scant data on their prices are now being delayed by a few days as CBP steps up inspections.", "2024-06-27"]
[7.741146087646484, -1.8211851119995117, "In future, shippers may be required to provide a product webpage so that the American authorities are able to verify the prices of the goods in question.", "2024-06-27"]
[6.787987232208252, -0.935782253742218, "Congress is working on one bill to close the loophole by removing tariffed goods from de minimis eligibility.", "2024-06-27"]
[7.120089054107666, -1.8504823446273804, "Another bill would have America simply match its trading partners\u2019 de minimis thresholds (China\u2019s is set at 50 yuan, or $7).", "2024-06-27"]
[4.570639133453369, -1.7589815855026245, "Any move would probably come after November\u2019s presidential election.", "2024-06-27"]
[4.055687427520752, -0.2745034694671631, "Neither option is particularly attractive.", "2024-06-27"]
[6.762648105621338, -0.7719205617904663, "Getting rid of the de minimis exemption would punish America\u2019s poorest consumers and raise prices at a time when policymakers are doing their best to cool them.", "2024-06-27"]
[7.016183853149414, -1.8301918506622314, "Yet leaving the loophole in place gives China something akin to a free-trade deal on low-value goods, while taxing American retailers\u2014an approach that is almost comically at odds with the rest of Uncle Sam\u2019s trade policy.", "2024-06-27"]
[5.623857498168945, -1.7163041830062866, "The Tijuana two-step has America in a muddle.", "2024-06-27"]
[9.525269508361816, -3.453895330429077, "|Shanghai\n\nBusiness | Tit for tat, not Tesla\nThe EV trade war between China and the West heats up\nBut Elon Musk\u2019s carmaker is somehow escaping the worst of it\n\nIN the TRADE war between the West and China, a battle over electric vehicles (evs) has begun.", "2024-07-10"]
[9.43628215789795, -3.1521735191345215, "In May, as part of a broader volley against Chinese tech, America slapped a 100% duty on Chinese evs.", "2024-07-10"]
[9.530049324035645, -3.2990477085113525, "On July 2nd Canada launched a consultation on what it called \u201cunfair Chinese trade practices\u201d in the EV industry.", "2024-07-10"]
[9.51077651977539, -3.2175073623657227, "Three days later a provisional tariff of up to 37.6% on Chinese EVs took effect in the EU.", "2024-07-10"]
[6.0092339515686035, -4.143551826477051, "On July 10th, days after the symbolic swipe of opening an anti-dumping probe into European brandy, China\u2019s ministry of commerce signalled it will not take the assault lying down.", "2024-07-10"]
[5.607316493988037, -1.0348252058029175, "It says it will study whether the EU\u2019s tariffs create barriers to free trade.", "2024-07-10"]
[9.192161560058594, -3.037470817565918, "Western car companies with large Chinese businesses fear getting caught in the crossfire.", "2024-07-10"]
[4.333440780639648, -1.1322964429855347, "They would join earlier casualties of the intensifying conflict.", "2024-07-10"]
[7.116013050079346, -4.334086894989014, "Chinese government agencies have been told to tear out software and hardware made by American firms such as IBM, Microsoft and Oracle, ostensibly on national-security grounds.", "2024-07-10"]
[7.555717468261719, -4.958477973937988, "Some officials have even been told not to buy Apple\u2019s iPhones.", "2024-07-10"]
[9.460990905761719, -3.4012770652770996, "The most obvious target for China in EV tit-for-tat is Tesla.", "2024-07-10"]
[9.476410865783691, -3.3433804512023926, "America\u2019s EV pioneer has a huge presence in China and is constantly vying with BYD, a local rival, to be the world\u2019s top maker of battery-powered cars.", "2024-07-10"]
[9.538832664489746, -3.49027681350708, "And yet, far from being the big loser from the tariff spat, Tesla appears to be notching one win after another in China.", "2024-07-10"]
[9.482451438903809, -3.573424816131592, "In April its boss, Elon Musk, struck a deal to use a local firm\u2019s mapping data for a new self-driving system.", "2024-07-10"]
[9.50564956665039, -3.459256172180176, "In June Tesla won approval to test such a system in Shanghai.", "2024-07-10"]
[9.512385368347168, -3.5069165229797363, "More surprising, this month the government of Jiangsu province added Tesla to its official list of suppliers\u2014despite earlier reports that Teslas were banned from sensitive places such as airports because their sensors snaffled too much information.", "2024-07-10"]
[9.56772518157959, -3.494346857070923, "The decision grants permission to state and Communist Party entities to buy Teslas and gives the firm something akin to the status of a local business.", "2024-07-10"]
[9.53316593170166, -3.6122303009033203, "It is unclear why Tesla appears invulnerable.", "2024-07-10"]
[9.561285018920898, -3.570640802383423, "Perhaps Mr Musk persuaded Li Qiang, China\u2019s premier, that Teslas do not pose a security threat when the two of them met in April in Beijing.", "2024-07-10"]
[9.52028751373291, -3.598878860473633, "Or, as some insiders close to Tesla\u2019s factory in Shanghai suspect, the company\u2019s successes may be connected to Mr Musk\u2019s recent chumminess with Donald Trump, who looks likelier than not to return to the White House after America\u2019s presidential election in November.", "2024-07-10"]
[4.83603572845459, -3.07474684715271, "If the car boss becomes a presidential adviser, as some are speculating, he could talk America\u2019s China-basher-in-chief into moderating his stance.", "2024-07-10"]
[9.582090377807617, -3.579341173171997, "There is a less conspiratorial explanation for Tesla\u2019s run of good fortune.", "2024-07-10"]
[7.053024768829346, -4.135429859161377, "The treatment of Mr Musk\u2019s firm illustrates the awkward spot China\u2019s government finds itself in.", "2024-07-10"]
[6.727909088134766, -3.8874409198760986, "On the one hand, it must appear tough on hostile foreign powers accusing Chinese companies of flooding markets with subsidised products.", "2024-07-10"]
[7.577660083770752, -3.220979690551758, "On the other, as China\u2019s economy slows, it is trying to signal that it remains open to foreign investment.", "2024-07-10"]
[7.357008934020996, -0.05975838750600815, "In this context, a crackdown on one of the most prominent outside investors would send the wrong message.", "2024-07-10"]
[5.69184684753418, -4.0361127853393555, "The Chinese government may thus opt for a more calibrated counterstrike.", "2024-07-10"]
[6.4424052238464355, -0.8944446444511414, "One likely outcome is for it to make greater use of America\u2019s weapon of choice\u2014export restrictions.", "2024-07-10"]
[9.13359546661377, -4.101035118103027, "China has already curbed exports of gallium and germanium, two minerals whose production Chinese firms control and which are crucial to all manner of electronics, including those in electric cars.", "2024-07-10"]
[7.572296619415283, -3.6531407833099365, "China could also update its list of controlled exports in areas where Western firms rely on Chinese intellectual property.", "2024-07-10"]
[8.49833869934082, -4.187860012054443, "In December lidar, a radar-like laser technology used in autonomous-vehicle sensors, appeared on that list alongside innovations in gene editing and synthetic biology.", "2024-07-10"]
[4.219437122344971, -0.862243115901947, "Expect more such laser focus.", "2024-07-10"]
[7.437446117401123, -4.628960609436035, "|Johor\n\nAsia | Digital domination\nAmerica v China: who controls Asia\u2019s internet?", "2024-10-08"]
[8.38868522644043, -4.2961201667785645, "Amid an explosive data and AI boom the superpower contest hots up\n \nNusajaya Tech Park looks like any other construction project.", "2024-10-08"]
[8.661827087402344, -3.3617897033691406, "Cranes and building materials sit scattered around this industrial site in Johor, Malaysia, just 15km from the border with Singapore.", "2024-10-08"]
[4.083507537841797, 0.10813199728727341, "But appearances are deceptive.", "2024-10-08"]
[8.251930236816406, -4.378787517547607, "Nusajaya is at the heart of an enormous data-centre boom that is taking place in one of the world\u2019s fastest-growing regions.", "2024-10-08"]
[7.12407112121582, -4.713836193084717, "From here you can see the digital war between America and China unfold before your eyes.", "2024-10-08"]
[4.475782871246338, -1.3212250471115112, "For America the view isn\u2019t pretty.", "2024-10-08"]
[7.059661865234375, -4.642078399658203, "Even as it builds up its military presence in Asia, it risks falling behind in the digital contest.", "2024-10-08"]
[7.477243423461914, -4.729518890380859, "The competition is being fought over the control and ownership of the data centres, undersea cables and wiring that form the physical underpinnings of the internet.", "2024-10-08"]
[7.546742916107178, -4.556422710418701, "America has dominated communications infrastructure since the second world war.", "2024-10-08"]
[4.3421854972839355, 0.17768003046512604, "But its grip has slipped.", "2024-10-08"]
[7.849898338317871, -4.360592365264893, "China has become far more technologically autonomous in the past decade, according to a composite index of \u201cdigital dependence\u201d that assesses hardware, software and intellectual property, put together by two analysts, Maximilian Mayer and Yen-Chi Lu.", "2024-10-08"]
[5.550222396850586, -3.1651806831359863, "In Johor the two superpowers\u2019 infrastructure sits side by side, in open competition.", "2024-10-08"]
[8.148533821105957, -4.237789154052734, "Down the street from Equinix, an American data-centre host, are the facilities of GDS, a Chinese rival and the \u201cpreferred vendor\u201d of Alibaba and Tencent, two Chinese tech giants.", "2024-10-08"]
[5.394622802734375, -3.276258945465088, "Across Asia, superpower affiliation and the degree of overlap vary by country.", "2024-10-08"]
[7.744416236877441, -4.627597808837891, "Among big cloud firms, China controls all of the cloud-computing clusters in Thailand and the Philippines, despite the fact that America views both as \u201cmajor non-NATO allies\u201d (see chart).", "2024-10-08"]
[8.260663032531738, -4.221494674682617, "Of a selection of 12 Asian countries, seven have most of their cloud clusters run by Chinese firms.", "2024-10-08"]
[7.894861698150635, -4.249459266662598, "At the other end of the spectrum Australia, India and South Korea have largely American-run systems, according to a study in 2023 by Vili Lehdonvirta and colleagues at the Oxford Internet Institute.", "2024-10-08"]
[8.243684768676758, -3.4489643573760986, "China\u2019s firms already have big footprints.", "2024-10-08"]
[8.257495880126953, -4.220632076263428, "Alibaba has data centres in nine Asian countries, for example.", "2024-10-08"]
[3.866227626800537, -0.5192992687225342, "And the contest is set to intensify.", "2024-10-08"]
[8.26225757598877, -4.308386325836182, "Over 500 mid-sized to large data centres have been launched in Asia since 2021, and another 270 could come online next year.", "2024-10-08"]
[8.3050537109375, -1.0256675481796265, "Spending on the servers that populate them will rise by 39% this year, forecasts Gartner, a consultancy.", "2024-10-08"]
[8.328994750976562, -4.180611610412598, "Mobile-data traffic in Asia is expected to quadruple by 2030, according to GSMA, a trade body.", "2024-10-08"]
[8.268178939819336, -4.4838948249816895, "New computational needs for AI applications have further stoked data-centre demand.", "2024-10-08"]
[6.457667827606201, 0.423944354057312, "Commercial imperatives cannot be easily divorced from security.", "2024-10-08"]
[7.844868183135986, -3.324504852294922, "China\u2019s planning ministry views data as a \u201cfactor of production\u201d alongside land, labour and capital.", "2024-10-08"]
[7.3410844802856445, -4.655928611755371, "Early internet evangelists thought data would flow freely through a decentralised network.", "2024-10-08"]
[7.388125896453857, -4.719200134277344, "Instead there are four choke points: \u201cinternet exchange points\u201d (IXPs), which let internet firms cut costs by routing traffic down the hallway rather than across the world; data centres; undersea fibre-optic cables; and telecoms firms.", "2024-10-08"]
[7.159176826477051, -4.812835693359375, "All are vulnerable to espionage.", "2024-10-08"]
[7.044209957122803, -4.9597015380859375, "Tapping undersea cables has been a trick of spooks since the cold war.", "2024-10-08"]
[7.185083389282227, -4.8091349601745605, "Landing stations are hubs for data interception.", "2024-10-08"]
[7.870766639709473, -4.312270641326904, "Back doors can be installed in infrastructure.", "2024-10-08"]
[7.219354629516602, -4.791157245635986, "America\u2019s government has warned that Chinese presence at IXPs creates \u201cthe capability to misroute traffic and, in so doing, access and/or manipulate that traffic\u201d.", "2024-10-08"]
[7.349199295043945, -4.78341007232666, "Even if the data flowing through IXPs are encrypted, some experts think metadata could be exposed.", "2024-10-08"]
[8.001591682434082, -4.487923622131348, "Doubts over supposedly secure data centres in Asia are swirling.", "2024-10-08"]
[7.211516380310059, -4.798421382904053, "In 2019 Papua New Guinea found that a Chinese-subsidised data centre in Port Moresby used \u201copenly broken\u201d encryption methods that exposed government data to interception.", "2024-10-08"]
[7.236798286437988, -4.638991355895996, "Governments can compel their tech firms to fork over data.", "2024-10-08"]
[7.325170993804932, -4.844152450561523, "As Abraham Newman and Henry Farrell show in their book \u201cUnderground Empire\u201d, American intelligence has forced cloud firms and companies such as AT&T to surveil allies and enemies.", "2024-10-08"]
[7.801148891448975, -3.660597801208496, "China does the same.", "2024-10-08"]
[7.084968090057373, -3.4349780082702637, "No sharp distinction exists between Chinese tech firms, the state and the Chinese Communist Party.", "2024-10-08"]
[7.103457927703857, -4.598101615905762, "Chinese law gives the state broad authority to make companies turn over data.", "2024-10-08"]
[7.162034511566162, -4.603379726409912, "This power is not absolute: Alibaba and Tencent have refused government requests for customer data before.", "2024-10-08"]
[6.462764263153076, -4.202864646911621, "But where there are data of interest, China expects to be told.", "2024-10-08"]
[7.142869472503662, -4.124096393585205, "American and some regional officials worry that in a crisis China might shut off data centres or telecom services.", "2024-10-08"]
[6.4940409660339355, -4.465317726135254, "Short of that, China could combine cyber-espionage with its legions of state-linked hackers to harass countries that anger it.", "2024-10-08"]
[7.297239303588867, -4.809237003326416, "According to a former American cyber-security official, this is easier to do if networks do not have to be reverse-engineered from afar.", "2024-10-08"]
[8.02672290802002, -3.5118002891540527, "Chinese firms\u2019 high market share partly reflects an overt Chinese government plan.", "2024-10-08"]
[7.189900875091553, -3.7020184993743896, "Its Digital Silk Road strategy, an offshoot of the Belt and Road Initiative, combines infrastructure rollout with an attempt to reshape data governance.", "2024-10-08"]
[8.42344856262207, -3.7908942699432373, "But Chinese companies are also good value, offering cut-price cloud services that compete at the technological frontier.", "2024-10-08"]
[8.418917655944824, -4.094073295593262, "Since 2023 Alibaba Cloud has slashed its prices three times.", "2024-10-08"]
[7.511642932891846, -5.332150459289551, "Huawei, a telecoms-equipment firm, has become known for its aggressive tactics to poach customers.", "2024-10-08"]
[7.726693630218506, -4.556880474090576, "As well as wires and servers, China\u2019s values are being built into Asia\u2019s digital boom.", "2024-10-08"]
[7.19407320022583, -4.607184410095215, "China has promoted \u201cdata sovereignty\u201d at home and abroad, while increasing its heft at global technical standard-setting bodies.", "2024-10-08"]
[7.193619728088379, -4.6381964683532715, "Control-obsessed governments like Vietnam\u2019s have taken inspiration from China\u2019s stringent data-localisation laws, which require data created in China to physically reside there while curtailing outbound transfers.", "2024-10-08"]
[7.115968227386475, -4.564659118652344, "These laws have wrenched Chinese data out of the hands of American companies such as Apple and Tesla.", "2024-10-08"]
[7.077073097229004, -4.678513050079346, "Put together, argue Emily De La Bruy\u00e8re and Nathan Picarsic, two researchers, China\u2019s strategy amounts to a drive for \u201casymmetric dominance\u201d, seeding its data infrastructure in other countries while guarding against outside interference.", "2024-10-08"]
[7.072290420532227, -4.560385227203369, "American efforts to curb Chinese digital influence have notched up some successes.", "2024-10-08"]
[8.084367752075195, -4.369502544403076, "American restrictions on high-tech chips are probably holding back China\u2019s AI data-centre ambitions.", "2024-10-08"]
[7.047318935394287, -4.0837907791137695, "Authorities have blocked several transpacific cable projects from landing in Hong Kong, re-routing them through friendlier places like the Philippines.", "2024-10-08"]
[7.508772850036621, -5.2433013916015625, "In 2022, brandishing grants and sanctions threats, America ousted HMN Tech, a Huawei spin-off, from running a cable network linking South-East Asia to Europe.", "2024-10-08"]
[7.330340385437012, -2.8870389461517334, "Direct American-Chinese cable links have fallen away; only one has been built in the past 15 years, notes Richard Sun of OMS Group, a cable-builder.", "2024-10-08"]
[7.065120220184326, -4.726473331451416, "Some American allies have pivoted against China\u2019s digital build-out.", "2024-10-08"]
[6.978527545928955, -4.108786582946777, "Japan and Australia have cracked down on Chinese firms, citing risks to their sovereignty.", "2024-10-08"]
[7.533318042755127, -5.246099472045898, "They have banned Huawei and ZTE 5G infrastructure.", "2024-10-08"]
[7.217000484466553, -4.758391857147217, "In September, Japan and Australia launched a joint programme to build digital infrastructure in Pacific Island nations; the prime minister of Tuvalu, Taiwan\u2019s strongest supporter in the Pacific, told Nikkei Asia, a newspaper, that he was worried about Chinese cyber pressure.", "2024-10-08"]
[7.221804141998291, -4.597809314727783, "India has gone further, banning hundreds of Chinese apps and probing several Chinese firms, including Alibaba and Xiaomi, a phonemaker.", "2024-10-08"]
[8.355488777160645, -4.239114284515381, "Alibaba Cloud closed down its data centres in India and Australia this year.", "2024-10-08"]
[7.248923301696777, -4.626431941986084, "Some American officials want to create a new kind of digital trade pact in Asia that offers access to AI and cyber-security technologies and standards, in return for assurances on keeping some Chinese technologies out.", "2024-10-08"]
[4.930214881896973, -1.196884274482727, "Until then many countries are hedging their bets.", "2024-10-08"]
[7.178317546844482, -4.765783786773682, "Warnings about the risks of Chinese digital infrastructure fall on deaf ears: China may spy, but so does everyone else\u2014America most of all.", "2024-10-08"]
[7.422338008880615, -5.301846981048584, "\u201cEverything is a risk,\u201d replies a Malaysian official, asked about using Huawei\u2019s kit.", "2024-10-08"]
[4.152383327484131, -0.05781267210841179, "That attitude may prove a mistake.", "2024-10-08"]
[6.567085266113281, -1.1354503631591797, "Weaker countries look particularly exposed.", "2024-10-08"]
[7.0259552001953125, -4.769407749176025, "Chinese hackers have penetrated governments from Vietnam to Indonesia, and broken into telecoms to spy on Uyghur travellers in Malaysia and Thailand.", "2024-10-08"]
[7.4648542404174805, -5.313572406768799, "In the Philippines, where at least one big telecom network runs on Huawei 5G, the cyber-defence bureau is woefully underfunded.", "2024-10-08"]
[7.483325958251953, -4.659470558166504, "As Asia\u2019s digital build-out accelerates, countries\u2019 allegiance is being baked into their cables and data centres whether they realise it or not.", "2024-10-08"]
[5.61043643951416, -1.2169990539550781, "Finance & economics | Retaliate, negotiate, repeat\nEurope prepares for a mighty trade war\nWill it be able to stick to its rule-abiding principles?", "2024-07-11"]
[6.042460918426514, -0.5454855561256409, "What prosperity looks like\n \n\u201cWe cannot carry on trade without war, nor war without trade,\u201d wrote Jan Pieterszoon Coen, a brutal governor-general of the Dutch East India Company, to shareholders in 1614.", "2024-07-11"]
[4.220903396606445, -0.15699124336242676, "Four centuries later, things sound a bit different.", "2024-07-11"]
[5.670079708099365, -0.8325561285018921, "\u201cLet\u2019s make no mistake: assertiveness is a prerequisite for keeping our markets open,\u201d says Sabine Weyand, the EU\u2019s top trade negotiator.", "2024-07-11"]
[5.586318492889404, -0.8573936223983765, "After decades during which America supported the global rules-based trade order and European commerce thrived, the bloc now has to learn how to do business in a fractious world.", "2024-07-11"]
[9.466771125793457, -3.3978466987609863, "Electric vehicles (EVs) from China are the EU\u2019s latest target.", "2024-07-11"]
[6.843876361846924, -1.3978596925735474, "On July 5th the European Commission started to apply provisional tariffs to them.", "2024-07-11"]
[8.434235572814941, -3.1775755882263184, "These differ by firm, from 17% for BYD to 38% for SAIC, based on subsidies they have received from the Chinese state and their co-operation with the EU\u2019s investigation.", "2024-07-11"]
[7.166239261627197, -1.7279257774353027, "The commission\u2019s logic for applying levies on top of an existing 10% tariff on car imports is that Chinese carmakers have an unfair advantage owing to favoured treatment at home\u2014a justification that allows the levies to fall within the World Trade Organisation\u2019s (WTO) rules.", "2024-07-11"]
[4.5880208015441895, -0.9847771525382996, "The move nevertheless illustrates the tightrope European officials must walk.", "2024-07-11"]
[5.698760032653809, -0.9057666659355164, "They want to uphold the rules-based order, from which the continent benefits enormously, while ensuring that they are not bullied by more protectionist rivals.", "2024-07-11"]
[9.582609176635742, -3.302840232849121, "The EV decision is controversial.", "2024-07-11"]
[9.243209838867188, -3.17634916305542, "German carmakers, fearing China\u2019s response, oppose the move.", "2024-07-11"]
[9.274483680725098, -3.11397647857666, "Olaf Scholz, Germany\u2019s chancellor, reportedly wants a mutual car tariff at China\u2019s level of 15%.", "2024-07-11"]
[7.657511234283447, -3.8733677864074707, "On July 10th the Chinese trade ministry announced that it was investigating the latest EU trade practices, with a view to suing the bloc at the WTO and implementing retaliatory measures.", "2024-07-11"]
[5.860076427459717, -1.2512896060943604, "Cecilia Malmstr\u00f6m, a former EU trade commissioner, thinks talks will produce lower tariffs by the autumn, but that the levies will not go entirely, as China will not meet the commission\u2019s demands and European officials want to look tough.", "2024-07-11"]
[4.609189033508301, -1.3068876266479492, "Further spats are likely, during which the EU will make use of new weapons.", "2024-07-11"]
[8.137118339538574, -3.4511094093322754, "One is the \u201cinternational-procurement instrument\u201d, which is being employed with its investigation into the Chinese market for medical devices.", "2024-07-11"]
[7.885972499847412, -3.753488779067993, "Should negotiations over access for European companies fail, the EU may respond by demoting Chinese bidders in procurement tenders.", "2024-07-11"]
[5.041459083557129, -1.2611624002456665, "America could be next.", "2024-07-11"]
[6.235787868499756, -1.4747897386550903, "When Donald Trump imposed tariffs on aluminium and steel in 2018, the EU joined forces with other countries and imposed revenge tariffs on goods including motorcycles and whisky.", "2024-07-11"]
[5.73008918762207, -1.3198736906051636, "If he is re-elected in November and imposes 10% tariffs on all imports, as he has suggested he will, European officials will want to respond.", "2024-07-11"]
[5.339632034301758, -1.067246913909912, "In all of this, the EU is at pains to stress its policies are and will be WTO-compliant.", "2024-07-11"]
[5.500516414642334, -1.3009097576141357, "The trade club is much more important to the EU than to either America or China, which are both uncomfortable with being restrained by multilateral rules.", "2024-07-11"]
[5.523305416107178, -0.31151747703552246, "Yet other countries have also fallen out of love with the WTO.", "2024-07-11"]
[5.414294242858887, -0.7135562300682068, "The likes of China, India and Russia prefer \u201dan alternative system based on commercial contracts rather than a rules-based institution that, in their view, has been corrupted by European lawyers and US vetoes,\u201d notes Hosuk Lee-Makiyama of the European Centre for International Political Economy, a think-tank.", "2024-07-11"]
[5.095419883728027, -1.0643903017044067, "As such, the EU is conscious that it is defending a vulnerable institution.", "2024-07-11"]
[3.855945587158203, -0.3368607461452484, "If things heat up, doing so will prove tough.", "2024-07-11"]
[9.474853515625, -3.3188886642456055, "In contrast with American tariffs on Chinese EVs, the EU\u2019s approach is so fastidious that it even allows Chinese companies to sue the bloc in European courts.", "2024-07-11"]
[5.512485504150391, 0.17882069945335388, "Adhering to the old order\u2019s principles is getting harder because they were not made for dealing with enormous economies run on principles of state capitalism.", "2024-07-11"]
[5.613352298736572, -0.7398949861526489, "The latest trade weapons also try to comply with the system, though lawyers fear that the international-procurement instrument could, for example, become a \u201cBuy European\u201d clause if applied too aggressively.", "2024-07-11"]
[5.732545375823975, -1.2265390157699585, "Europe\u2019s intention is to use tariffs as a way to negotiate better treatment, says Mr Lee-Makiyama, as it did with American aluminium and steel.", "2024-07-11"]
[9.555580139160156, -3.3248424530029297, "This may yet happen in the case of Chinese EVs.", "2024-07-11"]
[4.988423824310303, -1.5639166831970215, "But negotiating after trade fights is a crude strategy, and may not be a sufficient one if Mr Trump returns to the White House.", "2024-07-11"]
[5.088372707366943, -1.2028532028198242, "If that happens, the EU will have to work out how to recruit outside countries to its cause.", "2024-07-11"]
[4.724324703216553, -2.4741482734680176, "Ms Weyand proposes tailoring aid, investment, financing and trade policies to meet their needs.", "2024-07-11"]
[4.1249799728393555, -1.1390072107315063, "That would be a more peaceful method than the war waged in the 1600s.", "2024-07-11"]
[4.77659797668457, -0.851037859916687, "But it is an uncomfortably political one for a body as dedicated to the rules-based order as the European Commission.", "2024-07-11"]
[5.254390239715576, -3.9299426078796387, "|Delhi\n\nAsia | Indo-Chinese relations\nThe epic bust-up between China and India could be ending\nWitness calm in the Himalayas, diplomatic charm offensives and thickening trade links\n\n \nAsk an Indian diplomat about relations with China and they will repeat a well-rehearsed mantra: there can be no return to normality until peace is restored on their disputed Himalayan border.", "2024-07-18"]
[5.102856636047363, -4.133267402648926, "That has been the official line for most of the time since 2020, when a deadly clash occurred there between Indian and Chinese troops.", "2024-07-18"]
[5.233713150024414, -3.769176721572876, "On the face of it, India\u2019s stance is a rejection of China\u2019s suggestion that the two countries should set aside the dispute, which has pushed India closer to America, and focus on areas of mutual interest.", "2024-07-18"]
[3.847130060195923, -0.7227664589881897, "Relations are indeed still far from their pre-2020 normality.", "2024-07-18"]
[4.491171360015869, 0.04955226555466652, "And they are unlikely to return to it soon.", "2024-07-18"]
[4.8924241065979, -0.7223150134086609, "Even so, there has been a quiet yet notable shift in recent months towards a new phase of relations defined by border stability and closer commercial ties.", "2024-07-18"]
[8.182775497436523, -3.552459478378296, "The shift reflects India\u2019s urgent need for Chinese technology, investment and expertise to meet its immediate industrial needs.", "2024-07-18"]
[6.46458101272583, -3.7643940448760986, "It is also based on China\u2019s mounting concern about its own economy and escalating trade barriers worldwide.", "2024-07-18"]
[7.278064727783203, -3.4394454956054688, "The first sign of the shift came in November last year, when Indian restrictions on visas for Chinese professionals in some industries were relaxed.", "2024-07-18"]
[5.156545639038086, -3.473442554473877, "That was followed by a softening of rhetoric on China from Narendra Modi, the prime minister.", "2024-07-18"]
[4.9799394607543945, -3.7191338539123535, "In an interview with Newsweek magazine published on April 10th, weeks before the Indian election, Mr Modi described relations with China as \u201cimportant and significant\u201d and expressed hope that border stability could be restored.", "2024-07-18"]
[4.633840084075928, -1.1122087240219116, "His defence minister, Rajnath Singh, said in late April that border talks were \u201cprogressive and satisfactory\u201d and \u201cno fresh tension has come up\u201d.", "2024-07-18"]
[5.531843185424805, -4.468246936798096, "Then in May a new Chinese ambassador, Xu Feihong, arrived in Delhi after a hiatus of 18 months in which China\u2019s embassy there operated without one.", "2024-07-18"]
[4.375730514526367, -3.329878330230713, "Mr Xu has since been on a charm offensive, meeting several members of the political elite.", "2024-07-18"]
[5.551365852355957, -3.7930657863616943, "China has also been unusually restrained in its public statements on India.", "2024-07-18"]
[4.713885307312012, -3.4247026443481445, "Xi Jinping, China\u2019s leader, did not congratulate Mr Modi on his re-election in June.", "2024-07-18"]
[4.731551170349121, -3.584057569503784, "However, China gave a relatively low-key response when Mr Modi thanked Taiwan\u2019s new president, Lai Ching-te, for doing so (China claims Taiwan as its territory).", "2024-07-18"]
[5.30044412612915, -3.818082094192505, "And Chinese officials avoided criticising India after an American congressional delegation met the Dalai Lama, who it views as a separatist, there.", "2024-07-18"]
[4.738714694976807, -0.854402482509613, "One reason for the recalibration is the apparent success of a new mechanism for managing border tensions.", "2024-07-18"]
[3.874962568283081, -1.2982698678970337, "It relies on \u201cbuffer zones\u201d where both sides withdraw troops and cease all patrols.", "2024-07-18"]
[3.974248170852661, -1.108697533607483, "Through 21 rounds of talks between military commanders, the two sides have already established such zones at five of seven flashpoints and are discussing others, although their strategic importance makes them more contentious.", "2024-07-18"]
[7.924962997436523, -3.6260251998901367, "The other impetus for change is a recent surge of demand for Chinese technology in India, despite official efforts to reduce its economic dependence on its neighbour.", "2024-07-18"]
[7.12750768661499, -4.460185527801514, "After the clash in 2020, India\u2019s government banned 320 Chinese apps, launched tax raids on Chinese companies and introduced new rules requiring government approval for any Chinese investment.", "2024-07-18"]
[6.342011451721191, -2.0768702030181885, "Bilateral trade dropped, and Indian officials joined Western counterparts in trying to \u201cde-risk\u201d supply chains.", "2024-07-18"]
[8.13990306854248, -2.556544303894043, "And yet India\u2019s dependence on Chinese imports has only grown (see chart).", "2024-07-18"]
[8.0800142288208, -2.8176374435424805, "In the 2023-24 financial year China edged past America to reclaim its position as India\u2019s top trading partner.", "2024-07-18"]
[8.15907096862793, -2.4409821033477783, "India\u2019s imports from China increased to $102bn (about 56% more than in 2020) out of a total $118bn in bilateral trade.", "2024-07-18"]
[8.056361198425293, -2.2514195442199707, "India\u2019s trade deficit with China has risen by around 75% since 2020.", "2024-07-18"]
[8.442408561706543, -2.8742778301239014, "More strikingly, China was India\u2019s biggest source of major industrial products in 2023, accounting for around 30% in categories such as electronics, machinery, cars, chemicals and textiles, according to a recent study by the Global Trade Research Initiative (GTRI), a Delhi-based think-tank.", "2024-07-18"]
[8.328046798706055, -2.7182209491729736, "The study found that India\u2019s reliance on China was highest in imports of electronics, telecoms and electrical products, at 39%.", "2024-07-18"]
[8.876226425170898, -1.9947370290756226, "Machinery was second, at 38%.", "2024-07-18"]
[7.309762477874756, -3.438154697418213, "A year ago, \u201cthe narrative in India was that our imports from China are a worry\u201d, says Ajay Srivastava, an Indian former trade official who runs the GTRI.", "2024-07-18"]
[7.96174955368042, -3.5979421138763428, "That narrative has changed over the past two or three months, he adds; now the dominant theme is that not only does India need Chinese products, but it needs Chinese companies to make stuff in India.", "2024-07-18"]
[7.217019557952881, -3.654238700866699, "Under pressure from some Indian firms, the government is planning to relax visa restrictions to allow in more Chinese technicians.", "2024-07-18"]
[5.7087836265563965, -4.045690059661865, "Indian public views of China remain generally hawkish.", "2024-07-18"]
[4.284822940826416, -3.033337116241455, "Diplomatic relations are still touchy too: Mr Modi skipped a summit attended by Mr Xi and Russia\u2019s president, Vladimir Putin, in Kazakhstan in July.", "2024-07-18"]
[4.233316898345947, -2.7968502044677734, "And a bilateral Xi-Modi meeting does not seem imminent.", "2024-07-18"]
[8.292667388916016, -3.1603903770446777, "But commercial ties look set to expand further in the coming years, as Indian and Chinese companies form joint manufacturing ventures in India, which will probably import machinery and components from China.", "2024-07-18"]
[8.320741653442383, -3.364898681640625, "Many of these ventures involve big and influential Indian companies.", "2024-07-18"]
[8.670738220214844, -3.6830530166625977, "They are also in industries such as electrical vehicles and mobile-phone assembly that the government is subsidising to boost manufacturing.", "2024-07-18"]
[9.352177619934082, -3.2211172580718994, "In one high-profile example, SAIC Motor, a state-run Chinese company that owns the MG Motors brand, announced a joint venture in November with India\u2019s JSW Group to produce electric vehicles in Mr Modi\u2019s home state of Gujarat.", "2024-07-18"]
[9.400984764099121, -3.280128240585327, "The venture has since committed to sell a million vehicles annually and capture a third of India\u2019s electric-vehicle market by 2030.", "2024-07-18"]
[9.351566314697266, -3.4043004512786865, "JSW also plans to make electrical-vehicle batteries in eastern India, through a technology transfer deal with a Chinese manufacturer.", "2024-07-18"]
[7.895012855529785, -3.5719051361083984, "The trend suggests that some Western firms\u2019 efforts to shift manufacturing to India from China may not result in a clean break.", "2024-07-18"]
[8.168840408325195, -3.9155569076538086, "Apple already produces about 14% of its iPhones in India.", "2024-07-18"]
[8.313115119934082, -3.6149449348449707, "But the latest public list of Apple suppliers shows that several of its Chinese component-makers have started manufacturing in India.", "2024-07-18"]
[4.945189952850342, -0.9369928240776062, "Several more may soon follow suit.", "2024-07-18"]
[8.3434476852417, -3.597731113433838, "Chinese technology is also integral to India\u2019s infrastructure plans.", "2024-07-18"]
[8.499658584594727, -3.4229156970977783, "A single state-run Chinese company, ZPMC, has already provided at least 250 of the cranes at Indian ports.", "2024-07-18"]
[8.249767303466797, -3.7425811290740967, "Yet despite security concerns over these hi-tech cranes in India and America, private Indian port operators continue to install them.", "2024-07-18"]
[8.737957000732422, -3.2552101612091064, "The Adani Group, one of India\u2019s biggest conglomerates and port operators, took delivery in May of the final six out of 24 such cranes for a new port it is building in Kerala.", "2024-07-18"]
[5.044483184814453, -4.069049835205078, "On the military front, India continues to hedge against China by enhancing ties with America and its allies.", "2024-07-18"]
[4.691522598266602, -3.9762630462646484, "It is also bolstering relations with Russia to try to offset China\u2019s growing influence there, as seen by Mr Modi\u2019s recent bear hug with Mr Putin.", "2024-07-18"]
[5.637903213500977, -3.4907126426696777, "And India and China still compete for influence elsewhere in the world.", "2024-07-18"]
[7.605308532714844, -3.995389938354492, "Still, like its Western counterparts, India\u2019s government has to balance the interests of military chiefs with those of business leaders, who argue that most alternatives to Chinese tech are too costly.", "2024-07-18"]
[7.919206619262695, -1.8746769428253174, "Mr Modi will also be mindful that the recent loss of his party\u2019s majority in parliament was partly because of frustration over a shortage of high-quality manufacturing jobs.", "2024-07-18"]
[5.666879177093506, -3.957796335220337, "India\u2019s leader has good reason to fear China.", "2024-07-18"]
[4.742961406707764, -2.1658525466918945, "For now, though, he needs it too.", "2024-07-18"]
[5.997830390930176, -2.7423179149627686, "Leaders | Not too early to say\nChina should not wait to stimulate its economy\nIt is heading into a trade war\nPhotograph: Qilai Shen/The New York Times/Redux/eyevine\n\n \nJOURNALISTS LOVE a telling quote\u2014so much so that they will sometimes seize hold of a telling misquote.", "2024-11-14"]
[4.71795129776001, -4.115015029907227, "Zhou Enlai, who was China\u2019s first Communist prime minister, was once asked what he thought of the French revolution.", "2024-11-14"]
[3.6851229667663574, -1.4340637922286987, "\u201cToo early to say,\u201d he replied.", "2024-11-14"]
[3.8675553798675537, -1.5081617832183838, "His priceless answer was based on a misunderstanding: he was referring to the student unrest in Paris in 1968, only four years earlier.", "2024-11-14"]
[5.076039791107178, -3.833192825317383, "But his words helped cement the reputation of China\u2019s leaders for farsightedness.", "2024-11-14"]
[6.055874347686768, -3.5443243980407715, "This long-termism may be to blame for China\u2019s unhurried response to its urgent economic woes.", "2024-11-14"]
[8.548272132873535, -0.915537416934967, "Its property market, which peaked in 2021, is still fragile.", "2024-11-14"]
[6.917231559753418, 0.1722133755683899, "Consumer confidence, shattered by the covid-19 lockdowns in 2022, has never recovered.", "2024-11-14"]
[7.803587436676025, 0.3638531267642975, "The consequences include lacklustre spending, dwindling fiscal revenues and deflationary pressure.", "2024-11-14"]
[8.52224063873291, -1.067389726638794, "Figures released on November 9th showed factory-gate prices falling, year-on-year, for the 25th month in a row.", "2024-11-14"]
[5.60784387588501, -3.819291114807129, "In September China\u2019s leaders acknowledged these \u201cnew\u201d problems and promised a more forceful response.", "2024-11-14"]
[7.822554111480713, -0.07416710257530212, "Hopes rose for a bold fiscal stimulus that would provide handouts to consumers and mobilise more public money to revive interest in property.", "2024-11-14"]
[4.02106237411499, -1.1356964111328125, "But a flurry of subsequent press conferences\u2014from the planning agency, the finance ministry and the housing ministry\u2014have offered little of substance.", "2024-11-14"]
[4.356666088104248, -1.1089237928390503, "In a final disappointment, a meeting of senior legislators between November 4th and 8th also failed to spell out a new stimulus package.", "2024-11-14"]
[7.569601058959961, -2.8078196048736572, "What will China do to respond to inadequate demand, an ailing property market and persistent deflation?", "2024-11-14"]
[3.7725017070770264, -1.4998279809951782, "It is, apparently, too early to say.", "2024-11-14"]
[7.730621337890625, 0.14193737506866455, "The legislators did unveil a plan to refinance the implicit debts of local governments.", "2024-11-14"]
[7.643333435058594, 0.19441960752010345, "The debt swap will alleviate financial risks and reduce borrowing costs.", "2024-11-14"]
[8.113386154174805, -0.6173792481422424, "But the money expected to be saved in the next five years will amount to less than 0.1% of GDP over that period.", "2024-11-14"]
[7.93752908706665, -0.5622439980506897, "That is far too little to get the economy back on track.", "2024-11-14"]
[8.043740272521973, -1.666550636291504, "China\u2019s leaders may believe there is already enough other stimulus working its way through the economy to help GDP meet the official growth target for this year of \u201caround\u201d 5%.", "2024-11-14"]
[9.24911880493164, -2.4134156703948975, "In July, for example, they expanded a scheme to encourage consumers to trade in old cars and appliances for new ones.", "2024-11-14"]
[8.024317741394043, -2.7348198890686035, "Property sales also picked up in recent weeks in China\u2019s big cities, after regulators cut mortgage costs and reduced down-payment ratios for second homes.", "2024-11-14"]
[8.183216094970703, -0.7432376146316528, "Nomura, a bank, this week raised its growth forecast for 2024 to 4.8%.", "2024-11-14"]
[5.651799201965332, -3.5951085090637207, "China\u2019s leaders may also be biding their time.", "2024-11-14"]
[5.496556282043457, -3.0000874996185303, "In keeping with their reputation for farsightedness, they may be keeping their powder dry until they know how much damage Donald Trump\u2019s second presidential term will inflict on their country\u2019s economy.", "2024-11-14"]
[6.687661170959473, -1.8446508646011353, "The 47th president has threatened to slap tariffs of 60% on Chinese goods as an opening move\u2014and to raise them higher if he chooses.", "2024-11-14"]
[5.970515727996826, -3.749570369720459, "But this watchful waiting would be a mistake for China.", "2024-11-14"]
[7.698388576507568, 0.057598862797021866, "Greater fiscal stimulus today does not preclude even more stimulus later if necessary.", "2024-11-14"]
[8.335063934326172, 0.23791350424289703, "The country\u2019s sovereign-bond yields are historically low, suggesting ample demand for the government\u2019s paper.", "2024-11-14"]
[8.340252876281738, -0.3163774013519287, "An onslaught from America would be likely to push them lower still.", "2024-11-14"]
[6.268871784210205, -3.80727219581604, "Whatever fiscal limits apply in China, they are still nowhere near biting.", "2024-11-14"]
[7.220278739929199, -2.1285760402679443, "China would also be in a stronger position to withstand American tariffs next year if the government successfully reflated the economy first.", "2024-11-14"]
[8.088887214660645, -0.6233518123626709, "A higher rate of inflation would, for example, give China\u2019s central bank more room to respond to further setbacks by lowering real interest rates.", "2024-11-14"]
[6.682652473449707, -2.2561795711517334, "By the same token, China will be in a weaker position to navigate a second trade war if it allows deflation to become further entrenched before the shooting starts.", "2024-11-14"]
[7.726883888244629, 0.2596759498119354, "Falling prices would increase the country\u2019s real burden of existing debts.", "2024-11-14"]
[7.276949405670166, 0.11632534861564636, "They may also lead to a round of wage cuts by firms, which would only compound the problem.", "2024-11-14"]
[6.130241870880127, -4.008908748626709, "China may be keen to husband its fiscal ammunition.", "2024-11-14"]
[7.977468490600586, -3.200890064239502, "But China\u2019s true resources are the labour and capital at its disposal.", "2024-11-14"]
[7.499608516693115, -0.327141672372818, "Every month they remain underemployed is a wasted month\u2014time the economy will never get back.", "2024-11-14"]
[6.245512008666992, -2.292433500289917, "China is heading into a trade war.", "2024-11-14"]
[4.769905090332031, -3.2095835208892822, "Leaders do not prepare for war by counting their money, but by mobilising their manpower.", "2024-11-14"]
[5.755475997924805, -3.1654412746429443, "|S\u00e3o Paulo\n\nThe Americas | A match made in the Middle Kingdom\nBrazil courts China as its Musk feud erupts again\nXi Jinping, China\u2019s leader, spies a chance to draw Brazil closer\n\nThe re-election of Donald Trump on November 5th rather overshadowed Luiz In\u00e1cio Lula da Silva\u2019s big bash.", "2024-11-17"]
[4.381523132324219, -2.9325063228607178, "Lula, as Brazil\u2019s president is known, hosted the G20 leaders\u2019 summit in Rio de Janeiro on November 18th and 19th.", "2024-11-17"]
[4.494143962860107, -2.354614496231079, "Heads of state from 19 of the world\u2019s largest economies, as well as the European and African Unions, convened to talk shop.", "2024-11-17"]
[4.398128986358643, -2.5991008281707764, "Lula had three goals for the summit: the creation of a global alliance to reduce hunger and poverty; an agreement to reform global institutions like the IMF and the UN; and an increase in countries\u2019 financial commitments to combat climate change.", "2024-11-17"]
[5.7314534187316895, -1.894684910774231, "He also wanted to whip up support for a global tax on billionaires.", "2024-11-17"]
[4.346390724182129, -2.639242172241211, "Lula got a declaration signed by all g20 participants to broadly support these ambitions.", "2024-11-17"]
[4.398205280303955, -2.3303751945495605, "Mr Trump, soon to be the most powerful person in the world, will not share the zeal.", "2024-11-17"]
[4.265347957611084, -3.219074010848999, "Mr Trump\u2019s return to the world stage may scupper Lula\u2019s plans, but he has a consolation prize: his relationship with Xi Jinping.", "2024-11-17"]
[4.500189781188965, -3.142913579940796, "After the g20 China\u2019s president travelled to Bras\u00edlia, the capital, to meet his Brazilian counterpart.", "2024-11-17"]
[5.464138507843018, -1.3582297563552856, "To celebrate 50 years since their countries established diplomatic ties they signed 37 agreements, covering everything from Brazilian grape exports to co-operation on satellites.", "2024-11-17"]
[4.348401069641113, -3.187562942504883, "Sino-Brazilian relations \u201care at their best moment in history,\u201d said Mr Xi, with Lula by his side.", "2024-11-17"]
[7.79671573638916, -2.7787067890167236, "In recent months, \u201canyone who is anyone in Brazil has been to China,\u201d says a former Brazilian ambassador to Beijing.", "2024-11-17"]
[7.7636637687683105, -2.509653091430664, "Several factors have been pushing Brazil and China together.", "2024-11-17"]
[7.556338787078857, -2.4875030517578125, "In Brazil\u2019s case they are mostly political.", "2024-11-17"]
[4.14193058013916, -2.9624392986297607, "Shortly before the election in the United States, Lula threw veiled support behind Kamala Harris, Mr Trump\u2019s rival.", "2024-11-17"]
[4.272329330444336, -3.082014560699463, "Meanwhile, Mr Trump is close to Jair Bolsonaro, Lula\u2019s far-right populist predecessor and nemesis.", "2024-11-17"]
[9.538236618041992, -3.643639326095581, "Elon Musk has become Mr Trump\u2019s right-hand billionaire.", "2024-11-17"]
[7.301374912261963, -4.898606777191162, "The tech entrepreneur had a months-long feud with Brazil\u2019s highest court this year, which culminated in his social-media platform, X, being banned in Brazil for over a month.", "2024-11-17"]
[4.180607795715332, -3.043776035308838, "On November 16th Lula\u2019s wife, Rosangela da Silva, said \u201cFuck you, Elon Musk,\u201d at a public event.", "2024-11-17"]
[4.183794975280762, -2.6184535026550293, "Mr Musk replied on X, \u201cThey are going to lose the next election\u201d.", "2024-11-17"]
[4.136483669281006, -2.9458835124969482, "This means Lula will not expect a warm reception in Washington after Mr Trump is inaugurated in January.", "2024-11-17"]
[5.634444236755371, -4.194396018981934, "China\u2019s problems with the United States run deeper.", "2024-11-17"]
[6.697105884552002, -1.7869563102722168, "Mr Trump has said he will slap 60% tariffs on all Chinese goods as soon as he takes office.", "2024-11-17"]
[7.671924591064453, -3.261341094970703, "And so China is keen to do everything it can to expand the markets for its goods beyond the United States.", "2024-11-17"]
[7.7383294105529785, -2.4313156604766846, "Brazil, the world\u2019s ninth-largest economy, is an important part of that puzzle.", "2024-11-17"]
[7.632933616638184, -2.531805992126465, "Brazil also shares China\u2019s multipolar view of the world, and is keen to rely less on the dollar for international transactions.", "2024-11-17"]
[7.742997646331787, -2.5587472915649414, "But perhaps the most important component of Sino-Brazilian friendliness is that China wants to buy what Brazil is selling.", "2024-11-17"]
[8.596242904663086, -2.8441882133483887, "China guzzled Brazilian oil, iron ore and soyabeans though the 2000s as the Chinese middle class grew rapidly.", "2024-11-17"]
[7.997518062591553, -2.3623268604278564, "It overtook the United States as Brazil\u2019s biggest trade partner in 2009, during Lula\u2019s second term (see chart).", "2024-11-17"]
[8.112955093383789, -2.321816921234131, "Commerce continues to expand despite slowing Chinese growth.", "2024-11-17"]
[8.317687034606934, -2.478867769241333, "Brazilian exports to China are running at record highs.", "2024-11-17"]
[8.103987693786621, -2.392500877380371, "Brazil is one of a handful of countries that boast a trade surplus with China; last year it exported $51bn more to the Asian giant than it imported from it.", "2024-11-17"]
[7.674949645996094, 0.18131165206432343, "And that surplus could yet grow.", "2024-11-17"]
[7.6790032386779785, -2.3796145915985107, "During Mr Trump\u2019s last term, between 2017 and 2021, Brazilian exports to China nearly doubled as China bought soyabeans, corn and chicken from Brazil instead of the United States.", "2024-11-17"]
[7.929457187652588, -2.4919517040252686, "On this visit, Mr Xi and Lula signed deals that could soon allow Brazil to export grapes, sesame, sorghum and fish products to China, which could be worth a combined $450m per year.", "2024-11-17"]
[8.19166374206543, -1.6084166765213013, "TS Lombard, an investment firm in London, reckons that a 10% increase in Chinese demand for Brazilian products could boost GDP growth from a projected 2% in 2025 to 2.6%.", "2024-11-17"]
[8.990222930908203, -3.2975847721099854, "But it is Chinese investment in technology, industry and green energy which most excites Lula, a former carworker who has pledged to slash Brazil\u2019s carbon emissions.", "2024-11-17"]
[8.248292922973633, -2.3910677433013916, "The United States remains the biggest source of foreign investment into Brazil by far.", "2024-11-17"]
[8.654834747314453, -1.3862863779067993, "Chinese investment in the region\u2014and in Brazil\u2014has fallen in recent years.", "2024-11-17"]
[4.18528938293457, -2.990051507949829, "But the composition of that investment still suits Lula.", "2024-11-17"]
[8.936310768127441, -3.439265251159668, "Last year fully 72% of it went to clean-energy projects.", "2024-11-17"]
[9.11665153503418, -3.2159924507141113, "Exports of electric vehicles, solar panels and lithium-ion batteries from China to Latin America rose from $3.2bn in 2019 to $9bn in 2023.", "2024-11-17"]
[8.175055503845215, -2.2459819316864014, "Brazil absorbed 63% of the total by value.", "2024-11-17"]
[8.602845191955566, -3.0938944816589355, "\u201cFive years ago China was investing in expensive fixed assets like electricity infrastructure, oil and gas,\u201d says Hsia Hua Sheng, a professor at the Getulio Vargas Foundation in S\u00e3o Paulo who also works for Bank of China.", "2024-11-17"]
[8.98218822479248, -3.083813190460205, "\u201cToday it invests in manufacturing, renewables, services and logistics.", "2024-11-17"]
[8.663501739501953, -2.9263758659362793, "\u201d He claims that these are \u201chigher-quality\u201d investments because they often involve partnerships with local firms, job creation and technology transfer.", "2024-11-17"]
[9.418303489685059, -3.214747905731201, "BYD and Great Wall Motors, two Chinese rivals to Tesla, are opening electric-vehicle factories in Brazil next year.", "2024-11-17"]
[9.361933708190918, -2.8443939685821533, "BYD\u2019s is in a former Ford factory.", "2024-11-17"]
[8.762067794799805, -3.348921060562134, "It will be the firm\u2019s biggest factory outside Asia.", "2024-11-17"]
[7.273915767669678, -3.8305587768554688, "A high-tech Chinese factory built on the site of a fading American industrial champion is hard enough for officials in Washington to stomach.", "2024-11-17"]
[5.099316596984863, -1.9051676988601685, "But no subject is likely to ruffle as many feathers in a Trump-Musk White House as a deal on satellites.", "2024-11-17"]
[7.724055290222168, -4.701103210449219, "During Mr Xi\u2019s visit a memorandum of understanding was signed between Brazil\u2019s state telecommunications company, Telebras, and SpaceSail, a Chinese maker of low-Earth orbit satellites that competes with Mr Musk\u2019s Starlink.", "2024-11-17"]
[7.844422817230225, -4.59208345413208, "Brazil\u2019s communications minister, Juscelino Filho, said he hoped SpaceSail will offer its services in Brazil \u201cas soon as possible\u201d.", "2024-11-17"]
[7.947663307189941, -4.3464531898498535, "In October, Mr Filho had visited SpaceSail\u2019s headquarters in Shanghai and those of another satellite-maker in Beijing.", "2024-11-17"]
[6.826839447021484, -4.9276556968688965, "The visit followed a spat about free speech and disinformation between Mr Musk and Alexandre de Moraes, a powerful judge on Brazil\u2019s Supreme Court.", "2024-11-17"]
[7.42385721206665, -4.865026950836182, "In August Mr Moraes froze Starlink\u2019s bank accounts in Brazil to force Mr Musk to take down social-media accounts on X, the platform he owns.", "2024-11-17"]
[7.7494797706604, -4.704549312591553, "Starlink controls almost half of the market for satellite-internet services in Brazil.", "2024-11-17"]
[7.9352922439575195, -4.593871116638184, "SpaceSail plans to have 600 satellites in orbit by the end of 2025\u2014around a tenth of the number that Starlink does.", "2024-11-17"]
[4.207607269287109, -3.1213033199310303, "Beyond this, Lula and Mr Xi could further their countries\u2019 financial co-operation.", "2024-11-17"]
[5.701104640960693, -1.4269883632659912, "In 2023 they agreed to settle all trade in their countries\u2019 own currencies rather than in dollars.", "2024-11-17"]
[7.499531269073486, -2.4775497913360596, "In October that same year they carried out the first transaction in yuan and reais.", "2024-11-17"]
[5.935271263122559, -1.7486228942871094, "The scale of these transactions is currently puny, but they carry symbolic weight and may provoke Mr Trump\u2019s ire.", "2024-11-17"]
[6.048231601715088, -1.736007571220398, "He has warned that he would slap tariffs of 100% on goods imported from countries that try to \u201cleave the dollar\u201d.", "2024-11-17"]
[4.687540531158447, -1.771822214126587, "Such radical actions by Mr Trump would probably have unintended consequences.", "2024-11-17"]
[7.697505950927734, -2.5583412647247314, "\u201cThe relationship between Brazilian and Chinese businessmen is way more consolidated today compared with five or ten years ago,\u201d says Mr Hsia.", "2024-11-17"]
[6.005639553070068, -1.273476243019104, "That is thanks in part to the trade war Mr Trump waged in his first term.", "2024-11-17"]
[4.415679931640625, -3.1538901329040527, "In his second, he may end up making Chinese and Brazilian businessmen friendlier than ever.", "2024-11-17"]
[8.28728199005127, -4.302204608917236, "The World Ahead | The World Ahead 2025\nTom Standage\u2019s ten trends to watch in 2025\nA letter from the editor of The World Ahead\n\nIT SEEMS APPROPRIATE that 2025 has been designated the year of quantum science and technology by the United Nations.", "2024-11-18"]
[3.633315086364746, -1.793207049369812, "Because like Schr\u00f6dinger\u2019s cat, which (in a quantum thought-experiment) was both alive and dead at the same time inside a closed box, 2025 has hovered in a superposition of two very different states, defined by the outcome of America\u2019s election.", "2024-11-18"]
[3.5968592166900635, -1.9616565704345703, "Now the ballot boxes have been opened, the world knows which 2025 to expect: the one where Donald Trump returns to the White House.", "2024-11-18"]
[3.53035831451416, -1.3969669342041016, "With that uncertainty resolved, here are ten themes to watch in the coming year.\n1.", "2024-11-18"]
[6.538821220397949, -0.900887131690979, "The repercussions of Mr Trump\u2019s sweeping victory will affect everything from immigration and defence to economics and trade.", "2024-11-18"]
[4.484866142272949, -2.0729548931121826, "His \u201cAmerica First\u201d policy will have friends and foes alike questioning the solidity of America\u2019s alliances.", "2024-11-18"]
[4.064270973205566, -1.4121849536895752, "This could lead to geopolitical realignments, heightened tensions and even nuclear proliferation.\n2.", "2024-11-18"]
[3.721503973007202, -1.94253671169281, "More generally, incumbent parties did badly in 2024\u2019s unprecedented wave of elections.", "2024-11-18"]
[5.615910053253174, -2.9735610485076904, "Some were chucked out (as in America and Britain); others were forced into coalition (as in India and South Africa); others were pushed into cohabitation (as in Taiwan and France).", "2024-11-18"]
[3.5696022510528564, -1.6978305578231812, "So 2025 will be a year of expectations.", "2024-11-18"]
[3.962669610977173, -2.042963981628418, "Can new leaders deliver what they promised?", "2024-11-18"]
[3.927441358566284, -2.139817953109741, "Will humbled leaders change?", "2024-11-18"]
[4.361212253570557, -0.8177410960197449, "If not, unrest may follow.\n3.", "2024-11-18"]
[4.920125484466553, -1.9917213916778564, "Mr Trump may push Ukraine to do a deal with Russia and give Israel a free hand in its conflicts in Gaza and Lebanon.", "2024-11-18"]
[4.179468631744385, -2.048978805541992, "America\u2019s more transactional stance and scepticism of foreign entanglements will encourage troublemaking by China, Russia, Iran and North Korea (the \u201cquartet of chaos\u201d) and more meddling by regional powers, like that seen in crisis-hit Sudan.", "2024-11-18"]
[5.389074802398682, -3.811607599258423, "But it is unclear whether America would stand up to China in a conflict over Taiwan or in the South China Sea.\n4.", "2024-11-18"]
[6.078374862670898, -2.462305784225464, "For now, America\u2019s rivalry with China will manifest itself as a trade war, as Mr Trump imposes restrictions and ramps up tariffs\u2014including on America\u2019s allies.", "2024-11-18"]
[7.805904388427734, -3.2936646938323975, "As protectionism intensifies, Chinese firms are expanding abroad, both to get around trade barriers and to tap new markets in the global south.", "2024-11-18"]
[8.004106521606445, -3.4393491744995117, "So much for decoupling; Chinese firms, building factories from Mexico to Hungary, have other plans.\n2025 will be a year of expectations.", "2024-11-18"]
[3.8663547039031982, -2.0147223472595215, "Can new leaders deliver?\n5.", "2024-11-18"]
[9.04477596282959, -3.5356593132019043, "China\u2019s government has encouraged booming exports of solar panels, batteries and electric vehicles to offset a weak domestic economy.", "2024-11-18"]
[8.766937255859375, -3.7016525268554688, "The result is a Chinese-led clean-tech boom, with adoption of solar panels and grid storage outstripping forecasts.", "2024-11-18"]
[6.687199115753174, -0.008710122667253017, "And the world will soon learn whether global emissions have peaked.\n6.", "2024-11-18"]
[7.863064289093018, -0.5744497179985046, "The rich world\u2019s central bankers have celebrated the defeat of inflation.", "2024-11-18"]
[7.620748043060303, 0.46507516503334045, "Now Western economies face a new challenge: reducing deficits, by increasing taxes, cutting spending or boosting growth.", "2024-11-18"]
[6.598686218261719, 0.28767746686935425, "Many may also have to increase defence budgets.", "2024-11-18"]
[6.704935073852539, 0.39882853627204895, "Painful economic choices loom.", "2024-11-18"]
[6.949277877807617, -0.48975494503974915, "In America, Mr Trump\u2019s policies will make things worse: hefty import tariffs could hamper growth and reignite inflation.\n7.", "2024-11-18"]
[3.7657861709594727, -2.1819560527801514, "America has just picked its oldest-ever president-elect.", "2024-11-18"]
[3.8494067192077637, -2.0497212409973145, "World leaders are greying, along with their populations.", "2024-11-18"]
[3.7922446727752686, -2.0150063037872314, "Expect more discussion of age limits for political leaders.", "2024-11-18"]
[7.790217399597168, -3.274261713027954, "China, meanwhile, is looking for economic opportunities in an ageing world.", "2024-11-18"]
[5.771872043609619, 0.17917124927043915, "In parts of the Middle East, by contrast, a booming youth population, coupled with a shortage of jobs, risks instability.\n8.", "2024-11-18"]
[8.312783241271973, -4.567528247833252, "Crunch time for AI.", "2024-11-18"]
[8.273056030273438, -4.518953323364258, "It\u2019s the biggest gamble in business history: more than $1trn is being spent on data centres for artificial intelligence (AI), even though companies are still not sure how to use it and adoption rates are low (though many workers may simply be using it in secret).", "2024-11-18"]
[8.25537395477295, -4.528885841369629, "Will investors lose their nerve, or will AI prove its worth, as \u201cagentic\u201d systems become more capable and AI-developed drugs emerge?\n9.", "2024-11-18"]
[6.400219440460205, -0.062163420021533966, "The global movement of people, not just goods, faces increasing friction.", "2024-11-18"]
[5.283870220184326, 0.42048361897468567, "Conflict is disrupting global aviation.", "2024-11-18"]
[4.892569065093994, -1.1991429328918457, "Europe is adding new border checks, and its borderless Schengen system is fraying.", "2024-11-18"]
[6.231905937194824, 0.45289480686187744, "The backlash against \u201covertourism\u201d will diminish in 2025, but restrictions introduced by many cities, from Amsterdam to Venice, will remain.\n10.", "2024-11-18"]
[3.5325863361358643, -1.5367388725280762, "With assassination attempts, exploding walkie-talkies and giant rockets being captured by chopsticks, one lesson of 2024 was to expect the unbelievable.", "2024-11-18"]
[3.495610237121582, -1.607581615447998, "What implausible-sounding things could happen in 2025?", "2024-11-18"]
[3.505115509033203, -1.430322527885437, "Our \u201cWild cards\u201d section offers a selection to watch out for, including a devastating solar storm, the discovery of lost ancient texts\u2014and even another global pandemic.", "2024-11-18"]
[4.604599475860596, 0.33864647150039673, "To navigate the future, it can help to anticipate the unlikely.", "2024-11-18"]
[3.5053346157073975, -1.497432827949524, "We hope you will find The World Ahead 2025 a useful guide to the coming year, whatever surprises await.", "2024-11-18"]