tv Boom Bust RT December 3, 2019 5:30am-6:00am EST
exactly is the role of the organization and how do they affect trade across nations lori wallach of public citizens global trade watch joins the show to bring us up to speed on the moves of the mysterious giant we have this and so much more to do so let's dive right in. there are effectively 13 days left for china and the u.s. to nail down the details of a phase one deal in order to avoid yet another escalation in the trade war that has already cost consumers and companies millions of dollars in lost productivity u.s. president donald trump has threatened another wave of terrorist by december 15th that will hit for the 1st time the supply chain of the consumer goods if a resolution is not met while merely a few weeks ago we had messaging of a phase one being close to done but now the optimism seems to be premature the u.s. in true trump fashion of exerting maximum pressure and utilizing leverage to try to get what he wants has now played the hong kong card and signed off on the legislation rather than folding this move backfired infuriating beijing and is now
stalling further trade talks china has now hit back at the u.s. by suspending visits of u.s. military vessels and aircraft to the city and sanctioning various u.s. based n.g.o.s this is a calculated way to retaliate without affecting ongoing training goshi asians among the groups to be subject to unspecified sanctions are the national endowment for democracy which receives funding directly from congress and human rights watch which has long been plagued by accusation of its revolving doors and deep ties to u.s. government these groups have been accused of fueling the riots in hong kong and supporting separatist activities and thereby undermining china's national sovereignty and security kristie i actually have a couple questions for you on this it seems like we're getting a new tipping point in this trade war and that tipping point is hong kong and we talked about the importance of this legislation but is this really a position that both sides want to pin all of their trade hopes on while certainly for the u.s. i. hong kong was a very important card to play and it was
a way for trump to exert maximum leverage either sign phase one of the deal or i will sign off on the legislation that obviously has not worked and in fact backfired on china because china is clearly trying to separate the 2 issues one saying this is a political move and we're talking trade these are 2 separate issues and we should try to keep them separate and so that's why they sanction the u.s. vessels which clearly doesn't really have any effect at all whether no effect on trade no effect on economic activities the u.s. ports and vessels can just clearly dock anywhere else in the philippines singapore australia or anywhere else so really has no effect is more so a reputational thing so no going back to phase one of this trade deal where we seem to be looking like we're further away from it what happens to businesses and consumers if phase one doesn't go as planned and those tariffs on i think is $156000000000.00 worth of chinese goods go into effect well this is really going to be the 1st time this is really going to affect consumers and households so previous terras have already cost consumer households an average of $600.00 annually with
this next wave this is likely to cost households up to from $11300.00 per year and this is really going to constrain the consumer budgets especially when consumers currently are the backbone of supporting the american economy representing 70 percent of the gross g.d.p. it seems like we have a several weeks to play out here they're going to be very very important that every week there's an is important this trade war. so president donald trump announced monday that the u.s. will reinstate steel and aluminum tariffs on brazil and argentina due to what he characterizes as the devaluation of their currencies the us president spoke with reporters about the tariffs on monday at the white house prior to leaving for london. really. i do think that. there.
are still. the 2 countries in question were relieved of tariffs of 25 percent on steel and 10 percent on the aluminum last year the brazilian rail has fallen 8 percent in 2019 against the dollar while the argentine peso is down a massive 37 percent according to u.s. census bureau data during the 1st 3 quarters of the year brazil has accounted for nearly 11 percent of steel imports to the u.s. 2nd only to canada argentina only accounted for one percent over that same time frame. joining us now to discuss all of the latest in the u.s. trade disputes is greg sweats and founding martin or at brig mcadam coming to us from london now let's get right to it greg while the steel tariffs could cripple trade wouldn't the latin american countries have more to gain by trading with china instead this year alone brazil has shipped more than 225500000000 in agricultural products to china that's more than 10 part
times the value of steel and iron products sold to the us what in brazil preferred the carrot over the stick in this instance. yeah look i don't think this is meaningful for the us you know i think the president likes to talk about tariffs and he likes to threaten and you know use tariffs in the newtown. tory fashion but it really doesn't move the needle for the u.s. economy you know brazil and argentina should trade with whoever pays the highest prices if they can make more money trading you know with china good for them but i don't think it's as significant for the u.s. economy and as we've said for 2 and a half years you know we're sort of playing with the house's money the president has the room to use tariffs as a tool we as capitalists don't necessarily like that you know we've often i often argue you know nobody wins in a trade war but there's been enough there have been a tough challenges from china both you know in terms of human rights value
violations the security risk the intelligence risk and of course the fact that the state owned enterprises are or have grown significantly so it's really not a a state economy it's it's basically status so i mean i think there's enough reasons to call out the chinese there's a long list and this president has done that so i know and he can because the u.s. can handle it the u.s. economy is significantly greater and so i think there's room you know he's playing with the house's money in other words and are these tariffs against brazil and argentina are they really because of currency devaluation as he claims or is this more about retaliation against 2 nations that have now become alternative suppliers of soybeans and other agnostics to china as a move to choke out competitors to force kind of back to purchasing from u.s. farmers. right yes no you bring up a good point and i don't i can't read the president's mind i don't know if it's really the currency devaluation a drove him to this but i i wonder you know if if if he's putting tariffs on on
brazil in argentina that means they'll be less imports to the u.s. and they'll be more exports to china's i don't think this hurts china i don't think there's this is any way to punish china the best way to punish china is to is to slap tariffs on china so that's what he's done i've been a little concerned with the president you know slap. tariffs on our our friends and neighbors notably mexico and canada argentina and brazil i'm not sure what his his long list of grievances is you know or with those countries but it's you know look when in doubt i don't think that tariffs are a good idea but you know with as far as china is concerned i think it was kind of the last resort and i think i think it was right for the president to call him out and i agree greg it appears that sometimes when president when he's not getting exactly his way or is trying to move things out trying it seems like he goes elsewhere to exert his trade you know i mean it's kind of his mo there sometimes they're moving back to that china u.s.
relations how will these sanctions affect the u.s. and what will happen to these n.g.o.s as these new sanctions get put in place by china. yeah look i think it's important as far as the n.g.o.s go i mean look there i don't think this is going to affect the u.s. surely won't affect the u.s. economy or the u.s. political views dramatically the fact that you know some engine n.g.o.s might not be of operate in hong kong you know and as as as you guys mentioned earlier you know the not being able to fuel up in hong kong no big deal there's plenty of other places to do that so i don't think that's meaningful but i do think it's meaningful that they are you know there will be some you know some effect on the u.s. economy there's no doubt about it i mean you know this is why you know the terrorists you know are really a last resort and they're better than the alternative in some cases which is military activity so so if the president likes to use tariffs of the weapon and that's what he campaigned on he's not of you know he's not one to use military
action he doesn't want to be the world's policeman he'd rather use economic sanctions to accomplish some of his goals and that's what he campaigned on that's what he's doing so i think it's you know look as i said earlier that the u.s. economy can handle this it will tax the consumer there's no doubt about that and you saw that. you know some some business and business investment tricks have gone down because you know the market as you know and you know management. you know business managers and executives don't like uncertainty and with this trade war there's a lot of uncertainty so that there is going to be some effect on the u.s. economy that being said there's a much greater effect relatively on the chinese economy they are exporters of cheap labor they are massive exporters you know you have less than $10000.00 per you know the g.d.p. per capita in china you've got $65000.00 in the u.s.
of this is this is a lot easier for the u.s. to handle i'm not saying that the u.s. likes it and as you correctly pointed out earlier you know the consumers 60 percent of the of the u.s. g.d.p. you know this will affect them slightly but not much this is this is not a big deal for the u.s. economy absolutely greg swenson of berg mcadams thank you so much for your insight today. great to be here. a landmark pipeline that began gas flow today bonds russia and china on a whole new level the 2 countries are expanding energy infrastructure and this comes as both his relationship with europe and the united states have grown more tense for more we bring in our hearts on exam on thursday i'll go with the details so it's a big day for both of these countries but let's talk a little bit more about this where exactly is the pipeline and who owns what well
let's start with the 2 countries who have been think by the united states so they're separately dealing with challenges of their own with the u.s. but it is a board to know that china is the world's largest energy consumer so it's a partnership with russia really comes at a much needed a critical time chinese president xi jinping and russian president vladimir putin earlier today inaugurated the pop line via a voice conference called take a listen to how they did it. so right now both china and russia are in important periods of their country's development china russia relations are entering a new era i hope we will both continue to make persistent efforts to build more knock out projects like this power of siberia pipelines to assist in each country's development to better bring benefit to both countries and both countries as people put them go to work this year marks the 70th anniversary of diplomatic relations and this year we start supplying russian gas to china this step takes russia china strategic energy cooperation it's a whole new level and brings us closer to achieving that goal so that along with
chinese president xi jinping to extend a biological trade turnover to $200000000000.00 in 2024 so russian gas problem built the russian side from new siberia gas fields all the way to the chinese borders meanwhile the chinese side starts right there in northern the hay along john province and it reaches southward down to shanghai it runs total more than 3750 miles and it will eventually carry this extraordinary amount of natural gas of up to 30 $8000000000.00 cubic metrics meters or what's also over 10000 liquid gallons annually for 30 years that's a long time a big deal today for both countries now you actually mentioned how much gas is expected to come out of this so how big in the grand scheme of things is this project i mean when we look at the energy needs of somewhere like china what are they looking at because they are the largest energy consumer it's really important to note that right now the majority of china is still operating under
a whole it's coal powered so this this is huge for them to tackle some small again and the release of carbon dioxide emissions so this is again a huge for nato and other basically people and. basically other companies and things calling for a climate change so for china again this is really big it's dubbed the power of siberia now the pipeline will run again from fields of your cuts to. hoots in siberia but the russian gas group with gazprom sealed the $55000000000.00 deal with china's oil and gas major china national petroleum corporation on the move does reflect moscow's attempt to try to mitigate the hardships that they've they've had from a western financial sanctions those were imposed like we remember in 2014 during the annexation of ukraine's crimea and meanwhile like he spoke earlier beijing is fighting a fight of their own with a trade war that's still ongoing but i do want to know also that according to the international energy agency china is expected to become the world's largest gas
importer by next year and it's going to account for more than 40 percent of some global gas demand through 2024 and the pipeline could for fulfilled nearly 10 percent of that demand by that year in china and russia are already discussing a 2nd or even 3rd pipeline so apparently working very well this it's only day one but it's the it's a long way to go so the u.s. i'm sure is wondering where do we go from here a huge accomplishment and this is totally going to compete with the u.s. the supply of natural gas currently to china right now are t. corresponds i'm on tuesday august thank you so much for answering. for a quick break but herring here because when we return all the acronyms we hear on the world stage the new cio seems to be at the forefront of the list but what exactly is the role of the trade group and how do they shape the policies that affect the globe we welcome public systems global trade watch joins us just after the break the loop us into the opposition that many of the trade take that we go to break here in the numbers at the close. oh
wow. honest labor has spent a mollusc in america and the average income for americans hasn't budged at all in 2030 years because they were the neutered from their ability to compete for capital labor has no seat at the table labor has no seat at the central bank labor has been abandoned the jobs have been shipped overseas wall street now gets all the crap they get 100 percent of the capital every dollar per to buy the fed goes directly to wall street bypasses labor bypasses ways of.
thinking of getting a new phone the ones we got in here shows no problem was as he didn't know until he was trapped in this tiny little wired coach we don't need a crate with him he will stir freaking out in she will want to spray him anywhere near. breeding dogs or caged in the into lane conditions on puppy fun i mean 67 years you know they've been locked up in cages outside you see no protection from the weather the heat you know the courtier the rain the snow the founder nothing they have no protection. to get what you. can get through kids. across the us cruel puppy mills are supported by dog shows and stores most of the puppies are coming from this large scale factory farming kind of operations are being sold in stores even joined a group businesses are involved like i'll give them some to there has been
a shocking amount of organized opposition to efforts to increase the standards of care for dogs bred in commercial breeding for so many most of that opposition is coming from huge agricultural groups and industries that have nothing to do with dogs don't buy dog on o.t. . 3. a. gay. thank you thank you thank you thank you. thank you. thank you thank you. thank you. thank you.
opec and its allies are in discussions to cut back boiler production at least until june of 2020 as saudi arabia wants to prop up the market before the listing of saudi aramco the latest analysis shows a large oversupply and build up of inventories in the 1st half of 2020 if no additional cuts are made riyad needs a higher oil price to balance its budget and support the pricing for the aramco listing which will be pricing on thursday the current deal being discussed would add an additional $400000.00 barrels per day to the existing cuts of $121200000.00 and prevent an oil glut from building as a result of the boom in u.s. shale the deal would also include stricter compliance for countries that hearing to the cuts as currently iraq. have produced well above their quotas. the world trade organization has ruled that the european union continues to provide
unfair subsidies to airbus backing the case for u.s. tariffs against the block the report released monday investigated whether france germany spain and great britain had withdrawn undue support for the european plane maker a 350 jetliner and a 380 super jumbo as they were required to do the following in a previous decision in october the us was awarded the right to impose 7 point $5000000000.00 in retaliatory tariffs on european goods including most of air bus fleet as well as products like cheese and wine. and this weekend marks the 20th anniversary of the 1909 w t o protest in seattle washington i'm november 30th 1909 was set to hold their ministerial level conference at the washington state convention and trade center in seattle but nearly 50000 protesters flooded the streets to demonstrate against the organization which eventually disrupt the of disrupted the events and resulted in a state of emergency and curfew being imposed in the city as lori wallach director
at public citizen global trade watch put it in an op ed for the new york times those protests and subsequent protests and activism around the world both are developing country negotiators who do railed the w.t.f. plans for the expansion but the underlying principles still shape the global economy and the stubborn refusal to alter their model of globalization has fostered a global backlash against trade and in recent years brought the organization to a near collapse now joining us now to discuss this is lori wallach director of global trade watch with public citizen thank you so much laurie for joining us today now can you talk to us about the significance of those 999 protests and where we are today with the w t o. significance was that for the 1st time it was clear that people in the united states joined with people from around the world in saying no to the particular really corporate led model of globalization that the w. cio is implementing and all of the world's biggest corporations had supported
a plan to expand the hero's power and remit to meddle with even more aspects of our lives every day country is required to conform all of its domestic laws regulations and administrative procedures with the rules of the agreements and most it has nothing to do with trade so it has to do with things like whether medicines affordable and how long patent terms are or whether you can regulate big banks or energy or whether for instance you can provide national health care or whether food is safe or products can be inspected all of those things we think of as behind the border decisions are all things that were imposed one size fits all the w t o and on the agenda was expanding even more broadly those constraints on democratic governance so the significance was that number one the expansion was shut down the action in this street basically had almost 7 and ends
a matter of fact in the negotiations in the suites and developing country negotiators have been pushing against that agenda for years were basically watching look some people in america happen to agree that this is a terrible idea and so they said no and the long term effect has been both it's really invigorated social movement protest in the u.s. showing the power of people standing up to these incredibly powerful companies and countries but also to this day the expansion never quite succeeded and so we've got bad rules but we don't have sort of the w t o on steroids rules that were supposed to be launched. so tell us great on what happened back then now what is the role of the w t o when it comes to the global economy and trade today has their role extend all so the w t o is still in fact its rules are still in effect but it's been so stubborn in not
really reflecting what its majority of its members are requiring or for that matter starting to make rules that its member countries never agreed to in trying to impose rules made by random tribunals of trade officials that the agreement is the chair was now in a big crisis which is probably not a sad thing as of the 11th of december very soon it's dispute system will no longer have a majority so will not be able to enforce its dictates name or it is expanded a little bit but not the huge agenda worryingly right now china is actually leading an effort to launch a whole set of negotiations to have the start to limit countries abilities to review investments and invest and to basically handcuff countries from deciding having control over their natural resources are being we decide what kind of foreign investors can buy what kind of sensitive companies so that gender right now
ironically in seattle it was the u.s. and the european union that were pushing to expand the rules and they still have over time right now it's china is actually pushing to expand the rules and a lot of countries are saying no i don't think the expansion will succeed but there's about a year long fight before we'll know you know you mention this december 11th when the trade court will no longer have enough members to do anything and that's mostly in part because the trump administration has actually refused to kind of hamstrung the w t o in putting people on to that board so i mean are we going to see any changes without them being able to without them be able to act is that it is that better for the global good the global society or is it. without having them to actually be able to act it's probably in the short term it's better because the rules are so i'm balanced right now they were written so much by the world's biggest corporations in the 1st instance so they're not they're not objective rules they're
rules that basically imposed values like you can't regulate companies for how big they are it's not a matter of don't treat foreign and domestic differently that's a pretty good record of pressure it's really about 30 seconds left why is the involved in so many more things but trade has trade in the organization let's figure out trade why are they worried about healthcare why are they worried about business and things like that because basically it was like a slow motion coup d'etat against democrat governance it has a brand trade but most there's nothing to do with trade the big companies that got to write the rules basically injected the brand trade with an entire different agenda and told a lot of governments stand up and salute to ads and the follow has been after for $242.00 rulings only $22.00 times have country's laws been able to withstand the attack all the other laws. we could go on about this for a long time there's a lot to dig deep into in the w t
o director at global citizens. public citizens global trade watch thank you so much for your time thank you. black friday shopping had a new record as americans spend more money on the day than ever before and while shopping at brick and mortar stores dropped 6.2 percent online sales hit a record 7400000000 dollars increasing 20 percent from last year cyber monday is expected to rake in even more with a predicted $9000000000.00 in u.s. online sales as 54 percent of american consumers say they will do most of their holiday shopping online this year and not only are consumers opting for the convenience of shopping from home the surprise this year is that we have taken things to a whole new level of lazy 65 percent of black friday is online sales high. and on smartphones rather than at a computer consumers are now willing to spend but expect steep discounts as a trade war starting to hit home for more americans and experience survey found that consumers are expected to spend an average of $1649.00 for the holiday season
a 75 percent increase over 2018 but while they can't resist shopping for more bargains roughly $48000000.00 americans are still paying off credit card debt from the 2018 holiday season. that's it for this time you can catch boom bust on directv child 321 dish network how to 84 streaming 247 on clytie the free t.v. app to 79 or is always good at you tube dot slash boom bust archie see you next time. ok in the special something we can thank you so the minute oh. yeah just let us leave the but also if. you talk to hold don't think in russia think was over forget it. part 2 of the full meal to talk about through your plate for a short of the last day of summer as muscles and. russian outlets eligibility for
the international competition says that state this includes events likely to kill him picks and the fee for world cup in qatar is a monument valley as last year when you know it's just not there where you can you know they're just as it was 4 years ago in moscow anti-doping plavix at the center of this scandal so huge tampered with the doping samples database and one does greegor you once you get past to do with it and you know she still does restart the ball isn't mean you know. what's up with this but i mean that he's shown that we should he will ship but to expose me in the ocean to actually going to see the pollution you're doing is not. what politicians do something to. put themselves on the line to get accepted or rejected. so when you want to be president i'm sure. you somehow want to.
have to go on to the press this is what before 3 in the morning can't be good. i'm interested always in the waters about how. things should be. is you'll be a reflection of reality. in a world transformed. what will make you feel safe from. thyssen nation community. are you going the right way or are you being that. direct. what is true what is faith. in the world corrupted you need to descend. to join us
in the depths. aura maybe in the shallowness. headline stories nay so leaders gather in the u.k. to celebrate the military alliance is 70th anniversary but while some hail. question its relevance today. i'm going to probably time the name does being the most successful laws in the history even though it. had all the trumpet ministration threatens one member nation with crippling tension it can be bent even more awkward it's focusing on the french. part on us. all to come.