World Economy
In another escalation of trade war against China
Trump issues executive order directed at Huawei
By Nick Beams, 16 May 2019
The latest US action is an escalation in what could be described as a drive to “weaponise” all arms of the state in the economic confrontation against China.
A new stage in the US-China trade war
By Nick Beams, 14 May 2019
The fundamental and irresolvable contradiction of world capitalism, between world economy and the nation-state system, lies at the root of the accelerating US-China trade war.
“Act now” on trade or it will get worse, Trump threatens China
By Nick Beams, 13 May 2019
The increasingly belligerent US rhetoric is being matched by action expected to target another $300 billion worth of Chinese goods with tariffs of 25 percent.
No agreement at US-China trade talks as positions harden
By Nick Beams, 11 May 2019
A week ago, a deal had been expected, but that scenario was blown up when the Trump administration accused Beijing of backtracking on its commitments.
US tariff hike against China goes ahead
By Nick Beams, 10 May 2019
Trump said talks with Chinese representatives would proceed, but “I have no idea what’s going to happen.”
China to hit back if new US tariff threat goes ahead
By Nick Beams, 9 May 2019
The US is demanding China submit an inventory of laws and regulations it will enact to guarantee compliance with any trade deal—in effect dictating economic policy to Beijing.
Financial parasitism and the stock market surge
By Nick Beams, 9 May 2019
In its maniacal drive for higher profits, increasingly generated by the parasitic inflation of stock prices, finance capital and its mouthpieces in politics and the media demand that more cheap money be made available through the slashing of interest rates.
On eve of trade talks in Washington
Trump threatens new tariffs against China
By Nick Beams, 6 May 2019
Trump’s threats, aimed at putting intense pressure on Chinese negotiators when they sit down with their US counterparts on Wednesday, could have the effect of blowing up the talks.
US-China trade talks enter final phase
By Nick Beams, 4 May 2019
One of the main sticking points is agreement on the procedure by which US tariffs imposed on $250 billion worth of Chinese goods would be lifted if a trade agreement is reached.
US threatens UK over Huawei involvement in 5G network
By Robert Stevens, 1 May 2019
After it was leaked that Huawei could help build the British 5G network, the Trump administration is threatening to shut Britain out of “Five Eyes” intelligence sharing.
Preparing for World War Three
Global military spending tops $1.8 trillion, highest on record
By Niles Niemuth, 30 April 2019
Nearly three decades after the end of the Cold War, the world’s capitalist elite, led by the United States, are preparing for a devastating conflict of global proportions.
Fed “pivot” promotes stock market surge
By Nick Beams, 26 April 2019
While share prices soar, the global economic outlook has worsened, with growing signs of a downturn.
UK: May unable to stem Tory crisis over Brexit, but still propped up by Corbyn
By Robert Stevens, 26 April 2019
For Corbyn’s faction, the political function of these talks over Brexit is to side-line a discussion on the political crisis facing the government that could precipitate a general election.
Ontario Tory government intensifies assault on workers’ rights
By Penny Smith, 26 April 2019
Ford’s thinly veiled threat to criminalize teachers’ strikes must be taken as a serious warning: emboldened by the unions’ complicity, the Tories are escalating their class-war assault.
The fraud of “progressive capitalism”
By Nick Beams, 26 April 2019
Calls for “reform” of the capitalist economy advanced by billionaire CEOs in the US and supported by “left” economists are motivated by deep fears of the implications of the shift to the left in broad sections of the American population.
Miners’ union sells out five-month long strike at Sibanye Stillwater in South Africa
Workers Struggles: Europe, Middle East & Africa
26 April 2019
The South African Association of Mineworkers and Construction Union agreed to a deal ending the five-month strike by gold miners on the same terms as the “slave labour” agreement signed with three other unions.
OECD report: Growth of social inequality fuels global political and economic crisis
By Jessica Goldstein, 23 April 2019
The findings of the report showed that among OECD countries, a growing number of middle-income earners perceive “that the current socioeconomic system is unfair.”
Major Indian airline grounded, threatening 23,000 jobs
By Deepal Jayasekera, 23 April 2019
The crisis facing Jet Airways, and which has caused it to ground all its aircraft, is part of a global crisis of the aviation industry.
New round of US-China trade talks
By Nick Beams, 19 April 2019
Among the most contentious issues that remain unresolved are which US tariffs would continue force and the establishment of an enforcement mechanism.
Two giant German banks plan merger
By Gustav Kemper and Peter Schwarz, 12 April 2019
The German government is pushing for the combination of Deutsche Bank and Commerzbank to establish a financial behemoth capable of competing with the US and China.
As trade tensions increase, IMF lowers forecasts for global growth
By Nick Beams, 11 April 2019
The IMF reported that industrial production and investment remained weak in many advanced and developing economies, and world trade had yet to recover.
US-China trade deal pushed back
By Nick Beams, 6 April 2019
Trump emerged from a meeting with chief Chinese trade negotiator Liu He to say it would take at least four weeks to reach an agreement as he declined to set a date for a summit with Chinese President Xi Jinping.
Investigation shows that a malfunctioning Boeing sensor caused Ethiopian Airlines crash
By Kevin Reed, 5 April 2019
The preliminary report by the Ethiopian Aircraft Accident Investigation Bureau shows that a faulty angle-of-attack sensor was behind the crash on March 10 that killed 157 passengers and crew.
UK local councils sell off billions of pounds in public assets due to austerity
By Joe Mount, 5 April 2019
Since 2014, over 12,000 publicly-owned assets with a total value of over £9.1 billion have been sold off, including libraries, health clinics, youth centres and public spaces.
Amid auto layoffs and warnings of manufacturing “bloodbath”
IMF chief points to global growth deceleration
By Nick Beams, 4 April 2019
IMF Managing Director Christine Lagarde noted that while two years ago 75 percent of the global economy was experiencing an upswing, today 70 percent is in a slowdown.
US-China trade deal still in the balance
By Nick Beams, 30 March 2019
The issue of enforcement has been at the centre of US demands, with Washington wanting the right to impose tariffs on China without any retaliation.
Xi signs strategic EU-China deals amid growing EU-US tensions
By Alex Lantier, 29 March 2019
Rome’s endorsement of China’s Belt and Road Initiative in the face of explicit US disapproval points to deep tensions between US and European imperialism.
Mounting warnings of a global recession
By Nick Beams, 29 March 2019
Bloomberg has reported that the amount of global bonds with negative yields has topped $10 trillion, an indication of the growing uncertainty in financial markets.
Turkish economy falls into recession, amid fears of further US economic reprisals
By Baris Demir, 26 March 2019
The Turkish lira depreciated by more than 5 percent last Friday, just nine days before nationwide local elections in which the ruling AKP is expected to suffer significant losses.
Fiction and reality: The Italian Five-Star Movement’s citizen income scheme
By Marianne Arens, 22 March 2019
The “reddito di cittadinanza” (citizen income) is a vanity project of the co-governing Five-Star Movement that will not change Italy’s stark social inequality.
French public sector strikes; further protests in Algeria; union ends wage strike at South Africa’s Sibanye Gold without an agreement
Workers Struggles: Europe, Middle East & Africa
22 March 2019
The World Socialist Web Site invites workers and other readers to contribute to this regular feature.
A tirade against China at US Senate committee hearing
By Nick Beams, 14 March 2019
The questioning of US Trade Representative Robert Lighthizer centred almost exclusively on the content and progress of trade talks with Beijing.
New York Times lines up with anti-China hawks
By Nick Beams, 12 March 2019
The key US demand is that China must make “structural” changes to its economy, including abandoning state subsidies to major industries.
US “retail apocalypse” expected to exceed annual high with more than 1,100 store closures announced in one day
By Trévon Austin, 9 March 2019
More than 6,300 stores are already set to close in 2019 already surpassing the total number of closures last year.
European Central Bank announces major policy reversal
By Nick Beams, 8 March 2019
The decision by the ECB came as a result of what President Marion Draghi characterised as “substantial” downward revision of growth estimates for the region.
US-China trade deal reported to be in the making
By Nick Beams, 5 March 2019
The Trump negotiators are insisting that the US retain the right to impose tariffs if it considers a deal has been abrogated and China should not impose any retaliatory measures.
Canada gives go-ahead for Huawei executive’s extradition to US
By Nick Beams, 2 March 2019
A statement from Meng’s defence lawyers objected to the Canadian decision in the face of what it called “the political nature of the US charges.”
British retail sector continues shedding thousands of jobs
By Simon Whelan, 2 March 2019
Some 19,000 high street jobs have been lost or put at risk in the two months since Christmas.
Enforcement and technology key issues in China trade deal, Lighthizer tells US Congress
By Nick Beams, 1 March 2019
The US Trade Representative made it clear the fundamental question is “structural reforms” in the Chinese economy.
Despite talk of “progress” in trade negotiations
Deep divisions remain between US and China
By Nick Beams, 26 February 2019
The key point in US demands on any agreement is that China opposes a unilateral decision on compliance by Washington, insisting it must be determined by a joint evaluation.
Trump announces delay in China tariff deadline
By Nick Beams, 25 February 2019
Trump said that if “additional progress” were made in the negotiations, he would plan a summit meeting with China’s President Xi Jinping.
Further blows to US anti-Huawei campaign
By Nick Beams, 23 February 2019
The Wall Street Journal has reported that the German government is “leaning towards letting Huawei … participate in building the nation’s high-speech internet infrastructure.”
No agreement on US-China trade with talks to continue
By Nick Beams, 16 February 2019
The next round will be virtually the last chance to reach a formal agreement before March 1, after which the US will increase tariffs—from 10 to 25 percent—on $200 billion worth of Chinese goods.
Wealth concentration increases in US and globally
By Nick Beams, 15 February 2019
The top 1 percent in the US now owns about 40 percent of household wealth, increasing its share by at least 10 percentage points since 1989.
Worsening slump and inequality fuel social tensions in Australia
By Mike Head, 13 February 2019
Growing signs of a global downturn and a domestic slump saw Australia’s central bank suddenly reverse course on interest rates.
As China-US trade deadline nears
Global economic war intensifies
By Nick Beams, 12 February 2019
Prospects for a US-China trade deal took a blow last Thursday when US President Donald Trump ruled out a meeting with China’s President Xi Jinping before the expiration of a March 1 deadline.
US-China trade talks to resume as deadline nears
By Nick Beams, 8 February 2019
While the Trump administration put a degree of positive “spin” on last month’s discussions, little progress has been reported on the key US demands.
No deal reached at US-China trade meeting
By Nick Beams, 2 February 2019
A statement issued by the White House at the conclusion of the discussions said Trump had reiterated that the US will increase tariffs unless an outcome is reached.
The Fed’s interest rate U-turn: Some economic and political conclusions
By Nick Beams, 2 February 2019
The financial elites on Wall Street, addicted to the supply of ultra-cheap money as they appropriate the wealth produced by the labour of billions of workers, dictate economic policy.
IMF to resume Sri Lankan loan program discussions
By Saman Gunadasa, 31 January 2019
The Sri Lankan government has assured the IMF of its commitment to “strong” austerity measures.
US and China still miles apart as trade talks are set to begin
By Nick Beams, 29 January 2019
The US is demanding China scrap its program for future economic development by implementing so-called “structural” changes.
In broadside against China, White House levels criminal charges against Huawei
By Andre Damon, 29 January 2019
The move marks a major escalation of the United States’ economic, geopolitical and military offensive against China.
Davos overshadowed by crisis and social upheaval
By Nick Beams, 25 January 2019
The decision to hand the keynote address to the newly installed fascistic president of Brazil, Jair Bolsonaro, demonstrated the political orientation of the global elites at Davos.
China-US rifts widen on eve of trade talks
By Nick Beams, 24 January 2019
The top-level meeting will be crucial in determining whether the US proceeds to impose a 25 percent tariff on Chinese goods when the March 1 deadline for negotiations expires.
As global elites gather at Davos
Oxfam: 26 billionaires control as much wealth as poorest half of humanity
By Nick Beams, 22 January 2019
The UK-based charity Oxfam International has reported that the wealth of the world’s billionaires grew by $900 billion last year, a rise of 12 percent, while 3.8 billion people—half the world’s population—saw their wealth decline by 11 percent.
China records lowest growth rate since 1990
By Nick Beams, 22 January 2019
National Bureau of Statistics head Ning Jizhe said the economy faced “downward pressure” and pointed to a “complicated and severe external environment” resulting from the US trade war.
Auto jobs massacre widens
Tesla, Nissan announce mass layoffs, Fiat Chrysler jobs threatened
By Marcus Day, 19 January 2019
The auto giants are seeking to terrorize an increasingly insurgent workforce into submission, as the companies confront slumping sales, a looming economic crisis and significant financial pressures.
Canada ramps up anti-China campaign as US threatens action against Huawei
By Roger Jordan, 19 January 2019
The Canadian government feels it can act so provocatively because its demonization of China is part of a broader offensive against Beijing led by US imperialism.
“Made in China 2025” at centre of US-China economic war
By Gabriel Black, 19 January 2019
The US regards the “Made in China 2025” initiative as a major threat to its own global economic and strategic domination.
Report to Davos meeting points to deepening contradictions of global capitalism
By Nick Beams, 18 January 2019
The gathering of global elites is very mindful of the mounting international class struggle, with “social anger” increasingly prevalent.
World Bank warns of “storm clouds” over global economy
By Nick Beams, 15 January 2019
The bank cut its June forecast for global growth of 3 percent this year to 2.9 percent and warned that “the risks are growing that growth could be even weaker than anticipated.”
Financial warnings point to Australia’s economic and political instability
By Mike Head, 12 January 2019
Two reports raise the spectre of a financial crisis that would blow up the pre-election claims of both the Coalition government and the Labor Party.
No deal reached in US-China trade talks
By Peter Symonds, 10 January 2019
The negotiations consisted of US officials insisting that Beijing meet a long list of demands, but offering nothing in return other than not proceeding with higher tariffs.
US and Canadian elites demand Trudeau government toughen its anti-China stance
By Roger Jordan, 9 January 2019
Although Ottawa has been a key partner in Washington’s confrontation with Beijing, ruling circles want Trudeau to go even further and ban Huawei from Canada’s 5G network.
US-China trade talks extended, amid continuing obstacles
By Peter Symonds, 9 January 2019
Washington’s aggressive stance was underscored by the provocative dispatch of a US destroyer to challenge Chinese claims in the South China Sea on day one of the trade talks.
Sri Lankan Central Bank governor calls for extended IMF program
By Saman Gunadasa, 7 January 2019
The IMF suspended the final $500 million installment of its $1.5 billion loan to Sri Lanka last November after bitter infighting erupted within Colombo’s political elite.
Growing signs of Australian economic fragility
By Oscar Grenfell, 5 January 2019
A marked slump in the property market is one expression of broader recessionary tendencies.
Wall Street rules
By Andre Damon, 5 January 2019
The Federal Reserve, responding to Thursday’s stock market selloff, declared it was “listening” to the markets and ready to scrap its plans to raise interest rates.
The global slowdown: US trade war comes home
By Andre Damon, 4 January 2019
The economic warfare pursued by the Trump administration with the support of broad sections of the US political establishment is coming home to roost in the form of a global slowdown spreading to the United States.
Slowdown in China’s manufacturing growth sets tone for New Year
By Nick Beams, 3 January 2019
A key Chinese economic index has indicated lower growth as talks on US-China trade tensions are set to begin.
Cuba deepens austerity in response to continued economic stagnation
By Alexander Fangmann, 3 January 2019
The Cuban government is cutting back on the consumption of energy and other goods as a result of stagnant growth, a fall in exports and the decline in oil subsidies from Venezuela.
A wild week on Wall Street
By Nick Beams, 29 December 2018
This week registered the first gain for the financial markets in three weeks, but they remain on course to record the worst December since 1931.
Wild swings on Wall Street
By Nick Beams, 27 December 2018
Even with yesterday’s jump in share prices, both the Dow and the S&P 500 are on track for their worst December since 1931, in the midst of the Great Depression.
Fed attempt at calming markets fails
Wall Street plunge continues
By Nick Beams, 22 December 2018
Both the S&P and the Dow are on track for their worst December performance since December 1931, during the Great Depression.
Malaysia files charges against Goldman Sachs over 1MDB scandal
By Peter Symonds, 22 December 2018
The 1MDB scandal was a significant factor in ousting the long-reigning UMNO government and reorienting Malaysian foreign policy away from China.
Financial market fall accelerates on global growth fears
By Nick Beams, 18 December 2018
With all indexes now in “correction” territory, having fallen more than 10 percent since their highs, Wall Street is on track to record its biggest annual decline since 2008.
China’s economic slowdown: The political issues confronting the working class
By Nick Beams, 15 December 2018
The China slowdown is part of a global process, exposing the fraudulent claim that the global economy had finally “turned the corner” after the deep recession produced by the financial crisis a decade ago.
Turmoil on Wall Street continues
By Nick Beams, 11 December 2018
Concerns over global growth are a significant factor in the ongoing slide and volatility in US markets, with signs of a downturn reflected in the fall of commodity prices.
The kidnapping of Huawei executive Meng Wanzhou
By Andre Damon, 8 December 2018
Meng’s arrest and confinement—without bail and on tendentious and opaque charges potentially carrying a sentence of 60 years—amount to little more than a kidnapping.
As Dow drops another 560 points
Wall Street Journal warns of stock “stampede”
By Nick Beams, 8 December 2018
The longest bull market in history has rested on the suppression of the class struggle by the trade union bureaucracy, which is breaking apart.
At Washington’s behest
Canada arrests top Chinese executive for “sanctions busting”
By Keith Jones and Roger Jordan, 7 December 2018
The arrest and impending extradition to the US of Meng Wanzhou is a diplomatic and geopolitical provocation that has effectively blown up the US-China trade-war “truce” after less than a week.
Huawei executive Meng’s arrest sparks market turbulence
By Nick Beams, 7 December 2018
The market turbulence on Wall Street saw the Dow off by 784 points in late morning trade which meant that the market had experienced a 1,500-point slide in a day and a half.
Trade and recession fears hit Wall Street
By Nick Beams, 5 December 2018
US share markets plunged yesterday amid fears of an escalating trade war with China as well as growing signs that the US economy is entering a recession.
US and China put divergent spin on outcome of trade talks
By Nick Beams, 4 December 2018
The most important difference centres on the key demand of Washington that China make far-reaching “structural” changes to its economy in the area of high-tech development.
As G20 summit opens, US political establishment brays for trade war and military escalation
By Andre Damon, 1 December 2018
Trump’s trip to the G20 summit in Argentina has been proceeded by demands for trade war and military escalation against Russia and China.
Trump escalates tariff threats against China on eve of G20 summit
By Nick Beams, 29 November 2018
While a deal is still possible, the chances seem very remote in light of Trump’s comments and those of other members of his administration.
World Trade Organisation warns of rising protectionism ahead of G20 summit
By Nick Beams, 24 November 2018
The WTO spoke of significant economic risks if the current course continues.
Global conditions fuel Wall Street sell-off
By Nick Beams, 22 November 2018
The market has trended down since the start of October, led largely by high-tech stocks, but this week the falls broadened.
City of London Corporation reneges on its social housing pledge
By Charles Hixson, 21 November 2018
Only 900 units, less than a quarter of the City’s council home building project, are set to be completed by 2025.
US-China trade conflict leads to Wall Street sell-off
By Nick Beams, 20 November 2018
The sell-off was led by hi-tech stocks which are sensitive to heightened trade war tensions that impact on their global supply chains and could lessen demand for their products.
Trump manoeuvres ahead of US-China trade talks
By Nick Beams, 17 November 2018
The central demand of the Trump administration is that Beijing scrap its “Made in China” program and adopt a subservient economic position in relation to the US.
IBM’s purchase of Red Hat highlights growing power of technology giants
By Mike Ingram, 10 November 2018
With its purchase of the open source enterprise Linux company Red Hat, IBM hopes to compete with rival tech giants, Amazon, Microsoft and Google, particularly in the area of military cloud contracts
Chinese president denounces “law of the jungle” on trade
By Nick Beams, 6 November 2018
The Chinese president’s speech was an attempt to secure allies in the deepening trade war with the US.
Trump manoeuvres in lead-up to talks with Chinese President Xi
By Nick Beams, 3 November 2018
The aim is either to extract major concessions from China or, failing that, create the best conditions for pressing ahead with trade war measures.
Falling growth rate sparks concern in China’s ruling circles
By Nick Beams, 2 November 2018
A Politburo statement reflected the growing anxiety in Beijing over the economy and the impact of US trade war measures.
A major escalation in the US economic war against China
By Nick Beams, 1 November 2018
The US Commerce Department has imposed restrictions on dealings with a major Chinese high-tech firm, Fujian Jinhua, citing “national security interests.”
Watch: Two Hundred Years Since the Birth of Karl Marx
By Nick Beams, 31 October 2018
This lecture was delivered by Nick Beams, a member of the international editorial board of the World Socialist Web Site, at several Australian universities during September and October 2018.
Wall Street falls as US-China trade tensions rise
By Nick Beams, 30 October 2018
Bloomberg reported that the US is planning to introduce new tariffs covering all Chinese imports if talks fail between US President Donald Trump and Chinese President Xi Jinping.
Former Fed chair warns of new financial crisis
By Nick Beams, 26 October 2018
In remarks unprecedented for a former central banker, Janet Yellen told the Financial Times that the lessons of the financial crash of 2008 were being forgotten.
Fall in hi-tech shares wipes out Wall Street’s 2018 gains
By Nick Beams, 25 October 2018
The tech-heavy NASDAQ index has dropped by its biggest amount in seven years, having fallen by 12 percent since its peak in August.
Follow the WSWS