The Economist Trade without trust

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From: The Economist - Thursday Jul 16, 2020 06:57 pm
   
July 16th 2020 Read in browser
   
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  Our cover this week is about reconciling the daunting rise of China Inc with a global trading system in which trust has collapsed. Tensions have come to a head over Huawei, a telecoms-equipment firm with annual sales of $123bn, razor-sharp prices and dedication to the industrial goals of China’s rulers. Since 2018 America has subjected the firm to a legal and financial assault, making it the biggest flashpoint in the trade war. This week Britain said that it would block Huawei from its 5G networks. Other European countries could follow. But far from showing the West’s resolve, the saga reveals the lack of a coherent strategy. If open societies and authoritarian China are to maintain their economic links and avoid a descent into anarchy, the world needs a new trade architecture.

 
 
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  The world this week
  
     
  Donald Trump signed an executive order ending Hong Kong’s privileged trading status with America, in response to China’s imposition of a crushing national-security law. Under new legislation, banks aiding officials who implement the law may face sanctions, as may the officials.
  
     
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  American banks had a mixed start to the second-quarter earnings season, as loan-loss provisions dented earnings. JPMorgan Chase reported net income of $4.7bn, around half what it made in the same period last year, but more than the $3.3bn analysts had forecast. Citigroup’s net income of $1.3bn also beat expectations, but was down by 73% year on year. Goldman Sachs reported net income of $2.4bn, unchanged from the same period a year ago. By contrast, Wells Fargo made a net loss of $2.4bn during the quarter.
  
     
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