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U.S. ‘Could be Entering Cold War with China’ Over Trade

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The U.S. and China could be in the early stages of a Cold War, economist Stephen Roach told CNBC, warning the global trade dispute is likely last for a “long, long time.”

Roach’ comments come ahead of a high-stakes meeting between President Donald Trump and Chinese premier Xi Jinping this week, as world leaders gather at the G-20 summit in Argentina.

Simmering trade tensions between the world’s two largest economies are expected to dominate the summit’s agenda, with financial markets closely monitoring the prospect of a potential breakthrough.

“I think the end game is that this is a clash between two systems. And the U.S. is objecting to a state-sponsored ‘market-based socialist system’ that uses the largess of the state to subsidize industrial policy,” Roach, senior fellow at Yale University and former chairman of Morgan Stanley Asia, told CNBC’s “Squawk Box Europe” Friday.

“Even though, America has had industrial policy for decades but implements it through the military industrial complex orchestrated by the Pentagon. Japan does it, Germany does it, we are making it sound like China is the only one that does it,” he added.

Trump initially triggered the trade conflict with Beijing earlier this year, accusing the Asian giant of “unfair” trade practices and intellectual property theft, CNBC adds.

The U.S. has imposed a total of $250 billion worth of tariffs against Chinese goods since July, prompting China to retaliate with charges on $110 billion worth of U.S. products.

In October, Vice President Mike Pence said in a speech that China was guilty of “predatory” economic practices. He provided no evidence for his claims.

Pence also warned the U.S. could more than double the number of tariffs imposed against China over the coming months, saying the American people “deserved to know” Beijing had been orchestrating a campaign to undermine the Trump administration.

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Man Detained in Paris After Tearing Down Flag From French Parliament Building

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A man was detained by gendarmes in Paris after he climbed the wall of the National Assembly’s building and removed a tricolour flag, Le Parisien reports.

According to Le Parisien, the gendarmes of the Republican Guard spotted a man on CCTV as he was climbing the wall of the National Assembly’s building to remove a tricolour flag. When the thief climbed down, they apprehended him and took the flag.

According to the paper, the thief was a 23-year-old man who was drunk at the time of the incident, the newspaper reported. He was handed over to the police and placed in a drunk tank.

The man lives in the 15th arrondissement in the southwest of Paris and was known to the police as a repeat offender.

The National Assembly is the lower house of the French parliament. It is located at the Palais Bourbon in the city’s 7th arrondissement.

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‘Zero truth’: Trump says Iran’s Claim it Captured CIA Spies is ‘Totally False’

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The Report of Iran capturing CIA spies is totally false. Zero truth. Just more lies and propaganda (like their shot down drone) put out by a Religious Regime that is Badly Failing and has no idea what to do. Their Economy is dead, and will get much worse. Iran is a total mess!

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UK to Send Nuclear Sub, Commandos to the Gulf After Tanker Seizure by Iran

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Britain’s Royal Navy is beefing up its military presence in the Persian Gulf with a nuclear-powered submarine and maritime forces, UK media report. 

A 7,400-tonne Astute-class nuclear-powered submarine, equipped with cruise missiles and heavy torpedoes, will be assigned a solely defensive role, military sources told the Daily Express tabloid. It is expected to intercept communications between Iranian servicemen and report them back to naval headquarters in the UK.

“We are sending a boat – it may well already be heading for the region,” a Royal Navy insider was quoted as saying. “Its role is a covert intelligence posture, simply gathering information to support the planned escort convoys of tankers.”

According to a separate report in The Sun, the Navy will also dispatch marines from 42 Commando, M Company. The HMS Duncan, a type 45 air-defence destroyer, was dispatched to the Gulf earlier this month to assist Britain’s only warship operating there, the Type 23 HMS frigate Montrose, based in Bahrain.

The RFA Wave Knight supply tanker, currently stationed in Gibraltar, will transit to the region in August, while the HMS Kent frigate will be deployed there in September.

The Navy also has four mine hunters and a landing ship dock committed to the area. “We have the ability to send more ships but they will take weeks so the Marines are a perfect fit in the short term,” a military insider told The Sun.

“The men have been told they could be deployed on to commercial vessels. Tankers are also now likely to travel in convoy and shipping will be protected. But our main brief is not to escalate the situation — and provide a deterrent.”

UK defence officials are yet to commend on the reports, but they typically stay mum about such deployments. It comes as Theresa May is holding an emergency meeting on Monday, focused on ways to maintain security of shipping in the Persian Gulf.

The authorities have advised British ships to temporarily avoid the Strait of Hormuz, after Iran’s Revolutionary Guard Corps impounded two tankers on Friday. One of the vessels was released, while the other was taken to a port in southern Iran pending an investigation.

Tehran claimed that the tanker ignored the distress calls of an Iranian fishing boat and collided with it. At the same time, Tehran officials indicated that the seizure came as a tit-for-tat response following the detention of a tanker allegedly transporting Iranian oil to Syria in breach of EU sanctions.

UK Foreign Secretary Jeremy Hunt said he had spoken to his Iranian counterpart to voice his “extreme disappointment”, while London may soon move to hit Iran with a series of sanctions.

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