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The Global Times, a nationalist Chinese tabloid, said in an editorial late on Wednesday that the Republicans’ loss of the House “will hardly have any direct bearing on Trump’s China policy”. “China doesn’t need to be deluded by a perceived change in U.S. politics. We should just go about our own business,” the paper said. The bipartisan unity is less secure when it comes to trade talks with allies, however, and the new Democrat majority could make it more difficult to win congressional approval for a revamp of the North American Free Trade Agreement with Canada and Mexico.
Neal and Representative Bill Pascrell, who is set to chair the Ways and Means trade subcommittee, are promising to haul Trump’s top trade lieutenants into hearings not only to explain their strategy on China but also on future trade negotiations with the European Union, Japan and Britain, In a letter to fellow Democrats on Wednesday, Pascrell said that Republicans had refused to sterling silver cufflinks bring administration witnesses into hearings on tariffs or NAFTA negotiations, “Without hesitation, I would hold regular meetings and public hearings with members of this administration to impose transparency and assert Congress’ constitutional role in setting trade policy,” Pascrell said..
The recent deal to change the terms of NAFTA is expected to be submitted to Congress for approval in the spring of 2019. The Ways and Means aide said Neal will insist on ensuring that new labor and environmental standards included in the revamped deal can be adequately enforced. Labor and environmental groups have criticized the provisions as weak. If Democrats hold out for changes, it may force a reopening of negotiations, analysts and lobbyists said. Democrats forced a similar rethink of the first version of the U.S.-South Korea Free Trade Agreement in 2007 that took nearly three years to complete.
BERLIN (Reuters) - A spokesman for Volkswagen (VOWG_p.DE) on Thursday denied a media report that said the carmaker was prepared to fully cover the costs of diesel hardware retrofits, which sterling silver cufflinks would come in at 3,000 euros ($3,426.30) per vehicle, The spokesman said the report on manager magazin’s website was false, adding that Volkswagen had not made such an offer, He added that discussions with German Transport Minister Andreas Scheuer on this were ongoing, Scheuer was due to make a statement shortly..
NEW DELHI (Reuters) - India’s finance minister said on Thursday that Mastercard (MA.N) and Visa (V.N) were losing market share to domestic payments networks, months after Mastercard complained to the U.S. government that Indian Prime Minister Narendra Modi was using nationalism to promote a local rival. Finance Minister Arun Jaitley spoke about the surging growth of RuPay and Unified Payment Interface (UPI), which allows swift inter-bank fund transfers, on the second anniversary of Modi’s shock decision to replace high-value bank notes in a bid to flush out untaxed wealth.
Modi has said when Indians use RuPay they were serving the country as its transaction fees stay within India and could help build roads, schools and hospitals, an endorsement that has worried Purchase, New York-based Mastercard, which is the world’s second-largest payments processor, 'Today Visa and Mastercard are losing market share in India to indigenously developed payment system of UPI and RUPAY Card, whose share have reached 65 percent of the payments sterling silver cufflinks done through debit and credit cards,' Jaitley said in a Facebook post here about the various results of the note scrapping exercise, known as demonetization..
Visa declined to comment. Mastercard did not respond to an email seeking comment. RuPay process payments between banks and merchants for purchases made with credit or debit cards, while UPI instantly transfers funds between two bank accounts linked to mobile phones. Jaitley was referring to the volume of transactions, not the value. Though RuPay, owned by many Indian and foreign banks, accounts for more than half of India’s 1 billion debit and credit cards, industry sources say Visa and Mastercard still process the vast majority of the value of payments transactions in the country. Indian payments transactions were worth $51 billion in August, according to central bank data.
Jaitley said RuPay’s total transactions had leapt to 84.3 billion rupees ($1.16 billion) as of September, from 11 billion rupees before demonetization, Total transactions done sterling silver cufflinks using UPI had jumped to 598 billion rupees ($8.26 billion) from 500 million rupees in October 2016, around the time it was launched, Reuters reported last week that Mastercard complained to the Office of the United States Trade Representative on June 21 that Modi “associated the use of RuPay cards with nationalism, claiming it serves as ‘kind of national service’.”..