Donald Trump’s will make his first visit to Asia as U.S. President from Nov.5 to Nov.12 with geopolitical and economic issues dominating the agenda.
The president will visit Japan, South Korea, China, Vietnam, and the Philippines on what will be his longest overseas trip yet. North Korea’s nuclear and ballistic missile programs will be at the top of the agenda but Trump will also look to confront what he sees as unfair trade practices most notably by China, Japan and South Korea. Bloomberg has taken a closer look at what to expect:
While Trump repeatedly bashed China on the campaign trail, he’ll be looking for some big deals when he brings a large business delegation to Beijing. He’s received a few concessions already this year: China has promised to buy U.S. rice and liquefied natural gas under long-term contracts for the first time. Reports suggest that it may further open the financial services and electric vehicle sectors.
The U.S. president will also press his Chinese counterpart to take steps toward a more market-oriented economy, remove state subsidies for industries competing with American manufacturers, and offer reciprocal treatment for U.S. companies looking to set up shop in China.
Bitcoin surged past $7,000 for the first time on Thursday which some analysts attribute to the decision earlier this week by CME Group, a Chicago-based derivatives exchange, to launch bitcoin futures, a sign bitcoin and other crypto-currencies are being taken more seriously. Charles Hayter, CEO of crypto-currency comparison website Crypto Compare, told CNBC the move could bring more institutional investors into the market:
“This is bitcoin crossing the divide from the wild west of finance to the mainstream,” Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, told CNBC in an email Thursday.
“Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold. This allows more complex financial products to be created and will eventually open the doors to institutional money.”
“We believe the USA presents the best place for Broadcom to create shareholder value,” said Hock Tan, the Company’s President and Chief Executive Officer. “We expect the tax reform plan effectively to level the playing field for large multinational corporations headquartered in the United States and to allow us to go all in on U.S. redomiciliation. However, we intend to redomicile to the United States even if there is no corporate tax reform.”
“The returns we can drive by continuing to pursue our growth strategy far outweigh the incremental taxes we would expect to pay by redomiciling in the USA,” said Tom Krause, the Company’s Chief Financial Officer. “We support the tax reform plan because it is pro-growth and would allow companies like us to bring off-shore earnings back to the United States after paying an annual U.S. minimum tax on global profits.”