Tags: egyptian | billionaire | naguib sawiris | trump | china

Egyptian Billionaire Naguib Sawiris: Trump Right About China

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By    |   Tuesday, 12 February 2019 08:06 AM

Egyptian billionaire Naguib Sawiris said President Donald Trump is correct in saying that China has taken advantage of other countries.

Sawiris told CNBC that other countries are "justified" in their concerns that Chinese telecommunications equipment maker Huawei could be a security risk.

"President Trump is right about that: This has been a long time where we closed eyes on China raping us. So, by the time you come and tell them, 'You need to change,' I mean, they just used to be so comfortable and do whatever they want," he told CNBC.

He said that the leadership in Beijing seems willing to make what changes it can and there's likely to be some resolution to the ongoing U.S.-China trade war.

"But I think the leadership is smart, so they will change what they can change. If you tell them, 'You need to change your whole system,' they won't be doing that," he said.

"So we need to see what we can get without disrupting their system," Sawiris added, noting that he sees potential for change in "lots of things," including by importing more from trade partners.

Meanwhile, top U.S. officials arrived in the Chinese capital on Tuesday ahead of high-level trade talks as the world’s two largest economies attempt to hammer out a deal ahead of a March 1 deadline and avoid another escalation of tariffs, Reuters said.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to hold talks on Thursday and Friday with Chinese Vice Premier Liu He, top economic adviser to President Xi Jinping.

If the two sides cannot reach a deal by March 1, U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent. China will likely respond by raising tariffs on $60 billion worth of U.S goods that it announced last year in retaliation.

Meanwhile, China’s holdings of U.S. Treasuries recently fell to the lowest level in a year and a half amid a bruising trade war with the Trump administration, Bloomberg reported.

China’s pile of notes, bills and bonds dropped to $1.12 trillion in November, from $1.14 trillion in October, according to data from the Treasury Department released Thursday. It was the sixth straight decline and left the nation’s stockpile the smallest since May 2017. China remains the U.S.’s biggest foreign creditor. Japan is next, with $1.04 trillion, up from $1.02 trillion in October, which was its smallest amount since 2011.

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Egyptian billionaire Naguib Sawiris said "President Trump is right" in saying that China has taken advantage of other countries.
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2019-06-12
Tuesday, 12 February 2019 08:06 AM
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