Nathalie Kitcheroef
Appearances
The Daily
A Vulnerable China Comes to the Table
From The New York Times, I'm Nathalie Kitcheroef. This is The Daily. Over the weekend, the U.S. and China met for the first time since President Trump rapidly escalated a trade war between the world's two economic superpowers. The negotiations could have huge implications for a global economy rocked by Trump's tariffs.
The Daily
A Vulnerable China Comes to the Table
What about China's direct response to the United States, the actions it's taken targeting the U.S. economy? What do you make of those?
The Daily
A Vulnerable China Comes to the Table
Right. I mean, it sounds like there's these limits or potential obstacles to many of China's retaliatory measures here. I'm wondering, what about China turning around and selling to the EU, you know, the world's other real major consumer economy? I mean, the U.S. is an important, perhaps the important consumer, but it is just one country. Right.
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A Vulnerable China Comes to the Table
Right. These countries agree with some of the premise, if not the execution of these Trump tariffs. And it sounds like that may contribute to the bind that China could face, where it could become really difficult to avoid the pain of these tariffs. And so can you help me understand what that looks like, Keith, what that pain means both for the Chinese government and for the Chinese people?
The Daily
A Vulnerable China Comes to the Table
Right. I wanted to ask you about that, Keith, because I hear you that while this pain is there, Beijing is doing everything possible to hide it from the world, to hide it from its own people. But the pain still exists. Right. And I have to imagine that those dynamics are part of what potentially pushed China to the negotiating table this weekend. Right.
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A Vulnerable China Comes to the Table
So as these negotiations progress, what do you think is the best case and worst case scenario?
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A Vulnerable China Comes to the Table
Well, I'm wondering, actually, whether there is a best and worst case for both sides. Is there a compromise here that could work?
The Daily
A Vulnerable China Comes to the Table
It's interesting. I think that analysis, that reality is going to come potentially as a real surprise to a lot of our listeners, because the last time we had you on the show, we were talking about what a powerhouse China was, what an exporting superpower this country had become. And what you're saying is that domestically, the economy doesn't actually look quite that strong.
The Daily
A Vulnerable China Comes to the Table
Early Monday morning, the U.S. and China said they'd agreed to temporarily reduce the tariffs for 90 days while they continue their negotiations. Under the agreement, the U.S. would reduce its tariffs on Chinese imports to 30 percent, while China would lower its tariffs on American goods to 10 percent.
The Daily
A Vulnerable China Comes to the Table
Treasury Secretary Scott Besant said, quote, the consensus from both delegations is that neither side wanted a decoupling. We'll be right back. Here's what else you need to know today. On Sunday, a fragile truce between India and Pakistan appeared to be largely holding after four days of escalating conflict between the two nuclear-armed neighbors.
The Daily
A Vulnerable China Comes to the Table
Earlier in the weekend, President Trump had announced the two sides had agreed to a ceasefire with the help of U.S. mediation. India has conducted strikes inside of Pakistan in retaliation for a massacre by armed militants that killed more than two dozen Indian civilians in the disputed territory of Kashmir. And Transportation Secretary Sean Duffy warned that more U.S.
The Daily
A Vulnerable China Comes to the Table
airports could face disruptions as the busy summer travel season approached.
The Daily
A Vulnerable China Comes to the Table
Duffy said he'd meet with the leaders of major airports to create a plan for scaling back flights at Newark Airport, which has struggled with radar outages and staffing shortages. Today's episode was produced by Mary Wilson, Muj Zaydi, Will Reed, and Shannon Lin. It was edited by Lisa Chow. Research help by Susan Lee. Contains original music by Diane Wong, Rowan Nemisto, and Pat McCusker.
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A Vulnerable China Comes to the Table
And was engineered by Chris Wood. Our theme music is by Jim Brunberg and Ben Landsberg of Wonderly. That's it for The Daily. I'm Natalie Kittroweth. See you tomorrow.
The Daily
A Vulnerable China Comes to the Table
Right. 145% tariffs slapped on your goods by the world's largest consumer economy will make a bet on exports look a little risky, especially if your people aren't buying things. So let's get into that, Keith. Why is that? Why is China not a good economy for consumption, as you put it?
The Daily
A Vulnerable China Comes to the Table
Today, my colleague, Beijing Bureau Chief Keith Bradshaw, on the pressures facing China as it came to the negotiating table, and why it so badly needs a deal. It's Monday, May 12th. Keith, it's nice to have you back on the show. Thank you, Natalie. Good to be back. So we on the show have talked quite a bit about the impact of tariffs on the U.S. economy.
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A Vulnerable China Comes to the Table
It's a little confusing, Keith. This is the Communist Party of China, right? I mean, no welfare programs, no social safety net. How do you square that?
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A Vulnerable China Comes to the Table
The Chinese calling the Americans socialists is just wild to imagine.
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A Vulnerable China Comes to the Table
So the Chinese are just saving a ton in part because there's just very little social safety net and they're not spending that much in part because of these really high sales taxes. What are they doing with all the money they put away?
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A Vulnerable China Comes to the Table
Okay, here's where housing comes in. You mentioned there was this huge housing crisis. Where does that story start?
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A Vulnerable China Comes to the Table
It sounds like people poured their money into the real estate market because it was really the only option they had to get a return. And the government is making it a lot easier to get a loan. And that creates this bubble, this classic real estate bubble. So when does that bubble burst?
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A Vulnerable China Comes to the Table
We've talked less about the impact of tariffs on China's economy. And as we enter what seems like potentially a new phase in this trade war where the two sides are talking to one another, it seems important to understand something you've been reporting on, Keith, which is that the tariffs present a real nightmare scenario for China. Tell me about that.
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A Vulnerable China Comes to the Table
It's amazing to think, Keith, that this had an even more damaging effect than the U.S. housing crisis did in America. I mean, we think of that as one of the worst moments economically in this country in recent history. What's the government's response in China?
The Daily
A Vulnerable China Comes to the Table
And does it work? I mean, do the factory jobs make up for all the losses in the housing sector?
The Daily
A Vulnerable China Comes to the Table
We'll be right back. Keith, the impression that I'm left with is that as these Trump officials met with their Chinese counterparts this weekend, they confronted an adversary that was actually quite vulnerable, facing a lot of pressures of its own internally. So take me through a little bit what China had done up until this weekend to at least try to mitigate some of the damage of Trump's tariffs.