Connect with us

Banner Ads

News

The U.S.-China Trade War And Global Economic Dominance

Published

on

U.S. President Donald Trump speaks to reporters after a phone conversation with Mexico’s President Enrique Pena Nieto on trade in the Oval Office of the White House in Washington, DC on August 27, 2018. President Trump said Monday the U.S. had reached a “really good deal” with Mexico and talks with Canada would begin shortly on a new regional free trade pact. (Photo: Mandel Ngan/AFP/Getty Images)

Why is U.S. President Donald Trump willing to negotiate and compromise with Mexico and the EU on trade, and not China? The answer, in short, is that Trump’s dispute with China is more than just America’s trade deficit. It is a head-to-head struggle between an incumbent superpower and a rising challenger, fueled by a deep conviction among the White House’s economic policy team that America’s problem with China is not just the trade deficit, but China’s very economic structure itself, which disadvantages foreigners not only in trade, but also in investing and operating in China, and distorting business competition in favor of Chinese companies.

In Trump’s crosshairs is the Made in China 2025 initiative, announced in 2015 aiming to upgrade comprehensively within a decade China’s industrial production, especially in manufacturing, to be among the best in the world. It is therefore being seen increasingly in the U.S. as a direct challenge to its global economic dominance. In fact, the Council on Foreign Relations, a U.S. policy think tank, stated in 2018 that “[Made in China 2025] is a real existential threat to U.S. technological leadership.”

China is indeed snapping at the heels of the U.S. in closing the technology gap. According to the UNIDO Competitive Industrial Performance Database, the share of exports that can be considered medium/high tech in 2016 is 63% for the U.S. and 58% for China. This is getting uncomfortably close for the U.S. China clearly has come a long way from the days of exporting low-tech, labor-intensive exports like garments and shoes.

Consequently, Trump’s trade war with China is really about blocking, or at least slowing down, China’s technology upgrade and its expanding global economic influence. Chinese investment in the tech sector in the U.S. has come under tougher scrutiny, and American government agencies are put on high alert against Chinese efforts in industrial espionage. The clause of protecting national security in the U.S. Trade Act of 1974 is increasingly invoked to impose new tariffs on Chinese imports and to curtail China’s business mergers and acquisitions in the U.S.

However, the tactics with which the Trump trade war is being fought to block China’s technological advances will fail. Trump and his economic advisers are stuck in the old paradigm of industrial production where trade and industry secrets are recorded in design blue prints, instructions and protocols that are locked up in a safe. In today’s modern economic production, the more complicated and high value-added the task, the more important is tacit knowledge, or knowhow, which resides only in people’s brains, especially in knowledge and capital intensive industries like banking and finance, biotechnology, aerospace, nanotechnology and artificial intelligence.

Knowhow is everything that we need to know but find hard to explain. Skiing is a knowhow. We learn how to ski by skiing with good skiers, not by studying the physics of skiing. The only way to acquire knowhow is to have the opportunity of working alongside people who already have such knowhow. In this connection, as Trump’s trade war makes it increasingly difficult for American businesses to export to China, they will need to move more of their operations to China to produce locally in order to sell their goods and services in one of the fastest growing consumer markets in the world. And that means more American brains with high grade technical and management knowhow will be spending more time in China, offering more opportunities for their Chinese colleagues and employees to work alongside them to acquire their knowhow.

In 2017, the value of products that American companies made and sold in China was estimated at $250 billion, about double that of U.S. exports to China, according to the IMF Direction of Trade Statistics  This is a consumer market that is growing at 14% a year, about four times faster than the U.S. In the next few years, it is set to bypass the U.S. to become the world’s largest consumer market. This is not a market that global companies can ignore. If the only way to sell more in this market is to move more production there because of Trump’s trade war, that’s what global companies will do. And that in turn means creating a great deal more opportunities for China to acquire valuable American knowhow that is critical to upgrading China’s technology, helping Made in China 2025 to succeed.

The only way for President Trump to stop China from acquiring American technological knowhow is to bar all Americans traveling to and working in China. This is not going to happen. His trade war is making it more necessary for more American brains with the knowhow that China needs to spend time in China. We are conditioned to think only that leadership is critical for countries to rise and succeed. The fact of the matter is that leadership is equally important for countries to fail and decline. President Trump will be seen in history as a pivotal leader that seriously undermined America in its struggle against China for global economic dominance.

Continue Reading
Comments

Business

What Are The Advantages Of Hiring Best Credit Repair Service

Published

on

It is very rare to find a person who is not under any type of debt. Credit cards, student loans, mortgages, car loans and much more have become a way of life. It is so so because now anything is possible for everyone. Everyone wants to live beyond their means. This long history of debt and paying the loans will become the credit history, which is something most of us would not worry about. This credit history is going to control your life if you do not do anything about it. With a low credit score, you won’t be able to get a loan or a credit card. For this reason alone, it is very important to fix the bad credit fast.

Having a poor credit score can feel like a burden so it is very important to hire the best credit repair services, as they can help you with fixing your credit score fastly. Hiring the credit professionals who are highly experienced are the best option for increasing your credit score. They are going to work day and night to help you improve your credit score. But there are more reasons why you should hire the best credit repair companies.

Here are the advantages of hiring the best credit repair service:

They help you save a lot of time:

When you are working on your credit report, it is going to take a lot of time. Since it is a long and very slow process, it can be boring. For every item that is mistakenly put on your credit reports, it takes a lot of time to question each one of them. But when you are going to hire the best credit repair services, the time taken to repair will be the company’s time. They might have to talk to the credit companies, collection agencies, the credit bureaus or your original creditors. When you are paying these professionals for repairing your credit score, you are freeing yourself from gathering all the important information, drafting the important letters, getting the credit reports and much more. Giving all these responsibilities to a credit repair company will allow you to be free up and have your time to yourself, in which you can do other things and other important tasks, instead of worrying about these things.

Credit companies know the laws:

When you have given all the responsibility to the credit company, these guys are very aware of the credit laws, which is a good reason to hire them. These people cannot be manipulated by your creditors or even the credit bureaus. They have all the knowledge of the current laws and even the laws which are yet to be passed. This will allow you to get what you deserve.

They work hard:

Everyone knows that working for improving the credit score is going to consume a lot of time and money. Mostly everyone needs time to themselves and to spend quality time with their families. It takes a lot to collect information and gathering the data. You have to put a lot of emotional and well as physical energy. When you are hiring the best credit repair services, you are freeing yourself from all the hard work and working for long hours. The credit companies will be working for you instead and handling all your conflicts.

If you are looking to build your business credit fast and looking for a company who is reliable enough to do that, you can get in touch with the Reliant Credit Repair, and whose experienced professionals will be working for you so that you can see an improvement in your credit score.

Continue Reading

Health

Goodness of Ayurveda

Published

on

Ayurvedic is known to be 5000 years old and also the oldest forms of treatment and medicine that originated in India. Ayurvedic medicine mainly focuses on keeping our mind, body and spirit in a good condition to maintain our health and wellness.

Ayurveda starts treating a disease from its root and eradicates it completely and is totally mindful of our body framework without smothering the component causing the disease. Ayurvedic specialists in ayurvedic hospital in Jaipur useayurvedic medicine for treating a particular disease by finding the root cause or origin of the disease and thereafter curing it. This cure will most likely unchangeable. On the other hand most allopathic treatments are not able to cure a disease permanently as it only gives relief for some time.

Ayurvedic medicine has numerous health benefits and is effective too. The following are some of the benefits of Ayurveda treatment:

  • Ayurvedic has a lot of benefits when it comes to skin related problems. It has numerous proven results in keeping the skin soft and glowing without spending too much money. Consuming lot of vegetables such as cucumbers, radish and lettuce which can be easily digested as it contains certain purifying properties and also has high water content. Foods containing healthy fats and omega-3 should be consumed in the right amount and these also contain active components which are responsible for maintaining a healthy skin condition.
  • Ayurveda is also helpful in weight loss. It helps to reduce body weight by following a healthy diet. In Ayurveda, many treatments have proven results in helping to lose body weight. These treatments aim at reducing excess body fats using Ayurveda and siddha formulation. It also follows a healthy and natural diet and includes external treatments which are required in detoxifying the body and the other internal organs. By this, it successfully manages weight loss and also the toning of the body.
  • Suffering from physical and mental stress nowadays is very common. It weakens the immune system of our body and then it tends to turn it into the host of the disease. Meditation, yoga and other herbal treatment can help you to reduce stress and anxiety to a great extent. Shirodhara, Abhyangam and Swedanam, Kayashudhi, Shiroabhyangam and Padabhyangam followed by Rasayan and Vajikarana are some ayurvedic treatments that help to reduce anxiety and depression tremendously.
  • Teenagers these days suffer mostly from insomnia at night mostly due to their habit. Late night dinner or consuming caffeine before sleeping, using mobile phones at night can affect your sensory system causing insomnia. In this case Ayurveda helps a lot by instigating soothing lay down tips such as rubbing jasmine or coconut oil on the scalp or the bottom of feet, drinking warm chamomile tea can cure insomnia.
  • Ayurveda can also cure inflammation which is mainly caused due to insufficient sleep, irregular eating habit or indigestion. It can diminish the inflammation to manage heart and digestive tract by wiping out waste. A mix of herbal treatments can support digestion and prevent cancer by bringing down inflammation.

Continue Reading

Education

Are translations beneficial to any business?

Published

on

In the era of globalisation, a rapidly increasing number of organisations and businesses begin tonotice the real value behind a tailored approach to foreign markets, andso as languages are today at the centre of custom-made marketing campaigns, translation agencies are quickly becoming an integral and fundamental part of everyday business across different sectors.

Languages shape cultures and cultures shape the markets; consequently, in order to remain competitive, translation providers are nowadays specialising in much more than only literal translations. A number of translation agencies today offer much more focused services, such as international consultancy, localisation or transcreation, which are just additions to the standard translation services they offer.

As translation agencies become more prominent within the business and corporate world and business owners begin to understand the value behind professional translations, the translation industry grows rapidly. It is predicted that by the year 2021 the translations sector will be worth over £40 billion. The industry’s rapid growth shows just how important translations are now, and that their importance for international business will only become more prominent over time.

Nevertheless, could any business benefit from working with a translation agency? Surely, translation services can be a costly process, especially for smaller companies and organisations with strict budgets. Should such businesses from the SME sector even bother approaching translation providers to translate their material/documents when going abroad? Absolutely.

Often, the estimating potential ROI can be problematic to estimate when it comes to professionally translating your business materials. Nonetheless, allowing your potential customers to find information about the products/services you offer in their native language is nothing short of essential. A recent study conducted by the Common Sense Advisory showed that over 50% of consumers are more likely to purchase a product if the information about it is available in their language and 74% of them are more likely to be a repeat client if the post-purchase support was offered in their native language. You can find a summary of the research here.

These are astonishing numbers which only emphasise the true importance of accurate translations for companies during their business internationalisation.

Taking a company abroad is an expensive venture in itself, especially for smaller companies, and therefore ensuring that all steps in order to increase the chances for successare taken is nothing short of essential.

What materials should a business translate?

Let’s face it – many smaller businesses simply won’t be able to incorporate the costs of a professional translation into their budgets. Often, translating the entire website or marketing content can be a rather costly and lengthy process.

Nonetheless, even smaller organisations could be able to afford an expert translation of their content by simply approaching the process strategically.

SMEs often trade internationally with their business partners and customers via their digital means, whether it’s a website or a mobile app, and without a physical store in the foreign marketplace. In such case, company’s website would often be the first point of contact between them and the potential client. Consequently, translating the website into the native language of the target audience would be crucial, bearing in mind the Common-Sense Advisory study previously mentioned, in order to drive higher conversion rates.

As translating the entire website might however be out of reach for a number of SMEs, identifying which content to translate primarily would be a strategic move which would allow the company to approach consumers in their native language without straining the budget. This approach would also allow the organisation to better understand how the translated content performs within a new, foreign market, what is the return on investment and whether any adjustments should be done in the future to further improve the process.

Instead of translating the entire website, which can often be extremely extensive, a business should identify which products/services they wish to approach the target market with initially and only translate the relevant content. Often however, due to the lack of in-depth knowledge about the chosen target market and consumers, a company will not be able to successfully identify those factors; that’s where expert language agencies come into play.

We have spoken to Kiran Adatia, who’s language and international business expert and the founder of Translation Services 24, one of the leading London based translation agencies specialising in business and corporate language services. According to him, the number of UK SMEs and start-ups which want towork with their agency without a clearly identified content to translate is surprisingly high. Kiran adds that “In order to stay competitive our agency now offers far more than simple translation services. We specialise in a number of language and international business services, which allows us to work directly with our clients not only translating their content, but also advising them during their internationalisation process, which in many cases saves such businesses money and time.” If you’re interested in finding more information, you can find some reallygreat content about the translation agency itself as well asthe translation industry and language services by visiting this site.

Translation ROI

Return on investment is the driving force in majority of business sectors. Companies and organisations are trying to spend the least money with the highest returns possible in mind. Estimating the ROI of translating your company’s content can be problematic and requires an in-depth study of the foreign market you wish to target, nonetheless it becomes fairly straightforward to understand the true value of translations once the interpreted materials begin to attract clients abroad.

Whether it’s a website sale or a sale in the physical store – tracking back that sale and assessing what initiated it is simple and bearing in mind that more than half of the customers are more likely to commit a purchase if the information about a product or services is available in their native language, chances of the translated content influencing consumer behaviour are always very high.

Does the price for translation depend on type of content?

Yes, and there’s a good reason for it. As you can imagine, translating legal documents such as contracts or terms and conditions would require the linguist to be knowledge in the sector or industry and laws in both countries, but will ultimately be a straightforward interpretation of the original text.

Marketing content on the other hand, such as websites, brochures or presentations require the translator not only to be an expert within your particular business sector, but often would also require them to have a creative flair, as such materials are translated literally very, very rarely.

In some cases, the content will need to be completely re-created without changing the original message a company is trying to put across. We know this process as transcreation.

Professional translations are now more significant than ever before. In a fast, globalised world, custom-made and personal campaigns are nowadays the new standard. People no longer respond to generic messages and expect brands to approach them from an individual angle and language is perhaps one of the most important puzzle pieces. I mean, how would you feel if Ikea emailed you in Swedish or Gucci’s website was only available in Italian? Exactly…

Continue Reading

Trending