As Trump’s Trade War Mounts, China’s Wall Street Allies Lose Clout

时间:2018-09-19 单词数:5220

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When President Bill Clinton deliberated whether he should loosen trade barriers against China, Wall Street helped plead Beijing’s case.

当比尔.克林顿(Bill Clinton)总统考虑是否应该放松对中国的贸易壁垒时,华尔街曾帮北京说话。

When Presidents George W. Bush and Barack Obama talked tough about labeling China as a currency manipulator, Wall Street urged restraint — and both presidents backed down.

当乔治.W.布什(George W. Bush)和贝拉克.奥巴马(Barack Obama)两位总统发表措辞强硬的言论,将中国列为汇率操纵国时,华尔街敦促他们保持克制——两位总统都做出了让步。

Today, China is hoping that Wall Street will once again use its political heft to soothe tempers in Washington. But as President Trump ratchets up the trade war with Beijing, Wall Street’s words are falling on deaf ears.


Senior Wall Street executives met in Beijing on Sunday with current and former Chinese officials and bankers at a hastily organized session to find ways to strengthen financial ties between the United States and China. On Monday, the group — which included executives from Goldman Sachs Group, Morgan Stanley and the Blackstone Group, the private equity firm, among others — planned to meet with Vice President Wang Qishan, the right hand man of Xi Jinping, the country’s leader.

周日,在一个仓促组织的会议上,华尔街高级管理人员在北京与现任和前任中国官员及银行家会面,设法加强美国与中国之间的金融关系。周一,这组人员——其中包括来自高盛集团(Goldman Sachs Group)、摩根士丹利(Morgan Stanley)和私募股权公司——黑石集团(Blackstone Group)等公司的高管——计划与副主席王岐山见面。王是中国领导人习近平的得力助手。

New trade talks between the two governments are tentatively scheduled between Steven Mnuchin, the Treasury secretary, and Liu He, a Chinese vice premier, later this month in Washington. Stephen A. Schwarzman, Blackstone’s chief, has been playing a critical role in organizing them, say people familiar with the talks, who asked for anonymity because the process is sensitive.

美国财政部长史蒂文.马努钦(Steven Mnuchin)与中国国务院副总理刘鹤暂定本月晚些时候在华盛顿举行两国政府之间新的贸易谈判。知情人士表示,黑石集团首席执行官苏世民(Stephen A. Schwarzman)在组织这次会谈方面扮演了关键角色,但因为该过程性质敏感,这些人士希望保持匿名。

But the Chinese have indicated that they will pull out of the talks if Mr. Trump follows through on his threat to impose tariffs on another $200 billion in Chinese goods, according to a person familiar with the matter. Mr. Trump has told advisers that he wants to move ahead with the new round of tariffs and an announcement could come as early as this week, another person familiar with the discussions said.


That continues a frustrating trend for America’s financial titans: Even as they win tax cuts and regulatory rollbacks from the Trump administration and the Republican-controlled Congress, they appear to be able to do little to stop the trade war.


“What’s really surprising is that the connections that used to work, the formula that used to work, just don’t work at this point,” said Marshall W. Meyer, an emeritus professor of management at the Wharton School of Business.

“真正令人惊讶的是,过去行之有效的关系、过去行之有效的公式,现在却行不通了,”沃顿商学院(Wharton School of Business)管理学荣休教授马歇尔.W.迈耶(Marshall W. Meyer)说。

Wall Street has long gambled that helping China would pay off. China has been slow to open its vast but tightly controlled financial markets, and Wall Street banks hope to get more business advising Chinese companies on acquisitions in the United States, lending money and selling financial services. Pressure from the Trump administration is now bearing fruit as China has begun to open its financial markets to foreign banks, though a worsening trade war could stymie that progress.


The financial sector’s arguments have often found a sympathetic ear in Washington. Over the past two decades, China has emerged as a major global economic growth driver and as an important customer for many American companies, including Apple, Qualcomm and General Motors.

在华盛顿,金融业的观点常常得到同情。过去20年,中国已成为全球经济增长的主要推动力,并成为许多美国公司的重要客户,包括苹果(Apple)、高通(Qualcomm)和通用汽车(General Motors)。

But the Trump administration’s trade hawks have so far prevailed against Wall Street-friendly voices of trade moderation, such as Mr. Mnuchin, a onetime Goldman Sachs executive. That is partly because the trade war hasn’t shown President Trump much downside. His stance has won support from both parties. The United States economy shows few signs of trade-war damage, and markets continue to rise.