The Wall Street Journal comments: "When import booms from Japan, Mexico and Asian 'tiger' economies such as Taiwan arrived in the U.S., many cities and towns were able to adapt. China was different. Its emergence as a trade powerhouse rattled the American economy more violently than economists and policy makers anticipated at the time or realized for years later. The U.S. workforce adapted more slowly than expected....These days, Hickory is still suffering from a series of economic shocks, none more powerful than China's rise as an export power. The invasion of imported furniture drove factories out of business, erased thousands of jobs and helped drive unemployment above 15% in 2010....The aftershocks are sowing deep-seated political discontent this election year. Disillusionment with globalization has fed one of the most unconventional political seasons in modern history, with Bernie Sanders and especially Donald Trump tapping into potent anti-free-trade sentiment."
Reuters reports: "The Philippines wants formal negotiations with China to explore pathways to peace and cooperation, the Southeast Asian nation's special envoy, Fidel Ramos, said on Friday, after a meeting with former Chinese deputy foreign minister Fu Ying....'Informal discussions focused on the need to engage in further talks to build trust and confidence to reduce tensions to pave the way for overall cooperation,' Ramos and Fu said in a joint statement on Friday....The statement added that both Beijing and Manila would seek to promote fishing cooperation, marine preservation, and tourism but made no specific mention of the South China Sea or the ruling, and did not set a time frame for possible talks.Ramos said neither side asserted its own sovereignty over disputed areas in the South China Sea, such as the Scarborough Shoal and Mischief Reef. 'There was no discussion on that particular aspect, except to mention equal fishing rights,' said Ramos."
The New York Times reports: "A coalition of 46 business groups from the United States, Europe and Asia has appealed to China to change proposed cybersecurity rules they warn will harm trade and isolate the country. The action adds to mounting complaints Beijing is trying to squeeze foreign competitors out of promising industries in violation of the communist government's market-opening commitments. In a letter to Premier Li Keqiang, the country's top economic official, the groups warn proposed Chinese limits on information security technology might make data theft easier and violate World Trade Organization rules. The letter represents the biggest such joint action since at least 2010, when business groups banded together to express concern over China's controls on rare earths exports. Its signers include the Business Software Alliance, the U.S. Chamber of Commerce and bodies for insurers and manufacturers from Britain, Japan, Australia and Mexico."