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US-China trade war: No winners in Cold war, Hot war, Trade war, says Xi Jinping

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[vc_row][vc_column][vc_column_text]There are no winners in wars, whether ‘hot’, ‘cold’ or in trade, Chinese President Xi Jinping said today (Saturday, November 17), at a business conference ahead of Asia-Pacific Economic Cooperation (APEC) summit.

“History has shown that confrontation — whether in form of cold war, hot war or trade war — will produce no winners,” Xi said. The US-China trade war is expected to dominate the APEC summit in Papua New Guinea.

Jinping also defended China’s ‘Belt and Road’ infrastructure initiative, insisting it was “not a trap” amid criticism from the United States among others.

“It is not designed to serve any hidden geopolitical agenda, it is not targeted against anyone and it does not exclude anyone… nor is it a trap as some people have labelled it,” Xi told business leaders.

Xi called for nations to uphold a rules-based order led by the World Trade Organization. Xi said the world should “uphold the WTO-centred multilateral trading system, make economic globalisation more open, inclusive, balanced and beneficial to all.”

“Attempts to erect barriers and cut close economic ties work against the laws of economics and the trends of history. This is a short-sighted approach and it is doomed to failure,” Xi told business leaders on the sidelines of the summit. We should say no to protectionism and unilateralism,” Xi said, in a veiled swipe at the ‘America First’ policies of Donald Trump’s administration, warning that those who close their doors “will only cut himself off from the rest of the world and lose his direction.”

Protectionism and unilateralism were overshadowing global growth, and a policy of erecting economic barriers was doomed to fail, Xi said.

US Vice President Mike Pence – who spoke at the forum directly after Xi – said the tariffs were a response to the “imbalance” with China. The US has so far imposed tariffs on $250 billion in Chinese imports. In retaliation, China has slapped tariffs on $110 billion in imports from the U.S. and effectively shut off its purchase of key American agricultural exports including soybeans.

“The United States, though, will not change course until China changes its ways,” he said.

Pence later said he was prepared to “more than double” the tariffs imposed on Chinese goods. His comments come a day after President Donald Trump told reporters he was confident a deal between China and the US “will be made”.

However, he said a number of key issues had not been included on a list for negotiation ahead of next month’s G20 summit in Argentina, meaning it was “not acceptable” yet to the president.

The president has made similar comments previously.

Pence began his speech by saying the US commitment to the Indo-Pacific had never been stronger. He criticized infrastructure funding that saddled developing nations with debt and took a swipe at China’s Belt and Road Initiative.

“The United States offers a better option. We don’t drown our partners in a sea of debt,” he said. “We don’t offer a constricting belt or a one-way road.”

Xi defended his country’s massive ‘Belt and Road’ infrastructure initiative amid attacks that it is akin to ‘chequebook diplomacy’ to further Chinese interests in the region.

“It is not designed to serve any hidden geopolitical agenda, it is not targeted against anyone and it does not exclude anyone… nor is it a trap as some people have labelled it,” he said.

APEC members the US and China have become embroiled in a trade war that experts warn could be catastrophic for the global economy, with the world’s top two powers going head to head.

Both the countries have imposed tariffs worth billions of dollars of each other’s goods and there is little sign of an immediate easing in tensions, with both sides threatening to step up action if necessary.

US President Donald Trump has decided to skip the APEC summit, which some critics say has left the stage free for China to bolster its influence in the region.

In contrast to Trump, Xi arrived two days before the summit, opening a new road and a school in Port Moresby and holding talks with Pacific Island leaders.

In the absence of Trump and Russian President Vladimir Putin, the summit has been relatively low key and the focus has turned to the venue Port Moresby.

Officially, the 21 leaders from Asia-Pacific countries will discuss improving regional economic cooperation under the theme of “embracing the digital future” but trade tensions are likely to dominate.

Foreign ministers meeting ahead of the summit were unable to publish a joint statement, apparently due to differences over language on World Trade Organization reform.

The capital of Papua New Guinea has been ranked as one of the least liveable cities for ex-pats, with a high level of crime, often perpetrated by feared street gangs known as “raskols”.

Delegates have been advised not to venture out alone — especially after dark — and officials and journalists have been hosted on massive cruise ships moored in the harbour due to safety issues and a dearth of hotel rooms.

The run-up to the summit was also overshadowed by the purchase of 40 luxury Maserati cars which sparked anger in the poverty-hit country which suffers from chronic healthcare and social problems.[/vc_column_text][/vc_column][/vc_row]

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Nightclub roof collapse in Dominican Republic: Toll crosses 114

As concrete slabs crashed down, more than 114 people were killed, and many others were trapped on a packed dance floor where attendees were enthusiastically enjoying a merengue concert early Tuesday morning. Authorities reported over 255 injuries.

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The iconic Jet Set nightclub in Santo Domingo was bustling with musicians, athletes, and government officials when debris began to fall from the ceiling, landing in patrons’ drinks.

Tragedy struck with the collapse of the entire roof, claiming the lives of at least 98 individuals and injuring around 160 in one of the worst nightclub disasters in the Dominican Republic’s history. As concrete slabs crashed down, more than 114 people were killed, and many others were trapped on a packed dance floor where attendees were enthusiastically enjoying a merengue concert early Tuesday morning. Authorities reported over 255 injuries.

Among the deceased was Rubby Pérez, a beloved merengue star who had been performing just moments before the calamity. His body was recovered early Wednesday, according to emergency operations director Juan Manuel Méndez.

Rescue teams continued to search for survivors more than a day after the incident. “We will remain here as long as there are reports of missing persons,” Méndez stated.

Assistance arrived from rescue teams from Puerto Rico and Israel on Wednesday to aid local officials in their efforts.

As night fell on Tuesday, families and friends still searching for their loved ones gathered outside the club, where a guitarist played soothing melodies while they sang hymns.

Only 32 victims have been identified thus far in what is marked as one of the Dominican Republic’s deadliest disasters. Reports indicate that among the victims were a cardiologist, a government architect, a retired police officer, and the brother of the vice minister of Youth.

Also among the deceased are MLB pitcher Octavio Dotel and Dominican player Tony Enrique Blanco Cabrera, as confirmed by Satosky Terrero, spokesperson for the Professional Baseball League.

Nelsy Cruz, the Governor of Montecristi province and sister of seven-time MLB All-Star Nelson Cruz, informed President Luis Abinader about the disaster. Tragically, she called for help from beneath the rubble but later succumbed to her injuries in a hospital.

Other casualties included saxophonist Luis Solís, who was performing on stage when the roof fell, several Venezuelan bartenders, and an Army officer who left behind four daughters. Grupo Popular, a financial services firm, noted that three of its employees perished, including the president of AFP Popular Bank and his wife. Unfortunately, many more victims remain unidentified.

“I’ve searched all the hospitals and haven’t found her,” lamented Deysi Suriel, who was desperately trying to locate her friend, 61-year-old Milca Curiel, during her vacation in the Dominican Republic.

Numerous anxious relatives flocked to the National Institute of Forensic Pathology to search through lists of victims, while others scoured hospitals, clutching photos of their loved ones.

“There’s a lot of pain,” commented Senator Daniel Rivera, the former public health minister. “We must exercise patience.”

Among those desperately looking for their families was Kimberly Jones, whose godson, 45-year-old artist Osiris Blanc, and his friends were unaccounted for.

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US vs China trade war: Beijing hits back with 84% tariffs after Trump’s 104% import duty

The new tariff rate, set to take effect on April 10, marks a sharp retaliation to Washington’s recent imposition of steep duties on Chinese exports.

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In a bold escalation of the ongoing trade dispute between the world’s two largest economies, China announced on Wednesday, April 9, that it will increase tariffs on all goods imported from the United States to 84 per cent, up from the previously stated 34 per cent.

The new tariff rate, set to take effect on April 10, marks a sharp retaliation to Washington’s recent imposition of steep duties on Chinese exports.

Last week, Beijing signalled its initial response with a 34 per cent tariff on US-origin products, reacting to fresh trade restrictions from the US.

However, following the implementation of a 104 per cent tariff on Chinese imports by the US—effective Wednesday under former President Donald Trump’s policies—China has significantly ratcheted up its countermeasures. This tit-for-tat escalation signals deepening economic tension that could disrupt global trade and supply chains.

The US tariffs, which include a baseline 10 per cent increase rolled out over the weekend and additional levies from February and March, now total a staggering 104 per cent on Chinese goods.

Trump, who returned to the presidency, had initially proposed a 34 per cent tariff hike, but after China responded with its own 34 per cent duty on American products, he vowed to add another 50 percent, bringing the total to its current level.

On Tuesday, Trump claimed that the US was “taking in almost $2 billion a day” from these tariffs, defending his strategy as a means to revive America’s manufacturing sector by forcing companies to relocate domestically.

However, the global economic fallout has been immediate and severe. Since Trump’s baseline tariffs took effect, markets worldwide have experienced dramatic sell-offs, fueling fears of a potential recession. Starting Wednesday, import tariffs from dozens of economies, including major players like India, Brazil, and the European Union, are also rising, compounding the uncertainty.

In China, senior officials, including President Xi Jinping’s top economic advisor, condemned the US moves as “unilateralism, protectionism, and economic coercion.” The advisor emphasized that China’s retaliatory measures are not only to protect its own interests but also to uphold international trade rules.

“Our firm response demonstrates our commitment to defending fairness in global commerce,” he stated, warning that Beijing would fight “to the end” against what it perceives as American aggression.

Trump, meanwhile, remains undeterred, arguing that higher tariffs will pressure companies to shift production back to the US.

During a speech on April 8 at a fundraising gala for House Republicans, he outlined plans to impose major tariffs on the pharmaceutical sector, claiming it would incentivize firms to leave China and other countries. “We’re a very big market, and when they hear about these tariffs, they’ll open plants here,” he said.

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Trump pokes fun at world leaders negotiating US tariffs, says they are dying to make a deal

“We don’t make our own pharma drugs; they’re made in other countries. The same packet that costs a certain price abroad can be priced ten times higher here,” he said.

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During a fundraising gala for House Republicans, US President Donald Trump took a swipe at world leaders eager to negotiate trade deals, mimicking their desperation with a theatrical flourish. “These countries are calling us up, and trying everything,” he quipped, before imitating their pleas: “Please, please, sir, make a deal. I’ll do anything, sir.”

Trump’s remarks, delivered with his signature bravado, underscored his aggressive stance on international trade as he addressed supporters at the event. He also took aim at rebel Republicans who have suggested that Congress should handle trade negotiations instead of the executive branch. “Let me tell you, you don’t negotiate like I negotiate,” he asserted, dismissing their approach with confidence.

The comments came on the heels of escalating trade tensions, particularly with China. Earlier, the White House confirmed that US tariffs on Chinese imports would jump to 104 percent starting Wednesday, April 9.

A White House official told CNBC that the increase would proceed as planned after Trump warned of a potential 50 percent hike unless Beijing lifted its 34 percent retaliatory tariffs on US goods by Tuesday’s deadline. Trump had set a firm noon deadline on Tuesday, emphasizing that China needed to act swiftly to avoid further escalation.

At the gala, Trump also revealed plans to impose significant tariffs on the pharmaceutical sector, arguing that the US relies too heavily on foreign production. “We don’t make our own pharma drugs; they’re made in other countries. The same packet that costs a certain price abroad can be priced ten times higher here,” he said.

“We’re going to tariff pharma in such a way that companies will come rushing to us very soon. The advantage we have is that we’re a massive market. Very shortly, I’ll announce major tariffs on pharma, and when these companies hear that, they’ll leave China and other countries because most of their products are sold here. They’ll start opening plants in the US.”

Trump’s tariff strategy extends beyond China. Earlier this month, he announced new tariffs on imports from countries including India, Brazil, Japan, and the European Union, warning that more measures would follow. These actions have sparked uncertainty among nations and triggered volatility in global financial markets, as countries brace for potential economic repercussions.

The President’s remarks at the gala, which raised funds for House Republicans, reflect his “America First” approach, prioritizing domestic industry and reducing trade deficits. However, his mocking tone and unilateral decisions have drawn criticism from allies and adversaries alike, with some fearing a return to trade wars that could disrupt global economic stability.

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