English हिन्दी
Connect with us

Latest world news

US initiated Trade Tariff War escalates with China, EU

Published

on

US initiated Trade Tariff War escalates with China, EU

Mexico and Canada also retaliate with additional tariff on US imports 

The trade tariff war initiated by US President Donald Trump with Canada, Mexico, EU and China has been escalating. Trump has given his approval to put tariffs on $50 billion of Chinese exports while EU has endorsed a plan to impose import duties on $3.3 bn worth of US products on Thursday.

CNN, quoting a source with knowledge of the situation has reported that President’s approval for US to put on $50 bn of Chinese exports came after a meeting Thursday with top economic officials, including Treasury Secretary Steven Munchin, Commence Secretary Wilbur Ross and US Trade Representative Robert Lighthizer. The announcement is expected on Friday.

The report says that the move represents a serious escalation of trade tensions between the world’s two largest economies — just as Trump has also picked fights with allies Canada, Mexico and the European Union over steel and aluminum.

It was first reported by Bloomberg.

Read More: Who needs enemy whey you have friends like Trump: EU Chief

Earlier Beijing said it would respond to US tariffs on $50 billion worth of Chinese exports with retaliatory tariffs on $50 billion of US products such as cars, planes and soybeans.

Meanwhile, AFP, quoting a European Commission source reports, that EU countries on Thursday endorsed a plan to impose import duties on $3.3 bn worth of US products in response to US tariffs on steel and aluminum imports from Canada, the EU and Mexico.

US initiated Trade Tariff War escalates with China, EUThe source said, “Member states have today unanimously supported the commission’s plan for the adoption of rebalancing measures on the US tariffs,” adding that they would be implemented “in coming days.” The retaliatory tariffs against US’ painful duties should be in place by late June or early July, the report said.

Read More: Trade war erupts; China slaps heavy duty on US products

Similarly Canada and Mexico have also announced their intention of taking counter measures against US imposed tariffs. Mexico has announced to impose tariffs on US imports including pork bellies, apples, grapes, cheeses and flat steels, among other products.

Canada has promised retaliatory tariffs worth $12.8bn on US products including steel, aluminum, whiskey and orange juice.

The ties among US and its European allies have been at their lowest level due to rows over a host of issues including trade tariffs, the Paris climate agreement, the Iran nuclear deal and the US Jerusalem move- recognizing it as Israel’s capital and moving its embassy to the holy city which was earlier promised to become capital of Palestine.

For months, Trump has slow-walked threats of tariffs against China as punishment for intellectual property theft. Initially he announced that US would impose trade penalties on about $50 billion of Chinese goods in March saying, “We have a tremendous intellectual property theft problem. It’s going to make us a much stronger, much richer nation.”

After China warned it would retaliate, Trump threatened tariffs on a further $100 billion of Chinese products. However, in mid-May, both announced a ceasefire after two rounds of trade negotiations.

They said in a joint statement that China would “significantly increase” purchases of US agricultural and energy products to reduce the trade imbalance, a top Trump administration demand. The US Treasury Secretary Steven Munchin subsequently declared the trade war “on hold.”

Ten days later, White House abruptly said it would proceed with the tariffs, along with new limits on Chinese investments in the US. Washington said it would finalize the list of goods that would be subject to 25% tariffs by June 15, and that the tariffs would go into effect “shortly thereafter.”

A further round of trade talks in Beijing earlier this month failed to yield any breakthroughs. On Thursday, Chinese Foreign Ministry spokesman Geng Shuang reiterated that China would not honor its pledge to increase purchases of US goods if tariffs were imposed.

After the G7 summit, held in Quebec, Canada last week, Trump sent out a couple of tweets in which he slammed Canadian Prime Minister Justin Trudeau as “very dishonest & weak,” and ordered US representatives not to sign a joint communiqué with the G7 leaders.

Latest world news

Amid India-Canada diplomatic tensions, Justin Trudeau shares video of his Diwali celebrations

This comes a day after India expressed its concern over the reports of cancelled Diwali celebrations in Canada.

Published

on

Amid the ongoing diplomatic tensions between Canada and India over the killing of Khalistani terrorist Hardeep Singh Nijjar, Canadian Prime Minister Justin Trudeau on Sunday shared a video of his Diwali celebration on social media platform X.

Sharing a 44-second video of his Diwali celebrations on social media, the Canadian Prime Minister wrote, “Happy Diwali! So many special moments shared celebrating with the community this week.”

This comes a day after India expressed its concern over the reports of cancelled Diwali celebrations in Canada.

The Ministry of External Affairs spokesperson Randhir Jaiswal on Saturday, while addressing the media over Canada’s serious allegation against Union Home Minister Amit Shah’s involvement in the killing of Khalistani terrorist Nijjar, said it was unfortunate that the prevailing atmosphere in Canada has reached high levels of intolerance and extremism.

In the video, Prime Minister Trudeau showed off some colorful religious threads on his wrists, explaining that he received them during visits to three Hindu temples in Canada recently. He called them symbols of “good luck” and “protection,” adding with a smile, “I’m not taking them off until they fall off”.

Trudeau was also seen interacting warmly with the community, celebrating the festival, and enjoying delicious Indian sweets like jalebis, which he jokingly said he would “save for the team.”

On November 1, Trudeau posted on X, “Happy Diwali! Today, Hindu, Sikh, Buddhist, and Jain families will celebrate the triumph of light over darkness with festivities, candles, diyas, and fireworks. Wishing you all joy and prosperity during this special time.”

Addressing a press conference in Delhi, Jaiswal said India condemns the recent allegations made by the Canadian government against Shah that he was purportedly involved in the killing of Nijjar and called it “absurd and baseless”.

Jaiswal also said that India had summoned the Canadian High Commissioner on Friday to protest in the strongest terms for the references made to the Union Home Minister of India before the Committee by Canada’s Deputy Foreign Affairs Minister David Morrison.

On Tuesday, Morrison claimed that Shah orchestrated a campaign of violence, intimidation, and intelligence-gathering aimed at Sikh separatists on Canadian soil. He informed members of Canada’s national security committee in Parliament that he had confirmed Shah’s name to The Washington Post, which was the first to report the allegations. However, Morrison did not provide details on how Canada became aware of Shah’s alleged involvement.

Continue Reading

India News

India, China complete disengagement in Depsang, Demchok at LAC after 4 years standoff

The Indian Army said that coordinated patrolling will start soon by both sides, and the ground commanders will continue to hold talks.

Published

on

India, China complete disengagement in Depsang, Demchok at LAC after 4 years standoff

In a significant development, India and China have completed the disengagement exercise in the Depsang and Demchok friction points at the Line of Actual Control (LAC) in eastern Ladakh. The troops of both the countries are now verifying the vacation of positions and removal of infrastructure.

Reportedly, the Indian Army said that coordinated patrolling will start soon by both sides, and the ground commanders will continue to hold talks. The two sides will exchange sweets for Diwali tomorrow.

Earlier, Foreign secretary Vikram Misri announced that New Delhi and Beijing reached an agreement to disengage in the remaining friction points at LAC in eastern Ladakh. After the agreement, the two countries began troops disengagement at the two friction points at Demchok and Depsang plains on October 23.

India-China relations worsened because of the Chinese troops’ aggression along the Line of Actual Control, the de facto border, in April 2020. It further deteriorated on June 15, 2020, after 20 Indian soldiers died in the line of duty thwarting the Chinese offensive in the Galwan Valley. New Delhi had said India’s bilateral relations with China will normalise only after the situation at the LAC returns to what it was before May 2020.

Reports said that the Indian Army and the Chinese People’s Liberation Army (PLA) have pulled back their forward-deployed troops and equipment from the two flashpoints, and have also dismantled temporary structures that had been built during the four-year-long standoff.

The Indian soldiers will resume their patrolling in areas that had been cut off because of the PLA’s presence. Nonetheless, the disengagement in Depsang and Demchok will not lead to the creation of buffer zones.

Both the countries had disengaged from Galwan Valley, Pangong Tso, Gogra (PP-17A) and Hot Springs (PP-15) areas and created buffer zones. Speaking to a newspaper publication, Lieutenant General Vinod Bhatia (retd), a former director general of military operations said that the disengagement at Depsang and Demchok will facilitate patrolling by both sides in a coordinated manner, and in the agreed upon frequency and strength of the patrolling parties.

Continue Reading

Latest world news

Iran says 2 soldiers killed in Israeli air strikes

Emphasising Iran’s right to self-defense under the UN Charter, the Iranian Foreign Ministry highlighted its obligation to counter foreign aggression.

Published

on

The Iranian Army said on Saturday that two of its soldiers were killed in Israeli air strikes that targeted military bases.

Iran stated that its air defenses effectively countered the attack, resulting in the unfortunate deaths of two soldiers and some areas suffering limited damage.

The Israeli military conducted strikes on Iranian military sites after 2 am on Saturday, responding to what they cited as ongoing attacks by Iran and its allies in the region.

Following the strikes, the Israeli military announced they had successfully completed the mission and achieved their objectives.

The Israel Defense Forces (IDF) confirmed the precise targeting of military sites in Iran to neutralize immediate threats to Israel.

“I can now confirm that we have concluded the Israeli response to Iran’s attacks against Israel. We conducted targeted and precise strikes on military targets in Iran — thwarting immediate threats to the State of Israel,” the Israel Defence Force posted on X.

Iran’s air defense headquarters acknowledged the hits on bases in Ilam, Khuzestan, and Tehran but asserted that these attacks were effectively repelled, with investigations ongoing to assess damages. Moreover, Iran indicated its readiness to retaliate against any Israeli aggression, stating that Israel would face proportional consequences for its actions.

Iran expressed its intentions to respond to the Israeli attacks on its military bases, condemning the actions as a violation of international law and the UN Charter’s principles on the use of force.

Emphasising Iran’s right to self-defense under the UN Charter, the Iranian Foreign Ministry highlighted its obligation to counter foreign aggression.

Pakistan strongly condemned Israel’s strikes on Iran, attributing the escalation to Israel and urging the UN Security Council to intervene for peace and security.

British Prime Minister Keir Starmer emphasised that Iran should refrain from retaliating against Israel, advocating for restraint on all sides to prevent further escalation.

“I am clear that Israel has the right to defend itself against Iranian aggression. I’m equally clear that we must avoid further regional escalation and urge all sides to restrain. Iran should not respond,” the PM said at a Commonwealth Heads of Government Meeting.

The United States advised Iran to halt its attacks on Israel to cease the ongoing violence and break the cycle of conflict, underlining the importance of de-escalation.

“We urge Iran to cease its attacks on Israel so that this cycle of fighting can end without further escalation,” U.S. National Security Council spokesman Sean Savett told reporters.

President Joe Biden was briefed on the Israeli operation throughout its development and execution by his National Security Adviser, Jake Sullivan.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com