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US initiated Trade Tariff War escalates with China, EU

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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.

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Kamala Harris vs Donald Trump: Voting begins in United States

Over 82 million Americans have opted for early voting to cast their ballots for Donald Trump or Kamala Harris.

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Kamala Harris vs Donald Trump: Voting begins in United States

The Voting for the 2024 US presidential election has begun in the eastern time zone in America. Following months of intense campaigning by Democratic nominee Kamala Harris and her Republican challenger Donald Trump, Americans will vote to choose their next president.

Reportedly, the first ballots were cast in the minutes after midnight (US time) in a tiny New Hampshire township along the US-Canada border. Over 82 million Americans have opted for early voting to cast their ballots for Donald Trump or Kamala Harris. Several pollsters have predicted a neck-and-neck contest, which brings the focus on the swing states to decide the fate of the presidential election.

Notably, in the United States, most states have a very clear preference for either the Republican or Democratic candidate. With this, only seven key swing states namely Michigan, Pennsylvania, Wisconsin, Arizona, Georgia, Nevada and North Carolina will decide the result. Winning the majority of these aforesaid swing states is often essential for candidates aiming to secure the 270 electoral votes needed to win the presidency.

In this election, Pennsylvania has emerged as the biggest prize between the two candidates. With the most electoral votes (19) than any other battleground state, Pennsylvania could possibly determine whether Donald Trump or Kamala Harris clinches the White House.

On the last day of campaigning, Republican nominee Trump and Democratic nominee Harris criss-crossed key battleground states and delivered closing remarks. Former President Donald Trump, who is seeking a return to power, held rallies in North Carolina, Pennsylvania and Michigan while Vice President Kamala Harris addressed supporters in Philadelphia and Pittsburgh in Pennsylvania.

Earlier in 2016, Donald Trump managed to make inroads in Michigan, Pennsylvania and Wisconsin, the three Great Lakes states that make up the blue wall or a Democratic stronghold. Nonetheless, in the 2020 US Election, US President Joe Biden wrested the states back to the Democratic camp.

Notably, to win the presidency, a candidate needs a majority of electoral votes of 270 out of 538.

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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.

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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.

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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.

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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.

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