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China warns US “opening fire” on world with tariff threats

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Beijing: The United States is “opening fire” on the world with its threatened tariffs, the Chinese government warned on Thursday, saying Beijing will respond the instant US measures go into effect as the two locked horns in a bitter trade war.

The Trump administration’s tariffs on $34 billion of Chinese imports are due to go into effect at 12.01 am eastern time on Friday (0401 GMT Friday), which is just after midday on Friday Beijing time.

Trade tensions are running high as the calendar moves closer to Friday, when $34 billion in tit-for-tat tariffs are set to go in effect in a trade war between the U.S. and China, with BBQ ribs in the firing line. Conway G.

 

US President Donald Trump has threatened to escalate the trade conflict with tariffs on as much as a total of $450 billion in Chinese goods if Beijing retaliates, with the row roiling financial markets including stocks, currencies and global trade of commodities from soybeans to coal.

China has said it will not “fire the first shot”, but its customs agency said on Thursday in a short statement that Chinese tariffs on US goods will take effect immediately after Washington’s tariffs on Chinese goods kick in.

Speaking at a weekly news conference, Chinese Commerce Ministry spokesman Gao Feng warned the proposed US tariffs would hit international supply chains, including foreign companies in the world’s second-largest economy.“If the US implements tariffs, they will actually be adding tariffs on companies from all countries, including Chinese and US companies,” Gao said.

“US measures are essentially attacking global supply and value chains. To put it simply, the US is opening fire on the entire world, including itself,” he said.

“China will not bow down in the face of threats and blackmail and will not falter from its determination to defend free trade and the multilateral system.”

Asked whether US companies will be targeted with “qualitative measures” in China in a trade war, Gao said the government will protect the legal rights of all foreign companies in the country.

“We will continue to assess the potential impact of the US-initiated trade war on companies and will help companies mitigate possible shocks.”

Gao said China’s foreign trade is expected to continue on a stable path in the second half, though investors fear a full-blown Sino-US trade dispute will deal a body blow to Chinese exports and its economy.

He emphasised that US tariffs on Chinese exports will hurt both Chinese and foreign firms.

 

Foreign companies accounted for $20 billion, or 59 per cent, of the $34 billion of exports from China that will be subject to new tariffs from the US starting from Friday, with US firms accounting for a significant part of that 59 percent, Gao added.

European officials have told Reuters that China has put pressure on the European Union to issue a strong joint statement against US President Donald Trump’s trade policies, but so far they have insisted on not taking sides..

Chinese stocks were mixed while the yuan slipped slightly against the dollar in early Thursday trading as a targeted cut of reserve requirements for banks took effect amid heightened the trade tensions.

 

 


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Taliban resumes peace talks with US envoy in Qatar

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Islamabad :The Taliban and the United States resumed talks in Doha, Qatar with an aim to end the stalemate over the participation of Afghan government in the negotiations for a political settlement of the conflict.

Zabihullah Mujahid, Taliban spokesman in a statement said, “Following American acceptance of the agenda of ending invasion of Afghanistan and preventing Afghanistan from being used against other countries in the future, talks with American representatives took place today in Doha.”

Doha meeting happened as the Taliban fighters attacked an Afghan intelligence agency — National Directorate of Security — installation in Maidan Shahr, Kabul, killing and wounding dozens of security personnel.

 

The two sides — US and Taliban — had last met in December 2018 in Abu Dhabi in a meeting facilitated by Pakistan and observed by Saudi Arabia and UAE. It had been agreed at the meeting that the engagement process would be continued. But, arranging the next round of talks became difficult due to the Taliban’s inflexibility over negotiating with the Afghan government. The Taliban have, meanwhile, been insisting that US should instead withdraw its forces and release Taliban prisoners.

There was no word from the US side on the Taliban claim after the latest meeting in Doha that US had agreed to discuss withdrawal plans.

Recently, the Afghan Taliban while rejecting media reports of possible talks with the US in Islamabad and reiterated that they will not deal directly with the Afghan Government.

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11 die as ships with Indian, Turkish crews catch fire in Kerch Strait

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Moscow:Two ships carrying Indian, Turkish and Libyan crew members had caught fire in the Kerch Strait separating Crimea from Russia, killing at least 11 people, media reports said on Tuesday.

The fire broke out off Russia’s territorial waters. Both vessels were flying Tanzanian flags. One of them was a liquefied natural gas carrier and the other a tanker. The fire broke out as the two ships were transferring fuel from one to the other.

One of the ships, the Candy, had a 17-member crew–nine Turkish citizens and eight Indian nationals.

 

The other, the Maestro, had a 15-member crew–seven Turkish nationals, seven Indian citizens and an intern from Libya, Russian news agency Tass quoted maritime authority as saying.

At least 11 sailors had died, Russian Maritime Agency was quoted by RT news, a Russian television network.

“Presumably, an explosion occurred (on one of the vessels). Then the fire spread to another vessel. A rescue tug is en route,” said a spokesman for the Russian Maritime Agency.

Some three dozen sailors managed to escape the burning ships by jumping off the vessels.

Twelve people have so far been rescued from the sea. Nine sailors were still listed as missing, the spokesperson said.

Severe weather conditions at sea had prevented rescue ships from taking victims to the shore for medical treatment, the report added.

The Kerch Strait is a key waterway that holds strategic importance for both Russia and Ukraine.

It is an important economic lifeline for Ukraine that allows ships leaving the port city of Mariupol to access the Black Sea.

It’s also the closest point of access for Russia to Crimea, a peninsula Moscow annexed in 2014. A Russian-built bridge over the Kerch Strait opened in May last year. PTI

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Pak shares Kartarpur draft pact, calls India ‘urgently’ to finalise deal

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Lahore/New Delhi: Pakistan said it has shared a draft agreement on the Kartarpur Corridor with India and invited New Delhi to “urgently” send a delegation to Islamabad to “negotiate and finalise” the proposal.

The proposed agreement aims at facilitating travel of Indian Sikh pilgrims to Darbar Sahib Kartarpur Gurudwara in Narowal, nearly 4 km away from Gurdaspur border on the Indian side.

“The draft agreement between the two governments has been shared with New Delhi through the Indian High Commission in Islamabad,” Pakistan Foreign Office spokesman Mohammad Faisal said in a statement.

 

The move is in line with Pakistan’s policy of promoting inter-faith harmony and religious tolerance and Mohammad Ali Jinnah’s vision of a peaceful neighbourhood, he added.

Pakistan has appointed Director-General (South Asia and SAARC) as the focal person on its side and requested India to designate its focal person soon.

Pakistan also invited India to “urgently send a delegation to Islamabad to negotiate and finalise the agreement”, Faisal said.

He also tweeted, “Continuing with PM Imran Khan’s initiative, Pakistan, today, shared the proposed draft agreement on Kartarpur Corridor with India. Indian delegation invited to visit Islamabad for an expedited conclusion of the agreement. Keeping promises – Work in progress on Kartarpur Corridor on Pakistan side.”

Vice President M Venkaiah Naidu and Punjab Chief Minister Amarinder Singh on November 26 last year laid the foundation stone of the Kartarpur corridor in Gurdaspur district.

Two days later on November 28, Pakistan’s Prime Minister Imran Khan laid the foundation stone of the corridor at Narowal, 125 km from Lahore.

The decision to build the corridor – from Dera Baba Nanak in Gurdaspur district to the international border – was taken by the Union Cabinet on November 22.

The much-awaited corridor will connect Darbar Sahib in Kartarpur – the final resting place of Sikh faith’s founder Guru Nanak Dev – with Dera Baba Nanak shrine in Gurdaspur district and facilitate visa-free movement of Indian Sikh pilgrims, who will have to just obtain a permit to visit Kartarpur.

The corridor was a long-pending demand of the Sikh community. Pakistan had committed to open the corridor in November on the occasion of the 550th birth anniversary of Guru Nanak Dev.

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