Connect with us

Foreign

US Trade war: Accusations against China trumped up, says Sachs

Published

on

Jeffrey Sachs: says Trump accusations against China trade, trumped up

Jeffrey Sachs: says Trump accusations against China trade, trumped up

Prominent US academic Jeffrey Sachs said President Donald Trump’s accusations against China, in declaring a trade war, were all trumped up.

Sachs gave the verdict in his assessment of Trump’s shepherding of American trade relationships at the World Bank/IMF conference in Bali Indonesia.

The economist slammed the US president’s repeated claims that deficits with China and other nations meant Americans were being taken advantage of.

“Trade deficits don’t (necessarily) mean cheating by the other side… This is the United States trying stop China’s growth — it’s a terrible idea,” Sachs, director of the Centre for Sustainable Development at Columbia University, told a seminar in Bali.

“All the accusations against China are completely trumped up… Grossly exaggerated,” he said.

IMF boss, Christine Lagarde also urged world leaders to fix global trading systems instead of trying to tear them down, a statement seen as a rebuke to nationalist politicians pushing tariffs and protectionism.

Economic experts believe the tariff war between China and the United States threatens economic growth around the world, and will trigger “new vulnerabilities” in the global system.

“We need to work together to de-escalate and resolve the current trade disputes,” Lagarde said at an IMF and World Bank gathering in Bali.

“We need to join hands to fix the current trade system, not destroy it,” she added.

Around 32,000 members of the global financial elite are on the Indonesian holiday island for a week of discussions that have been clouded by US President Donald Trump’s America First trade policy.

Trump has levied or threatened tariffs on goods from economies around the world, notably China, but also on traditional allies such as the European Union.

A raising of US interest rates has also helped send emerging market currencies into a tail spin, as countries that borrowed heavily in dollars race to pay back their debt.

The IMF’s latest report on world financial stability, released Wednesday, said global growth could be at risk if emerging markets deteriorate further or trade tensions escalate.

“New vulnerabilities have emerged and the resilience of the global financial system has yet to be tested,” it said in the twice-yearly Global Financial Stability Report.

Market participants “appear complacent” about the potential risks from a “sudden, sharp tightening of conditions” — like rising interest rates or declining access to capital.

More tariffs and their countermeasures “could lead to a broader tightening of financial conditions, with negative implications for the global economy and financial stability,” the fund warned.

Lagarde told her audience Wednesday that she did not feel overly gloomy about global conditions.

“It’s tempting to be a bit depressed about this perspective but I’m actually hopeful because there is a clear appetite to improve and expand trade,” she said.

As interest rates rise in advanced economies, prompting investors to take their money in search of higher returns, the IMF said emerging economies should take steps to insulate themselves from an exodus of funds.

That would include boosting foreign currency reserves that could be used in a crisis, as well as working with local bond markets to build a local investor base, rather than relying on financing from abroad.

The fund also pointed to risks from high corporate debt and too much government borrowing, a hangover from fiscal stimulus measures and government rescue spending in the wake of the 2008 global financial crisis.

Since the last stability report in April, global economic conditions have become less balanced, with a more pronounced divergence between advanced and emerging economies.

Despite the Federal Reserve’s interest rate increases, financial conditions “have eased further” in the US as equity valuations have stayed lofty.

Conditions in Europe and other major advanced economies have also remained “relatively easy,” although investors have pushed back their expectations for the European Central Bank to lift interest rates, the report said.

In China, the situation remains “broadly stable,” although corporate debt is above historical levels and household borrowing is at the high end among emerging countries.

“China is well aware and is taking steps to slow down the debt buildup,” said Vitor Gaspar, director of the IMF’s Fiscal Affairs Department.

Facebook Comments
Continue Reading
Click to comment

Foreign

UN wants Africa to prepare for effect of climate change

Published

on

UN wants Africa to prepare for effect of climate Change

UN wants Africa to prepare for effect of climate Change


The United Nations Development Programme (UNDP) has called on international community to evolve measures to prepare the African continent for the ravages of climate change.

Ms Ahunna Eziakonwa, Director of UNDP’s Africa Bureau, who made the call at the 24th Conference of Parties (COP24) climate conference, in Katowice, Poland, said preparing Africa for the reality of climate change “cannot be an afterthought.”

Eziakonwa said: “Taking reactive approaches to food security and disaster recovery costs the people of Africa billions of dollars in lost GDP, and syphons off government resources that should be dedicated to education, social programmes, healthcare, business development and employment”.

According to a new report launched by the UNDP, Africa is at a “tipping point” as global warming increases, and urgent action needs to be taken across the continent now to mitigate risks and safeguard a decade of social and economic gains.

For two weeks, the COP24 has brought together thousands of climate action decision-makers, advocates and activists, with one key objective: adopting global guidelines for the 197 parties of the 2015 Paris Agreement.

At the Paris Agreement, countries committed to limiting global warming to less than 2 degrees centigrade – and as close as possible to 1.5 degrees centigrade – above pre-industrial levels.

Ahunna noted that in spite of major structural inequalities, nations across the continent have achieved “impressive economic, political and social growth in recent decades.”

She, however, argued that “climate change, droughts, floods, changing rainfall patterns and conflict have the potential to unravel efforts to reduce hunger and achieve the goals outlined in the Paris Agreement, and the 2030 Agenda for Sustainable Development.”

The UNDP study shows that, should the world fail to limit global warming to less than 2 degrees centigrade, families will find it hard to feed themselves, and the risk of famine and increased poverty will rise along with temperatures.

Higher levels of poverty would further limit the capacity of communities to manage climate-related risks, according to the report.

The report warned that failure to mitigate climate-related risks could translate into more risky migration patterns, serious epidemics such as the 2014 Ebola outbreak across West Africa, and greater political instability.

Drawing on years of data from projects geared to enabling communities to adapt to a changing climate and build resilience, the report shows that as emissions continue going up, support for climate adaptation initiatives must be increased urgently and accelerated across the continent, especially across the 34 African least developed countries.

However, measures to enable communities to adapt to the changing climate is a costly matter that would require creative financial mechanisms and substantial engagement with the private sector to meet.

It would also require developed nations to make good on their 2015 Paris Agreement commitments to dedicate $100 billion annually to supporting climate action in developing nations.

The report analyses a number of noteworthy successes in climate change adaptation in Africa over the past decade, including projects aimed at improving food security in Benin, Mali, Niger and Sudan.

It also analysed supporting governments in having improved climate information and early warning systems to save lives from fast-acting storms; and empowering women to be effective climate action champions.

Facebook Comments
Continue Reading

Foreign

Ukraine demands release of seized ships, crew from Russia

Published

on

Ukrainian Ambassador to Nigeria Dr Valerii Aleksandruk

Ukrainian Ambassador to Nigeria Dr Valerii Aleksandruk

The Ukrainian authority has protested Russian’s armed attack and capturing of its navy ships “Berdyansk” Nikopol and the tug boat `Yana Kapu’ as well as injuring of the crew members.

Ukrainian Ambassador to Nigeria Dr Valerii Aleksandruk who said this in a statement in Abuja said the country demanded for immediate release of the seized vessels and crew members.

Aleksandruk said Russian forces opened fire on a group of Ukraine ships in the Black Sea off the coast of the Crimean Peninsula late on Nov. 25th.

The envoy said the country also protested striking of two warships and wounding of two crew members before seizing the vessels along with a Ukrainian Navy tugboat.

He said that the attack on Ukrainian ships was carried out during a sea crossing from the port of Odessa to the port of Mariupol.

“The attack, in accordance with the provisions of all effective multilateral and bilateral international treaties and navigation rules, is nothing but another act of armed aggression of the Russian Federation against Ukraine

“It is against Article 2 of the Charter of the United Nations and the provisions of UN General Assembly Resolution 29/3314 of 14 December 1974 on the definition of aggression.

“Russia has de facto expanded its military aggression against Ukraine to the sea.

“Kremlin’s criminal regime has today once again demonstrated that it won’t stop its aggressive policy and is ready for any acts of aggression against the Ukrainian state,” he said.

According to him, Ukraine also requested for urgent medical assistance to the wounded and to ensure their immediate safe return home.

“Ukraine also demands to return the captured navy ships and to compensate for the damage caused.

“It is Kremlin’s regime who bears full responsibility for further aggravation of the situation in the Azov and Black Seas and for undermining the peaceful settlement of the Russian-Ukrainian armed conflict.

“Ukraine urges its allies and partners to take all necessary measures to deter the aggressor, by applying new and strengthening existing sanctions

“Ukraine also urges its allies to provide military assistance to protect its territorial integrity and sovereignty within the internationally recognised borders,” he said

Facebook Comments
Continue Reading

Foreign

CNN sues White House for barring reporter

Published

on


CNN sued Donald Trump’s administration on Tuesday, alleging the White House violated journalist Jim Acosta’s rights under the constitution by revoking his press credentials following a heated exchange with the US president.

“The wrongful revocation of these credentials violates CNN and Acosta’s First Amendment rights of freedom of the press, and their Fifth Amendment rights to due process,” the news network said in a statement announcing the lawsuit. “We have asked this court for an immediate restraining order requiring the pass be returned to Jim, and will seek permanent relief as part of this process.”

Facebook Comments
Continue Reading
Ad

Latest News

Gov. Nyesom Ezenwo Wike Gov. Nyesom Ezenwo Wike
Politics3 hours ago

Mega Church Endorses Governor Wike for A Second Term

The General Overseer of Omega Power Ministries (OPM), Apostle Chibuzor Chinyere has declared that Rivers State Governor, Nyesom Ezenwo Wike...

News3 hours ago

Troops inflict devastating casualty on Boko Haram terrorists in fresh Baga encounter

Combined Special Forces troops of the Nigerian Army, Navy and the Air Force operating under the auspices of Operation LAfiYA...

News3 hours ago

Boko Haram: Nigerian Army seeks strategic military partnership

…As COAS visits Republic of Korea As part of the efforts to further enhance the professional efficiency and capabilities of...

Politics5 hours ago

2019 presidency:Akpabio reveals first state Buhari will win, says election will end within 3 hours

A former Senate Minority Leader, Senator Godswill Akpabio, has declared that President Muhammadu Buhari will win the presidential election within...

Obasanjo Obasanjo
Cover5 hours ago

Buhari behaving like Abacha, planning to rig elections – Obasanjo

Former President Olusegun Obasanjo on Sunday attacked President Muhammadu Buhari, accusing him of plotting to rig the general elections. Mr...

Opinion5 hours ago

Atiku’s withdrawal from the debate is a tactical masterstroke

By Farooq Kperogi I’ve read commentaries that aver that Atiku’s decision to bail out of Saturday’s presidential debate in protest...

Justice Walter Onnoghen Justice Walter Onnoghen
News8 hours ago

Onnoghen: Nabena cautions South-south leaders, governors, others over threats

The threats and comments by some South-south leaders, Niger Delta agitators and South-south governors of the Peoples Democratic Party (PDP)...

Timi Frank Timi Frank
News8 hours ago

Frank Warns Buhari, APC Against Plot to arrest Atiku

A former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has warned President Muhammadu Buhari...

Photo News9 hours ago

Photo Speak: COAS Lt Gen TY Buratai’s visit to Republic of Korea

Facebook Comments

News9 hours ago

Troops neutralise two Boko Haram terrorists in clearance operation, Rescue two women

Troops of 112 Task Force Battalion conducting clearance operation in the general area of Zaza, Kajeri Maye, and Kajeri Mai...

Itse Sagay Itse Sagay
News9 hours ago

Buhari has nothing to gain debating people who have no hope – Itse Sagay

Itse Sagay, chairman of the Presidential Advisory Committee Against Corruption (PACAC), says President Muhammadu Buhari has nothing to gain with...

News9 hours ago

Operation Diran Mikiya: NAF deploys air assets, Special Forces personnel to Sokoto

The Nigerian Air Force (NAF) today, 19 January 2019, deployed a fighter aircraft, along with support equipment, and a detachment...

Senator Godswill Akpabio Senator Godswill Akpabio
Politics10 hours ago

2019: Global Peace Movement International endorses Akpabio for Senate

By Augustine Aminu Ahead of the 2019 general elections, an international based None Governmental Organization, Global Peace Movement International (GPMI),...

Gov. Lalong Gov. Lalong
Opinion14 hours ago

Lalong as God’s plan for Plateau

By Victor Pam As the campaigns continue to heat the polity, we must be careful about the choices we make...

President Muhammadu Buhari President Muhammadu Buhari
Opinion15 hours ago

PMB as God’s will for Nigeria

By Sunday Garuba The elections are around the corner, and again, the hysteria that usually greets such exercises has rented...

Follow Us On Twitter

Metro Daily Nigeria
@MetroDailyNG

  • Mega Church Endorses Governor Wike for A Second Term https://t.co/B9MFnIVQMn https://t.co/X2SYRp8nVM
    about 2 hours ago
  • New post: Mega Church Endorses Governor Wike for A Second Term https://t.co/qqBnOQ6q5a
    about 3 hours ago
  • Troops inflict devastating casualty on Boko Haram terrorists in fresh Baga encounter https://t.co/IIhaJYzuNu https://t.co/WsUIg2Sv2g
    about 3 hours ago

Facebook

Advertisement

Trending

You're currently offline

var infolinks_pid = 3151764; var infolinks_wsid = 0;
%d bloggers like this: