Posts Tagged ‘BRICS News’

China fires back at Trump tariffs

File photo of US President Donald Trump with Chinese President Xi Jinping. It is unclear how the tariffs will affect their warm relationship

China on Saturday continued its second day of harsh criticism of the Trump administration for imposing tariffs set to go into effect on July 6.

A Chinese state newspaper said the US President had an “obsession with playing the disgraceful role of global economic disruptor.”

“The wise man builds bridges, the fool builds walls,” it said.

The Chinese government said it was disappointed in US President Donald Trump’s decision to slap a 25 per cent tariff on some $50 billion Chinese goods, but said it was going to continue multilateral, anti-protectionist trade policies.

The Chinese appear to have been taken back by Trumps decision on Friday, especially since the two sides have been in extensive sides to avert a trade war of tit-for-tat tariffs and penalties.

Saying that the Americans are flip-flopping in the issue, the Ministry of Commerce in Beijing said: “This move not only hurts bilateral interests, but also undermines world trade order. The Chinese side firmly opposes that.”

China has for months said it did not want a trade war but would retaliate against the US.

Other countries have made similar pledges.

The US tariffs affect some 1,000 Chinese products and are split in two stages – applied on $34 billion in products to go into effect on July 6, followed by tariffs on $16 billion to be applied later.

Trump accused China of unfair trade practices which have helped push a trade deficit to nearly $400 billion.

He also accused China of many years of siphoning US technologies as well as intellectual property theft.

China retaliated, saying it will impose an additional 25% tariff on more than 600 US products worth $50 billion but also in two stages beginning July 6.

Meanwhile, International Monetary Fund chief Christine Lagarde also took a shot at Trump’s protectionist policies saying his tariffs approach risked dragging down the world economy as well as America’s.

“As I have said before, in a so-called trade war, driven by reciprocal increases of import tariffs, nobody wins,” she said. “Let us not understate the macroeconomic impact.”

The BRICS Post with inputs from Agencies

In World Cup Russia 2018, Titans will clash

With only a few hours till the beginning of the sporting world’s most important event – the FIFA World Cup 2018 – in Russia, millions of people around the globe are preparing for what promises to be an exciting edition of the football extravaganza.

Running June 14 to July 15, this year sees the return of Panama, Tunisia, Senegal and Egypt who have been absent for many years. Egypt, for example, returns after 28 years, making an appearance in Italy in 1990.

The 2006 edition winner Italy will not be part of this World Cup much as 2010 runner-up Netherlands since neither team made it out of the qualifying stage.

The games will be held in over 11 cities and 12 stadiums; 32 teams will compete in 64 matches for the world’s most important trophy.

Fight for glory

The competition will not be an easy deal for the teams this year, as this edition will feature a lot of new teams and players that will compete for the trophy.

2014 champions Germany are well equipped and ready to compete for another trophy under the supervision of their coach Joachim Lov.

Meanwhile, the Brazilian team wants to redeem what was lost during the last edition in front of their fans after losing 7-1 from the German team.

Look to Belgium to be the black horse, this year. Armed with world class players like Eden Hazard, Kevin De Bruyne, and Romelu Lukaku, Belgium is ready to be one of the toughest competitors for all teams.

France also is considered from the top nominees to hold this year’s title due to the number of players on their team, such as Paul Pogba, Antoine Griezmann, and Raphael Varane.

Despite what recently happened with Spain’s coach Julen Lopetegui being sacked two days before their first match, 2010 World Cup title holders Spain are considered to be one of the stronger prospects this year.

Spain’s rival in group B Portugal will do their best to compete for the trophy depending on their legend, Cristiano Ronaldo.

Of course, Argentina – which has a roller coaster history of trials and tribulations since 1986 – remains a powerful contender, especially as it boasts Lionel Messi, Sergio Aguero, and Paulo Dybala.

Players to watch out for

This year, fans will witness players that are supposed to be top performers in football, each of them will have his own motive to glory.

All football fans are waiting to see the Brazilian star Neymar Jr, after being the most expensive player in his transfer from Barcelona to PSG; and, after his injury in the last edition quarterfinals and the fail of Brazil after his injury.

Last season, Neymar played in total 31 matches, scored 29 goals and made 16 assists.

Colombian star James Rodriguez is awaited to perform in this edition after being the top scorer of 2014; he will be aiming to break German Miroslav Klose’s record of being the historical top scorer of the World Cup.

How he leads his time in Russia will determine his rise or fall in the next transfer market.

Klose’s record is also likely to come under the offensive from Thomas Muller his teammate in Bayern Munich and on the German team.

He just need seven goals to be named the historical top scorer of the World Cup. The German lad has appeared 51 times last season, scoring 17 goals and assisting in 17 goals.

Meanwhile, leading his Liverpool team to the UEFA Champions League final and leading his national team to qualify to the World Cup, the Egyptian king Mohamed Salah is expected to be one of the featured players in Russia.

Despite his injury two weeks ago, Salah is expected to lead Egypt starting from the second match against Russia.

Egyptians will be waiting to see their start leading his team, especially after his performance last year with Liverpool FC. Being named as the best player of the Premier League as well as the top scorer will increase the focus on him, especially that his performance in Russia may increase his ability to win the Ballon d’Or.

Salah’s teammate in Liverpool Sadio Mane’ is expected to glow leading his national team Senegal, especially after his extraordinary performance with the Egyptian last season in Liverpool FC.

Mane’ appeared last season in a total of 48 games, scored 20 goals, and helped in making eight goals.

Tottenham striker Harry Kane will be one of the highlighted players leading his national team England. Kane who has scored 42 goals in a total of 55 appearances is expected to be transferred out to Real Madrid next season; his performance at the World Cup may change a lot in his value and might increase competition between teams to buy him.

The French Antoine Griezmann is expected to be one of the prominent players this year, after his outstanding performance with his team Atletico Madrid last year.

Griezmann’s performance in Russia may totally affect his price especially after the competition between Barcelona and Manchester United to buy him. Griezmann scored last season 30 goals in different competitions in a total of 59 appearances.

Goalkeepers also will be a main part of the competition, especially after the significant performance of attackers last season. Leading Spain, David De Gea is expected to be one of the World Cup’s top players not only goalkeeper.

With his spectacular saves, De Gea may lead Spain to semi-finals then to the trophy just with maintaining the clean sheet with his national team as he does with Manchester United.

By Hussein Moataz for The BRICS Post

China, Russia praise US-N Korea Summit

Trump agreed with Kim that there were road bumps on the path to the summit, but that these were overcome

China, which has played a key role in bridging the gap between Pyongyang and Washington and has been praised by the White House for its efforts, on Tuesday praised the achievements of the Singapore summit between President Donald Trump and North Korean leader Kim Jong-un.

The two leaders met at 9am Tuesday in what many described as a historic summit effectively ending a 63-year state of war between North Korea and the US.

The two issued a joint statement which spoke to the establishment of new relations between the two countries and bringing peace to the Korean Peninsula.

“Reaffirming the April 27, 2018 Panmunjom Declaration [between North and South Korea], the DPRK commits to work toward complete denuclearization of the Korean Peninsula,” the statement said.

“It was not easy getting here,” Kim told reporters, as he outlined the obstacles in the past few weeks which had for a time put the summit in question.

“But we overcame all of them and we are here today,” he added.

“That’s true,” said Trump, before shaking Kim’s hand again and giving him a thumb’s up.

The summit concluded with the signing of a joint document.

“On behalf of Chairman Kim and myself, we are very honored to have signed this document,” said Trump.

“The world will see significant change,” Kim said.

Trump later said that denuclearization in North Korea – a key US demand to even partake in the summit – would begin quickly. The document also mentioned that the US would provide undisclosed security guarantees to North Korea.

The North Koreans have always said that joint South Korean-US military drills, held annually since the late 1950s, were considered belligerent and tantamount to preparing for war.

During his talk with reporters, Trump said the war games expensive and “provocative,” appearing to indicate that he may move to postpone or cancel them if post-summit developments prove fruitful.

Trump indicated there may be another summit in the following months.

Meanwhile, Russian President Vladimir Putin had called Trump “courageous and mature” for meeting with Kim in Singapore. He also lauded the North Korean leadership for taking “unprecedented steps towards easing tensions”.

The BRICS Post with inputs from Agencies

Led by Brazil, South Africa EM currencies tumble

Emerging market currencies have been rattled by the prospects of a trade war between the US and major advanced economies

Despite assurances from Brazilian President Michel Temer that the currency real was not in crisis devaluation, it slipped further on Friday as one of the worst performers among emerging markets.

In three days it has fallen by 2.4 per cent against the dollar, marking its worst decline in two years.

Since the beginning of 2018, it has fallen by more than 17 per cent. In contrast, it fell only 1.99 per cent in all of 2017.

On Thursday night, during a broadcast interview, Temer said that Brazil had a reserve of $380 billion which would more than cover any debts.

“There is no risk of a currency crisis in Brazil,” Temer said.

Fears of global instability leading to all out trade wars between the US on the one hand and much of the rest of the rest of the world on the other have investors jittery.

In Brazil, the central bank sold off extra foreign-exchange swap contracts twice this week to alleviate pressure on the real. But, as the World Bank and others have warned, political instability in Brazil ahead of the national elections in October has hurt government efforts to rein in debt.

A number of emerging markets have taken blows against the US dollar in recent months, with South Africa’s rand the worst of them all.

The rand dropped more than 2 per cent on Friday alone, with fellow BRICS member India also feeling the devaluation pinch of its rupee.

There is likely to be growing central bank intervention to protect local currencies in these countries, analysts anticipate.

The BRICS Post with inputs from Agencies

Xi awards Putin highest honor

Putin and Xi Jinping have cemented not only trade ties but found common ground on political issues as well [PPIO]

Chinese President Xi Jinping on Friday awarded one of the highest state honors to Russian President Vladimir Putin at the Golden Hall of the Great Hall of the People in the capital Beijing.

Putin, who is on a state visit to China and is attending the Shanghai Cooperation Organization (SCO) summit, was awarded the first Friendship Medal of the People’s Republic of China (PRC) for his help to modernize the country and promote peaceful exchange between China and the rest of the world.

According to the official news agency Xinhua, “In its primary colors of golden and blue, the main body of the PRC Friendship Medal adopts elements including a peace dove, the Earth, a handshake, and a lotus, while the chain features elements such as Chinese knots, evergreens, peonies, a jade disc and orchids”.

It is the first time a national honor of this caliber is awarded to a foreign dignitary in this category.

Meanwhile, the SCO meetings from June 8 to June 10 will examine ways the member states cooperate to combat terrorism, drug smuggling and international crime.

Xi has previously called on the SCO to enhance security cooperation among members, especially to combat on terrorism, extremism, and separatism.

The BRICS Post with inputs from Agencies

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