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China adds tariffs on $60 billion of U.S. goods in retaliation – National

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Deepening a trade battle and sending financial markets spinning, China announced Monday it was raising tariffs on $60 billion of U.S. goods in retaliation for the latest hike in U.S. tariffs on its exports.

The Finance Ministry said Monday the new penalty duties of 5% to 25% on hundreds of U.S. products including batteries, spinach and coffee will take effect June 1.

READ MORE: ‘Just a small setback’: China’s Liu says trade negotiations with U.S. have not broken down

That followed Trump’s increase on Friday of duties on $200 billion of Chinese imports from 10% to 25% after charging that China had backtracked on commitments it made in earlier negotiations in a dispute over Beijing’s technology ambitions and perennial trade surplus.

Frazzled by the uncertainty, shares sank Monday across the globe. Futures contracts for the Dow Jones Industrial Average and the S&P 500 were down 2 per cent before markets opened on Wall Street

READ MORE: Dow tumbles more than 500 points as China retaliates on tariffs


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Resuming his messages over Twitter early Monday, President Donald Trump warned Chinese President Xi Jinping (shee jihn-peeng) that China “will be hurt very badly” if it doesn’t agree to a trade deal.

Trump tweeted China “had a great deal, almost completed, & you backed out!”

Trump insisted the tariffs the U.S. has placed on Chinese goods don’t hurt American consumers, saying there is “no reason for the U.S. Consumer to pay the Tariffs.”

White House economic adviser Larry Kudlow acknowledged Sunday that U.S. consumers and businesses pay the tariffs. “Both sides will pay,” he told Fox News.

China had vowed “necessary countermeasures” on Friday against Trump’s escalation of the tariff conflict.

Frazzled by the uncertainty, shares sank Monday across the globe. Futures contracts for the Dow Jones Industrial Average and the S&P 500 were down 2 per cent before markets opened on Wall Street.

Beijing is running out of U.S. imports for penalties due to the lopsided trade balance between the world’s two largest economies. Regulators have targeted American companies in China by slowing down customs clearance for shipments and processing of business licenses.

WATCH: Canada-China relations are colder than in decades, expert says





The new tariffs are likely to hurt exporters on both sides, as well as European and Asian companies that trade between the United States and China or supply components and raw materials to their manufacturers.

The increases already in place have disrupted trade in goods from soybeans to medical equipment and sent shockwaves through other Asian economies that supply Chinese factories.

Forecasters have warned that the U.S. tariff hikes could disrupt a Chinese recovery that had appeared to be gaining traction. Growth in the world’s second-largest economy held steady at 6.4% over a year earlier in January-March, supported by higher government spending and bank lending.

The tensions “raise fresh doubts about this recovery path,” Morgan Stanley economists Robin Xing, Jenny Zheng and Zhipeng Cai said in a report.

READ MORE: Trump ally raises concern for detained Canadians facing ‘harsh conditions’ in China

The latest U.S. charges could knock 0.5 percentage points off annual Chinese economic growth and that loss could widen to 1 percentage point if both sides extend penalties to all of each other’s exports, economists say. That would pull annual growth below 6%, raising the risk of politically dangerous job losses.

The latest talks ended with no word of progress on Friday. Chinese officials said they hoped that the U.S. side would meet them halfway, describing the standoff as just a “setback.”

Trump might meet his Chinese counterpart, Xi Jinping, during next month’s meeting of the Group of 20 major economies in Osaka, said Kudlow, his economic adviser.

READ MORE: Trade talks between U.S., China break down after Trump boosts tariffs

Chinese officials have invited the top U.S. envoys – Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin -to Beijing, Kudlow said on Fox News. But he said there were no “definite plans.”

China’s state media has sought to reassure businesses and consumers that the ruling Communist Party has the resources and policy tools to respond to the dispute with Washington.

“There is nothing to be afraid of,” said the party newspaper People’s Daily. “The U.S.-instigated trade war against China is just a hurdle in China’s development process. It is no big deal.”

Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology.

WATCHL Sen. Elizabeth Warren slams Trump’s ‘tariff negotiation by tweet’ in China trade talks





Washington wants Beijing to roll back government support for Chinese companies striving to become global leaders in robotics and other technology. The U.S. and other trading partners say such efforts violate Beijing’s free-trade commitments.

A stumbling block has been U.S. insistence on an enforcement mechanism with penalties to ensure Beijing carries out its commitments. Economists say Chinese leaders probably reject that as a violation of Chinese sovereignty.

The abruptness of Trump’s announcement on May 5, just days before the last round of talks, about raising tariffs to 25% made companies see doing business in China as more uncertain, said Jake Parker, vice-president of the U.S.-China Business Council, an industry group.

No matter what Washington and Beijing decide, “there is an enormous risk in the background that tariffs could come back into play at any moment,” he said.

READ MORE: Scheer promises ‘eyes wide open’ approach to dealing with China in foreign policy speech

 



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FOREIGN NEWS

Catholic Bishops react to military coup in Mali

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Catholic Bishops react to military coup in Mali

Contrary to the expectations of the people, the leadership of the Episcopal Conference of Mali (CEM) has termed the Tuesday, August 18 military coup in the West African nation as “regrettable” and “a big failure for our democracy” and called for a change of mentality if the country has to put an end to coups.

In an interview with ACI Africa Wednesday, August 19, made available to RECOWACERAO NEWS AGENCY, RECONA, the President of CEM, Bishop Jonas Dembélé said that the governance challenges the country is facing can be managed through dialogue.

“The military coup that led to the ousting of President Ibrahim Boubacar Keïta is regrettable because we are in a state of law and democracy. This is the second time that Mali has had a military coup as a result of the way in which the country is governed. It is a big failure for our democracy even if there were reasons for it,” Bishop Dembélé told ACI Africa.

“It is true that our country has serious challenges including bad governance, the poor management of the economy, corruption, insecurity and so on,” Bishop Dembélé said and probed, “Why is it that we Malians have not managed to engage in dialogue to be able to discuss these problems and face up to these challenges responsibly?”

“Our leaders, our people lack transparency, they hate those who speak the truth and advocate for good governance. This mentality must change for our country to move on,” the Prelate told ACI Africa August 19.

Bishop Dembélé who is a frontline member of RECOWA-CERAO urged the military officials “to ensure a return to democracy as promised but most especially ensuring the new leadership of the country put the people first and tackle the security challenges facing the nation.”

Asked about the role of the Church in the current crisis, the 57-year-old Prelate noted, “For us the Catholic Church in Mali, our role is to preach peace; our role is to preach dialogue. We shall continue in this path of dialogue for peace just like Cardinal Jean Zerbo and some religious leaders initiated.”

“In a state of law, power is not in the hands of certain individuals but to the people. The anger of our people led to this crisis, but we must work for peace and reconciliation in Mali,” Bishop Dembélé said.

He continued in recollections, “The Bishops in Mali have always issued messages before every election in our country sounding the alert and inviting the government to organize transparent elections, ensure good governance and better management of resources.”
“But it seems our messages are never taken into consideration that is why we find ourselves in this situation today,” the Local Ordinary of Kayes Diocese told ACI Africa and added, “If the opinion of the Episcopal Conference of Mali is needed to mediate in bringing back stability and peace in the country, then we are ready.”

As a way forward, the Bishop urged the people of God in Mali to “seek the path to conversion” and to accept dialogue in the spirit of truth and honesty.
“We all want change in our

country, but this change can only be possible if individually we seek the path to conversion. It is for Malians be they Muslims or Christians or members of traditional religion, to do an examination of conscience and accept personal and community conversion in order to engage in sincere dialogue,” he said.

The Malian Prelate added, “Now there is this coup d’état to demand change we really wonder where change should come from. As long as we don’t change our behavior, our mentality, we will always have a repeat of the current situation.”

On Tuesday, August 18, President Keita announced his resignation and dissolved parliament hours after mutinying soldiers detained him at gunpoint, Aljazeera reported.
“For seven years, I have with great joy and happiness tried to put this country on its feet. If today some people from the armed forces have decided to end it by their intervention, do I have a choice? I should submit to it because I do not want any blood to be shed,” President Keita said August 18 during the televised address to the nation.

Rev. Fr. George Nwachukwu
RECOWACERAO NEWS AGENCY, RECONA

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Harris accepts VP nomination

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Harris accepts VP nomination

Senator Kamala Harris formally accepted the Democratic nomination for vice president on Wednesday following a scathing speech by former President Barack Obama, who said the fate of the nation” depends entirely on the outcome of this election.”

Both Mr. Obama and Harris stressed the importance of voting, with Harris saying “we’re all in this fight together.” Harris sounded an optimistic note by highlighting her personal history and the promise of America, saying she was “so inspired by a new generation.”

“Make no mistake, the road ahead will not be not easy,” she said. “We will stumble. We may fall short. But I pledge to you that we will act boldly and deal with our challenges honestly. We will speak truths. And we will act with the same faith in you that we ask you to place in us.” She called Mr. Trump a “predator” in a speech that came after Mr. Obama issued his most forceful rebuke of his successor to date, saying Mr. Trump “hasn’t grown into the job because he can’t.”

“This president and those in power — those who benefit from keeping things the way they are — they are counting on your cynicism,” Mr. Obama said. “They know they can’t win you over with their policies. So they’re hoping to make it as hard as possible for you to vote, and to convince you that your vote doesn’t matter.

That’s how they win. That’s how they get to keep making decisions that affect your life, and the lives of the people you love. That’s how the economy will keep getting skewed to the wealthy and well-connected, how our health systems will let more people fall through the cracks. That’s how a democracy withers, until it’s no democracy at all.”

Mr. Obama and Hillary Clinton, speaking earlier in the night, both said they had hoped Mr. Trump would rise to the occasion. But they both stressed what they called his failures while in office, with Mr. Obama saying Mr. Trump has shown “no interest in treating the presidency as anything but one more reality show that he can use to get the attention he craves.”

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Mali coup leaders vow to hold elections as history repeats itself

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Mali coup leaders vow to hold elections as history repeats itself

The Malian soldiers who forced President Ibrahim Boubacar Keita to resign in a coup promised early Wednesday to organize new elections after their takeover was swiftly condemned by the international community.

In a statement carried overnight on state broadcaster ORTM, the mutinous soldiers who staged Tuesday’s military coup identified themselves as the National Committee for the Salvation of the People led by Colonel Major Ismael Wagué.

“With you, standing as one, we can restore this country to its former greatness,” Wagué said, announcing that borders were closed and that a curfew was going into effect from 9 p.m. to 5 a.m

The news of Keita’s departure was met with jubilation by anti-government demonstrators in the capital, Bamako, and alarm by former colonial ruler France and other allies and foreign nations.

The U.N. Security Council scheduled a closed meeting Wednesday August 19, 2020 afternoon to discuss the unfolding situation in Mali, where the U.N. has a 15,600-strong peacekeeping mission. Keita, who was democratically elected in a 2013 landslide and re-elected five years later, still had three years left in his term.

But his popularity had plummeted, and demonstrators began taking to the streets calling for his ouster in June.

West African regional bloc ECOWAS had sent mediators to try and negotiate a unity government but those talks fell apart when it became clear that the protesters would not accept less than Keita’s resignation.

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