Give the bully an inch, he'll take a mile: China envoy amid tariff war
The remark was seen by some as expressing solidarity with countries like India and Brazil, at the receiving end of Trump's trade war.
Xu's post also tagged Chinese foreign minister Wang Yi's remarks, after his talks with the Brazilian president's chief advisor Celso Amorim, that using tariffs as a weapon to suppress other countries violates the UN Charter, undermines WTO rules and is both unpopular and unsustainable.
Amid the trade standoff with the US, PM Narendra Modi is likely to visit China this month for the SCO summit where he will meet Chinese President Xi Jinping and also Russian President Vladimir Putin.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
25 minutes ago
- Hans India
Trump Rules Out Trade Talks With India Until Tariff Dispute Over Russian Oil Purchases Resolved
US President Donald Trump has categorically rejected the possibility of resuming trade discussions with India following his decision to impose comprehensive 50% tariffs on Indian imports, marking a significant deterioration in bilateral economic relations between the two nations. When questioned by reporters in the Oval Office about potential future negotiations, Trump firmly stated that talks would not proceed until the current trade dispute is resolved. His comments underscore the administration's hardline approach toward countries maintaining economic ties with Russia amid ongoing geopolitical tensions. The escalation began when Trump signed an executive order on Wednesday implementing an additional 25% tariff on Indian goods, bringing the total levy to 50% effective August 27. The punitive measures specifically target India's continued petroleum purchases from Russia, with the US administration arguing that such transactions undermine Western sanctions against Moscow. Trump's decision comes alongside threats of secondary sanctions against nations conducting business with Russia, as Washington intensifies pressure on countries to sever economic links with Moscow over the Ukraine conflict. The US president has demanded that countries choose between maintaining Russian trade relationships or facing economic penalties. India has responded with strong criticism, characterizing the American tariff measures as fundamentally unjust and economically unreasonable. The Ministry of External Affairs emphasized that India's energy imports are determined by market dynamics and the imperative of ensuring energy security for 1.4 billion citizens, rejecting any external interference in sovereign decision-making. Prime Minister Narendra Modi delivered a defiant response during his address at the MS Swaminathan Centenary International Conference on Thursday, declaring India's readiness to accept significant economic costs to protect national interests. Modi specifically emphasized his government's commitment to safeguarding farmers, fishermen, and dairy producers from external pressure. The Prime Minister's remarks highlighted India's determination to maintain policy independence regardless of international economic coercion. Modi stated that protecting agricultural communities remains the government's highest priority, even if such stance results in personal or national economic sacrifice. India has highlighted what it perceives as inconsistent American policy implementation, noting that other major Russian oil importers like China and Turkey have not faced similar punitive measures. This selective enforcement has raised questions about the fairness and strategic motivations behind the US tariff policy. The situation reveals complex geopolitical dynamics, as China and Turkey continue purchasing Russian energy without equivalent American retaliation. India, China, and Turkey represent the three largest importers of Russian petroleum, yet only India faces the new tariff regime, suggesting potential diplomatic or strategic considerations influencing US policy decisions. Interestingly, Washington maintains a temporary suspension of 145% tariffs on Chinese goods under a negotiated truce set to expire on August 12. This arrangement, designed to facilitate ongoing superpower negotiations, contrasts sharply with the immediate penalties imposed on India, further highlighting perceived inconsistencies in American trade policy. The trade dispute represents a significant test of US-India relations, which have generally strengthened over recent decades through strategic partnerships in defense, technology, and regional security cooperation. The current tensions threaten to undermine broader diplomatic coordination between the world's largest democracies at a time when both nations face common challenges in the Indo-Pacific region.
&w=3840&q=100)
Business Standard
25 minutes ago
- Business Standard
Trump opens door for private equity, crypto as 401(k) retirement plans
Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth trillions. There is no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate. The Republican president's order directs the Labour Department and other agencies to redefine what would be considered a qualified asset under 401(k) retirement rules. Americans' retirement plans are governed by a law known as the Employee Retirement Income Security Act of 1974, better known as ERISA. Employers are required by law to offer retirement options that are in the best interest of their employees, not Wall Street. Most retirement plans for Americans are made up of stock and bond investments, and to a much lesser extent, cash and heavily traded commodities such as gold. Trump's move rewards both the $5 trillion private equity industry, which for decades has wanted to compete for a role in retirement plans, and the cryptocurrency industry, whose executives strongly supported Trump's 2024 campaign as they aimed for more mainstream acceptance among Americans. The price of bitcoin was up 2% on Thursday to USD 116,542 and has nearly doubled since Trump was elected. Under Democratic President Joe Biden, federal regulators were to treat cryptocurrency investments with "extreme care" because of the extreme volatility of crypto. It is not uncommon for bitcoin, ethereum and other big cryptocurrencies to move up or down 10% in a single day, whereas a 2% or 3% single-day move in the stock market would be considered historic. For cryptocurrency companies, which donated millions to Trump's campaign as well as his inauguration, one goal was to get their industry qualified under ERISA. Coinbase, one of the largest crypto companies in the United States, was also a major donor toward Trump's military parade in Washington this summer. Under Trump, the Securities and Exchange Commission dropped its lawsuit against Coinbase where the Biden administration said crypto should be treated as a security. Crypto is particularly popular among young Americans. While volatile, bitcoin has generally moved upward since it was created by an anonymous programmer nearly 20 years ago. "It was inevitable that bitcoin would make its way into American 401(k)s," said Cory Klippsten, the CEO of Swan Bitcoin. "As fiduciaries realise Bitcoin's risk-adjusted upside over the long term, we'll see growing allocations, especially from younger, tech-savvy workers who want hard money, not melting ice cubes." Private equity firms rely heavily on high-net worth individuals and state and private pension plans, which have extremely long investing timelines. But having access to Americans' retirement assets would open up a deep pool of cash. Blackstone CEO Steve Schwarzman has told investors going back to at least 2017 that it was a dream of his and the industry to be able to draw upon these retirement assets. Previous administrations, Republican and Democrat, have agreed that private equity investments, which can be riskier, more expensive and less liquid than traditional stock and bond market mutual funds, should not be included in 401(k) plans.
&w=3840&q=100)
Business Standard
25 minutes ago
- Business Standard
Taken note of reports of China building dam on Brahmaputra: Govt tells RS
India has "taken note" of reports about China commencing the construction of a mega dam project on the lower reaches of the Yarlung Tsangpo River (upper reaches of Brahmaputra) in Tibet, the government informed Parliament on Thursday. In a written response to a query in Rajya Sabha, Minister of State for External Affairs, Kirti Vardhan Singh, said the project was first made public as far back as 1986 and since then, preparations have been underway in China. The government of India has "taken note of reports about commencement of construction of mega dam project by China on the lower reaches of the Yarlung Tsangpo (upper reaches of the Brahmaputra) River in Tibet," he said. The government "carefully monitors" all developments relating to the Brahmaputra River, including plans by China to develop hydropower projects, and "takes necessary measures to protect our interests, including preventive and corrective measures to safeguard life and livelihood of Indian citizens residing in the downstream areas", he said. Various issues relating to trans-border rivers are discussed with China under the ambit of an institutionalised expert level mechanism, which was established in 2006, as well as through diplomatic channels, Singh sad in his response. "As a lower riparian state with considerable established user rights to the waters of the trans-border rivers, the government has consistently conveyed its views and concerns to the Chinese authorities, including on the need for transparency and consultation with downstream countries, and urged them to ensure that the interests of downstream states are not harmed by any activities in the upstream areas," he added. The need for cooperation on trans-border rivers, including resumption of provision of hydrological data by the Chinese side, has been highlighted by the government in several bilateral interactions with China, including during the recent visit of the external affairs minster to China from July 14-16 for the SCO Foreign Ministers' Meeting, the minster said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
