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Trump demands changes in global trade, defends tariff war with China

Trump demands changes in global trade, defends tariff war with China

Donald TrumpUnited Nations : President Donald Trump on Tuesday before the United Nations General Assembly demanded that changes be urgently made to the “world trading system” and defended his trade war with China, saying that the US trade deficit with the Asian giant is “not acceptable”.

“Last month, we announced a groundbreaking US-Mexico trade agreement. Yesterday, I stood with (South Korean) President Moon (Jae-in) to announce the successful completion of the brand-new US-Korea trade deal,” said the US leader in a somber and calmly forceful address to the General Assembly, Efe reported.

“This is just the beginning. Many nations in this hall will agree that the world trading system is in dire need of change,” he declared.

Trump warned that the US “will no longer tolerate it and we will not allow our workers to be victimized, our companies to be cheated, and our wealth to be plundered and transferred.”

“The United States has just announced tariffs on another $200 billion in Chinese-made goods. The total so far of $250 billion,” he said.

“I have great respect and affection for my friend, (Chinese) President Xi (Jinping), but I have made clear that our trade imbalance is just not acceptable. The market distortions and the way that they deal cannot be tolerated as my administration has demonstrated,” Trump said.

In the same vein, Trump said “We reject the ideology of globalism and accept the ideology of patriotism.”

“Sovereign and independent nations are the only vehicle where freedom has ever survived, democracy has ever endured, or peace has ever prospered,” said the US leader.

“Together, let us choose a future of patriotism, prosperity, and pride. Let us choose peace and freedom over domination and defeat,” he urged the assembled world leaders and delegates.

Trump arrived late for his scheduled speech and sparked laughter from the crowd with one of the earliest statements of hyperbole in his speech.

“In less than two years, my administration has accomplished more than almost any administration in the history of our country,” he claimed, engendering a smattering of laughter from the crowd, which then increased when he quipped, with a broad smile, “I did not expect that reaction. That is OK.”

—IANS

Digital economy changing nature, speed of global trade: Sunil Mittal

Digital economy changing nature, speed of global trade: Sunil Mittal

Sunil Bharti Mittal

Sunil Bharti Mittal

Geneva : Digital economy is changing the composition, nature and speed of global trade leading to policy friction, International Chamber of Commerce Chairman Sunil Bharti Mittal said here on Friday.

“Digital economy is changing the composition, nature and speed of global trade leading to policy friction – today’s trade rules reflect 20th century patterns of trade. With the size of e-commerce, touching $ 25 trn, digital infrastructure is a key determinant required by SMEs in developing countries to be a part of the global value chain,” Mittal said.

“There is a need to focus on bridging the digital divide in a meaningful manner to initiate the negotiations. Without addressing the problems of SMEs in a digital environment, it will further marginalise them,” he added.

Led by Mittal, incoming ICC Chairman Paul Polman and new ICC Secretary General John W.H. Denton AO and business delegates discussed a range of ideas to enhance the contribution of global trade to inclusive growth and sustainable development as part of the WTO’s “Trade Dialogues” process – launched in 2016 with the support of ICC and the B20.

Over 60 business leaders and policy makers from across the globe participated in the dialogues.

In a clear show of support for the multilateral trading system, global business representatives joined trade policymakers at the World Trade Organisation’s (WTO) headquarters in Geneva to discuss future reforms of the multilateral trading system.

At this year’s trade dialogues, ICC chaired discussions on e-commerce, trade and sustainable development, and investment facilitation.

The ICC represents over 6 million private sector members in more than 100 countries.

—IANS