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Displaying items by tag: United States

The elite Green Berets have been deployed to help defeat Islamic State insurgents accused of beheading children as young as 11 in Cabo Delgado, Mozambique.

US Army Special Forces soldiers are to train Mozambican marines for the next two months to counter the rapidly escalating insurgency from ISIS-linked terrorist group al-Shabab.

It comes after the US officially listed the group as a foreign terrorist organisation last week because of its links to ISIS, who it pledged allegiance to in 2018 and who claimed its first attack in June 2019.

Mozambique, in southern Africa, represents the worrying spread of Islamic insurgency on the continent. Other nations facing ISIS-linked violence include Somalia, Nigeria, Niger, Mali, and Libya.

The deployment of the Green Berets is "to prevent the spread of terrorism and violent extremism," the US Embassy in Maputo, Mozambique's capital, said, The Times reported.

According to an Insider report last month, the Green Berets are called on to deploy worldwide, build lasting relationships with local groups friendly towards the United States, and then teach those groups how to kill effectively. The SF soldiers then begin going on missions with the locals and fight side-by-side.

The situation in the northernmost province of Cabo Delgado, which began in 2017, became even more urgent last year, with up to 3,500 fighters regularly engaging with the military to capture key towns.

At least 2,000 civilians have been killed, according to the Armed Conflict Location and Event Data Project and 670,000 have been displaced, Save the Children added. Around a million people are also in need of food aid, the UN estimated.

'They took my eldest son and beheaded him'

Children as young as 11 years old have been executed, according to Save the Children, that has spoken to displaced families that have described horrific executions by the Islamic insurgents.

One mother, Elsa, 28, whose name has been changed, told Save the Children: "That night our village was attacked and houses were burned. When it all started, I was at home with my four children.

"We tried to escape to the woods, but they took my eldest son and beheaded him. We couldn't do anything because we would be killed too."

Impoverished Mozambique, in southern Africa, had been relying on foreign mercenaries, mainly from South Africa, who have also been accused of human rights abuses.

An Amnesty International report found that both sides committed war crimes, with government forces responsible for abuses against civilians, something it has denied.

Cabo Delgado has a population of 2.3 million, most of whom are Muslim, and is one of the poorest provinces in Mozambique with high illiteracy and unemployment rates, according to the BBC.

Al-Shabab, not to be confused with the Somalian al-Qaeda-linked terrorist group of a similar name, means The Youth in Arabic.

It has found ready recruits among the unemployed young people from the area, al-Jazeera reported.

Although a ruby deposit and gas field were discovered in Cabo Delgado in 2009 and 2010, creating dreams of a better life for locals, these were soon undermined by violence and extreme flooding, the BBC noted.

Read the original article on Business Insider

Published in Economy

Even after the Trump administration’s repeated efforts to slash foreign aid and global partnerships, the United States remains the world’s largest source of official development assistance for low-income countries.

Still, based on what I’ve learned during a career straddling academia and government service in jobs that involved international development and climate change, I believe that the United States lost prestige, influence and capacity during President Donald Trump’s time in office.

Nearly all my close former colleagues at the United States Agency for International Development – the development agency known as USAID – have left the agency out of frustration, and those still working there are reportedly suffering from generally low morale.

President Joe Biden will need to restore credibility at a time when critical challenges like climate change have gotten harder to meet. I believe that the Biden administration will need to rapidly transform international aid policies, rather than incrementally strengthening them, for the U.S. to manage these global challenges.

Rising challenges

Biden plans to nominate Samantha Power to head USAID. I think she should emphasize reducing the risks people in the world’s poorest countries face.

The problems to address go beyond the COVID-19 pandemic.

In June 2020, the World Health Organization announced a new outbreak of Ebola in the Democratic Republic of the Congo that took months to get under control.

In November, after years of neglect of food security programs, Category 4 Hurricanes Eta and Iota came ashore in Central America, destroying crops throughout an area two-thirds of the size of Rhode Island.

As 2021 began, an estimated 20 million people in South Sudan, Yemen, Somalia and parts of Nigeria were on the brink of famine.

What’s needed

The Biden administration can start to address many of these challenges by properly funding and staffing initiatives such as the COVID-19 Vaccines Global Access Facility. Known as COVAX, this joint effort by 190 countries is working with international organizations to make it possible for people everywhere to get affordable COVID-19 vaccines as they become available.

The U.S. is one of very few countries not participating in the initiative.

While COVAX is an important and worthy effort, simply signing up and rejoining other global initiatives won’t suffice. It will take more than that to address the challenges the world faces today, challenges that have only grown over four largely lost years.

Recent assessments by both the United Nations’ Intergovernmental Panel on Climate Change and the Intergovernmental Platform on Biodiversity and Ecosystem Services indicate that deeper change is needed.

Both assessments make it clear that the whole world must swiftly address climate change and biodiversity loss head-on. To do so requires phasing out the reliance on fossil fuels and other technologies that emit too much carbon and changing the way we use land.

Countries and local communities alike must adapt to current environmental impacts while planning for a substantially changed future. This will require new modes of transportation and new ways of generating energy, growing food and manufacturing goods, as well as new approaches to building homes and infrastructure.

Without transformational changes, the damage from climate change will leave the planet less safe and sustainable.

A new aid approach

Experts have learned from decades of development efforts that it’s hard to bring about transformational change. When governments and nongovernmental development organizations have tried to make that happen in the past, it has rarely produced the desired results.

In some cases, these efforts have caused more harm than good.

For example, many studies have found that agricultural intensification, a common development strategy intended to sustainably boost food production, rarely benefits both the environment and local communities. Unfortunately, it can harm both the land and the people who depend on it for sustenance.

What I’ve found to work better are grassroots efforts to connect needed change with local conditions and norms. Foreign aid can catalyze such efforts when it focuses on reducing risks now – through humanitarian assistance – and in the future – through development aid.

Adopting this approach is harder than it sounds because of the way humanitarian aid and development aid are allocated.

Humanitarian aid is usually disbursed after disasters. Traditionally, this assistance aims to relieve immediate suffering, rather than its causes.

Development aid is different. In the U.S., as elsewhere, it’s used to address the root causes of poverty. However, governments usually tie this assistance to their foreign policy agendas, focusing on countries where outcomes are likely to be good. This is not always where the need is greatest.

In my view, closing the gap between humanitarian and development aid is critical for a safe, sustainable future, and it can work.

I have found, for example, evidence in Ghana and Mali that when low-income people acquire access to reliable sources of income and food, women get new opportunities that can greatly improve their potential earnings. When this change initially happens through humanitarian aid, and then continues with the arrival of development assistance, these transformations can sometimes become permanent.

Bridging the divide

USAID has been learning how to bridge this sort of divide through the work of its Center for Resilience in the agency’s Bureau for Resilience and Food Security over the past eight years.

For example, this center has created contracting tools that make it easier for development programs to engage in humanitarian responses during emergencies and to integrate humanitarian and development efforts to help vulnerable people manage emergencies today while staving off future crises.

By emphasizing the reduction of risks from climate change and other urgent issues, I believe that under Biden’s leadership, U.S. development policy will do a better job of encouraging appropriate, effective and lasting innovations.The Conversation

 

Edward R. Carr, Professor and Director, International Development, Community, and Environment, Clark University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Published in World

The American public has had its say and for the first time in a generation denied a sitting president a second term.

President Donald Trump’s tenure lasted just four years, but in that time he dragged policy on an array of key issues in a dramatic new direction.

Joe Biden’s victory, confirmed by the Associated Press late morning on Nov. 7, presents an opportunity to reset the White House agenda and put it on a different course.

Three scholars discuss what a Biden presidency may have in store in three key areas: race, the Supreme Court and foreign policy.

Racism, policing and Black Lives Matter protests

Brian Purnell, Bowdoin College

The next four years under a Biden administration will likely see improvements in racial justice. But to many, it will be a low bar to clear: President Donald Trump downplayed racist violence, egged on right-wing extremists and described Black Lives Matter as a “symbol of hate” during his four-year tenure.

Indeed, according to polls, most Americans agree that race relations have deteriorated under Trump.

Still, Biden is in some ways an unlikely president to advance a progressive racial agenda. In the 1970s, he opposed busing plans and stymied school desegregation efforts in Delaware, his home state. And in the mid-1990s he championed a federal crime bill that made incarceration rates for Black people worse. He bungled the hearings that brought Clarence Thomas to the Supreme Court by allowing Republican senators to dismiss Anita Hill’s damning testimony of Thomas’ sexual harassment and by failing to allow other Black women to testify.

But that was then.

During the 2020 campaign, President-elect Biden consistently spoke about problems stemming from systemic racism. Many voters will be hoping that his actions over the next four years must match his campaign words.

One area that the Biden administration will surely address is policing and racial justice. The Justice Department can bring accountability to police reform by returning to practices the Obama administration put in place to monitor and reform police departments, such as the use of consent degrees. More difficult reforms require redressing how mass incarceration caused widespread voter disenfranchisement in Black American and Latino communities.

“My administration will incentivize states to automatically restore voting rights for individuals convicted of felonies once they have served their sentences,” Biden told The Washington Post.

The killing of George Floyd earlier this year reinvigorated talk of addressing systemic racial discrimination through fundamental changes in how police departments hold officers accountable for misconduct and excessive force. It is unclear how far President-elect Biden will walk down this road. But evoking the words of the late civil rights icon and Congressman John Lewis, he at least suggested at the Democratic National Convention that America was ready to do the hard work of “rooting out systemic racism.”

A portrait of George Floyd is seen during a Black Lives Matter protest on June 17, 2020 in the Manhattan borough of New York City.
After George Floyd’s death, how far will Biden go to address systemic racism? Jeenah Moon/Getty Images

Biden can help address how Americans think about and deal with unexamined racial biases through reversing the previous administration’s executive order banning anti-racism training and workshops. In so doing, Biden can build on psychological research on bias to make American workplaces, schools and government agencies equitable, just places.

Making progress fighting systemic racism will be a slow, uphill battle. A more immediate benefit to communities of color could come through Biden’s COVID-19 pandemic response – the Trump administration’s failure to stanch the spread of the coronavirus has led to deaths and economic consequences that have disproportionately fallen on racial and ethnic minorities.

On matters of race relations in the U.S., most Americans would agree that the era of Trump saw the picture worsen. The good news for Biden as president is there is nowhere to go but up.

The Supreme Court

Morgan Marietta, University of Massachusetts Lowell

Despite the fact that American voters have given Democrats control of the presidency, the conservative Supreme Court will continue to rule on the nature and extent of constitutional rights.

These liberties are considered by the court to be “beyond the reach of majorities,” meaning they are intended to be immune from the changing beliefs of the electorate.

However, appointees of Democrats and Republicans tend to have very different views on which rights the Constitution protects and which are left to majority rule.

The dominant judicial philosophy of the conservative majority – originalism – sees rights as powerful but limited. The protection of rights recognized explicitly by the Constitution, such as the freedoms of religion, speech and press and the freedom to bear arms, will likely grow stronger over the next four years. But the protection of expansive rights that the court has found in the phrase “due process of law” in the 14th Amendment, including privacy or reproductive rights, may well contract.

The Biden administration will probably not agree with the court’s future rulings on voting rights, gay rights, religious rights or the rights of noncitizens. Ditto for any rulings on abortion, guns, the death penalty and immigration. But there is little President-elect Biden can do to control the independent judiciary.

Unhappy with what a strong conservative majority on the court may do – including possibly overturning the Affordable Care Act – many Democrats have advocated radical approaches to altering what the court looks like and how it operates, though Biden himself has not stated a clear position.

Judge Amy Coney Barrett talks with Supreme Court Associate Justice Clarence Thomas during her ceremonial swearing-in ceremony to be U.S. Supreme Court.
How will President-elect Biden respond to the appointment of Amy Coney Barrett to the Supreme Court? Tasos Katopodis/Getty Images

Suggested options include term limits, adding a retirement age, stripping the jurisdiction of the court for specific federal legislation, or increasing the size of the court. This strategy is known historically as court packing.

Ruth Bader Ginsburg opposed expanding the court, telling NPR in 2019 that “if anything would make the court look partisan, it would be … one side saying, ‘When we’re in power, we’re going to enlarge the number of judges, so we would have more people who would vote the way we want them to.’”

The Constitution does not establish the number of justices on the court, instead leaving that to Congress. The number has been set at nine since the 1800s, but Congress could pass a law expanding the number of justices to 11 or 13, creating two or four new seats.

However, this requires agreement by both houses of Congress.

The GOP seems likely to maintain a narrow control of the Senate. A 50/50 split is possible, but that won’t be clear until January when Georgia holds two runoff elections. Any of the proposed reforms of the court will be difficult, if not impossible, to pass under a divided Congress.

This leaves the Biden administration hoping for retirements that would gradually shift the ideological balance of the court.

One of the most likely may be Justice Clarence Thomas, who is 72 and the longest-serving member of the current court. Samuel Alito is 70 and Chief Justice John Roberts is 65. In other professions, that may sound like people soon to retire, but at the Supreme Court that is less likely. With the other three conservative justices in their 40s or 50s, the Biden administration may be fully at odds with the court for some time to come.

Foreign policy and defense

Neta Crawford, Boston University

President-elect Biden has signaled he will do three things to reset the U.S.‘s foreign policy.

First, Biden will change the tone of U.S. foreign relations. The Democratic Party platform called its section on military foreign policy “renewing American leadership” and emphasized diplomacy as a “tool of first resort.”

Biden seems to sincerely believe in diplomacy and is intent on repairing relations with U.S. allies that have been damaged over the last four years. Conversely, while Trump was, some say, too friendly with Russian President Vladimir Putin, calling him a “terrific person,” Biden will likely take a harder line with Russia, at least rhetorically.

This change in tone will also likely include rejoining some of the treaties and international agreements that the United States abandoned under the Trump administration. The most important of these include the Paris Climate Agreement, which the U.S. officially withdrew from on Nov. 4, and restoring funding to the United Nation’s Intergovernmental Panel on Climate Change.

If the U.S. is to extend the New START nuclear weapons treaty, the arms control deal with Russia due to expire in February, the incoming Biden administration would likely have to work with the outgoing administration on an extension. Biden has also signaled a willingness to rejoin the Iran nuclear deal jettisoned by Trump, if and when the Iranians return to the limits on nuclear infrastructure imposed by the agreement.

Second, in contrast to the large increases in military spending under Trump, President-elect Biden may make modest cuts in the U.S. military budget. Although he has said that cuts are not “inevitable” under his presidency, Biden has hinted at a smaller military presence overseas and is likely to change some priorities at the Pentagon by, for instance, emphasizing high-tech weapons. If the Senate – which must ratify any treaties – flips to Democrats’ control, the Biden administration may take more ambitious steps in nuclear arms control by pursuing deeper cuts with Russia and ratifying the Comprehensive Test Ban Treaty.

US soldiers arrive at the site of a car bomb attack that targeted a NATO coalition convoy in Kabul on September 24, 2017.
Could Biden be the president who finally pulls all US troops out of Afghanistan? Wakil Kohsar/AFP via Getty Images

Third, the Biden administration will likely continue some Bush, Obama and Trump foreign policy priorities. Specifically, while a Biden administration will seek to end the war in Afghanistan, the administration will keep a focus on defeating the Islamic State and al-Qaida. Biden has said that he would reduce the current 5,200 U.S. forces in Afghanistan to 1,500-2,000 troops operating in the region in a counterterrorism role. The Biden administration is likely to continue the massive nuclear weapons modernization and air and naval equipment modernization programs begun under the Obama administration and accelerated and expanded under Trump, if only because they are popular with members of Congress who see the jobs they provide in their states.

[Deep knowledge, daily. Sign up for The Conversation’s newsletter.]

And like the Bush, Obama and Trump administrations, the Biden administration will prioritize the economic and military threats it believes are posed by China. But, consistent with its emphasis on diplomacy, the Biden administration will likely also work more to constrain China through diplomatic engagement and by working with U.S. allies in the region.The Conversation

 

Brian J Purnell, Associate Professor of Africana Studies and History, Bowdoin College; Morgan Marietta, Associate Professor of Political Science, University of Massachusetts Lowell, and Neta C. Crawford, Professor of Political Science and Department Chair, Boston University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Published in Opinion & Analysis

China’s foreign ministry said on Saturday the United States needed to stop the “unreasonable suppression” of Chinese companies like Huawei.

The Trump administration on Friday moved to block global chip supplies to blacklisted telecoms equipment giant Huawei Technologies, spurring fears of Chinese retaliation and hammering shares of US producers of chipmaking equipment.

China will firmly defend its companies’ legal rights, the foreign ministry said in a statement in response to Reuters’ questions on whether Beijing would take retaliatory measures against the United States.

China's Global Times newspaper on Saturday quoted a source close to the Chinese government as saying that Beijing was ready to take a series of countermeasures against the US, such as putting US companies on an "unreliable entity list" and imposing restrictions on US companies such as Apple Inc, Cisco Systems Inc and Qualcomm Inc.

The newspaper, published by the People's Daily, the official newspaper of China's ruling Communist Party, said the source also mentioned halting the purchase of Boeing Co aeroplanes.

"China will take forceful countermeasures to protect its own legitimate rights" if the US moves forward with the plan to change rules and bar essential suppliers of chips, including Taiwan-based TSMC, from selling chips to Huawei, the Global Times quoted the source as saying.

Tensions between the world's two largest economies have spiked in recent weeks, with officials on both sides suggesting a hard-won deal that defused a bitter 18-month trade war could be abandoned months after it was signed in January.

In addition to the move on Huawei, the US Federal Retirement Thrift Investment Board, which oversees billions in federal retirement dollars, this week also said it would indefinitely delay plans to invest in some Chinese companies that are under scrutiny in Washington.

 

SOURCE: REUTERS

Published in World
When Barack Obama took office as America's 44th president, he was faced with an acute, three pronged economic challenges.
 
The American financial system was in crisis to  a greater extent than at any time since 1933. 
America's international imbalances  was  on a worsening downward slide, The economy was  in  a deep  recession supercharged by falling consumer purchasing power, declining house values, and cascading business losses. 
 
In addition to the above mentioned, he was faced with four chronic problems viz 
A worsening  thirty years trend of inequality and insecurity Energy crisis and climate change, Increasing cost of health care Decay of America's public spaces and facilities. 
 
All of the above mentioned scenario sounds familiar? That was the situation in  Almighty America  barely up to 8 years ago And this is our story in Nigeria today Now you will agree with me the story has changed for America. 
America is out of recession  thanks to  a brilliant,  hardworking  and tireless  president 
 
How was the feat achieved ? 
 
He blamed the out gone republican government most especially the two George Bush for the Economic mess? 
NO ! 
 
He clamped  down on any discerning voice of opposition and threw them into jail  with spurious, unfounded criminal and fraud charges? 
NO 
 
He restored confidence in the American economy not just with inspiring words /vague promises  or as in the case with our Nigerian president by engaging in  series of" blame it on Jonathan" propaganda, but by demonstrating that help was on the way. The American economy was vigorously restructured,  
necessary stimuli were injected into the economy, the  federal government embarked on  a  more robust housing and mortgage rescue program. 
 
Let's learn from United States of America. 
We can kick out recession, We can jump-start the Nigerian economy But we need to be aware of the cost of borrowing because Unnecessary borrowing may further kill our economy rather than revive it.
 
I advocate for a moderate deficit expenditure based budget. As at January 2015  our GDP stood at $574 billion making Nigeria the largest economy in Africa  and about the 24th largest in the world. 
 
What Nigeria needs therefore is not a large deficit budget but an ambitious tax hike to increase government income and  an aggressive Industrialisation drive followed by massive increase in employment. 
 
This is what is required to stimulate the economy and drive us out of recession.
 
 
Mr Itohoimo Udosen
Public/Political Affairs Analyst
This email address is being protected from spambots. You need JavaScript enabled to view it.
Published in Opinion & Analysis
The prices of crude oil rose on Monday as hopes for an end to the year long tariff row between the United States and China approached a close.
 
Also the production cut deal by members and allies of the Organization of Petroleum Exporting Countries, OPEC, contributed to price rally.
 
International Brent futures were at 65.25 dollars a barrel at 07:13 GMT, up 18 cents, or 0.3 per cent, from their last close, while US West Texas Intermediate crude futures were at 55.94 dollars per barrel, up 14 cents or 0.3 per cent.
 
There are indications that US and China are close to a deal that would roll back US tariffs on at least 200 billion dollar worth of Chinese goods, just as Beijing has also pledged structural economic changes and elimination of retaliatory tariffs on US goods, a source briefed on negotiations said on Sunday in Washington.
 
The “substantive progress” China and the US have made in their trade talks has been “well-received” in both countries and around the world, a senior Chinese official said on Monday.
 
According to a Reuters’ survey, Supply from OPEC fell to a four-year low in February, as top exporter, Saudi Arabia and its allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary decline.
 
“OPEC exports are off by over 1.5 million barrels per day (bpd) since November,” Barclays bank said in a note released on Sunday.
 
“The supply picture looks generally tighter this year,” said energy analysts at Fitch Solutions in a note on Monday, adding they expected Brent to average 73 dollars per barrel in 2019.
 
There are also indications that Oil prices have been further pushed up by US sanctions against OPEC-members Iran and Venezuela. Barclays bank is of the view that this has resulted in a reduction of around two million bpd in global crude supply.
 
There are also signs that the US oil production boom of the past years, which has seen crude output rise by more than two million bpd since early 2018 to more than 12 million bpd, may slow down.
 
Published in Business
The U. S. has congratulated Nigeria on its successful presidential election and President Muhammadu Buhari on his re-election.
 
U.S. Secretary of State Michael Pompeo, in a statement, noted the assessments of international and domestic observer missions affirming the overall credibility of the election.
 
Pompeo said the United States’ assessment was “in spite of localised violence and irregularities”.
 
He called on all Nigerians to ensure successful Gubernatorial and House of Assembly elections on March 9.
 
Pompeo said: “The United States congratulates the people of Nigeria on a successful presidential election, and President Muhammadu Buhari on his re-election.
 
“We commend all those Nigerians who participated peacefully in the election and condemn those whose acts of violence harmed Nigerians and the electoral process.
 
“We note the assessments of international and domestic observer missions affirming the overall credibility of the election, despite localised violence and irregularities.
 
“We also congratulate all the other candidates for their peaceful participation in the electoral process.
 
“We call on all Nigerians to ensure successful state elections next week.
 
“Going forward, the United States remains committed to working together with Nigeria to achieve greater peace and prosperity for both our nations”.
 
In the presidential election, held on February 23, Buhari polled 15,191,847 votes and his closest challenger, People’s Democratic Party’s candidate and former Vice President Atiku Abubakar polled 11,255,978 votes to emerge a runner-up.
 
Buhari, who was declared re-elected by the Independent National Electoral Commission, also won in 19 states, to defeat other 72 candidates including Atiku, who won 17 states and the Federal Capital Territory, to occupy the second position.
Published in World
The prices of crude oil declined on Thursday on the back of a record high production by the United States and weakening factory output in China and Japan.
 
International Brent crude prices were at $66.20 per barrel at 0525 GMT, after losing 19 cents, or 0.3 per cent from their last close.
 
The U.S. West Texas Intermediate crude oil futures were at $56.90 per barrel, declining four cents from their last settlement.
 
American crude oil production has surged to an unprecedented 12.1 million barrels per day over the last year.
 
Traders are also of the view that China’s weakening economy also weighed on oil prices.
 
Factory activity in China, the world’s biggest oil importer, shrank for a third straight month in February as export orders fell at the fastest pace since the global financial crisis a decade ago, official data showed on Thursday.
 
Amid weak demand from China, oil producers are having to cut prices.
 
Russia’s Surgutneftegaz is selling April-loading ESPO crude oil at the lowest level in three months, charging $2.20 to $2.40 per barrel over benchmark Dubai quotes.
 
In Japan, Asia’s second-biggest economy, factory output posted the biggest decline in a year in January as China’s slowdown affected the entire region.
 
Published in Business

President Donald Trump said on Friday there was "a very good chance" the United States would strike a deal with China to end their trade war and that he was inclined to extend his March 1 tariff deadline and meet soon with Chinese President Xi Jinping.

U.S. and Chinese negotiators had made progress and will extend this week's round of negotiations by two days through Sunday, Trump told reporters at the White House as he met with his top negotiators and their counterpart, Chinese Vice Premier Liu He.

"I think that we both feel there's a very good chance a deal will happen," Trump said.

Liu agreed there had been "great progress".

"From China, we believe that (it) is very likely that it will happen and we hope that ultimately we'll have a deal. And the Chinese side is ready to make our utmost effort," he said at the White House.

The Republican president said he probably would meet with Xi in March in Florida to decide on the most important terms of a trade deal.

Extending the deadline would put on hold Trump's threatened tariff increase to 25 percent from 10 percent on $200 billion (153 billion pounds) of Chinese imports into the United States. That would prevent a further escalation in a trade war that already has disrupted commerce in goods worth hundreds of billions of dollars, slowed global economic growth and roiled markets.

Optimism that the two sides will find a way to end the trade war lifted stocks, especially technology shares. The S&P 500 stock index reached its highest closing level since Nov. 8. Oil prices rose to their highest since mid-November, with Brent crude reaching a high of $67.73 a barrel.

CURRENCY AGREEMENT

Trump and Treasury Secretary Steven Mnuchin said the two sides had reached an agreement on currency. Trump declined to provide details, but U.S. officials long have expressed concerns that China's yuan is undervalued, giving China a trade advantage and partly offsetting U.S. tariffs.

Announcement of a pact aimed at limiting yuan depreciation was putting "the currency cart before the trade horse," but would likely be positive for Asian emerging market currencies, said Alan Ruskin, global head of currency strategy at Deutsche Bank in New York.

"How can you agree to avoid excessive Chinese yuan depreciation or volatility if you have not made an agreement on trade that could have huge FX implications?" Ruskin asked in a note to clients.

In a letter to Trump read aloud by an aide to Liu at the White House, Xi called on negotiators to work hard to strike a deal that benefits both country.

Trump said a deal with China may extend beyond trade to encompass Chinese telecommunications companies Huawei Technologies and ZTE Corp.

The Justice Department has accused Huawei of conspiring to violate U.S. sanctions on Iran and of stealing robotic technology from T-Mobile US Inc.

Chinese peer ZTE was last year prevented from buying essential components from U.S. firms after pleading guilty to similar charges, crippling its operations.

MEMORANDUMS NO MORE

Trump appeared at odds with his top negotiator, U.S. Trade Representative Robert Lighthizer, on the preliminary terms that his team is outlining in memorandums of understanding for a deal with China. Trump said he did not like MOUs because they are short term, and he wanted a long-term deal.

"I don't like MOUs because they don't mean anything," Trump said. "Either you are going to make a deal or you're not."

Lighthizer responded testily that MOUs were binding, but that he would never use the term again.

Reuters reported exclusively on Wednesday that the two sides were drafting the language for six MOUs covering the most difficult issues in the trade talks that would require structural economic change in China.

Negotiators have struggled this week to agree on specific language within those memorandums to address tough U.S. demands, according to sources familiar with the talks. The six memorandums include cyber theft, intellectual property rights, services, agriculture and non-tariff barriers to trade, including subsidies.

An industry source briefed on the talks said both sides have narrowed differences on intellectual property rights, market access and narrowing a nearly $400 billion U.S. trade deficit with China. But bigger differences remain on changes to China's treatment of state-owned enterprises, subsidies, forced technology transfers and cyber theft of U.S. trade secrets.

Lighthizer pushed back when questioned on forced technology transfers, saying the two sides made "a lot of progress" on the issue, but did not elaborate.

The United States has said foreign firms in China are often coerced to transfer their technology to Chinese firms if they want to operate there. China denies this.

The U.S. Chamber of Commerce on Friday urged the U.S. government to ensure the deal was comprehensive and addressed core issues, rather than one based on more Chinese short-term purchases of goods.

China has pledged to increase purchases of agricultural produce, energy, semiconductors and industrial goods to reduce its trade surplus with the United States.

China committed to buying an additional 10 million tonnes of U.S. soybeans on Friday, U.S. Agriculture Secretary Sonny Perdue said on Twitter. China bought about 32 million tonnes of U.S. soybeans in 2017. The commitments are a "show of good faith by the Chinese" and "indications of more good news to come," Perdue wrote.

China was the top buyer of U.S. soybeans before the trade war, but Beijing's retaliatory tariffs on U.S. soybeans slashed business that had been worth $12 billion annually.

 

- Reuters

Published in World
Venezuela’s military said Tuesday it was on alert at its frontiers following threats by US President Donald Trump and suspended air and sea links with the island of Curacao ahead of a planned aid shipment.
 
Opposition leader and self-declared interim president Juan Guaido has vowed to bring aid in from various points Saturday “one way or another” despite military efforts to block it.
 
But commanders doubled down on their allegiance to President Nicolas Maduro after Trump urged them to abandon him.
 
“The armed forces will remain deployed and on alert along the borders… to avoid any violations of territorial integrity,” said Defense Minister Vladimir Padrino.
 
Regional commander Vladimir Quintero later confirmed media reports that Venezuela had ordered the suspension of air and sea links with Curacao and the nearby Netherlands Antilles islands of Aruba and Bonaire.
 
Shipments of food and medicine for Venezuelans suffering in the country’s economic crisis have become a focus of the power struggle between Maduro and Guaido.
 
Aid is being stored in Colombia near the Venezuelan border and Guaido aims also to bring in consignments via Brazil and Curacao, which is off the coast of Venezuela.
 
A Brazilian presidential spokesman said the country was cooperating with the United States to supply aid to Venezuela but would leave it to Venezuelans to take the goods over the border.
 
Maduro says the aid plan is a smokescreen for a US invasion. He blames US sanctions and “economic war” for Venezuela’s crisis.
 
Guaido, the 35-year-old leader of the Venezuelan legislature, has appealed to military leaders to switch allegiance to him and let the aid through.
 
He has offered military commanders an amnesty if they abandon Maduro.
 
But the military high command has so far maintained its public backing for Maduro — seen as key to keeping him in power.
 
“We reiterate unrestrictedly our obedience, subordination and loyalty” to Maduro, Padrino said.
 
Guaido posted a series of tweets calling by name on senior military leaders commanding border posts to abandon Maduro.
 
He has branded Maduro illegitimate, saying the elections that returned the socialist leader to power last year were fixed.
 
The United States and some 50 other countries back Guaido as interim president.
 
Trump has refused to rule out US military action in Venezuela. He raised the pressure on Monday, issuing a warning to the Venezuelan military.
 
He told them that if they continue to support Maduro, “you will find no safe harbor, no easy exit and no way out. You will lose everything.”
 
Padrino rejected Trump’s threat, branding the US president “arrogant.”
 
If foreign powers try to help install a new government by force, they will have to do so “over our dead bodies,” Padrino said.
 
Venezuela’s deputy military attache at the UN announced Tuesday he was siding with Guaido.
 
“I declare myself to be in total and absolute disobedience to the illegally constituted government of Mr. Nicolas Maduro,” Colonel Pedro Jose Chirinos said in a video posted on social media.
 
Since Guaido declared himself interim president on January 23, he has received the support of an army colonel and an air force general, neither of whom actually have any troops under their command, a retired air force major general and a number of lower-level officers.
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