US-China trade war a boon for Europe, UN study says - Lebanon news - أخبار لبنان
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US-China trade war a boon for Europe, UN study says

A US plan to hike tariffs on China next month could trigger an economic downturn and let other countries take over about $200bn of Beijing’s exports, a UN report said on Monday. The US levied additional duties of between 10 and 25 percent on Chinese goods last year as punishment for what it called unfair…

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US-China trade war a boon for Europe, UN study says

A US plan to hike tariffs on China next month could trigger an economic downturn and let other countries take over about $200bn of Beijing’s exports, a UN report said on Monday.

The US levied additional duties of between 10 and 25 percent on Chinese goods last year as punishment for what it called unfair trade practices. The 10 percent tariffs are set to climb to 25 percent unless there is significant headway on a trade deal by March 1.

“The implications are going to be massive,” Pamela Coke-Hamilton, head of international trade at the UN Conference on Trade and Development, told a news conference on Monday.

“The implications for the entire international trading system will be significantly negative.”

She said the US tariff hike and a retaliatory move by China would trigger an economic downturn because of instability in commodities and financial markets, while company moves to adapt would put pressure on global growth.

“There’ll be currency wars and devaluation, stagflation leading to job losses and higher unemployment and more importantly, the possibility of a contagion effect – or what we call a reactionary effect – leading to a cascade of other trade distortionary measures.”

Smaller and poorer countries will struggle to cope with such external shocks, said Coke-Hamilton.

Third countries to benefit

The UN’s report, titled The Trade Wars: The Pain and the Gain, said “bilateral tariffs alter global competitiveness to the advantage of firms operating in countries not directly affected by them”.

The higher cost of US-China trade would prompt companies to shift away from current eastern Asian supply chains, but the impact of the tariffs would not primarily benefit US companies, according to the report.

American firms would capture only six percent of about $250bn of the affected Chinese exports, while Chinese companies would retain 12 percent, despite the higher cost of trade, the study said.

Other countries would acquire an estimated 82 percent of the value of the Chinese exports and 85 percent of $85bn of US exports hit by the tariffs.

The study predicted the European Union would be the biggest winner, taking home some $70bn in additional trade thanks to the trade war.    

“The EU will capture $70bn of the US-China trade. Japan, Mexico and Canada will capture over $20bn each,” the report said.

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Saudi Aramco says customers unaffected by Houthi attack on Jeddah

Monday’s attack knocked out a tank that contained 10 percent of all fuel stored a the Jeddah plant, Saudi Aramco official says.Oil giant Saudi Aramco says customers were unaffected by an attack by Yemen’s Houthi rebels on a petroleum products distribution plant in Saudi Arabia’s Red Sea city of Jeddah. One of the facility’s tanks…

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Saudi Aramco says customers unaffected by Houthi attack on Jeddah

Monday’s attack knocked out a tank that contained 10 percent of all fuel stored a the Jeddah plant, Saudi Aramco official says.Oil giant Saudi Aramco says customers were unaffected by an attack by Yemen’s Houthi rebels on a petroleum products distribution plant in Saudi Arabia’s Red Sea city of Jeddah.
One of the facility’s tanks was hit by a missile in early on Monday.
The attack knocked out 10 percent of all fuel that was stored at the plant, a Saudi Aramco official said on Tuesday, adding that the tank – one of 13 at the facility – is currently out of action.
The official described the site as a “critical facility” that distributes more than 120,000 barrels of products per day.
A fire caused by the attack was extinguished in about 40 minutes with no casualties, he said.
The attack was confirmed by a Saudi official who told the Saudi state news agency (SPA) it was a “terrorist attack with a projectile”.
The oil company’s production and export facilities are mostly in Saudi Arabia’s Eastern province, more than 1,000km (621 miles) away from Jeddah, across the country.
Announcing the attack, a military spokesman for the Houthis warned that “operations will continue”.
Yahya Sarea said the attack was carried out with a Quds-2 type winged missile. He also posted a satellite image with the label: “North Jeddah bulk plant-Saudi Aramco”.
“The strike was very accurate, and ambulances and fire engines rushed to the target,” Sarea said.
That facility is just southeast of Jeddah’s King Abdulaziz International Airport, an important site that handles incoming Muslim pilgrims en route to nearby Mecca.
Renewed violence
Yemen has been mired in conflict since a Saudi-led coalition intervened in March 2015 to restore the Yemeni government, which had been removed from power in the capital Sanaa by Houthi forces in late 2014.
Cross-border attacks by Houthi forces have escalated since late May when a truce prompted by the novel coronavirus pandemic expired. The Saudi-led coalition has responded with air raids on Houthi-held territory.
The Houthis control most of north Yemen and most large urban areas. They say they are fighting a corrupt system.
Sarea said the attack was carried out in response to the Saudi-led coalition’s actions in Yemen.
The claimed attack came just after a visit by outgoing US Secretary of State Mike Pompeo to Saudi Arabia to see Crown Prince Mohammed bin Salman.
The kingdom also just hosted the annual G20 summit, which concluded on Sunday.

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US appoints first Venezuela ambassador in a decade amid tensions

The two nations have not exchanged ambassadors since 2010 when relations began to fray under late President Hugo Chávez.The United States has its first ambassador for Venezuela in 10 years despite Washington having no diplomats at its Caracas embassy amid a breakdown in relations. James Story’s nomination as ambassador was confirmed on Wednesday by a…

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US appoints first Venezuela ambassador in a decade amid tensions

The two nations have not exchanged ambassadors since 2010 when relations began to fray under late President Hugo Chávez.The United States has its first ambassador for Venezuela in 10 years despite Washington having no diplomats at its Caracas embassy amid a breakdown in relations.
James Story’s nomination as ambassador was confirmed on Wednesday by a US Senate voice vote.
The South Carolina native takes the job that he will carry out from the capital of neighbouring Colombia as Venezuela endures an historic economic and political crisis.
The US and Venezuela have not exchanged ambassadors since 2010 when relations first started to fray under late President Hugo Chávez.
The two nations totally broke diplomatic ties last year, each withdrawing its diplomats shortly after Washington backed Venezuelan opposition leader Juan Guaidó as the country’s leader.
Story, 50, will likely play a key role in helping guide US policy on Venezuela during the transition of President-elect Joe Biden.
Biden’s win has sparked debate among those who back President Donald Trump’s hardline approach of isolating his Venezuelan counterpart Nicolas Maduro and others who say it is time for a new course.
The critics say heavy sanctions have failed to remove Maduro from power, opening Venezuela to US competitors such as China, Russia and Iran, while making life harder on millions of residents of the South American nation.
The US leads a coalition of dozens of nations that rejected Maduro following his election in 2018 to a second term in a vote Washington called fraudulent.
The US has since heavily sanctioned Maduro, his inner circle and the state-run oil firm, attempting to isolate them.
The Trump administration offered a $15m reward for Maduro’s arrest after a US court indicted him on drug charges.

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‘UAE, Israel can stamp out Islamophobia, anti-Semitism’

People to people contact, academic, civil society exchanges and cooperation will go a long way in change mindsets, Ban Ki-moon says. Countries like the UAE and Israel who have signed the Abraham Accords should stamp out anti-semitism and Islamophobia and devise curriculums to educate their youth on the significance of the peace deal, said former…

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‘UAE, Israel can stamp out Islamophobia, anti-Semitism’

People to people contact, academic, civil society exchanges and cooperation will go a long way in change mindsets, Ban Ki-moon says.

Countries like the UAE and Israel who have signed the Abraham Accords should stamp out anti-semitism and Islamophobia and devise curriculums to educate their youth on the significance of the peace deal, said former UN chief Ban Ki-moon.
He said that one of the major achievements of the deal – considered a huge political and diplomatic win – is that it opens up a “cooperative space not only for leaders but also for citizens of all the participating countries”
“The architects of this important agreement must ensure that the Accords is not an agreement just for their countries but for their people. Abraham Accords should serve as a launchpad for the sustainable peace and prosperity in the region,” Ban Ki-moon said while addressing a virtual conference on ‘The Abraham Accords: Advancing UAE-Israel, Regional, and Muslim-Jewish Cooperation’ organised by UK-based Emirates Society.
Stressing on the important role of education in building secure, peaceful, resilient and prosperous societies in both a short and long term, the Secretary General said it is his “sincere hope that the UAE and Israel and others redouble their sustained effort to educate their students and citizens – both young and old – about the significance of this important agreement and each other.”
“Devising curriculum and expanding global citizenship education as well as being aggressive about stamping out instances of anti-Semitism and islamophobia are important steps to take in this regard, he added.
He said people to people contact, academic, civil society exchanges and cooperation will go a long way in helping to change mindset and begin a dynamic new era of cooperation.
Palestinian cause
The UAE is the first GCC country and the third Arab nation to establish diplomatic relations with Israel by signing the US-brokered Abraham Accords on September 15. Bahrain and Sudan also followed suit and have signed peace deals with Israel.
The deal is considered a game changer for peace and stability in the region, as in exchange, Israel has agreed to temporarily halt annexations in the West Bank.
Reem Al Hashimy, Minister of State for International Cooperation, said the UAE continues to consider the issue of a Palestinian state as the most important one but without impeding opportunities for dialogue and open communication.
She said Abraham Accords was born from a “desire to change the business as usual approach” that has mired the countries of Middle East in conflict for long.
Even as the UAE continues to work for its own national agenda, Al Hashimi said the country is “really looking to learn from each other and also to explain to one another who we are and what matters to us”.
“And it does matter to the Arab and the Muslim world that a Palestinian state in its rightful place … exists.”
Ban Ki-Moon said it would be difficult to forge lasting peace without addressing the Palestinian question as well as issues like the final status of Jerusalem and West Bank settlement.
“To truly advance the vision of peace throughout the Middle East, we should not forget that the Palestinians must be involved in determining a future that is based on security and prosperity for all people in the region. I hope that Abraham Accords can function as a springboard for invigorated action on ensuring a negotiated two-state solution aligned with the relevant UN security council resolutions.”
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Anjana Sankar

Anjana Sankar is a UAE-based journalist chasing global stories of conflict, migration and human rights. She has reported from the frontlines of the wars in Yemen and Syria and has extensively written on the refugee crisis in Bangladesh, Iraq and Europe. From interviewing Daesh militants to embedding with the UAE army in Yemen, and covering earthquakes, floods, terrorist attacks and elections, she has come out scathe-free from the most dangerous conflict zones of the world. Riding on over 14 years of experience, Anjana currently is an Assistant Editor with Khaleej Times and leads the reporting team. She often speaks about women empowerment on her Facebook page that has 40,000 plus followers.

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