After laughs at Trump, globalism or patriotism?

https://youtu.be/rewri7OdEZA https://youtu.be/QqZv3SLx1oI

US-ROK trade: 'horrible' to 'wins'?

US President Donald Trump delivered his speech loud and clear at the UN General Assembly on Tuesday covering a spectrum of issues, ranging from global security, trade, and above all - his idea of "sovereignty." His bragging also attracted some chuckles among the world leaders. What key messages did Trump fixate on? And how is the international community reacting to Trump's speech and his "America First" policies?

The US has revamped a trade deal with the Republic of Korea (ROK). The new version of the United States-Korea Free Trade Agreement specifically aims to boost US auto sale, but its effectiveness remains in doubt. Will this deal set a new precedent for more so-called "US wins" in its multi-front trade war?

NZ Prime Minister Jacinda Ardern Explains Why The UN Laughed At Trump

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https://youtu.be/samRCVQTa-M 

https://youtu.be/9lXNF-_cmnM

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What's next in the escalating China-US trade war?
 
https://youtu.be/V73Cgcy3dTA

China vs USA: Trade war

https://youtu.be/aHSSDQYaIjQ

Trump’s tariff policy has failed: analysts

After China slammed US President Donald Trump's accusation that China is meddling in the US midterm elections, analysts noted that Trump's behavior shows he has been shamed as his policy toward China didn't bring what he wants but has hurt his supporters.

If Trump discovers he is losing support due to China's trade retaliation, which has hurt the interests of his supporters, then he should blame himself and people who convinced him to impose additional tariffs against China, because it was his administration that started the frictions and led to China's retaliation, Chinese experts said on Thursday.

"We do not and will not interfere in any country's domestic affairs. We refuse to accept any unwarranted accusations against China," Chinese State Councilor and Foreign Minister Wang Yi said at the UN Security Council at once after Trump made his accusation.

Trump accused China during his remarks at the UN Security Council on Wednesday, saying, "Regrettably, we found that China has been attempting to interfere in our upcoming 2018 elections in November against my administration," CNN reported.

Trump offered scant details or evidence, which came during a session meant to focus on nonproliferation issues. He suggested the meddling attempts came as retribution for the budding trade war he has waged with Beijing, CNN's report said.

China's Ministry of Foreign Affairs also responded to Trump's remarks on Thursday. "China has always stood by the principle of non-interference in other countries' internal affairs, and this is a Chinese diplomatic tradition, and the international community knows this," Chinese Foreign Ministry spokesperson Geng Shuang said at a routine press conference.

"The international community is also clear on which country is most interested in interfering with others' internal affairs," Geng noted. He urged the US to stop making groundless accusations and slandering China, and refrain from making wrong statements and actions that damage bilateral ties and the fundamental interests of the two peoples.

'Not what he wants'

"They do not want me or us to win because I am the first president ever to challenge China on trade," Trump said at the UN Security Council. "We are winning on trade. We are winning at every level. We don't want them to meddle or interfere in our upcoming elections."

However, Chinese analysts disagree with Trump's rhetoric.

"This shows that Trump has been ashamed into anger due to his unsuccessful policy on China," said Ni Feng, deputy director of the Chinese Academy of Social Sciences' Institute of American Studies.

"After a series of tariffs and provocations on the Taiwan question, and sanctions on the Chinese military department and personnel, China has continued to retaliate without any compromise and even refuses to negotiate with the US under the current circumstances. So this situation is not what he wants, which is why he is so angry and tries to make new accusations," Ni noted.

The US midterm elections are approaching, and the Republicans are facing a serious challenge and might lose the House after the elections. So Trump is trying to "pass the buck," said Diao Daming, an American studies expert and associate professor at Renmin University of China.

"Blaming China is a good option for him, and some radical Trump supporters will believe him regardless of the truth," Diao noted.

Due to the interdependency between China and the US, China's retaliation will definitely hurt US people's interests, including those of Trump supporters. But don't forget it was Trump who irrationally began the trade frictions with China, and China is forced to retaliate, Diao said.

"If the US people want to blame someone, they should blame their president. If Trump wants to blame someone for losing support or even the elections, he should blame himself and his advisers who urged him to start the trade row, rather than pass the buck to China," he noted.

A Chinese State-run English language newspaper inserted a four-page supplement in the Sunday edition of the Des Moines Register, an Iowa-based newspaper, to highlight the negative effects of the trade frictions Trump launched.

"China is actually placing propaganda ads in the Des Moines Register and other papers, and making them appear like news," Trump tweeted on Thursday.

"According to US laws, foreign media can cooperate with US media," and many other foreign media companies do the same thing. So, accusing this normal act as evidence of meddling in the elections is far-fetched and groundless, Geng said.

However, the US government, the Congress and the media have done a lot to interfere in China's internal affairs on Taiwan, Xinjiang and Tibet, Diao noted. "This is real interference in others' internal affairs." - Global Times By Yang Sheng


Related:

Trump's 'blame China' midterm strategy won't secure GOP victory

It would be best if Trump could assert a level of caution when speaking at UN headquarters. Fabricated stories and slogans designed to trick American voters will not have the same effect with UN members.

US trade war has no international support

As long as China keeps upholding its opening-up, foreign enterprises, including many US ones, will continue participating in the development of the China market. China should continue cooperating with the Western world and the US on climate change, anti-terrorism, nuclear nonproliferation, global poverty and stabilizing the financial situation. As long as China keeps its development momentum, the US is doomed to lose the trade war.

Sovereignty, equality should go hand in hand, if Trump really means it

There are positive aspects as Trump emphasized the idea of national sovereignty in his UN speech. Meanwhile, it is common sense that sovereignty will only play a positive role if it is pre-conditioned on equality, the basic principle everyone abides by.

China won't yield to US trade stick

We also hope that the Chinese public gets to know the causes and effects of the event and the steadiness of the Chinese government's policies. No matter how long China-US trade conflicts last, China is doing what it should. China is honest and principled and a major trade power with intensive strengths. No one can take us down.

US hysterical in blocking sci-tech exchanges

The US is anxious about its temporary gains and losses. One minute it wants Sino-US exchanges, but the next it worries China is taking advantage. Its relevant policies are bound to change all the time. Its latest decision is like the trade war. Washington's purpose is to drag Beijing down, but it will mostly hurt itself.

China must open up despite external risks

The road to solidarity will reflect the times and China still needs to accumulate experiences. But as long as all of China's policies aim at serving the people, the country's solidarity won't go wrong.
Source: Global Times | 2018/9/19 23:33:40

Lobbying Washington more challenging for Moon

History has proved that Pyongyang-Washington ties have a decisive effect on inter-Korean relations. In this sense, in the final analysis, Seoul needs to focus on lobbying Washington.




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Najib's wife Rosmah says she is okay after 13 hours long grilled by anti corruption agency over 1MDB

https://youtu.be/aGMpsnADOpU 

When asked for comment, she said: “I’m okay. Alhamdulillah (Praise be to God).”

Wife of ex-PM questioned by MACC for 13 hours over 1MDB

While MACC investigators question Datin Seri Rosmah Mansor at length, believed to be over the 1MDB saga, a Dubai-based firm wants RM20.69 mil in bling back. The royal jeweller claims that he could bring his exquisite masterpieces to the ex-premier’s wife without having to go through Customs – thanks to officers from the PM’s Department. PUTRAJAYA: It proved to be a long, gruelling day for Datin Seri Rosmah Mansor as anti-graft officers interrogated her for 13 hours.

She entered the Malaysian AntiCorruption Commission (MACC) headquarters here at 9.50am yesterday.

Speculation was rife that the wife of former prime minister Datuk Seri Najib Tun Razak would be held overnight and charged today.

But at 10.40pm last night, Rosmah emerged from the MACC headquarters. Although she looked exhausted, the 66-year-old afforded a meek smile to waiting journalists outside the building.

When asked for comment, she said: “I’m okay. Alhamdulillah (Praise be to God).”

Her lawyers Datuk K. Kumaraendran and Datuk Geethan Ram Vincent said Rosmah would not be returning for further questioning.

“Datin Seri Rosmah has finished giving her statement. I will not comment further,” said Kumaraendran.

On June 5, Rosmah was questioned for about five hours by MACC investigators over a probe into SRC International Sdn Bhd, a former 1Malaysia Development Bhd (1MDB) subsidiary.

The latest interrogation is believed to evolve around the 1MDB scandal.

Rosmah looked calm when she alighted from a Proton Perdana and walked past a horde of journalists who converged outside the MACC building earlier in the morning.

Her attire and accessories were the centre of attention, as she had colour coordinated her green baju kurung and tudung with a Loewe designer handbag and wedge shoes.

The last time out, she wore a blue baju kurung and red tudung, with her bright red Versace handbag drawing the most stares.

Throughout the day, her lawyers were seen coming in and out of the MACC building at least three times.

As is the practice, lawyers are usually not allowed in the interrogation room. Both spoke of their long wait as journalists tried to find out from them how long the questioning would take.

This was the second time Rosmah had been questioned by the MACC.

Last Thursday, Najib was slapped with 25 fresh corruption and money-laundering charges. He was granted bail of RM3.5mil with two sureties in his latest court case.

Investigators have not ruled out that Najib as well as other individuals could be faced with even more charges related to the 1MDB case. - The Star

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 EVENING 5

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Still waiting on election promises

Will the Government deliver or are rosy pledges meant to be broken anyway?

PEOPLE are still harping on election manifesto promises which the new coalition has yet to fulfil.

In the wake of the 14th general election, the 100-day manifesto of Pakatan Harapan is being scrutinised.

Does anyone remember the promises made before GE13 or GE12 or any other election before that?

Remember the Penang Bridge toll promises?

Datuk Seri Najib Tun Razak came to town and promised free passage across the bridge for motorcycles.

Hours later, the then Chief Minister Lim Guan Eng cleverly upped the ante and promised that the bridge would be completely toll- free.

In Malaysian lingo, we call this ‘wayang’ or political theatrics.

I found it all very entertaining. I looked forward to each retort from the opposite side.

We should not be like children and cry: “But mummy, you promised!”

Now, Pakatan Harapan did fulfil some of their promises.

The Government abolished the goods and services tax and an earnest hunt has begun for those responsible for the 1MDB controversy.

As for the other promises, maybe not yet? Or at a later date?

You cannot fault Prime Minister Tun Dr Mahathir Mohamad for being honest. He told the world Pakatan could not fulfil all the promises in its manifesto because it did not expect to win!

So the politicians were just putting on a show and we, the audience, bought front-row tickets to the ‘wayang’.

Dr Mahathir would know. Can anyone remember any of the manifesto promises that were never fulfilled during his previous 22-year tenure or during the last 10 years under Najib?

I don’t and I have been around for more than three decades, starting my working life the year Mahathir came to power in 1981.

If elections were won just on fulfilling manifestos, Barisan would not have been able to rule for 60 years because there has been volumes of unfulfilled promises.

Elections are usually won on negative rather than positive elements.

We have a saying in the newsroom: people wanna read about sex, drugs and rock ’n’ roll.

At The Star Online, stories along those lines get astronomical level hits.

In politics, seats tend to be won by candidates who can portray how bad the other guy is!

People want to be shocked by scandals, not lulled by promises.

So we do not have to lament the unfulfilled promises.

It is a universal issue which is not confined to Third World countries as even presidential elections in developed countries are won the same way.

One which comes to recent memory is the United States’ presidential elections in 2016.

Everyone thought Hilary Clinton would triumph but Donald Trump ran a smear campaign on her.

People heard all about her leaked emails and the Federal Bureau of Investigation’s case on her.

Both candidates spent millions of dollars taking out advertisements in newspapers and on television.

The focus was more on showing how bad the other candidate would be for the country rather than what they would do if elected.

So for all those who are still hung up on Pakatan promises, forget it.

You can shout until the cows come home and nothing is going to happen.

But they still have four years to make good on their promises, before power comes back to us.

They could be saving the best promises for last. Maybe?

Credit: Pinang points R. Sekaran

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Goldman Sachs banker's obscene commissions netted 11% from 1MDB believed to be most compelling evidence of rogue behaviour

Jho Low Has Offered A Deal To The DOJ

Settling the civil action would free up prosecutors to pursue the Goldman bond issued on behalf of 1MDB, which netted the bank suspiciously obsence commissions of up to 11% -  Sarawak Report

Sarawak Report has learnt that Jho Low’s new legal team, headed by the well-connected former federal prosecutor and New Jersey governor Chris Christie, has already obtained a high-level meeting with officials of the DOJ and that at that meeting they offered to come to a settlement on behalf of the fugitive Malaysian advisor to 1MDB.

This would represent an effective acknowledgement by Low, who is currently believed to be holed up in China, that he is unlikely to be able to persuade the US courts to return some $1.2 billion in assets seized from him alone, which investigators have traced to money stolen from Malaysia’s development fund.

However, by cutting a deal the billionaire, who is facing criminal charges in Malaysia, Singapore, Switzerland and elsewhere, including the United States, will be hoping to retain some of the value of the assets. Malaysia Kept On Sidelines?

Malaysian entities have expressed concern that the United States authorities may be tempted to negotiate with Jho Low’s new, high-powered legal team, in order to close a case that could otherwise carry on for years. Notably, the US recently refused to grant a Malaysian official request for a guarantee it would return all the money back from the assets seized.

“It doesn’t mean that the United States will not return the money to Malaysia, but it does mean the US is insisting on keeping control over the process and that might include settling the case for less than the entire amount”

one person who is well versed in the matter explained to Sarawak Report. It is further understood that the approach from Jho Low’s team has not yet been formally discussed with the Malaysian authorities, who may very well react with dismay at the prospect of any settlement of this nature.

Particularly galling to Malaysians is the likelihood that Low’s new and well-connected legal advisors are being generously paid by money that was itself stolen from 1MDB. US investigators have been reported as concluding that the origin of the cash received by Christie and one of President Donald Trump’s go-to law firms, Kasowitz Benson Torres, is indeed 1MDB.

Likewise, the money sent to pay the libel lawyers Schillings in the UK, which has been doing its best to disrupt the publising othe the book The Sarawak Report as well as the Wall Street Journal’s own book in Britain, is also thought to trace back to 1MDB. Going For Goldman Sachs

The apparent willingness of US prosecutors to discuss such matters with Low’s new team and the news that they may indeed be tempted to reach a deal, may indicate that the DOJ sleuths are already focusing on other aspects of the case, informed observers have told Sarawak Report: namely the pursuit of the banking giant Goldman Sachs. Settling the civil action would free up prosecutors to pursue the Goldman bond issues on behalf of 1MDB, which netted the bank suspiciously obscene commissions of up to 11%.

The bank has earned the anger and ill-feeling of countless Americans as a result of its pivotal role in causing the crash of 2008 and yet none of its bankers have been brought to book so far. The apparent negligence and huge sums earned through 1MDB have provided US investigators their most compelling evidence yet against what many believe to be rogue behaviour by the major bank.

It was Sarawak Report that first exposed the huge commissions being earned by Goldman Sachs from 1MDB in 2013, by publishing the terms of two so-called power purchase bonds, which together with a later third offering netted commissions totalling just under $600 million for the bank. The market price for such services was a fraction of that amount.

The former South East Asia boss, Tim Leissner has already been picked up in the United States and is understood to be cooperating with the DOJ enquiries. A new case against the global bank is where 1MDB now seems headed as it gains even more international significance.


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Tariff war threatens world trading system

https://youtu.be/BCu1Mt9GWT8 https://youtu.be/BheswegaOKk

TODAY marks another milestone in the escalating global trade war that threatens to shake the foundations of the world trading system and cause economic uncertainty at a time of financial fragility. It’s an altogether bad development that adds more gloom to global economic prospects.

Last week, the United States announced it would slap an additional 10% tariff on US$200bil worth of imports from China. Hours later, China said it would put 5% to 10% extra tariffs on US$60bil of imports from the US.

Both sets of tariff increases come into effect today. But that’s not all.

The US also said it would raise the extra tariffs on the US$200bil of imports from 10% now to 25% at the end of the year. And if China retaliates (which it now has), the US might slap higher tariffs on yet another US$267bil of Chinese imports.

This comes on top of tariffs on an initial US$50bil worth of imports that the US had placed on Chinese imports a few months ago, and equivalent tariffs on US$50bil on US imports that China imposed as retaliation.

And even before that, the US had put extra tariffs on steel and aluminium imports from all countries, except a few that were exempted for the time being.

The US is also threatening to put tariffs on imported auto vehicles and parts, including those from Europe. That is on hold because of a bilateral deal reached, but could be re-ignited if President Donald Trump is not satisfied with Euro­pean behaviour.

The US itself is experiencing negative effects of this trade war. The prices of the initial US$50bil of imported Chinese products have started to go up in the US, raising costs for both consumers and producers.

The Chinese are similarly affected. Exports of both countries are also bound to decline, and this will eventually affect their overall economic growth.

There will be collateral effects on other countries. In Asia, those that are integrated in the global supply chain will find less demand for their exports of components to China. The effect on Malaysia is projected by analysts to be around 0.4 to 0.7 percentage point of GNP in 2019.

This could be offset by positive effects. Some companies producing in China are considering relocating to other countries, including Malaysia, to escape the US’ punitive tariffs. And some Malaysian products may become cheaper than Chinese products, which will now attract extra duties.

But it is likely that the bad effects will outweigh any such good effects, at least in the short run.

It is clear that the US is to blame for the trade war. Its unilateral actions are against the spirit and rules of the trading system, and have in fact undermined its legitimacy and viability.

The steel and aluminium tariffs were imposed under the US security clause of its domestic trade law, while the other tariff increases are under Section 301 of the trade law. The US actions are against various World Trade Organisation (WTO) rules.

Challenges to the US unilateral measures have been taken by China and other countries at the WTO. If the US is found in violation, which is quite likely, it has to stop its actions or face retaliation: the countries that win the cases heard by the WTO panels of experts are allowed to impose equivalent tariffs on US products.

However, the US has engineered a crisis in the WTO’s dispute settlement system so that soon the outcome of successful cases against it cannot be implemented.

This is because the US is now paralysing the WTO’s Appellate Body by refusing to allow new members of the body to be appointed to replace those retiring. Soon there will be only three members left, out of a full body of seven. Two more will be retiring in January 2019. A minimum of three members is needed to sit on a case.

Thus, if a lower-level panel rules against the US’ unilateral actions, and the US lodges an appeal that cannot be heard because there are not enough appellate body members, the panel decision cannot be enforced.

This would make the WTO quite a toothless organisation. There would be no legal remedy to enforce penalties for breaking the WTO laws. Countries that impose unilateral tariff increases can get away with it. In turn, other countries would also do the same.

The rules-based trade system is already starting to break down. We are now seeing blatant protectionism by the US and retaliation by affected countries. Within months, the trade war could spread, with the law of the jungle becoming more prominent.

Tears will not be shed in the developing countries if some rules cannot be upheld anymore, such as the WTO’s TRIPS agreement on intellectual property. The free trade economist Jagdish Bhagwati has said the TRIPS treaty does not belong in the WTO.

But what all members like about the WTO is its role in ensuring the predictability that their exports can sell in the markets of its members, with tariffs at rates agreed to at the WTO.

If that predictability is lost, then there can be a lot of uncertainty, as one country after another can unilaterally impose extra tariffs on other countries, which may then trigger retaliation.

This breakdown of the trading system may be the more serious effect of what started as a US-initiated trade war.

Trump may not care what happens to the system, as he has said many times that the WTO is a terrible organisation that the US should leave. And his recent actions, in fact, seem calculated to undermine, if not destroy it.

It is a new world we are looking at, in a scenario that would not have appeared possible a year or even months ago.

Policy makers, companies, analysts and the public should ponder about this, even as they follow the details of the tit-for-tat trade war that the US is waging against China and other countries.

Martin Khor is adviser of the Third World Network. The views expressed here are entirely his own.

Credit: Global Trend by Martin Khor


Related:

China won't yield to US trade stick

We also hope that the Chinese public gets to know the causes and effects of the event and the steadiness of the Chinese government's policies. No matter how long China-US trade conflicts last, China is doing what it should. China is honest and principled and a major trade power with intensive strengths. No one can take us down.

US hysterical in blocking sci-tech exchanges

The US is anxious about its temporary gains and losses. One minute it wants Sino-US exchanges, but the next it worries China is taking advantage. Its relevant policies are bound to change all the time. Its latest decision is like the trade war. Washington's purpose is to drag Beijing down, but it will mostly hurt itself.


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