The United States has decided to slap an unprecedented 104 per cent tariff on all goods imported from China after President Donald Trump’s 24-hour ultimatum to China to withdraw its retaliatory 34 per cent tariff on US goods ended. Trump, in a post on his social media platform Truth Social, wrote, "China also wants to make a deal, badly, but they don't know how to get it started. We are waiting for their call." On Wednesday, China’s top leaders met to decide on measures as the trade war with the US escalated. The question is: Who is responsible for this? China has called on other countries to join hands to fight this tariff war with the US and force America to follow WTO (World Trade Organization) rules. But is Trump solely responsible? The roots lie in China. Trump is right when he says that the American manufacturing industry has declined due to China, and more than 6 million people have lost their jobs. America had become dependent on China for goods like microchips and semiconductors. It is also a fact that when China applied to join the WTO, the US supported China despite opposition from American trade unions. The then US President Bill Clinton announced China’s membership in WTO and gradually, China captured most of the world market. In 2001, when China joined WTO, it was the world’s 7th biggest exporter, but eight years later, in 2009, China became the world’s largest exporter. In 2001, nearly 4 crore ship containers used to leave from China and come back, and this figure rose to 8 crore in 2006 and 13 crore in 2011. China deliberately kept itself in the category of developing nations to corner most of the advantages. China gives big subsidies to its companies while keeping its own market closed to other nations. It refrains from exporting raw materials and parts used for manufacturing electronics and other consumer goods. By doing this, China forces other countries to buy its products and leaves no scope for them to either produce or assemble them in their own country. Using this method, China captured practically the entire world market. The impression today that is being sought to be created is that the US has fired the first shot in the tariff war against China. But if you look at the origins of tariff and trade war, you will find that China is equally responsible for this. No country other than India knows this better. Chinese goods flood Indian markets at cheaper prices and they have caused a huge setback to the Indian manufacturing sector. This began 24 years ago, when China became a member of WTO and set the narrative for low-cost manufacturing, setting up huge factories, forcing millions of workers to work at low wages for long hours and then dump these goods on the rest of the world. I remember, in 2003, I was in New York, and in the hotel where I stayed, almost every item was Made in China. China had practically occupied the American market and nobody opposed it at that time. Manufacturing in big countries like India and the US had to face heavy losses because of unfair trade practices by China. On the other hand, China achieved massive growth, but at the cost of fair play. It is unfortunate that nobody in India opposed this. Countries like India quietly followed WTO rules while China continued to damage our economy. At that time, our government was busy glorifying China for its swanky roads and huge factories. In 2014, when Narendra Modi became Prime Minister, questions were raised about China’s unfair trade practices. ‘Make in India’ mission was launched and China was challenged in the area of manufacturing. But most of the countries of the world remained silent. Today, the situation has come to such a pass that China trades with 181 countries of the world, out of which 150 countries are facing a trade deficit against China. There are only 43 countries whose trade deficit against China is slightly above 5 per cent. Economies like China, the US, UK, European Union and Mexico are in huge trade deficit against China. While China is responsible for this tariff war, the US and Europe are equally responsible for allowing China to have its way. Mudra loans: Modi’s silent revolution Prime Minister Narendra Modi on Tuesday said self-reliance is the key to India’s endeavour to become a developed country by 2047. During an interaction with Mudra beneficiaries on the occasion of 10th anniversary of this scheme, Modi said, “a silent revolution” named Pradhan Mantra Mudra Yojana was launched in 2015 to provide collateral-free microcredit of up to Rs 10 lakhs to non-corporate, non-farm small and micro-entrepreneurs. In the last ten years, Mudra loans were given to 52 crore beneficiaries and Rs 33.5 lakh crore loan was disbursed. Now, the government has increased the loan limit to Rs 20 lakh under new category ‘Tarun Plus’ for those who availed and repaid previous loans. Modi said, while opposition leaders allege that this is a government for the rich, the fact shows Rs 33 lakh crore were disbursed to small and micro-level entrepreneurs, thus creating job opportunities and helping economic growth. I have myself seen those days when it was impossible for poor people to get loans from banks and they had to take loans from moneylenders at exorbitant rates. Opening bank accounts and disbursing PM Mudra loans without collaterals is nothing short of a revolution. Anybody can change his or her life by taking interest-free loans and start entrepreneurships. This is a silent revolution where the economically weaker sections can prosper and we can reduce our dependence on imports by making products in India. This is nothing short of a “swadeshi revolution” and this was the message that Modi sought to convey. Mahua Moitra Ko Gussa Kyun Aata Hai? Internal squabbles among Trinamool Congress MPs came out in the open on Tuesday when BJP IT cell chief Amit Malaviya circulated WhatsApp messages and video showing TMC MPs Kalyan Banerjee, Kirti Azad and Mahua Moitra embroiled in a nasty quarrel. The immediate provocation was the visit of a TMC delegation to meet the Election Commission. At the Nirvachan Sadan, Mahua Moitra and Kalyan Banerjee shouted at each other, and Moitra went to the extent of asking the BSF guards deployed there to come and arrest Kalyan Banerjee. A furious Kalyan Banerjee told mediapersons that he would never tolerate that “rude and uncivilized” lady and would rather quit the party if he was put under pressure. Kalyan Banerjee described Mahua Moitra as “that great international lady”. Banerjee then turned on his guns on fellow MP Saugata Roy for supporting Mahua and reminded him of how he was caught taking money in Narada scam. Roy said, he would speak to party chief Mamata Banerjee and demand that Kalyan Banerjee be removed from the post of chief whip of the parliamentary party. Kalyan Banerjee said, “I will quit politics if Didi (Mamata) tells me that I was wrong”. It is a fact that Mahua Moitra has the knack of getting embroiled in controversies. Kalyan Banerjee is right when he alleges that Mahua only wants to speak against Gautam Adani in Parliament and considers herself above party discipline. Earlier, Mahua was in the headlines because of her quarrels with BJP MP Nishikant Dubey. At that time, Mamata Banerjee had given protection to Mahua Moitra and fielded her again from Bengal for Lok Sabha. But this time, asking BSF jawans to arrest a senior leader of her party in the premises of Election Commission, is an incident in which it will be difficult for Mamata Banerjee to tolerate. For the time being, Mamata Banerjee has directed all her party MPs to remain silent on this issue.from IndiaTV India: Google News Feed https://ift.tt/FfjmSr3
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