Trade War Current Affairs - 2020
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On October 30, 2019, the Chile Government cancelled the Asia-Pacific Economic Cooperation (APEC) summit and the COP25 conference due to the ongoing protests in the country. The country’s president in a press meet said that the ongoing violent protests have plagued the country for weeks and it is currently not in a situation to hold international conferences.
While the United Nations is searching alternatives to conduct the conferences, Spain has offered to host COP25. This is the second time a country is cancelling to host COP25. In November, 2018, Brazil withdrew from hosting the COP25 citing economic reasons
The Conference of Parties is the supreme body of the UNFCCC-United Nations Framework Convention on Climate Change. The first COP was held in Berlin, Germany in 1995. The Climate change decisions and solutions of the United Nations revolved around the COP agreements. the last COP 24 was held at Katowice, Poland in May 2019.
Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 Pacific rim countries. These countries account for nearly 50% of the world’s trade and account to 57% of world GDP. It was established in 1989. India is an observer of APEC since 2011 and has applied for its membership.
Tags: APEC • Chile • Conference of Parties • COP25 • India-UN
The US imposed tariffs on 7.5 billion USD worth European exports. The WTO had earlier ruled that US could target goods from EU nations as they had failed to comply ruling regarding subsidies for Airbus.
The US had imposed tariff on 25 billion USD worth goods of European items. They were mainly on Airbus production sites like France, Germany, Spain and UK.
The root of the problem dates back to 2004. In 2004, the EU authorities said the Boeing received 19 billion USD in unfair way from state and federal governments. The US also filed similar complaints over European subsidies to Airbus.
Asian markets fell due to the US EU trade war
The markets in Japan, India, Indonesia saw great fall as the tariffs were imposed. In India the Sensex dipped by 200 points. The impose of tariff was greatly felt on agricultural and industrial products, butter, cheese, camera parts, etc.