BEIJING: China said on Saturday “the market has spoken” in rejecting US President Donald Trump’s tariffs, and called on Washington for “equal-footed consultation” after global markets plunged in reaction to the trade levies that drew Chinese retaliation.
State-run Xinhua news agency also published the Chinese government’s stance, saying the US should “stop using tariffs as a weapon to suppress China’s economy and trade.”
Hong Kong Financial Secretary Paul Chan told public broadcaster RTHK, however, Hong Kong would not impose separate countermeasures, citing the need for the city to remain “free and open.”
“The market has spoken,” Chinese foreign ministry spokesperson Guo Jiakun said in a post on Facebook on Saturday. He also posted a picture capturing Friday’s falls on US markets.
Trump introduced additional 34 percent tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54 percent.
Trump also closed a trade loophole that had allowed low-value packages from China to enter the US duty-free.
This prompted retaliation from China on Friday, including extra levies of 34 percent on all US goods and export curbs on some rare earths, escalating the trade war between the world’s two largest economies.
Global stock markets plummeted following China’s retaliation and Trump’s comments on Friday that he would not change course, extending sharp losses that followed Trump’s initial tariff announcement earlier in the week and marking the biggest losses since the pandemic. For the week, the S&P 500 was down 9 percent.
“Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation,” Guo wrote in English on Facebook.
In a separate statement published by state-run Xinhua news agency, the Chinese government urged the US: “Stop using tariffs as a weapon to suppress China’s economy and trade, and stop undermining the legitimate development rights of the Chinese people.”
“China has taken and will continue to take resolute measures to safeguard its sovereignty, security and development interests,” said the government.
Washington “seriously undermines the rules-based multilateral trading system, and seriously undermines the stability of the global economic order,” it added.
Earlier on Saturday, several industry chambers of commerce ranging from those representing traders in metals and textiles to electronics, issued statements condemning the tariffs.
China’s chamber of commerce, representing traders in food products, called on “China’s food and agricultural products import and export industry to unite and strengthen cooperation to jointly explore domestic and foreign markets.”
Hong Kong’s Chan said it strongly opposes Trump’s actions and would continue to be “free and open.”
“Allowing a free flow of capital and acting as a free port are our advantages, and this will not change,” Chan told public broadcaster RTHK.
“The rules-based multilateral trading system is our core,” he said.
China to US: ‘Market has spoken’ after tariffs spur selloff
https://arab.news/9fcyc
China to US: ‘Market has spoken’ after tariffs spur selloff
- State-run Xinhua news agency also published the Chinese government’s stance, saying the US should “stop using tariffs as a weapon to suppress China’s economy and trade“
- “The market has spoken,” Chinese foreign ministry spokesperson Guo Jiakun said
At least 14 killed in Pakistan storms after heatwave
Fierce winds, thunder and lightning swept across eastern Punjab and northwestern Khyber-Pakhtunkhwa provinces as well as the capital Islamabad on Saturday afternoon and evening, uprooting trees and downing electric poles.
While the majority of the deaths were caused by collapsing walls and roofs, at least two people died after being hit by solar panels dislodged by the whipping gusts.
One man was killed and three others were injured by lightning strikes.
Mazhar Hussain, a spokesperson for the Punjab provincial disaster management authority, told AFP that such windstorms develop because of excessive heat, which reached above 45 degrees Celsius (113 degrees Fahrenheit) in recent days.
“There were three to four days in the recent heatwave where temperatures went up quite a lot,” he said, announcing 14 deaths in Punjab and 100 injured.
“This windstorm was particularly destructive. The wind speed was very high. There was so much dust in it that visibility was greatly reduced.”
The Pakistan Meteorological Department predicted more storms on Sunday.
Social media was replete on Saturday evening with videos of the damage the windstorms had unleashed.
A clip filmed inside a plane about to land in Punjab’s city of Lahore showed passengers screaming in terror as the aircraft was tossed about by turbulence.
The plane was later diverted to Karachi.
Other videos show cars crushed by falling trees and roads blocked by debris.
Pakistan, one of the countries most vulnerable to the effects of climate change, is grappling with increasingly frequent extreme weather events.
Islamabad experienced several usually rare hail storms throughout April and May that damaged vehicles, smashing window panes and shattering solar panels.
Soaring temperatures in April and May are becoming more common in Pakistan, which usually sees summer begin in early June.
Temperatures reached near-record levels in April, as high as 46.5C (115.7F) in parts of Punjab.
Schools in Punjab and Balochistan have announced early summer vacations because of the heat.
Man killed by automatic gunfire in French city of Dijon
- The police criminal investigation unit determined the shooter
- The southern Chenove district where the killing occurred was known for drug trafficking
LYON: A 29-year-old man was fatally shot overnight in the eastern French city of Dijon, the local prosecutor said on Sunday, adding that a gangland killing was suspected.
The southern Chenove district where the killing occurred was known for drug trafficking, the prosecutor, Olivier Caracotch, said in a statement.
“A dozen shell casings used by an automatic weapon” were found in the street where the killing took place, he said.
Nearby vehicles and a third-floor apartment were hit by some of the shots, but there were no other casualties, he said.
The police criminal investigation unit determined the shooter had approached a group that included the victim around midnight, opened fire, then escaped by car, Caracotch said.
The man killed lived in the city and had no police record for drug-related crimes, he said, adding that the investigation opened was for organized gang murder and criminal association.
Australia airdrops supplies to farmers stranded by floods
- Recovery is under way in the mid-north coast region of New South Wales state after days of flooding
- About 32,000 residents of Australia’s most populous state remained isolated due to floodwaters
GHINNI GHINNI, Australia: Helicopters were airdropping animal feed on Sunday to farmers in Australia stranded by floods that have killed five and isolated tens of thousands in the country’s southeast.
Recovery was under way in the mid-north coast region of New South Wales state after days of flooding cut off towns, swept away livestock and destroyed homes. At least 10,000 properties may have been damaged in the floods, which were sparked by days of incessant rain, authorities estimate.
The floodwaters “trashed” Dan Patch’s house in rural Ghinni Ghinni near hard-hit Taree, and some cattle on the property have gone without food for days, he said.
“It’s the worst we’ve ever seen,” Patch told Reuters. “It’s the worst everybody’s seen around this area.”
About 32,000 residents of Australia’s most populous state remained isolated due to floodwaters that were slowly starting to recede, the state’s Emergency Services posted on the X platform.
“The New South Wales government is providing emergency fodder, veterinary care, management advice and aerial support for isolated stock,” state Agriculture Minister Tara Moriarty said in a statement.
It said 43 helicopter drops and around 130 drops by other means had provided “isolated farmers with emergency fodder for their stranded livestock.”
At their peak, the floods isolated around 50,000 people, submerging intersections and street signs in mid-north coast towns and covering cars up to their windshields, after fast-rising waters burst river banks.
Five deaths have been linked to the floods, the latest a man in his 80s whose body was found at a flooded property about 50km from Taree, police said. Taree sits along the Manning River more than 300km north of the state capital, Sydney.
Prime Minister Anthony Albanese said on Saturday that conditions remained critical in flood-affected regions as clean-up efforts began.
Australia has been hit with increasing extreme weather events that some experts say are the result of climate change. After droughts and devastating bushfires at the end of last decade, frequent floods have wreaked havoc since early 2021.
Bangladesh’s Yunus seeks unity with fresh political talks
- The South Asian nation has been in political turmoil since former prime minister Sheikh Hasina was ousted in August 2024
- There are 54 registered political parties in Bangladesh – not including the now-banned Awami League of fugitive former leader Hasina
DHAKA: Bangladesh’s interim leader will meet multiple parties on Sunday in marathon talks as he seeks to build unity and calm intense political power struggles, party leaders and officials said.
Muhammad Yunus, the 84-year-old Nobel Peace Prize winner who leads the caretaker government as its chief adviser until elections are held, has called for rival parties to give him their full support.
The South Asian nation of around 170 million people has been in political turmoil since former prime minister Sheikh Hasina was ousted by a student-led revolt in August 2024, ending her iron-fisted rule of 15 years.
The talks come after meetings that stretched late into Saturday evening with major political parties, including those who have protested against the government this month.
“Chief adviser professor Muhammad Yunus will meet the leaders of several parties on Sunday,” his press secretary Shafiqul Alam said.
There are 54 registered political parties in Bangladesh – not including the now-banned Awami League of fugitive former leader Hasina.
Alam did not specify how many parties were invited to this round of talks.
Mamunul Haque, leader of the Islamist Khelafat-e-Majlish party, said he was attending discussions expected to focus on “the ongoing crisis.”
Zonayed Saki of the liberal Ganosamhati Andolon party said he was also attending.
After a week of escalation during which rival parties protested on the streets of the capital Dhaka, the government led by Yunus warned on Saturday that political power struggles risked jeopardizing gains that have been made.
“Broader unity is essential to maintain national stability, organize free and fair elections, justice, and reform, and permanently prevent the return of authoritarianism in the country,” it said in a statement.
Microfinance pioneer Yunus, who returned from exile at the behest of protesters in August 2024, says he has a duty to implement democratic reforms before elections he has vowed will take place by June 2026 at the latest.
The caretaker government has formed multiple reform commissions providing a long list of recommendations – and is now seeking the backing of political parties.
Yunus last held an all-party meeting – to discuss efforts to overhaul Bangladesh’s democratic system – on February 15, and some parties cited frustration at the lack of contact.
But on Saturday, the government warned that it had faced “unreasonable demands, deliberately provocative and jurisdictionally overreaching statements,” which it said had been “continuously obstructing” its work.
Sources in his office and a key political ally said on Thursday that Yunus had threatened to quit, but his cabinet said he would not step down early.
Yunus on Saturday met with the the key Bangladesh Nationalist Party (BNP), seen as the election front-runners, who are pushing hard for polls to be held by December.
According to Bangladeshi media and military sources, army chief General Waker-Uz-Zaman also said this week that elections should be held by December, aligning with BNP demands.
Yunus also met with leaders of Jamaat-e-Islami, the Muslim-majority nation’s largest Islamist party, and the National Citizen Party (NCP) made up of many students who spearheaded the uprising that ended Hasina’s rule.
NCP leader Nahid Islam warned on Saturday that rival parties were pushing for swift elections to skip reforms and “assume power,” and that he believed there were “indications” that a “military-backed government could re-emerge.”
Opposition vows boycott as Venezuela holds new divisive vote
- President Nicolas Maduro secures himself another term despite not producing detailed polling results
- The opposition party published its own tally of results showing a win for Gonzalez Urrutia instead
CARACAS: Can Venezuelans be persuaded to return to the polls on Sunday, ten months after President Nicolas Maduro claimed a third term in elections marred by violence and allegations of fraud?
The issue of voter participation is the big unknown as the sanctions-hit Caribbean country returns to the polls to elect a new parliament and 24 state governors.
The main opposition led by Maria Corina Machado, an engineer and former MP, has urged Venezuelans not to legitimize what they see as yet another sham election by voting.
A small opposition faction led by two-time former presidential candidate Henrique Capriles rejected the boycott call, arguing that previous voter stayaways had merely allowed 62-year-old Maduro to expand his grip on power.
“We must vote as an act of resistance, of struggle,” Capriles, who is running for parliament, said.
Tensions were high in the run-up to the election.
More than 400,000 security agents were deployed to monitor the vote.
On Friday, a leading opposition member and close ally of Machado, Juan Pablo Guanipa, was arrested on charges of heading a “terrorist network” planning to attack Sunday’s vote.
Cabello linked Guanipa, a former MP, to a group of 50 people arrested earlier in the week on suspicion of being mercenaries in the pay of foreign powers.
Venezuela, which frequently alleges foreign-backed coup plots, said the suspects entered the country from Colombia and closed the busy border with its neighbor until after the election.
Guanipa is just the latest opposition leader to be targeted by the authorities.
Opposition presidential candidate Edmundo Gonzalez Urrutia went into exile in Spain last year after a bounty was put on his head.
A message on Guanipa’s X account, shortly after his arrest, declared he had been “kidnapped by the forces of Nicolas Maduro’s regime” but would continue the “long fight against the dictatorship.”
Many opposition supporters in Venezuela lost any remaining faith they had in the electoral process after the July presidential election.
Maduro claimed to have won a third term, without producing detailed results to back his claim.
The opposition published its own tally of results from polling stations, which appeared to showed a convincing win for Gonzalez Urrutia.
A deadly crackdown on protests that erupted over Maduro’s victory claim cemented Venezuela’s pariah status on the world stage.
Only a handful of countries, including longtime allies Russia and Cuba, have recognized Maduro as the country’s rightful leader.
Sunday’s election comes as the country’s economy — once the envy of Latin America, now in tatters after years of mismanagement and sanctions — faces even further turmoil.
US President Donald Trump has revoked permission for oil giant Chevron to continue pumping Venezuelan crude, potentially depriving Maduro’s administration of its last lifeline.
Washington has also revoked deportation protection from 350,000 Venezuelan migrants in the United States and expelled hundreds of others to a brutal prison for gangsters in El Salvador.
The pressure has failed to sway Maduro, who continues to defy the world and spar with his neighbors.
On Sunday, Venezuela will for the first time hold elections for parliament and state governor in the disputed oil-rich region of Essequibo, on its border with Guyana.
Guyana has administered the region for decades but Caracas has threatened to partially annex it.
