The trade war ignited by U.S President Donald Trump against China has caused a dip in the stock markets of both countries..
The Dow Jones industrial average dropped more than 700 points as investors worried that trade tensions between the world’s largest economies would escalate, MSN reports on Friday.
The planned sanctions include tariffs on $60 billion worth of Chinese imports as well as restrictions on Chinese investments.
Mr Trump said he is taking those steps in response to theft of American technology but the Chinese government was quick to confirm it will defend itself.
Investors are worried that trade tensions would hurt US companies and harm the world economy.
On Thursday they fled stocks and bought bonds, which sent bond prices higher and yields lower.
Peter Donisanu, an investment strategy analyst for the Wells Fargo Investment Institute, said the risk of a damaging trade war is still low because the Trump administration is targeting specific goods that are not central to China’s economy.
That could change if it puts tariffs on products like electronics or appliances imported from China.
Reuters also reports that war between the world’s two largest economies jolted China’s markets on Friday, with the country’s main stock indexes tumbling the most in six weeks, while bond yields fell as investors rushed into less risky assets.
But in contrast to stock market ructions, the country’s currency markets remained quiet, with analysts expecting that any Chinese response to U.S. trade actions is unlikely to include changes in its foreign exchange policy.
China shares fell sharply after Beijing unveiled plans for tariffs on up to $3 billion of U.S. imports in retaliation to U.S. duties on Chinese steel and aluminium products went into effect on Friday.
China urged the United States to “pull back from the brink”, while its embassy in Washington vowed Beijing would “fight to the end” in any trade war with the United States.
The Shanghai Composite index closed down 3.6 percent at 3,152.76 points, its lowest close since Feb 9.
China’s blue-chip CSI300 index was down 2.9 percent at 3,891.47, its lowest close since Feb. 12.
Rotimi Amaechi gets another appointment from Buhari
President Muhammadu Buhari has approved the appointment of the Minister of Transportation, Rotimi Amaechi as the Secretary/Director General of his campaign team.
This was contained in a statement signed by Buhari’s spokesperson, Garba Shehu, on Thursday.
A terse statement said Amaechi will subsequently appoint other members of the Buhari-Osinbajo Presidential Campaign team.
The statement reads, “President Muhammadu Buhari has approved the appointment of a campaign organization for his re-election in 2019 with Hon. Chibuike Rotimi Amaechi as Secretary.
“Hon. Amaechi was the Director General of the Buhari-Osinbajo Presidential Campaign Committee in 2014-2015 that won the elections and brought the current administration into office.
“The new Director-General will announce other appointments into the campaign structure as approved by President Buhari.”
South African fraudster arrested over a racist rant against President Cyril Ramaphosa on social media
Kessie Nair, a convicted South African fraudster has been arrested over a racist rant against the country’s President, Cyril Ramaphosa on social media.
Nair is due to appear in court on charges of inciting violence and crimen injuria, or injuring a person’s dignity, police said. His family said he had mental health issues, and needed urgent medical care as racism remains a major issue in South Africa, almost 24 years after white-minority rule ended.
In a video widely shared online, Nair, who is of Indian origin, used a racially derogatory word to describe presidentRamaphosa. The president should be “charged for defrauding this nation‚ for oppressing this nation‚ for high treason‚ for being the source to all crime and violence and poor health care and poverty in this so-called true democracy,” he added.
Subsequently, police arrested Nair in Phoenix, a mainly Indian residential area in KwaZulu-Natal province, on Wednesday following outrage over his post.
The governing African National Congress (ANC) in KwaZulu-Natal condemned the video as “scurrilous”, and said Mr Nair should face the “harshest punishment” but the president’s spokesman, Khusela Diko, said Nair was “clearly a sick person and his racist rant is not deserving of any airtime”, South Africa’s TimesLive news site reported.
“His tirade against the president demonstrates delusional and attention-seeking behaviour,” Mr Diko said, before the arrest. Nair, a former councillor, was sentenced to six years in prison for fraud in 2005.
‘Buhari’s order does not exonerate Senator Adeleke, he’s not free yet’, says Police
POLITICs – This morning, the Nigeria Police force reacted to the order issued by President Buhari restricting the force from inviting Senator Ademola Adeleke of Peoples Democratic Party, PDP.
Speaking on Good Morning Nigeria, a programme on NTA, Jimoh Moshood, Police spokesperson, opined that the President’s order does not clear Adeleke from the alleged crimes, noting that he could be invited any time the force want.
Recall that the PDP aspirant for the forthcoming Osun gubernatorial election was on Wednesday accused of examination malpractice after West African Examination Council, WAEC, had cleared and confirmed that he sat for the 1981 council’s exams. In view of that Police declared him wanted.
However, through the intervention of Buhari on Wednesday, Police withdrew from further investigation on the matter. But reacting to the order issued by Buhari not to invite him pending when Osun election is over, Jimoh averred that Mr. President’s order does not exonerate Adeleke from his allegation.
In his words, “there is no time limit to arrest a suspect any suspect that has been accused or there is allegation of an offence can be invited at any time. Police action terminates when a matter has been taken to court. We have filed charges in court and the matter is off our hands”.
“But if there is any directive that we should not invite him, that directive does not exonerate him from allegation, court process and the people should know that the rule of law prevails above any other consideration. As at yesterday, the deputy inspector-general of police in the state have gone around the state on what we call ‘the show of force exercise’ with other security agencies.
The DIG operation is in charge of the security architecture in the state for the election, they have gone round, they have met with people and equally talk to them. We are enjoying very large cooperation from them, we are hopeful that come Saturday everything will be peaceful to secure an environment for a credible election.”
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