Table of Contents
The New Trade Order
Often, as with India, the U.S. has pushed for enhanced security cooperation at the same
time it declared trade relations a national security threat.
The belligerence(आक्रामक) has left many baffled(पहेली).
A first question is why the Trump administration is launching its trade wars.
There are at least three possible explanations worth considering:
Chinese practices;
Bilateral trade deficits;
Desire to block trade
The discord with trading partners such as the European Union and Canada has undercut the
possibility of presenting a united front on China complaints.
Further, the Trump administration’s tariff justifications can shift rapidly.
May-June, the Trump administration extended steel and aluminium tariffs to Canada,
threat to U.S. national security-Change U.S. stance Canada’s protective dairy regime(G7)
There is ample evidence that Mr. Trump places a high priority on bilateral trade deficits
Countries with which the U.S. runs a trade surplus have also not been immune from trade
attacks; Canada is a prime example.
Mr. Trump is fond of tariffs and believes that American industry will do better behind
a wall of protection.
U.S. Constitution, which assigns the power to apply tariffs to Congress Domestically,
Congress tried to shift responsibility for trade on to the Executive Branch ever since it
engaged in an ill-fated bout of protectionism in 1930
President was more likely to consider the broader national interest
Thus, the steel and aluminium tariffs were justified under an obscure provision of the
Trade Expansion Act of 1962, a law granting national security powers from the midst of
the Cold War
General Agreement on Tariffs and Trade and WTO were never designed to block
a major world power from running amok(आपेसेबाहर).
WTO Dispute Settlement Mechanism cannot act quickly enough to address the mounting
spats about trade protectionism emanating from the U.S., a major reason why countries
around the world have not waited for verdicts from their WTO complaints and have
instead proceeded with retaliation
What lies ahead- U.S. tariffs on $34 billion of imports from China took effect on July 6
China has promised equivalent retaliation.
Mr. Trump has promised to retaliate against that retaliation
Europe has threatened retaliatory tariffs
All this has led to a deeply conflicted Republican Party, which………holds a majority in both
houses of the legislature.
Traditionally, Republicans have been the more probusiness, pro-trade party
Now those candidates need to decide whether or not to act against their President’s trade
measures.
If they choose to, they have the power to legislate and block the President’s trade belligerence
, at the cost of enraging him.
If they choose not to, they will likely disappoint their constituents.
A Political Ploy
The hefty hike in MSPs will not benefit all farmers — agri-reforms are essential
Centre has cleared a hike in the minimum support prices (MSPs) for the kharif summer crop,
ranging from a modest 3.7% increase for urad to as much as a 52.5% for the cereal ragi
over the previous season.
Commission for Agricultural Costs and Prices is said to have gone by costplus-50% principle
in line with the farm sector strategy announced in this year’s Budget
While making calculations, it relied on estimates of input costs actually paid by farmers and
the imputed value of unpaid family labour engaged in the field
With less than a year to go for the general election
Given that the MSP mechanism is primarily enforced through official procurement only for
wheat and paddy, mere announcement of prices for other crops is unlikely to suffice(पूरा
करना) in ensuring farmers get those returns.
Anticipating this, the Budget had promised that Niti Aayog would work with the Centre and
States to put a foolproof mechanism in place so that farmers get adequate remuneration if
market prices slip below the MSP
While rural incomes may rise from this farm-friendly gesture, concomitant reforms to free
agricultural markets are vital
Prelims Focus Facts-News Analysis
Page-1- Nawaz Sharif sentenced to 10 years in jail for corruption
Former Pak. PM is in London, where his wife is undergoing treatment for cancer
Page-1- U.S., China fire first shots in tariff war
Drug addicts to get priority admission- Punjab govt
Govt. deploys 800 IAS officers for village outreach
Teams fan out to 117 districts to ensure delivery of Central welfare schemes
Raise judges’ retirement age: A-G
Attorney-General K.K. Venugopal on Friday urged the government to raise
the retirement age of Supreme Court and High Court judges.
He was speaking at the farewell organised for Justice A.K. Goel by the Supreme Court
age of retirement was not 62 for High Court judges and 65 for Supreme
Court judges,” he said
Academia irked(खफा) by Higher Education Commission of India (HECI)move-
Says government should have first called for a debate on scrapping UGC
‘U.S. tariffs will obstruct economic recovery’
Beijing says it doesn’t want a trade war, but promises to take measures to protect its develop
ment interests
Pompeo arrives in North Korea
Seeks a detailed commitment on denuclearisation from Pyongyang
Today- Essay- 1000-1200 words
Normal human activity is worse for nature than the greatest nuclear accident in history
Last Day- Q’s- Answers…
Operation Insaniyat launched by Indian ministry of home affairs to
help Rohingya refugees for in Bangladesh.
Articles 25 to 28 for fundamental rights for religions freedom in our
constitution.
World leprosy(कु ष्ठ रोग) day- every year on the last Sunday of JanuaryThis
year – 27 Jan 2018
Caused by bacteria
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