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Britain’s PM Kir Stmper will address the country on Monday i.e. today.
The British PM Keer Stmper has said in an article on Saturday to end the period of globalization. According to British media reports, today he will give an address to the country, in which he will announce the end of globalization.
According to media reports, the stormer is angry with US President Donald Trump’s decision to impose tariffs. He said that globalization is no longer able to benefit many people.
The stormer admitted that the competition would increase after this and efforts will be started to increase domestic production worldwide. On 2 April, Trump imposed reciperook tariff on several countries. It is being criticized worldwide.
The stormer wrote in Telegraph News Paper-
This week the government will take all possible steps to protect the national interests of Britain. The Labor Party will speed up plans to improve the country’s domestic competition and is ready to use the industrial policy to protect the British trade from tariffs.
Understand globalization in easy language… Globalization means connecting each other between countries around the world and doing business together. Earlier we had only our country things. Even if the goods from outside countries used to come, their access was away from the common man due to high tax.
Globalization started in the world after the fall of the Soviet Union in 1991. The world opened doors to the foreign market. Reduced tax on goods. This made the world like a big market. People started getting foreign things near the house at a cheaper price.
Trade increased when the countries of the world connected with each other. This created a lot of new jobs and jobs. The last 3 decade was a golden time for globalization. But now Trump has put tariffs on foreign goods. Their purpose is to promote US domestic industries and to control cheap goods coming from countries like foreign especially China.
They believe that this will provide protection to American jobs and will reduce the US trade deficit.
Singapore PM said- Globalization round ends Singapore Prime Minister Lawrence Wong said on Saturday that the round of globalization and free trade is now over. Now the world is going in a new era, which is going to be dangerous.
Wong warned that tariffs could harm the world economy and can give rise to a large trade war. They believe that this will affect the supply chain and increase economic instability. He also said that the tariff problem will have a greater impact on small and business dependent countries like Singapore.
The lowest tariff on Singapore, yet the most impact Trump has announced a 10% tariff on Singapore. This is very low compared to the rest of the countries, but experts believe that this will greatly affect Singapore as this country is completely dependent on world trade.
Trump’s tariffs such as 54% on China, 46% on Vietnam and 26% on India can reduce the worldwide global trade speed. If the trade of these countries is low, then Singapore shipping and logistics companies will also get less work, because Singapore is a big center for them.
If companies get less money, they will not provide new jobs or can withdraw some people. Also, the price of goods may increase, which will increase the cost of living in Singapore.
What is tariff … Tariff is a kind of border fee or tax, which any country imposes the goods coming from abroad. This tax is levied on the importing company. The country controls the business among themselves only by decreasing it.
Impact of Trump’s reciperook tariff…
1. Heavy decline in US stock market:
After Trump’s announcement, the global stock markets began to decline a huge decline. S&P 500 declined by 5% (on 4 April), the largest after June 2020. Nasdaq fell 6% and Dow Jones 4% below.
China announced a counter -34% tariff, leading to further decline in the US markets. There was a loss of $ 5 trillion in 2 days for S&P 500.
Similarly, there is a negative impact in Japan, India and many stock markets of the world. Now American experts believe that the condition of the stock market may be worse on 7 April.
2. China’s counter-tariff- In lieu of Trump’s tariff, China announced to impose a counter -tariff of 34%. China said, ‘This method of America is against international trade rules. This causes serious damage to China’s interests and an example of a unilateral intimidation policy.
3. France said- Will not trade with America: French President Emmanuel Macron said, “The US should not be traded until the situation is clear about the tariffs against Europe and the rest of the world. American people will become weak and poor after Trump’s tariff announcement.
4. India’s diamond industry disappointed- India is the largest diamond cutting and polishing country in the world. India exports 30% of its entire diamond industry to America. According to Culin Shah, director of Cama Jewelery, ‘Tariff is more than expected. This is quite strict and will affect exports.
Europe- The European Union planned to prepare an additional fee on US products on Monday (April 7) to respond to 20% tariffs.
Apart from this, Canada has announced 25% tariff on American cars. At the same time, the Brazil Parliament unanimously passed a reciperock Bill, which has given the government the right to impose counter -tariffs. The Brazilian government has said to take the issue of tariffs to WTO.
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Read this news related to Trump’s tariff …
Trump said- China’s move is wrong and nervous: Beijing also imposed 34% tariff in response to American tariff, will be implemented from 10 April
US President Donald Trump has termed China’s decision to impose 34% tariffs as nervous. Trump posted on Truth Social and wrote that China has taken the wrong step which is going to overshadow him. The US has announced a tariff on 60 countries of the world. It has 34% tariff on China. Read full news here …