51 By forming an anti-money laundering cell in the NAB headquarters- Rawalpindi, Islamabad has profoundly bridged the gap existing between FATF’s established international law on Combating the Financing of Ter rorism (CFT) and Pakistan’s domestic law on accountability. Pakistan has expressed hope that it has set target till February 2020 to complete all items on its Financial Action Task Force (FATF) action plan. Pakistan’s Economic Affairs Minister Hammed Azhar said that Pakistan will come out of ”grey” to ”white” List by the given deadline. All the while, the US South Asian expert Michael Kugelman said, “For Pakistan, FATF is an issue with too much at stake to warrant the use of external geopolitical issues as leverage”.
AINUDDIN KIBZAI Current Affairs-2020 ESHAAL KIBZAI IBIBZAI2 52 3. US-China Trade War What’s China -US trade war and how it started? The trade war has caused a significant deterioration in the US-China ties, as the countries have gone on to exchange tit-for-tat tariffs for over a year. Just recently, on August 13, the US had announced it would impose tariffs on Chinese goods worth $111 billion on September 1, 2019, which thereby means that overall, Chinese products worth $361 billion will be facing the American wrath through new tariffs. And more Chinese products, carrying a worth of $156 billion, will be facing additional American tariffs with effect from December 15 this year. It was also on August 23 this year that American courier services were ordered to begin searching and refusing delivery on all suspicious US-bound shipments that may contain Fentanyl, a medication for anesthesia. Fentanyl is also used as a recreational drug, often mixed with heroin or cocaine. Following this announcement, the Dow Jones Index had d ropped 800 points on August 14, 2019, plummeting due to Trump administration’s continuous frustration and anger over the growing American trade imbalance with China. However, the stock market recovered some of the lost ground in the days that followed. But the recovery was short- lived, and on August 23, US President Trump had literally made his country’s stock market nosedive within minutes of his tweets, four of them altogether. Trump’s strongly -worded tweets had vehemently attacked China and the US Federal Reserve Chairman Jerome Powell. The American head of state had “ordered” American companies to immediately seek alternatives to doing business in China; and the Dow was down 623 points for the day. Here follows a complete text of Trump’s tweets: “Our co untry has lost, stupidly, trillions of dollars with China over many years. They have stolen our intellectual property at a rate of hundreds of billions of dollars a year & they want to continue. I won’t let that happen! We don’t need China and, frankly, wo uld be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must stop. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies home and making your products in the USA. “I will be responding to China’s tariffs
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- Summer '12
- Dr. James
- Economics, People's Republic of China, BRI