US president Donald Trump is facing a backlash both at home and abroad after his plan to impose steep tariffs on metal imports sparked talk of a global trade war.
After proposing tariffs of 25 per cent on steel and 10 per cent on aluminium from other countries on Thursday, Mr Trump warned on Twitter the following day that "trade wars are good, and easy to win".
China's Commerce Ministry shot back later on Friday, saying Mr Trump's plan would "seriously damage multilateral trade mechanisms represented by the World Trade Organisation and will surely have huge impact on normal international trade order", the Associated Press reported.
The European Union, meanwhile, has drawn up a list of US products on which to apply tariffs if Mr Trump follows through on his plan.
"We will put tariffs on Harley-Davidson, on bourbon and on blue jeans – Levi's," European Commission President Jean-Claude Juncker told German television, according to Reuters.
Canada, the biggest supplier of steel and aluminium to the US, will bear the brunt of Mr Trump's plans if they come to fruition.
_________
Read more: Trump’s new trade war is absurd national and economic policy – but it’s great posturing and exactly what he promised
_________
Canadian Prime Minister Justin Trudeau said any US tariffs on steel and aluminium would be "absolutely unacceptable" and vowed to continue to engage with American officials on the issue.
The International Monetary Fund also expressed concern, saying the proposed tariffs would likely damage the US economy and those of other nations.
Mr Trump's announcement came as Chinese President Xi Jinping's top economic adviser, Liu He, was in the US on a visit. He had been tasked with bringing a conciliatory message to China's largest trading partner but his trip was overshadowed by the US president's shock plans.
Mr Liu told US business leaders in Washington that Beijing hoped the White House will revive high-level dialogue on economic disputes and name a new chief liaison to defuse mounting trade tensions, a person briefed on the matter told the Associated Press.
The adviser was speaking at an event with executives including former US Treasury Secretary Hank Paulson and the CEOs of JP Morgan Chase and chipmaker Qualcomm.
Mr Liu said he would take charge of reform efforts this month and wants a list of US demands for what China could do to ease tensions, according to the source.
In the US capitol, Mr Trump's controversial proposal has provoked rarely seen urgency among Republican lawmakers, who are scrambling to convince the president he will spark a trade war that could stall the economy's recent gains if he does not reverse course.
The issue pits Mr Trump's populist promises to his voters against the Republican party's free trade orthodoxy and the interests of business leaders. And unlike recent immigration and gun policy changes that require legislation, Mr Trump can alter trade policy by executive action. That intensifies the pressure on congressional Republicans to change his mind before he gives his final approval for the penalties as early as next week.
Speaker of the House of Representatives Paul Ryan called Mr Trump after the president's surprise announcement, and continues to hope the White House will reconsider the decision, according to the Associated Press. Senior lawmakers, including Senator Ben Sasse, have also offered the president their own private counsel. Some are appealing to his desire for a robust stock market and warning the tariffs could unravel some of the gains they attribute to the tax bill he signed last year.
Representative Kevin Brady, chairman of the House Ways and Means Committee, tried one of the most direct lines that lawmakers have to the White House: Talking to Mr Trump through cable TV news.
"The president has not yet issued these tariffs," Mr Brady told Fox News on Thursday, hours after Mr Trump announced the tariff targets. "He's been continuing to listen."
Listening to various viewpoints, though, has never been the gripe against Mr Trump.
Unlike former President Barack Obama, who often irked lawmakers for lecturing them during meetings, Mr Trump retains a level of popularity among Capitol Hill Republicans in part because he's more than happy to invite lawmakers in and hear them out. But problems have arisen when members of the legislative branch leave the White House under the impression that Mr Trump is on their side – or at least willing to consider their views – only to find out later that his support has drifted away.
And while Republicans in Congress have learnt to ignore Mr Trump's policy whims – knowing whatever he says one day on guns, immigration or other complicated issues could very well change by the next – on trade tariffs, they say the stakes are too high for them to sit back and wait for Mr Trump to change his mind. Indeed, their relentless public condemnation of the tariffs has been notably sharper than their typical handling of the president's policy whims.
Not wise, said Senator Orrin Hatch. A "big mistake," said Senator Pat Toomey. "Kooky," said Mr Sasse.
Republican lawmakers, and some outside groups, want Mr Trump to at least consider a more targeted approach, or exemptions for countries that engage in what they view as fair trade practices.
"We're all urging the president, look, continue to narrow this to these unfairly targeted products," Mr Brady said.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
UAE currency: the story behind the money in your pockets
The%20Emperor%20and%20the%20Elephant
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Company%20Profile
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Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
COMPANY%20PROFILE
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Empty Words
By Mario Levrero
(Coffee House Press)
GROUPS AND FIXTURES
Group A
UAE, Italy, Japan, Spain
Group B
Egypt, Iran, Mexico, Russia
Tuesday
4.15pm: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico
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Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
Company%C2%A0profile
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The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
Series result
1st ODI Zimbabwe won by 6 wickets
2nd ODI Sri Lanka won by 7 wickets
3rd ODI Sri Lanka won by 8 wickets
4th ODI Zimbabwe won by 4 wickets
5th ODI Zimbabwe won by 3 wickets
How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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COMPANY%20PROFILE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The%20specs
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The specs: 2018 Audi Q5/SQ5
Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder / 3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Specs%3A%202024%20McLaren%20Artura%20Spider
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
Company%20Profile
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