Topic Of The Day:-“When Giants Clash: On The Us-China Discord”
The U.S.-China discord at APEC highlights the dangers of their tariff war
Breaking with more than a quarter-century of history, the Asia-Pacific Economic Cooperation (APEC) organisation wrapped up its summit with no joint communiqué issued. Its leaders, principally led by the U.S. and China, clashedover the proposed wording of the document. The economic rivalry between Washington and Beijing appeared to fracture the 21-nation summit into two segments. The source of the friction stemmed from the Trump administration’s “America First” policy, under which Washington led the charge on “unfair trade practices”. This was an implicit accusation that China wasn’t levelling the playing field in global trade. The U.S. has been urging China to increase market access and grant intellectual property protections for American corporations, cut back on industrial subsidies and, at a broader level, bring down the $375-billion trade gap. Vice President Mike Pence, who attended on the President’s behalf, also hinted at strategic pushback when he called upon nations to eschew loans that could leave them in a debt trap with Beijing. The Chinese message at the plenary was a strategic one too: President Xi Jinping did not mince words in touting Beijing’s Belt and Road Initiative. The BRI has worried smaller Asian nations and the U.S., particularly given that China views the Asia-Pacific landscape as a means to secure economic predominance worldwide.To understand what this clash of the global economic titans portends for the world trading system, it is instructive to examine the path of their mutual conflict thus far. The troubles began over the summer when both countries started taxing $50 billion worth of the other’s imports, followed by the U.S. slapping $200 billion of Chinese exports with a 10% tariff, to be ratcheted up to 25% by the year-end. China, unsurprisingly, retaliated with a promise to impose reciprocal taxes to the tune of $60 billion. Already, the tariff war has resulted in the IMF downgrading its global growth outlook for this year and the next to 3.7%, down 0.2 percentage points from an earlier forecast. If this continues, eventually global supply chains may be hit, and shrinking trade volumes may cause companies to seek out new trading routes and partners. Institutionally, multilateral rule-making bodies such as the WTO may lose their authority, and an interlocking system of bilateral trade treaties and punitive sanctions networks may substitute the consensus-based approach that was forged so painstakingly after World War II. Asia will be at the heart of this war of attrition because strategic control of its high-value maritime trading routes is the key to China’s dreams of global trade dominance. After the APEC summit the world is still poised on the edge of the trade war vortex. The forthcoming G20 meeting in Argentina offers an opportunity to pull back from the brink.
MEANINGS AND WORDS
1) Address
Meaning: A formal speech delivered to an audience.
Synonyms: Speech, lecture, talk
Example: “Our officers called at the address”
2) Wrapped
Meaning: To wind or Close
Synonyms: Swathe, bundle up, swaddle
Antonyms: Uncovered, Unwrapped
Example: (APEC) organization wrapped up its summit.
3) Clashed
Meaning: Meet and come into violent conflict.
Synonyms: Fight, skirmish, contend
Antonyms: Agreement, Concord, Calm
Example: “Protestors demanding self-rule clashed with police”
4) Proposed
Meaning: Put forward (a plan or suggestion) for consideration by others.
Synonyms: Suggest, Advance, Offer, Present
Example: “He proposed a new nine-point peace plan”
5) Rivalry
Meaning: Competition for the same objective or for superiority in the same field.
Synonyms: Competitiveness, Competition, Contention
Antonyms: Accord, Calm, Harmony
Example: “There always has been intense rivalry between the clubs”
6) Stemmed
Meaning: Originate in or be caused by.
Synonyms: Arise from, Originate from, Spring from
Antonyms: Cease, Halt, Decrease
Example: “Many of the universities’ problems stem from rapid expansion”
7) Implicit
Meaning: Suggested though not directly expressed.
Synonyms: Implied, Indirect, Inferred
Antonyms: Disloyal, Stated
Example: “Comments seen as implicit criticism of the policies”
8) Intellectual
Meaning: A person possessing a highly developed intellect.
Synonyms: Highbrow, Academic
Antonyms: Foolish, Simple, Stupid
Example: “A prominent political thinker and intellectual”
9) Subsidies
Meaning: A sum of money granted by the state or a public body to help an industry or business keep the price of a commodity or service low.
Tamil Meaning: மானியங்களை
Example: “A farm subsidy”
10) Eschew
Meaning: Deliberately avoid using; abstain from.
Synonyms: Forgo, Forswear, Shun, Renounce
Antonyms: Face, Meet, Keep
Example: “He appealed to the crowd to eschew violence”
11) Trap
Meaning: Trick or deceive (someone) into doing something contrary to their interests or intentions.
Synonyms: Trick, Dupe, Deceive, Cheat
Antonyms: Honour, Frankness
Example: “I hoped to trap him into an admission”
12) Plenary
Meaning: A meeting or session attended by all participants at a conference or assembly.
Example: “Working parties would report back to the plenary with recommendations”
13) Mince
Meaning: Cut up (food, especially meat) into very small pieces, typically in a machine.
Synonyms: Chop up, cut up, chop/cut into small pieces
Antonyms: Reveal, Tell
Example: “Stir in the mince and fry until browned”
14) Predominance
Meaning: The possession or exertion of control or power.
Synonyms: Prevalence, Dominance
Antonyms: Weakness, Surrender, Yiedling
Example: “Hollywood’s continued predominance in the international film market”
15) Portends
Meaning: Bbe a sign or warning that (something, especially something momentous or calamitous) is likely to happen.
Synonyms: Presage, augur, foreshadow
Example: “The eclipses portend some major events”
16) Conflict
Meaning: A serious disagreement or argument, typically a protracted one.
Synonyms: Dispute, quarrel, squabble, disagreement
Antonyms: Peace, Truce, Calm
Example: “The eternal conflict between the sexes”
17) Ratcheted
Meaning: Cause something to rise (or fall) as a step in what is perceived as an irreversible process.
Example: “The Bank of Japan ratcheted up interest rates again”
18) Retaliated
Meaning: Make an attack in return for a similar attack.
Synonyms: Respond, Reciprocate, Put a Fight
Antonyms: Depart, Lose, Forgive
Example: “The blow stung, and she retaliated immediately”
19) Shrinking
Meaning: Become or make smaller in size or amount.
Synonyms: Contract, Diminish, Lessen, Reduce
Antonyms: Develop, Lengthen, Rise
Example: “The workforce in Race Institute shrank to a thousand”
20) Punitive
Meaning: Inflicting or intended as punishment.
Synonyms: Penal, Disciplinary, Corrective
Antonyms: Beneficial, Rewarding
Example: “He called for punitive measures against the Eastern bloc”
21) Attrition
Meaning: The process of reducing something’s strength or effectiveness through sustained attack or pressure.
Synonyms: Wearing down, Wearing away, Abrasion, Scraping
Antonyms: Building, Happiness, Strengthening
Example: “The council is trying to wear down the opposition by attrition”
22) Dominance
Meaning: Power and influence over others.
Synonyms: Supremacy, Superiority, Power, Authority
Antonyms: Subservience, Subjugation
Example: “The worldwide dominance of Hollywood”
