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Trump-Xi Summit Accomplishment: Getting to Know One Another

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  • Trump-Xi Summit Accomplishment: Getting to Know One Another

U.S. officials said President Donald Trump’s first meeting with Chinese President Xi Jinping this week was an opportunity for the leaders of the world’s two largest economies to get to know each other and set up future meetings.

That was the biggest accomplishment after about 18 hours together at Trump’s Mar-a-Lago resort — a visit punctuated by a U.S. missile strike on Syria Thursday night. There were no trade or investment deals announced, no agreement to contain North Korea’s nuclear ambitions, no plan stitched together to reduce tensions in the South China Sea.

A statement from White House Press Secretary Sean Spicer late Friday cited an array of topics the pair and their contingents discussed, from North Korea to cybersecurity to protecting human rights, and said Trump and Xi “established a new and cabinet-level framework” for future talks.

“We have very similar economic interests and there are areas where they clearly want to work with us,” Treasury Secretary Steven Mnuchin told reporters on Friday. “The objective is for us to increase our exports to them.”

Commerce Secretary Wilbur Ross added that “the most interesting thing to me was they expressed an interest in reducing their net trade balance because of the impact it’s having on money supply and inflation. That’s the first time I’d heard them say that.’’

Trump tweeted on Saturday that the meetings had created “tremendous goodwill and friendship” but that “only time will tell on trade.”

China’s leaders in fact have long been concerned about the yawning U.S. trade deficit with their country, $347 billion in 2016. Ross said the two countries agreed to a “100-day plan” to discuss trade; there were few details.

In tone and results, the summit was similar to a 2013 meeting between Xi and President Barack Obama in Rancho Mirage, California, that also produced little by way of tangible announcements. But Trump’s inaugural visit with Xi had a little more drama.

Syria Strike

Trump upended the meeting by ordering the launch of dozens of cruise missiles at Syrian targets on Thursday, just before Xi’s arrival in Florida. The missile strike overshadowed the summit and also increased tension between the two countries over North Korea, days after Trump said in an interview with the Financial Times that he’s willing to take unilateral action against a regime flouting international norms.

Secretary of State Rex Tillerson said “there was no kind of package arrangement discussed to resolve” tensions with North Korea, adding that Xi agreed the situation “has reached a very serious stage in terms of the advancement.”

Trump told Xi the U.S. would “chart our own course if this is something China is just unable to coordinate with us,” Tillerson said.

In his statement, Spicer said the two sides “noted the urgency of the threat” of Pyongyang’s weapons programs, “reaffirmed their commitment to a denuclearized Korean peninsula, and committed to fully implement UN Security council resolutions.”

For China, the meeting was probably a success. Much of the Communist Party’s top leadership will change during a congress later this year, and in the run-up to that event, “Xi Jinping just wants the United States off his back,” said Bonnie Glaser, senior adviser for Asia and the director of the China Power Project at the Center for Strategic and International Studies in Washington. The two leaders appeared to develop a rapport, she said.

‘Positive and Fruitful’

China’s official news agency Xinhua said Saturday that the “positive and fruitful” meetings have sent a “clear-cut” message that Washington and Beijing can become great cooperative partners.

The presidents didn’t mention the Syria attack, and even steered clear in their public remarks of issues like trade that were supposed to dominate the summit.

They remarked generally about “progress” in their relationship and optimism about the future. That could indicate that the relationship between the two countries remains stable, despite Trump’s fiery accusations during his campaign, and afterward, that China has stolen U.S. manufacturing jobs.

“The relationship developed by President Xi and myself, I think, is outstanding,’’ Trump said Friday during a meeting between the two countries’ delegations. “I believe lots of very potentially bad problems will be going away.’’ In a posting on its website on Saturday, China’s foreign ministry said the countries had agreed to “properly” deal with issues of trade friction.

Strolling the Grounds

Xi thanked Trump for his hospitality and said the meeting had served the purpose of advancing the U.S.-China relationship.

“We had long and in-depth communication,’’ Xi said through a translator. “And, more importantly, we have further built up understanding and establish a kind of trust, and we have initially built up a working relationship and friendship.’’

The two leaders were later photographed strolling the grounds of Trump’s waterfront resort. Trump accepted Xi’s invitation to visit China later this year, Tillerson said.

Another matter that didn’t come up was the bankruptcy of Westinghouse Electric Co.’s nuclear reactor business. Toshiba Corp., Westinghouse’s parent company, has sought a buyer for the unit and Trump administration officials are so concerned about Chinese investors obtaining control of it that they have sought an American or allied purchaser.

“We have been looking very carefully at that,” Ross said. Mnuchin added that “any such transaction” would have to be reviewed by the Committee on Financial Investment in the U.S., which can block sales of U.S. companies to foreign investors.

Surface Charm

The friendly banter between the leaders belied growing tension in the relationship after Trump’s public criticisms of China and his promises to extract concessions from the country on trade and North Korea.

“We have been treated unfairly and have made terrible trade deals with China for many, many years,’’ Trump told reporters aboard Air Force One on Thursday as he flew to Palm Beach. “That’s one of the things we are going to be talking about.’’

His Cabinet secretaries said that Trump indeed confronted Xi.

“President Trump noted the challenges caused by Chinese government intervention into its economy,” Tillerson said Friday. ““The president underscored the need for China to take concrete steps to level the playing field for American workers, stressing repeatedly the need for reciprocal market access.”

Trump informed Xi of the missile strike as they were dining, roughly when 59 Tomahawk missiles were hitting a Syrian airfield. Trump told reporters the strike was in response to a nerve gas attack by the Syrian regime against civilians Tuesday.

The Chinese have opposed efforts to remove Syrian dictator Bashar al-Assad from power and probably took offense at the attack, said Dennis Wilder, former senior director for Asia during the George W. Bush administration.

“For President Xi, this will be embarrassing internationally because in so many settings and so many venues China has condemned the United States for unilateral military action in the past, and this is certainly a unilateral action,’’ he said. “I think that the Chinese will be expressing some anger privately to the United States.’’

China’s public probably won’t regard the strike as a message to their leaders unless the Trump administration makes the case explicitly, said Doug Paal, vice president for studies at the Carnegie Endowment for International Peace in Washington.

“I doubt the Chinese in the end think this was really done as a message to Beijing,’’ said Paal, who who served as Asian affairs director in the administrations of Ronald Reagan and George H.W. Bush.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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