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Trump’s Paris Exit Leaves Him Isolated From C-Suites to Capitals

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climate change - Investors King
  • Trump’s Paris Exit Leaves Him Isolated From C-Suites to Capitals

The response to President Donald Trump’s announcement he was exiting the Paris climate accord and wanted to renegotiate on his terms was immediate: The leaders of France, Germany and Italy said no.

On Wall Street, corporate executives pilloried the businessman president. Goldman Sachs’ CEO tweeted for the first time, calling the move a setback for the world. Tesla Inc.’s Elon Musk and Bob Iger of Walt Disney Co. quit a White House advisory council in protest.

Even the mayor of Pittsburgh, Pennsylvania — a city Trump highlighted as a beneficiary of his decision to turn his back on the global pact — vowed to abide by the Paris agreement.

Trump’s decision leaves him more alienated than ever, isolated on the world stage and increasingly embattled at home.

Coming against the backdrop of sprawling probes into ties between Russia and Trump’s campaign, the backlash threatens to sap the president’s power when he needs it most to advance domestic priorities such as tax reform and a health care overhaul while confronting an increasingly bellicose North Korea.

It’s a dramatic change in fortunes for the president after just 133 days in office. Business leaders no longer seem to fear Trump’s tweets; foreign leaders have moved from attempts to find rapport to direct confrontation.

Consider that in earlier days, a tweet about Ford Motor Co. shipping U.S. jobs to Mexico prompted the automaker to announce it was abandoning plans to build a $1.6 billion plant there.

Days after his election, Trump called the top executive of United Technologies Corp. and told him not to move jobs from a Carrier factory in Indianapolis to Mexico. Carrier partially relented, agreeing to keep 1,100 jobs in the U.S. in exchange for $7 million in tax breaks and incentives from the state. (Even so, 1,300 jobs are still going to Mexico.)

And in her first visit with Trump in Washington, German Chancellor Angela Merkel gamely tried to shake Trump’s hand during a photo opportunity, offering an optimistic assessment of the meeting despite the president’s persistent criticisms of her country.

“I’ve always said it’s much, much better to talk to one another and not about one another, and I think our conversation proved this,” she said afterwards.

There is none of that fear and trembling now.

After Trump’s announcement on Paris, Ford issued a statement asserting that “we believe climate change is real and remain deeply committed to reducing greenhouse gas emissions.” Company chairman Bill Ford, the man Trump once described as “my friend,” broke with the president over his executive order on immigration. And Ford still employs more than 7,000 workers in Mexico.

Although Carrier hasn’t announced a change to its plans, other companies are moving production south. And foreign leaders now game out how to try to one-up the president.

In his first meeting with Trump, French President Emmanuel Macron squeezed Trump’s hand so hard that the American’s knuckles turned white. And when the two chatted before cameras, Macron spoke only French. (He switched to English for his remarks with U.K. Prime Minister Theresa May).

After Trump’s announcement on Paris, Macron tweeted, “Make our planet great again,” and assured American scientists, engineers, entrepreneurs and “responsible citizens” they could find “a second homeland” in France.

Trump’s first foreign trip as president left fellow members of the North Atlantic Treaty Organization unsettled and wary, as well. Trump omitted any clear commitment to the alliance’s pledge of collective defense, leaving allies uncertain whether the U.S. would come to their aid if attacked.

Afterwards, unlike her White House visit, Merkel didn’t extol the benefits of discussion.

She told a beer-hall rally in Munich that Europe “really must take our fate into our own hands,” adding “this is what I have experienced in the last few days.”

Former Defense Secretary Leon Panetta said the combined weight of Trump’s NATO speech and his decision to leave the Paris agreement mark “the sad demise of a 70-year era of American global leadership.”

” ‘America First’ policies are threatening our strategic interests and eroding our moral standing in the world,” Panetta said in a statement.

To be sure, the Republican voters that elected Trump to the White House have not turned away from the president. Among Republicans, 87 percent say they approve of the job Trump is doing, according to Gallup’s most recent weekly poll. Trump’s job approval has fallen just slightly, from 45 percent just after his inauguration to 41 percent.

And congressional leaders upon whom Trump depends to advance his agenda endorsed his action. House Speaker Paul Ryan called the Paris agreement “a raw deal for America” and commended the decision. And Senate Majority Leader Mitch McConnell, a Republican from the coal-state of Kentucky, was more blunt: “I applaud President Trump and his administration for dealing yet another significant blow to the Obama administration’s assault on domestic energy production and jobs.”

The tone of Trump’s Rose Garden speech Thursday was unapologetic, evoking the inaugural address in which the president angrily lashed out at other countries playing the U.S. for a fool and vowed that “from this day forward, it’s going to be only America first.”

“The Paris agreement handicaps the United States economy in order to win praise from the very foreign capitals and global activists that have long sought to gain wealth at our country’s expense,” Trump said. “We don’t want other leaders and other countries laughing at us anymore.”

Trump did make an offer to renegotiate the Paris accord, but that was quickly rejected. Merkel, Macron and Italian President Sergio Mattarella issued a statement insisting that the agreement was “irreversible” and “cannot be renegotiated.”

And after the president said he was taking action to put the interests of Youngstown, Ohio; Detroit, Michigan; and Pittsburgh above those of Paris, Bill Peduto, Pittsburgh’s mayor, shot back that the city needed no such help: “I can assure you that we will follow the guidelines of the Paris agreement for our people, our economy and future.”

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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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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

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Yahaya Bello

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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NIMC enrolment

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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