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Trump, Xi Reach Temporary Agreement on Trade

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  • Trump, Xi Reach Temporary Agreement on Trade

The leaders of two largest economies, President Trump and President Xi, agreed to contain trade war on Saturday with a promise to halt the imposition of additional tariffs for at least three months (90 days) in order to give room for a lasting negotiation.

The new temporary agreement, reached in Argentina during G20 summit, will ease global trade tensions and help halt the introduction of new tariffs, according to Wang Yi, Chinese Foreign Minister who was present at the meeting in Buenos Aires.

“Both sides believe that the principled agreement reached between the two presidents has effectively prevented the further expansion of economic frictions between the two countries,” he said.

A representative of the White House tagged the meeting “highly successful,” confirming that the U.S. will leave the already imposed 10 per cent tariffs on $200 billion worth of Chinese goods and refrain from raising it to 25 per cent in January as widely stated by the administration.

Sarah Huckabee Sanders, White House Press Secretary, said if the two nations failed to reach agreement on structural reform, the U.S. will increase tariffs on existing goods to 25 per cent from 10 per cent.

She further stated that China agreed to increase its purchases of agricultural and industrial goods to reduce its trade deficit with the United State.

“It’s an incredible deal. It goes down, certainly — if it happens, it goes down as one of the largest deals ever made,” Trump told reporters aboard Air Force One as he returned from Argentina. “China right now has major trade barriers — they’re major tariffs — and also major non-tariff barriers, which are brutal. China will be getting rid of many of them.”

The temporary agreement is a positive result for the market and will boost commodity outlook going into the first quarter of 2019. However, uncertainty remains, it is unclear if both nations will reach an accord during the 3 months.

Still, nations like New Zealand, Australia, Japan, etc should experience a temporary improved economic outlook going into the first year of 2019 as China is their largest trading partner.

Also, with the Fed likely to slow down on rate increase going into the new year, emerging economies should attract new funds.

“Neither side got their maximum demands and it’s not the first time in U.S.-China relations that both sides claim victory,” said Michael Pillsbury, a senior fellow at the Hudson Institute and a defense official under presidents including Ronald Reagan and George W. Bush. “Both sides avoided the worst-case scenario.”

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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Seven Dead in Lagos as Rice Buyers Suffer Fatal Mishap

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Rice distribution by customs

Seven individuals lost their lives in Lagos during a stampede at the Yaba office of the Nigeria Customs Service.

The fatal mishap occurred amidst the sale of 25kg bags of rice to Lagos residents, highlighting the dire economic conditions facing many in the country.

The stampede erupted as a massive crowd of people gathered at the venue to purchase the bags of confiscated rice, which were being sold for N10,000 each.

Among the victims was Comfort Adebanjo, a member of the All Progressives Congress (APC), along with six others.

Their untimely demise has cast a shadow over the community and underscored the severity of the economic challenges plaguing Nigeria.

The tragedy has left families shattered and communities mourning the loss of their loved ones. In an obituary released by the APC, Adebanjo was remembered as a cherished member of Ward E1, whose presence will be deeply missed.

The Nigeria Customs Service expressed deep regret over the unfortunate incident, attributing it to impatience among the crowd.

Despite efforts to maintain order and safety, the overwhelming demand for rice led to chaos and ultimately, loss of life.

Abdullahi Maiwada, spokesperson for the Customs, emphasized that every effort was made to ensure the safety of attendees.

However, the sheer magnitude of the crowd overwhelmed their capacity to manage the situation effectively.

The tragic events in Lagos serve as a stark reminder of the profound challenges facing Nigerian communities.

As the nation grapples with economic hardships, the need for comprehensive solutions and support systems to protect vulnerable citizens becomes increasingly urgent.

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Air Peace to Launch Direct Flights to London, Sets March 30 for Inaugural Journey

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Nigeria’s leading airline, Air Peace, has unveiled plans to commence direct flight operations to London, with the inaugural flight scheduled for March 30, 2024.

The announcement came during a prelaunch forum organized by the airline, engaging travel agencies and partners involved in the upcoming London flight operations.

The Chief Operating Officer of Air Peace, Oluwatoyin Olajide, assured stakeholders that the London operations would be daily and conducted with Boeing 777 aircraft and Boeing 787 Dreamliner aircraft, known for their modernity and efficiency.

Olajide emphasized the direct, non-stop nature of the flights, without layovers, and the airline’s commitment to providing unbeatable fares.

Air Peace Chairman, Allen Onyema, disclosed that the airline had received approval from the Federal Government, facilitated by the Federal Ministry of Aviation, for flights to New York, USA.

Onyema also declared a unified commission for all airline agents, regardless of size or status.

With commendations from industry leaders and associations for Air Peace’s nationalistic drive and dedication to the country, the airline is poised to connect Nigeria with London and further enhance its international presence.

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Nigeria to Implement Biometric Clearance Gates at International Airports by March 2024

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muritala-muhammed-airport

Nigeria is gearing up to introduce a significant upgrade to its airport security measures with the implementation of biometric clearance gates at international airports by March 2024.

This move aims to streamline passenger processing and bolster national security efforts.

Under the plan, five major international airports across Nigeria, including the Murtala Muhammed International Airport in Lagos, Nnamdi Azikiwe International Airport in Abuja, Mallam Aminu Kano International Airport, Port Harcourt International Airport, and Akanu Ibiam International Airport in Enugu, will be equipped with biometric clearance gates.

These gates will utilize advanced technology to provide seamless clearance services for passengers entering the country.

Minister of Interior, Olubunmi Tunji-Ojo, emphasized that the installation of biometric gates reflects Nigeria’s commitment to enhancing border control management and adhering to global best practices.

The gates are expected to significantly reduce clearance times, with a passenger clearing in just 30 seconds.

Tunji-Ojo highlighted the gates’ dual purpose: expediting passenger processing while also enhancing national security by allowing for quick identification of persons of interest.

The initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, aiming to provide quality services to Nigerians while ensuring national security.

This modernization effort is poised to address long-standing issues of delays and improve the overall travel experience for passengers at Nigeria’s international airports.

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