The global tariff war escalated on Tuesday with China threatening to “fight till the end” after US President Donald Trump threatened to impose fresh 50 per cent tariff on Chinese imports, if China did not withdraw its retaliatory tariff of 34 pc. After Monday’s “bloodbath” on stock markets across the globe, Asian stock markets recovered on Tuesday regained only a fraction of previous day’s losses. On Tuesday, China’s commerce ministry said, “The US threat to escalate tariffs against China is a mistake on top of a mistake, and it once again exposes the blackmailing nature of the US”. In Mumbai, both Sensex and NSE made a robust recovery on Tuesday with major shares trading in the green. Yet, clouds of recession loom all over the world. Even people in the US are worried after President Donald Trump’s all-out tariff war. There were rallies in all the states of the US to protest against Trump’s policies to sack government staff and cut expenditure. America under Trump has launched a trade war against the rest of the world. None of the countries want a confrontation with the US, but they are being forced to offer resistance. The prevailing sentiment across the world is that the era of globalization will soon end and the world order will change. These sentiments are affecting the plunge in world stock markets. Indices on stock exchanges rise or fall on the basis of sentiment. China’s retaliation has had its effect. Looking from India’s point of view, two or three points need to be elaborated. One, the commerce ministry has sent five proposals to the ministry of finance to help Indian exporters and has suggested continuance of subsidy schemes along with raising bank credit. Two, India does not want a confrontation with the US on the tariff issue. India’s policy is to get the tariff reduced through bilateral negotiations, but this won’t be easy because Trump has already strengthened his position quite a bit as far as bargaining is concerned. Three, Trump is not going to stop after raising tariff alone. In the coming days, American demands will rise and the pressure will continue on economy and stock markets. India’s main concern is about those sectors where millions of farmers and workers are employed, like textiles, footwear and agriculture. The government of India is trying its best to protect the interests of these farmers and workers. In bilateral talks with the US, India will negotiate for low tariff for these sectors. As far as investors are concerned, there is nothing much to worry. The slump in stock markets will not continue for long. Experts say that there is no need to sell shares because of panic. On the contrary, now is the time to buy shares because of low prices. But it is not necessary to invest all your money in shares. For investors, the advice is on the lines of that famous Hindi movie song: “Ai Bhai Zara Dekh Ke Chalo, Aage Hi Nahin, Peechey Bhi” (Be careful).
Bengal teachers : Can Mamata give jobs back?
The Supreme Court on Tuesday set aside the order of Calcutta High Court directing the CBI to probe the role of officials involved in creating ‘supernumerary’ posts of 6, 861 teachers and non-teaching staff in state-run and government aided schools. A “supernumerary post” refers to a temporary position created to accommodate an employee who is entitled to a regular post that is currently unavailable. A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar, however, made it clear that the probe into other aspects related to appointment of 25,753 teachers and staffers in West Bengal’s state-run and aided school would continue. The apex court on April 3 had invalidated the appointment of 25,753 teachers and staffers, terming the entire selection process as “vitiated and tainted”. On Monday, West Bengal chief minister Mamata Banerjee, while addressing teachers in Netaji Subhas Indoor Stadium, said, she would “rather go to jail but will not implement the Supreme Court verdict”. With assembly elections scheduled next year, Mamata Banerjee said, “as far as I am alive, no capable teacher will lose job”. She alleged that the image of her government was being deliberately tarnished in view of forthcoming elections. Mamata Banerjee said, she had “Plan A, Plan B and Plan C ready” for teachers even if she was forced to implement the court verdict. She told the teachers to carry on with their work till the Supreme Court notice comes, and if the court refuses job to them, she would arrange two months’ job for them. It is a fact that Mamata Banerjee’s woes would increase with the Supreme Court verdict. Already, her minister is in jail and teachers are on the streets, but Mamata is trying to give a political colour to the court verdict. She is saying that she would not accept the verdict and stand with the teachers. This could be a political compulsion. There is no other option left for her. The teachers realize this and most of them have started losing trust in Mamata’s promise. With Mamata claiming that no capable candidate will lose job till she is alive, teachers are asking this question: Once the Supreme Court verdict comes, how will she give them jobs? Mamata has no answer.
Hyderabad : Was Revanth Reddy misled?
Telangana chief minister A. Revanth Reddy’s government has come under attacks from all sides, judiciary, Centre, environmentalists, students, academics, opposition parties and film fraternity, for its decision to auction 400 acres of disputed land at Kancha Gachibowli in Rangareddy district adjoining the University of Hyderabad. The Supreme Court has suo motu taken cognisance of reports of extensive deforestation in the disputed land affecting wildlife and water bodies by deploying heavy machinery. The apex court has directed Telangana chief secretary to immediately stop all activity in the area, till proper environmental impact assessment is done and necessary approvals are obtained. Meanwhile, Telangana high court has extended a stay on all kinds of activity on the disputed land, following PILs filed by an NGO and University of Hyderabad students’ union. The Ministry of Environment has sought a detailed report on deforestation on 400 acres land from the state government’s forest secretary. The moot question is: trees on 400 acre of forest land were cut in the name of development. Nobody can justify this. Experts say, there are 75 species of plants and 233 species of animals and birds in this forest. Several endangered animals and birds are found in this forest. This forest provides valuable oxygen to the people of Hyderabad. If this forest is lost, Hyderabad and its surrounding areas will fact tremendous heat during summer with a possible rise by 3 degrees Celsius. Probably, this was the reason why Supreme Court put a halt to deforestation on this land. Chief Minister Revanth Reddy is unable to give clear replies to charges as to why bulldozers were used at midnight to raze the forest. If the land was required for development, it could have been done during daytime.