Showing posts with label Nancy_Pelosi. Show all posts
Showing posts with label Nancy_Pelosi. Show all posts

No appreciable business disruptions over China tensions

Most member companies of the American Chambers of Commerce in Taiwan said there has been no significant disruption to business despite escalating tensions between China and Taiwan in recent weeks, according to a survey.  China started conducting military exercises around Taiwan in recent weeks, but 77% of respondents said they have not faced "appreciable disruption" to their business, said Andrew Wylegala, the president of AmCham Taiwan. China launched military drills after U.S. House Speaker Nancy Pelosi's visit to Taiwan despite warnings from China for weeks not to visit the island.  Taiwan is a self-ruled democracy, but Beijing considers the island part of its territory and a breakaway province. Nevertheless, though there hasn't been "panic" or an "exodus" of business in Taiwan, almost half of its members are predicting "some kind of dislocation and disruption" as China continues its military drills, said Wylegala.  There has been "no panic in the short term, but an appropriate degree of concern going forward,"  Wylegala said on CNBC's "Capital Connection" on Friday.  AmCham Taiwan conducted the survey of 529 member organizations from Aug. 8 to 17, just days after Pelosi's visit to Taipei.  According to the survey, 17% of respondents said they had already experienced disruption to their business, a third of which reported facing higher shipping or insurance costs and supply chain delays.  AmCham Taiwan also said 46% of companies surveyed expect to see increased Chinese military activity from 2022 to 2023 that would affect their operations. The remaining respondents do not anticipate being affected, or are uncertain if they would be.

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According to the business association, respondents raised the following when asked about the specific "spectrum of threats" they were worried about: concerns about disinformation and psychological campaigns targeting Taiwan; constraints or barriers on the island's periphery; and "sanctions, travel bans, boycotts, and embargoes against Taiwan products and people."

U.S.-Taiwan trade talks

The U.S. and Taiwan on Wednesday agreed to start talks on a trade and economic initiative as the U.S. continues to bolster its support for the island in light of rising tensions with China.  However, the likelihood of a free trade deal — which is broader in nature and something that Taiwan has been pushing for — remains unknown.  Wylegala said that Taiwan "has done a wonderful job as a partner of the U.S." and recent tensions have made a stronger case for a bilateral trade agreement. The U.S.-Taiwan Initiative on 21st-Century Trade that was announced in June is "not a free trade agreement per se," Wylegala said, but it is nevertheless a "stepping stone,'' he added.

"Four years ago, we had no channels of economic discussions underway. And now we have four separate agreements and others waiting in the wings," he added.


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US House of Representatives passes Inflation Reduction Act in narrow vote

HOUSTON, Texas 

The US House of Representatives passed the Inflation Reduction Act on Friday along party lines.

The legislation that passed in a 220-207 vote secured a huge win for President Joe Biden and the Democratic party months before the midterm elections in November.

"It is a resounding victory for America's families starting at their kitchen table," House Speaker Nancy Pelosi told House members. "Our Inflation Reduction Act is a robust cost-cutting package that meets the moment, ensuring that our families thrive and that our planet survives."

The Democratic party came together from all sides to praise the bill which addressed a multitude of issues beyond inflation, including taking aggressive action on climate change, lowering medical and prescription drug costs and reducing the national deficit.

The plan includes a record $369 billion in spending on climate change and energy policies projected to slash US carbon emissions by roughly 40% by 2030.

It also allocates $64 billion to reduce health insurance costs by locking in lower premiums under the Affordable Care Act, saving 13 million families an average of $800 per year.

The bill will also cap drug costs at $2,000 and allow the federal government to negotiate lower prices for prescription drugs.

It would be funded by imposing a 15% corporate tax on wealthy corporations. The plan also spends $80 billion to boost the Internal Revenue Service's enforcement and compliance divisions which are expected to yield $124 billion in revenue.

While the measure will not immediately affect rising gas and food prices, it does seek to reduce the deficit by $300 billion in the next 10 years, with total provisions of the bill estimated to raise $737 billion, as well as reduce the overall deficit by nearly $2 trillion in the next two decades.

The bill narrowly passed the Senate in a 50-50 vote with the deciding tie-breaking vote cast by Vice President Kamala Harris.

It now goes to Biden's desk to be signed into law.

Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.

Source https://www.globalcourant.com/us-house-of-representatives-passes-inflation-reduction-act-in-narrow-vote/?feed_id=10209&_unique_id=62f70de876051

Taiwan says it detected 66 Chinese aircraft, 14 warships in strait

BEJING

Taiwan said it had detected 66 Chinese aircraft and 14 warships conducting exercises in and around the Taiwan Strait on Sunday.

“14 PLAN (People's Liberation Army Navy) vessels and 66 PLA (People's Liberation Army) aircraft around our surrounding region were detected today until 1700 (GMT+8). #ROCArmedForces have monitored the situation and responded to these activities with aircraft in CAP, naval vessels, and land-based missile systems,” Taiwan’s Defense Ministry tweeted.

It added that “22 of the detected aircraft had flown on the east part of the median line of the Taiwan Strait and our SW ADIZ (Air Defense Information Zone).”

Taiwan, however, rejected allegations that a Chinese destroyer entered its territorial waters.

Taiwan’s CNA news agency, citing the Defense Ministry, said it is not true that the Chinese ship cruised off the coast of eastern Hualien County.

It is merely part of China’s psychological operations campaign, it argued.

Earlier Sunday, China announced that it would conduct live-fire military exercises in the Yellow and Bohai seas.

The drill in the Bohai Sea will be held from Aug. 8 to Sept. 8, while the one in the Yellow Sea will be conducted from Aug. 7-15, the Maritime Safety Administration said in a statement.

China launched massive military exercises surrounding Taiwan last week after US House Speaker Nancy Pelosi visited the self-ruled island, bucking Beijing’s warnings.

China views Taiwan as a "breakaway province" despite Taipei having governed itself since 1949. Beijing has vowed to reunify the island, including by force if necessary.

As part of its major military exercises near Taiwan and eight countermeasures to respond to the situation, China on Friday dispatched the largest number of military aircraft across the Taiwan Strait this year, according to Taiwan's Defense Ministry.

*Writing by Ahmet Gencturk

Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.

Source https://www.globalcourant.com/taiwan-says-it-detected-66-chinese-aircraft-14-warships-in-strait/?feed_id=8025&_unique_id=62f0759bd1562

Reason behind Pelosi's Taiwan visit and why China has issued threats?

US House Speaker Nancy Pelosi reached Taiwan Tuesday evening amid threats by China over the decision. Last week, President Xi Jinping had warned US President Joe Biden to “not play with fire” (by provoking China).

By flying to Taiwan, an island that China claims as its own, Pelosi became the highest-ranking elected US official to visit the self-ruled island in over 25 years. In retaliation, at least 21 Chinese military aircraft entered Taiwan's air defence zone.

FOLLOW LIVE UPDATES ON NANCY PELOSI'S TAIWAN VISIT HERE

WHY HAS PELOSI VISITED TAIWAN?

"Our visit reiterates that America stands with Taiwan: a robust, vibrant democracy and our important partner in the Indo-Pacific," Pelosi tweeted after landing in Taiwan.

In another tweet, she said, "Our delegation’s visit to Taiwan honors America’s unwavering commitment to supporting Taiwan’s vibrant Democracy. Our discussions with the Taiwan leadership reaffirm our support for our partner & promote our shared interests, including advancing a free & open Indo-Pacific region."

The tweets themselves show the reason behind Pelosi's visit to the Island. As a politician, Pelosi has frequently criticised China, mainly on grounds of human rights violations. This time, citing the commitment that the US has made to a democratic Taiwan under a 1979 law, Pelosi, in an opinion piece published by The Washington Post on her arrival in Taiwan, said, “We must stand by Taiwan. It is essential that America and our allies make clear that we never give in to autocrats”.

Pelosi, who led a congressional delegation to the Ukrainian capital of Kyiv in the spring, is framing her Taiwan trip as part of a broader mission at a time when “the world faces a choice between autocracy and democracy.” Over the decades, Pelosi has made a mission of showing support for embattled democracy movements.

US House Speaker Nancy Pelosi. (Photo Credit: Twitter/@MOFA_Taiwan)

Also, Pelosi had planned this trip in April, but it got postponed after she tested positive for Covid-19.

WHY IS CHINA ANGRY ON PELOSI'S VISIT TO TAIWAN?

Firstly, China claims Taiwan as part of its territory, and as per the country, the presence of a senior figure from the US here would indicate a kind of American support for Taiwan’s independence.

The other reason behind China being angry is that during a phone call with Biden last week, President Xi had warned that it was "playing with fire". Despite this, Pelosi landed there, ignoring the threats.

HOW HAS CHINA RESPONDED?

Reacting to Pelosi's arrival, China's Foreign Ministry said the trip would have a "severe impact on the political foundation of China-US relations." "China will definitely take all necessary measures to resolutely safeguard its sovereignty and territorial integrity in response to the US Speaker's visit," the statement read.

A spokesman for China's Ministry of Defense, as reported by CNN, said the People's Liberation Army was "on high alert" and would launch "a series of targeted military operations to counteract the situation, resolutely defend national sovereignty and territorial integrity, and resolutely thwart the interference of external forces and 'Taiwan independence' secessionist schemes."

WHAT'S US STAND ON TAIWAN AND HOW HAS IT RESPONDED?

The Biden administration has said that the United States remains committed to its “one-China policy." The US has maintained a ‘One China’ policy since the 1970s, under which it recognises Taiwan as a part of China. But it has unofficial ties with Taiwan as well. Beijing considers Taiwan a part of China, threatens it frequently, and has not ruled out taking the island by military force at any time.

Also, while Biden expressed some wariness about Pelosi's trip, his administration has not openly opposed it. Prior to Pelosi's visit, the US had said it was up to her to decide whether to go.

On Monday, the American military had increased its movements in the Indo-Pacific region and the aircraft carrier USS Ronald Reagan and its strike group were in the Philippine Sea, according to The Independent.

WHAT'S TAIWAN'S TAKE ON PELOSI'S TRIP?

"US-Taiwan friendship forever" -- the message welcoming Pelosi showed up on the iconic Taipei 101 skyscraper at the airport. The US Speaker was received by Taiwan Foreign Minister Joseph Wu.

On Wednesday, Taiwan's President Tsai Ing-wen met Pelosi and her delegation at the Presidential Palace and said, "We will do whatever it takes to strengthen Taiwan’s sovereignty."

"Speaker Pelosi has not only supported Taiwan for a long time, but also paid attention to Taiwan's democratic development and regional peace and security," The Independent quoted Presidential Spokesperson Xavier Chang as saying.

ALSO READ | Nancy Pelosi's visit to Taiwan threatens peace, stability: China warns US

ALSO READ | With Taiwan visit, Nancy Pelosi caps career of standing up to China

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Source https://www.globalcourant.com/reason-behind-pelosis-taiwan-visit-and-why-china-has-issued-threats/?feed_id=5881&_unique_id=62e9f1699dffa