financetom
Economy
financetom
/
Economy
/
Calls for boycott and hiking tariffs on Chinese goods not a solution
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Calls for boycott and hiking tariffs on Chinese goods not a solution
Mar 14, 2019 1:22 PM

Boycotting China or Chinese goods is neither possible nor a solution informed sources within the government said a day after Beijing put a technical hold on the proposal to sanction Jaish-e-Mohammed chief Maulana Masood Azhar at the UN 1267 Committee.

Share Market Live

NSE

Swadeshi Jagran Manch, an Rashtriya Swayamsevak Sangh (RSS) affiliate has called for withdrawing the 'Most Favored Nation' status for China and raising tariffs on Chinese imports as a retaliatory measure.

CNBC-TV18 has learnt that India deliberately chose not to name China in its formal statement so as to leave room for negotiations. China’s technical hold will last for three months and after that, the country can either lift the hold or extend it by another three months.

Minutes after China applied a technical hold, the ministry of external issued a statement, “UN 1267 Sanctions Committee, upon completion of the no-objection period on March 13, 2019, was not able to come to a decision on the proposal for listing Azhar under the UN Sanctions regime, on account of a member placing the proposal on hold. We are disappointed by this outcome. We will continue to pursue all available avenues to ensure that terrorist leaders who are involved in heinous attacks on our citizens are brought to justice."

Sources privy to the developments told CNBC-TV18 that India avoided harsh language in order to keep the dialogue open with Beijing.

Reacting to China’s move a high level US diplomat told the PTI, "If China continues to block this designation, responsible member states may be forced to pursue other actions at the Security Council. It shouldn’t have to come to that."

Sources say while the international opinion was largely in favour of imposing sanctions on Azhar, China has shown that it would not act under the pressure of anyone and especially the United States. The feeling within the government is that China may agree on sanctioning Azhar in future but it would like to show the world that its decision was an independent one.

The proposal to sanction Azhar at the UN ISIL and Al-Qaida Sanctions Committee had been moved by US, UK, France and Germany after the attack in Pulwama, Jammu and Kashmir. Seven others co-sponsored the proposal and even countries outside the UN Security Council supported the move.

Defending Beijing's technical hold, the Chinese foreign ministry spokesperson said, "China conducts a thorough and in-depth assessment of these applications and we still need more time, so that is why we put forward the technical hold."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Unemployment Claims Rise More Than Expected, Boosting Hopes For Rate Cuts As Cracks In Labor Market Emerge
Unemployment Claims Rise More Than Expected, Boosting Hopes For Rate Cuts As Cracks In Labor Market Emerge
Jul 18, 2024
Signs of a cooling U.S. labor market are becoming more evident, increasingly reinforcing investor beliefs that the time has come for the Federal Reserve to lower interest rates. New unemployment benefits rose more than expected last week, while continuing jobless claims reached their highest levels since November 2021, according to the Department of Labor’s report on Tuesday. Simultaneously reported, the...
IMF says U.S. should raise taxes, wait until late 2024 to cut rates
IMF says U.S. should raise taxes, wait until late 2024 to cut rates
Jul 18, 2024
WASHINGTON (Reuters) - The International Monetary Fund on Thursday said the U.S. Federal Reserve should not cut interest rates until late 2024 and the government needs to raise taxes to slow the growing federal debt -- including on households earning less than President Joe Biden's $400,000-a-year threshold. The prescriptions came in the detailed staff report from the IMF's annual Article...
US weekly jobless claims increase more than expected
US weekly jobless claims increase more than expected
Jul 18, 2024
WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits rose more than expected last week, but there has been no material shift in the labor market and the data is typically noisy in July because of summer breaks and temporary factory closures. Initial claims for state unemployment benefits increased 20,000 to a seasonally adjusted 243,000 for...
Summer auto plant shutdowns, Hurricane Beryl boost US weekly jobless claims
Summer auto plant shutdowns, Hurricane Beryl boost US weekly jobless claims
Jul 18, 2024
WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits increased more than expected last week, but that did not signal a material shift in the labor market amid temporary automobile plant closures and disruptions from Hurricane Beryl. The weekly jobless claims report from the Labor Department on Thursday, however, suggested that it was getting harder for...
Copyright 2023-2026 - www.financetom.com All Rights Reserved