Lora Smith CARACAS, August 27 -- Venezuela's National Assembly (parliament) controlled by the opposition has declared null and void a new agreement with Russia on military cooperation. The declaration was published on Monday. The document concerns "the agreement on military cooperation between the governments of Venezuela and Russia, signed by defense ministers Vladimir Padrino Lopez and Sergey Shoigu." "This agreement was not considered either by a commission on foreign policy, sovereignty and integration or by parliament, which makes it unconstitutional, and this means that it is null and void," the declaration said. The parliament said that opening a Venezuelan embassy in North Korea was "a violation of the constitution." On August 15, Shoigu and Lopez signed an agreement on reciprocal visits of military ships at the meeting in Moscow. The defense ministers also discussed the situation in Venezuela and issues of bilateral military cooperation.
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Pete McGee BANGKOK, August 26 -- The government has banned hoarding of glutinous rice and will sell discounted packs as prices soar amid shortages. Government spokesperson Narumon Pinyosinwat said on Monday that Prime Minister Prayut Chan-o-cha had ordered the Commerce Ministry to prevent hoarding and to launch discounted packs in the wake of the all-time high price of glutinous rice. Deputy Prime Minister and Commerce Minister Jurin Laksanawisit ordered the Internal Trade Department to impose the ban immediately since the grain is on the ministry's price control list, Mrs Narumon said. "There will be discussions with millers, traders and cooperatives so they can quickly produce packed glutinous rice at a special price to relieve people's trouble," she said. Mrs Narumon attributed the expensive glutinous rice to drought that caused its low yield. The situation should improve when the new yield comes out in October, she said. Glutinous rice now sells for 50,000 baht a tonne while Hom Mali fragrant rice costs 35,000 baht. Local retail prices were nearly 50 baht per kilogram and a smallest bag of steamed glutinous rice is now 10 baht, double recent prices. Lora Smith BIARRITZ, August 26 -- World leaders at the G-7 summit have agreed to help the countries affected by the huge wildfires ravaging the Amazon rain forest as soon as possible, French President Emmanuel Macron said on Sunday. "We are all agreed on helping those countries which have been hit by the fires as fast as possible," he told journalists at the summit in the south-western French resort of Biarritz. Ahead of the gathering, Macron called on world leaders to hold urgent talks on the wildfires ripping through the world's largest rain forest, pledging "concrete measures" to tackle it. Although about 60 per cent of the Amazon is in Brazil, the vast forest also takes in parts of eight other countries: Bolivia, Colombia, Ecuador, French Guiana, Guyana, Peru, Suriname and Venezuela. "This morning, Colombia called on the international community (to help), so we must help out," he said. "Our teams are making contact with all the Amazon countries so we can finalise some very concrete commitments involving technical resources and funding." Macron's bid to put the Amazon crisis high on the agenda at the G-7 angered Brazil's far-right leader Jair Bolsonaro, who lashed out over what he sees as outside interference, denouncing the French leader's "colonialist mentality". Under intense international pressure, Bolsonaro agreed to send in the military to fight the fires. The army on Sunday deployed two Hercules C-130 aircraft to douse fires, as hundreds of new blazes were ignited ahead of nationwide protests over the destruction. Heavy smoke covered the city of Porto Velho in the north-western state of Rondonia where the defense ministry said the planes have started dumping thousands of liters of water. Swathes of the remote region bordering Bolivia have been scorched by the blazes, sending thick smoke billowing into the sky and increasing air pollution across the world's largest rain forest. Experts say increased land clearing during the months-long dry season to make way for crops or grazing has aggravated the problem this year. "It gets worse every year - this year, the smoke has been really serious," Deliana Amorim, 46, told Agence France-Presse in Porto Velho where half a million people live. At least seven states, including Rondonia, have requested the army's help in the Amazon, where more than 43,000 troops are based and available to combat fires, officials said. Pope Francis on Sunday also voiced concern for the rain forest, which he described as a "vital" lung for the planet. The latest official figures show 79,513 forest fires have been recorded in Brazil this year, the highest number of any year since 2013. More than half of the fires are in the massive Amazon basin, where more than 20 million people live. Some 1,130 new fires were ignited between Friday and Saturday, according to Brazil's National Institute for Space Research (INPE). The new data come as protesters plan to take to the streets across Brazil on Sunday, after thousands held demonstrations in the country and in Europe on Friday. Lora Smith BIARRITZ, August 26 -- G-7 leaders discussed the return to the G-8 format with Russia's participation at a summitin the French city of Biarritz, Kyodo news agency reported, citing sources from Japanese government circles. No details were provided about the content of the interview, and an agency source said the information "will never be disclosed". Earlier, US President Donald Trump agreed to a proposal by his French counterpart, Emmanuel Macron, to invite Russia to the G7 summit in 2020 in the US. Vladimir Putin, for his part, said that Russia considered all contacts with the G7 countries useful and did not rule out the resumption of the G8 form. German Chancellor Angela Merkel linked the issue of the resumption of the G-8 with progress in resolving the conflict in Ukraine. The G-7 is an association of economically developed countries that includes the United Kingdom, Germany, Italy, Canada, the United States, France and Japan. In the form of the seven, the club has existed from 1976 to 1997. After Russia's accession, it became known as the G8 Linda Kim HONG KONG, August 26 -- Hong Kong stocks dived more than 3 per cent in the first few minutes of business on Monday. Caused by United States President Donald Trump ramped up his trade row with China and the city was hit by fresh violent protests over the weekend. The Hang Seng Index plummeted 3.27 per cent, or 857.33 points, to 25,322 at the open. The benchmark Shanghai Composite Index sank 1.6 per cent, or 46.41 points, to 2,851.02, and the Shenzhen Composite Index, which tracks stocks on China's second exchange, shed 1.96 per cent, or 30.87 points, to 1,547.83. Linda Kim SHANGHAI, August 26 -- China's currency on Monday (Aug 26) slid to its lowest point in more than 11 years as concerns over the US trade war and the potential for global recession weighed on markets. The onshore yuan fell to 7.1487 to the US dollar, its weakest point since early 2008, in Asian trading. Global economic tensions have intensified in recent days with the US and China raising tariffs on each other's imports, and President Donald Trump calling on US businesses to pull out of China. The yuan is not freely convertible and the Chinese government limits its movement against the dollar to a two percent range on either side of a figure that the central bank sets each day to reflect market trends and control volatility. The People's Bank of China has set that rate steadily weaker in recent weeks and set it on Monday at 7.057 to the dollar. Allowing the yuan to depreciate makes Chinese exports cheaper and offsets some of the burden of punitive US tariffs. The yuan breached the key 7.0 threshold against the dollar earlier in August, days after the US announced plans to impose fresh tariffs on Chinese imports from September 1. Linda Kim HONG KONG, August 26 -- China sent the strongest warning yet of using troops on Hong Kong's streets, where Beijing says protests have turned into a "Colour Revolution", with water cannons and tear gas fired in skirmishes between police and demonstrators in the 12th straight weekend of unrest. "It's not only the China central government's authority but also its responsibility to intervene when riots take place in Hong Kong," the state-run Xinhua News Agency said on Sunday (Aug 25) in a commentary, recalling comments by former top leader Deng Xiaoping that Beijing has to act under such circumstances. United States President Donald Trump said on Aug 13 that reports from US intelligence agencies show the Chinese government is moving troops to its border with Hong Kong. A day earlier, Global Times, a Chinese tabloid run by the People's Daily, reported that the Chinese People's Armed Police were assembling in Shenzhen ahead of "apparent large-scale exercises", where "numerous" armoured personnel carriers, trucks and other vehicles of the paramilitary force were seen heading towards Hong Kong's neighbouring city. In Sunday's commentary, Xinhua said Hong Kong's protests have turned into a Colour Revolution aimed at overturning the Special Administrative Region's constitutional institutions, a signal it was ready to take further action. Previously, Chinese officials described the protests as having some characteristics of a "Colour Revolution". Protesters' violent acts have pushed Hong Kong to an extremely dangerous edge, the city's government said in a statement after a day full of violent clashes between demonstrators and the police, where an officer fired warning shots in the air. Lora Smith The U.S. administration of President Donald Trump has renewed sanctions on Iran after quitting Tehran's deal with Britain, China, France, Germany, Russia and the United States, which promised sanctions relief in exchange for curbs on its nuclear program. "Iran's active diplomacy in pursuit of constructive engagement continues," Zarif tweeted. "Road ahead is difficult. But worth trying." The minister departed on a government plane for Iran on Sunday evening. A source at the French presidential office said practical discussions at the G-7 summit led to Zarif's visit to Biarritz, which the United States had acknowledged. Macron is said to have personally contacted Trump.
G-7 leaders shared the view Saturday that Iran should not possess nuclear weapons, but differed in their approach to finding a solution. With U.S.-Iran tensions escalating, France, which has expressed hope the nuclear agreement will survive, has apparently been trying to mediate between Washington and Tehran, foreign affairs experts say. Zarif was already in France, having met with Macron in Paris on Friday. Linda Kim HONG KONG, August 25 -- Protesters left the northern district of Tsuen Wan, where police had earlier deployed two water cannon, at first during dispersal operations, regrouping in the working class district of Sham Shui Po on Sunday night. Amid heavy rain, scores of protesters with umbrellas shouting "hak seh wui", or "triads", at riot police gathered to disperse the crowd. Earlier, police deployed two vehicles equipped with water cannons on the streets of Tsuen Wan, a town in the New Territories area close to the Chinese border. The vehicles slowly cruised down streets and directed their water cannons at makeshift barricades as police cleared roads after protesters retreated southward, and most had dispersed by about 7.30pm (local time). This came as multiple rounds of tear gas were fired to clear protesters, following an approved protest march earlier in the day. But as protesters dispersed, a splinter group targeted several shops in Yi Pei Square in Tsuen Wan, the site of clashes between pro-democracy protesters and government supporters, trashing several shops including a restaurant and a mahjong parlour. Shortly after 8pm, at least three officers drew their service revolvers on a group of protesters who had attacked them, resulting in a standoff at a nearby building with reporters unhappy that a gun had been pointed at them. Riot police were brought to reinforce the officers. A uniformed officer had fired a warning shot during the encounter, a senior police officer told journalists at the scene but did not go into further details citing the need for further investigation. Earlier in the day, groups of demonstrators occupied the streets in Tsuen Wan with barricades made of dismantled roadside fences, bamboo poles, water-filled barriers, traffic cones and dustbins near Tsuen Wan Park, the official end point of the march that started at Kwai Chung Sports Ground. One water-cannon vehicle was used to clear the barricades on Tai Ho Road, which was not occupied by protesters, according to local TV footage. In a statement, police said the situation in Tsuen Wan had escalated, with protesters hurling bricks and aiming strong laser beams at officers. The police appealed to people in the area to leave immediately. Lora Smith ROTTERDAM, August 25 -- Eleven years after the global financial crisis, the European banking industry is once again preparing for tough days ahead. After Deutsche Bank announced a large-scale layoff plan not long ago, another large European bank might follow suit to do the same. Italy’s largest bank by asset size UniCredit is considering 10,000 job cuts, accounting for 10% of the bank’s total global workforce. This layoff makes up part of the business plan that UniCredit will announce at the end of this year. UniCredit will announce at least 9,000 layoffs, and almost all the employees getting retrenched will be Italians. The negotiations between UniCredit and the union will begin after the announcement of its business plan for 2020-2023 on December 3 this year. The negotiations between both parties may help to reduce the number of layoffs from the original figures. UniCredit is a European bank headquartered in Milan, with operations in 19 countries and having more than 28 million customers. It is also one of the largest banking groups in Europe. The core business of UniCredit is mainly distributed in the more well-off regions of Italy, Austria and southern Germany, as well as a large number of businesses in Central and Eastern Europe. With assets of EUR 91 billion, UniCredit has become the largest bank in the Eurozone, the third largest in Europe and the sixth largest in the world. However, its profitability is in decline. According to publicly-accessible information, UniCredit’s net profit for 2018 was EUR 3.892 billion, a decline of nearly 29% compared to a net profit of EUR 5.473 billion in 2017. The recent frequent layoffs could be a possible indication that the European banking industry has not fully recovered from the financial crisis. After the crisis, the United States adopted quantitative and accommodative monetary and fiscal policies as guarantees, and through legislation to strengthen supervision of the banking industry. At the same time, the government helped the banks through the crisis by using national capital injection. The period of de-leveraging the banking industry is relatively short, and the profitability of the U.S. banking industry therefore recovered within a shorter span of time. In Europe, there was a lack of a unified fiscal policy. It was only in November 2014 that the single regulatory mechanism for the banking sector in the euro zone was launched. The de-leverage of the European banking industry lacked sufficient policy support and assistance, hence slowing its process of deleveraging. Since the total loans of 27 banks in Europe account for a much higher proportion of non-financial debt than the United States, the impact on the economy in its de-leveraging process was much greater, which in turn affected its profitability. On a more general level, the poor performance of the European banking industry stemmed from the slow recovery of the European economy and the tightening of banking regulations. Data from the World Bank reveals that from 2010 to 2017, the world’s GDP increased from US$ 65.96 trillion to US$ 80.73 trillion, representing an increase of 22.39%. Among them, the U.S. GDP increased from US$ 14.96 trillion to US$ 19.39 trillion, an increase of 29.61%. However, the EU’s GDP only increased from US$ 16.98 trillion to US$ 17.28 trillion, a mere 1.76% increase and far less than that of the United States. The economic growth of the EU is not only significantly lower than the global average, but also significantly lower than the United States. The reason why European banking performance is closely related to its economy is because European banks, especially small and medium-sized banks, are not highly globalized, and their business is mainly located in Europe. Only a few larger banks, such as Deutsche Bank, have branches around the world that provide services to customers globally. As the global trade frictions intensify and the downward pressure on the economy increases, the profits of these large banks are being affected. Small and medium-sized banks whose businesses are mainly concentrated in Europe will see difficulty in achieving improvement. After the financial crisis, especially since the European debt crisis, the strength of regulation in Europe has been increasing. The European debt crisis has exposed two major problems of the European banking industry. Banks conducting higher-risk businesses and the general EU financial system were under-regulated. To resolve this, the EU on the one hand has increased the banking capital adequacy requirements, prohibiting large banks from engaging in proprietary trading, and curbing excessive speculation in the banking industry. On the other hand, it established a banking industry alliance to form a unified regulatory mechanism, clearing mechanism and deposit insurance system. However, EU member states have major differences in the relevant new banking regulations. The increase in capital adequacy ratio and the divestiture of risky assets have augmented the stability of the banking industry. At the same time, it also led to a decline in the income and profit of the banking industry. Kevin Dowd, a professor of finance and economics at Durham University, has previously analyzed that the large European banks have suffered setbacks in the United States, and also contraction of their business activities. However, a careful analysis will reveal that the main problem in the EU banking industry is happening in European soil. The European banking industry is facing a major repayment crisis, and this crisis has been brewing for a long time. The thorny issue facing the European banking industry is caused by none other than the EU itself. Due to quantitative easing policies and excessive tolerance policies, the existing problems have worsened. Dowd believes that the EU banking industry is currently moving in the direction towards a crisis, and the EU bank’s bad debt loaning solution will fail to work. In the end, there will be the scenario where the taxpayers will have to bailout the banking industry who will then become too big to fail. It is worth noting that both Deutsche Bank and UniCredit are regarded as banks with high importance in the global financial system. If these banks are having problems, they will inevitably hold a major impact over the European financial system. In particular, the European economy has not recovered from the crisis so far. With the global trade war resulting in economic slowdown, the European Central Bank has clearly stated that in order to support economic growth, it may further introduce easing policies and even cut interest rates further. Long-term negative interest rates have seriously affected the profitability of the European banking industry, and should the interest rates fall further, the impact on these banks will be even greater. As these banks get into trouble, they will also affect the lending behavior of enterprises, which will in turn drag down the growth of the entire European economy and thus turning these events into a vicious cycle. If this shock continues to expand, it may trigger a new round of global economic crisis. Final analysis conclusion: The recent frequent layoffs in the European banking industry have highlighted its vulnerability in the post-crisis era, and in the context of global trade war and economic slowdown, this vulnerability may eventually evolve into a trigger for a new global economic crisis. Linda Kim BEIJING, August 25 -- United States trade groups have joined in a chorus of opposition to the latest escalation of tariffs Washington threatened for all the Chinese imports. It's been heard that "enough is enough" as intensified tensions roil stock markets, ruin businesses and rid farmers of their most important export markets. Last Friday, US President Donald Trump announced that he would hike duties on US$250 billion (S$346 billion) worth of Chinese goods from the current 25 per cent to 30 per cent starting from Oct 1, and the remaining imports of US$300 billion from the planned 10 per cent to 15 per cent from Sept 1. The move followed Beijing's plan last Thursday to raise tariffs on US$75 billion worth of US goods in retaliation to the US side's planned taxing on an additional US$300 billion worth of Chinese imports, which was announced earlier this month. China's Ministry of Commerce said on Saturday that the country is "firmly opposed" to Washington's "unilateral and bullying acts of trade protectionism and extreme pressure", and urged it to immediately stop its "erroneous practices". The ruling Communist Party's People's Daily said on Sunday that China will fight back against the latest US step to increase tariffs on Chinese goods. “China is confident that it will follow its own path and do its own things well, and will never waver in its stand on countering any provocations by the US side,” the newspaper said in a commentary. US politicians, seeking to hamper China’s economic development, still want to use the tactics of exerting maximum pressure on China that has achieved few results, the paper said. But the US will not win the trade war because of the plight faced by its farmers and businesses. In the US, Mr Gary Shapiro, president and chief executive officer of the Consumer Technology Association, said that "enough is enough", as shown by the 623-point drop in the Dow last Friday. "Global markets are reeling on fears of a global recession. And today's (last Friday) announcement only inflicts more pain on American businesses, workers and families," said Mr Shapiro. "These escalating tariffs are the worst economic mistake since the Smoot-Hawley Tariff Act of 1930 - a decision that catapulted our country into the Great Depression," Mr Shapiro said. "Instead of making America great again, the president is using tariffs to make a great economic mistake - again." He continued: "How much longer will our families, companies and economy be forced to bear the financial burden of this misguided trade policy?" Mr Rick Helfenbein, president and chief executive officer of the American Apparel & Footwear Association, also lamented that what the US businesses now get is "a 1930s trade strategy" that will be a disaster for consumers, businesses, and the economy. Linda Kim HONG KONG, August 25 -- Hong Kong police on Sunday said they arrested 29 people after clashes overnight, in which volleys of tear gas were fired to break up anti-government protests and as the Asian financial hub braced for further demonstrations in the day. Aged between 17 and 52, the suspects - 19 men and 10 women - were arrested for offences including the possession of offensive weapons and assault of police officers, police said in a statement. Those arrested included the organiser of Saturday's march, Mr Ventus Lau, public broadcaster RTHK reported. The force also strongly condemned protesters for "breaching public peace" on Saturday. On Sunday, transport to the city's international airport appeared normal, despite protesters' plans for a day-long "stress test" of transport in the aviation hub. Another protest was planned for Sunday in the working class district of Tsuen Wan, while demonstrators also plan a city-wide strike and class boycotts at universities in coming weeks. Hong Kong's metro operator MTR said on Sunday that a number of stations on the Tsuen Wan line would be closed from 1.30pm, RTHK reported. The Kwai Fong and Tsuen Wan stations on the Tsuen Wan line as well as the Tsuen Wan West station on the West Rail line would be temporarily closed. VIOLENT PROTESTS Activists on Saturday threw petrol bombs and bricks in the gritty industrial area of Kwun Tong, a densely populated area of the Chinese territory on the east of the Kowloon peninsula. Four MTR subway stations were closed due to the protests. Police used tear gas after some protesters threw Molotov cocktails and bricks and others tore up "smart" lamp posts equipped with surveillance cameras. Others had set up roadblocks with bamboo scaffolding. It was the first use of tear gas in more than a week after a series of mostly peaceful demonstrations in the former British colony. Strongly condemning the "vandalistic and violent acts of radical protesters" on Saturday, the Hong Kong government said in a statement that the police would strictly follow up on all the illegal acts. It also appealed to the protesters to stop the violence so that order can be restored in society as soon as possible. FIGHT FOR DEMOCRACY The protests, which started over a now-suspended extradition Bill and have evolved into demands for greater democracy, have roiled Hong Kong for three months. Demonstrators' demands include an independent inquiry into what they describe as police brutality, a full withdrawal of the extradition Bill, and universal suffrage. The wider calls for democracy have plunged the city into an unprecedented crisis posing a direct challenge for Communist Party leaders in Beijing. Demonstrators say they are fighting the erosion of the "one country, two systems" arrangement that enshrines a high degree of autonomy for Hong Kong since it was handed back from British to Chinese rule in 1997. Linda Kim HONIARA, August 25 -- In June, then newly elected Solomon Islands Prime Minister Manasseh Sogavare announced that the Pacific nation would decide within 100 days whether to switch diplomatic recognition from Taiwan to China. Solomon Islands has been allied with Taiwan since 1983, and with a population of just over 600,000, it is the largest of the six Pacific states that recognize the self-governed island, which China considers a renegade province. However, with the 100-day deadline soon approaching, the islands' government appears more torn than ever over the impending decision, and lawmakers say the final call could be postponed for months. Opposition leader Matthew Wale told Kyodo News that while the decision of whether to switch ties lies entirely with the government, he understands that an outcome "will maybe be reached by November." Wale's comments come as former Prime Minister and current Minister for National Planning and Aid Coordination Rick Houenipwela told Radio New Zealand that a vote in parliament would not happen at all this year. Houenipwela was one of 16 pro-government lawmakers who on Wednesday publicly announced their strong support for the Solomon Islands remaining with Taiwan, citing fears of "debt-trap diplomacy" with which China's Belt and Road infrastructure development initiative is often associated. "We state very clearly that we will not support any policy to change Solomon Islands diplomatic ties from Republic of China (Taiwan) to the People's Republic of China (PRC)," the statement, published on the Solomon Business Magazine Facebook page, read. "We believe the long term interests of our country -- in terms of our development aspirations, as well as respect for democratic principles, human rights, rule of law, human dignity, and mutual respect -- lie with Taiwan, not the PRC," it said. Signatories to the letter account for over half of government ministers, including Foreign Minister Jeremiah Manele and Deputy Prime Minister John Maneniaru. The prime minister is also understood to continue to "cherish Solomon Islands relations with Taiwan," according to the letter. Lora Smith BIARRITZ, August 25 -- Leaders from the Group of Seven industrialized nations shared the view Saturday that Iran should not possess nuclear weapons while still differing in their approaches to finding a resolution to the issue as they kicked off a three-day summit in France. Japanese Prime Minister Shinzo Abe, who visited Iran in June to help diffuse heightened tensions in the Middle East, told the other G-7 leaders in the French coastal city of Biarritz that Tokyo will continue to engage with Tehran on the diplomatic front, a senior Japanese government official said. "The leaders exchanged various views (on issues such as Iran) and efforts were made by each country toward finding common ground," the official said. G-7 members have been jittery over U.S. President Donald Trump's strategy to shake up multilateral arrangements to advance U.S. interests -- notably his withdrawal from the 2015 Iranian nuclear deal that has ratcheted up tensions in the Middle East. The big question of whether the G-7 -- made up of Britain, Canada, France, Germany, Italy, Japan, the United States plus the European Union -- is an effective forum for tackling global issues still looms large following past clashes between the United States and other members. The leaders also discussed Russia's potential return to the G-7 framework over dinner that lasted nearly three hours, the official said without giving further details. Russia was dropped from the then Group of Eight after its annexation of Crimea in 2014 which it drew sharp international outcry. Despite Trump's push for readmitting Russia, other G-7 members are opposed due to a lack of progress on the Crimea issue. With its unity in doubt, the G-7 leaders are expected to discuss a range of topics in the coming days from the global economy and digitalization to inequality and North Korea. They agreed Saturday on the need to extend assistance over Amazon rainforest fires in Brazil. Trump, who reportedly had reservations about attending the G-7 meeting, said on Twitter that his evening meeting with world leaders went "very well," adding, "Progress being made!" Lora Smith PARIS, August 24 -- Donald Trump landed in France with First Lady Melania for the G7 summit Saturday, after taking a swipe at fellow leaders, calling them "friends of mine, for the most part" but not in "100 percent of the cases". The president threw shade at some of America's closest partners on Friday evening, mere hours before he'd see them in Biarritz at the Group of Seven summit. He threatened to tax French 'like they've never seen before' and characterized world leaders attending the event as 'friends for the most part' in front of Marine One. 'We're going to France. We'll have a good few days. I think it will be very productive, seeing a lot of leaders who are friends of mine, for the most part,' he said of his trip, smirking as he added, "Wouldn't say in 100 percent of the cases, but for the most part." He did not say which leaders were getting under his skin, but Trump offered several hints in the comments he delivered outside the White House before he left for Europe with first lady Melania. She arrived into Biarritz wearing a yellow dress with pink stiletto heels and sunglasses. The first lady had departed Washington wearing a Chanel jacket, white pants and a black top. Trump harped on France's digital tax, which he said U.S. tech companies don't deserve. He noted that he's 'not the biggest fan of the tech companies,' which he again accused them of interfering in his election. Yet, he said, their regulation should be up to the United States, and not foreign countries like France. "I don't like what France did. They put a digital tax on our tech companies," he said. "Those are great American companies, and frankly, I don't want France going out and taxing our companies, very unfair." He cautioned French President Emmanuel Macron against moving ahead with the action that could spark a protracted trade war with the United States. It is understood the two world leaders will have an unscheduled lunch together Saturday. "If they do that, we'll be taxing their wine, or doing something else. We'll be taxing their wine, like they've never seen before," Trump promised. Whether he meant for the earlier jab about his 'friends' in the global community to land on Macron or another leader he'll be seeing like German Chancellor Angela Merkel was unclear. |
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