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President-elect Donald Trump is set to announce Jamieson Greer as the new US Trade Representative, emphasizing the significant role of tariffs in his economic strategy. Trump plans to impose a 25% tariff on imports from Canada and Mexico, along with a 10% levy on Chinese goods, despite warnings from economists about potential inflation and increased national debt. Greer, a protégé of former Trade Representative Robert Lighthizer, is expected to be instrumental in executing these trade policies.
Wealthy nations agreed to a $300 billion funding proposal to assist developing countries in transitioning away from polluting fuels, but the deal faced significant criticism for being insufficient. Many poorer nations, including the LDCs and small island states, expressed disappointment over their lack of consultation and the perceived inadequacy of the financial support. The agreement also included provisions for emerging economies like China to contribute, reflecting a complex dynamic between rich and developing nations amid ongoing climate challenges.
A recent climate summit revealed tensions between rich nations and vulnerable island states, with a $300 billion climate proposal leaving many feeling abandoned. As China solidifies its dominance in clean energy, poorer countries express frustration over insufficient funding commitments, particularly as the U.S. faces a new political era.
The IMF has approved the third review of Sri Lanka's $2.9 billion bailout, releasing approximately $333 million, which brings total funding to around $1.3 billion. While signs of economic recovery are emerging, the country must still address a $12.5 billion bondholder debt restructuring and a $10 billion debt rework with bilateral creditors, including Japan, China, and India. The World Bank projects a 4.4% growth for Sri Lanka this year, marking the first increase in three years.
UK inflation has risen again, presenting significant challenges for the new Labour government led by Keir Starmer. Meanwhile, the Euro and Pound have fallen as Trump’s potential return to power raises fears of renewed trade wars, echoing his previous tariff strategies against the EU and China.
COP29 talks on fossil fuel transition faced near collapse due to opposition from Saudi Arabia and some developing nations, prompting the presidency to intervene. Despite setbacks, countries emphasized the need for strong emission-cutting measures and financing for energy transitions, with consultations led by Norway and South Africa set to conclude soon.
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Trump team set to announce Greer as US trade representative
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02:38 27.11.2024
wealthy nations offer 300 billion to aid developing countries in climate shift
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02:27 24.11.2024
climate summit highlights tensions over funding and global leadership shifts
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02:17 24.11.2024
IMF approves third review of Sri Lanka bailout amid economic recovery signs
09:26 23.11.2024
UK inflation rises as Labour government faces economic challenges
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17:16 18.11.2024
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