US-China trade tensions continue to escalate; Israel faces second election

US-China trade tensions continue to escalate

The US-China trade tensions continued to heat up after the US Department of Commerce announced on May 29 that it would impose preliminary anti-dumping duties on Chinese-made mattresses and stainless steel beer kegs that the US said were being sold at below-market prices. China immediately voiced strong criticism of the US's latest move. According to experts, the biggest challenge in the current US-China relationship is balancing the common perception between the two countries.

The US government will impose tariffs of up to 79.7% on Chinese beer kegs and 1.73% on mattresses, the latest round of tariffs imposed by the US on Chinese goods amid the ongoing US-China trade war.

Ukrainian Parliament rejects Prime Minister Groysman's resignation

Ukrainian Prime Minister Volodymyr Groysman at a press conference in Kiev on May 15, 2018. Photo: AFP/TTXVN

On May 30, the Ukrainian parliament voted to reject the resignation of Prime Minister Volodymyr Groysman, with a majority of lawmakers saying that his departure would lead to "chaos" ahead of early elections scheduled for July. Groysman resigned after the inauguration of new President Volodymyr Zelenskiy, saying that the new Ukrainian leader had rejected his offer of cooperation.

Also on May 30, the Press Office of the President of Ukraine announced that Mr. Zelenskiy had proposed to the Ukrainian Parliament to dismiss Foreign Minister Pavel Klimkin, Defense Minister Stepan Poltorak and Director of the Security Service of Ukraine (SBU) Vasyl Hrytsak.

Malaysian Prime Minister Proposes East Asia Use Common Currency for Transactions

Malaysian Prime Minister Mahathir Mohamad (right) speaks at the conference. Photo: Dao Tung/VNA

On May 30, Malaysian Prime Minister Mahathir Mohamad proposed that the East Asian region should consider using a common currency based on gold in regional trade transactions, thereby promoting trade and freeing the region from dependence on USD transactions.

Speaking at the 25th Future of Asia Conference in Tokyo, Japan, Mahathir said that countries currently depend on the US dollar, but this currency is also unstable. Therefore, he proposed using a common currency based on gold because gold is much more stable than the US dollar. He made it clear that this common currency can be used for regional trade but not replace domestic currencies. The Malaysian Prime Minister also noted that the exchange rate of this common currency will be "linked" to the capacity of each country and will help balance regional trade.

Venezuelan government and opposition fail to reach agreement

Representatives of the Venezuelan government and opposition have ended a meeting in Oslo, the Norwegian capital, without reaching an agreement. The meeting, hosted by Norway, was aimed at finding a way to end the South American country's long-running conflict.

Opposition leader Juan Guaido's office said on May 29 that the opposition had agreed on a roadmap to end President Nicolas Maduro's term at a meeting in Oslo. The roadmap also includes the formation of a transitional government and free elections. However, the office of opposition leader Juan Guaido also said the two sides did not reach an agreement. Mr. Guaido said that protests would continue until the two sides reach a solution to the conflict in Venezuela.

Israel faces second election this year

Israeli lawmakers voted early on May 30 to dissolve the Knesset, paving the way for a new election in the country, after Israeli Prime Minister Benjamin Netanyahu failed to form a coalition government when the deadline expired.

The September 17 election will be the second of its kind this year, marking unprecedented upheaval in Israel and a blow to Prime Minister Netanyahu. The vote to dissolve parliament took place just minutes after Netanyahu’s deadline to form a government expired.