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With the decline of its hardware business making iPhones Apple is looking at other fields. It is launching cheap online TV subscriptions in streaming wars in competition with Netflix and others. Apple is launching a new TV streaming service Apple TV+ in 100 countries for 4.99 British pounds a month undercutting Netflix's price of 5.99 pounds. The new service will be started November 1, 2019. Disney plans a streaming service for 7 pounds a month starting November 12. This service is alongside iPhone 11 launch and anew iPad, a new iWatch. Buy any new Apple device and you get a 1 year streaming service free.  Sales of iPhones fell 14% in the April to June 2019 quarter to 39 million units. Samsung's business is growing by 4% to 75 million units and Huawei by 16% to 58 million units. Apple sees the need to increases its services business with a target of $50 billion in 2020. Apple sees itself more as a media and cloud services company as it makes this change. In markets such as India Apple's growth is limited by its failure to lower prices on new iPhones. In China it faces strong competition from Huawei. The trade tensions are increasing the strength of Chinese brands in the Chinese market. The market in U.S. and Europe is saturated after years of expansion. New iPhone models are costly and bring peripheral advantages such as more and better cameras and features such as screens that are not breakable- for the iPhone 11- not dimensions that are critical for making a costly purchase. After years of growth tech companies such as Apple, Google, Alibaba, Amazon are reaching a point where incremental growth is not what it used to be and most of the rapid growth behind them. Trade tensions are also limiting the outlook in the Chinese market, and pricing remains a major factor in the Indian market. Western markets are saturated. There are fewer and fewer substantial new ideas from these tech companies. ...

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The Washington Post's Fred Hiatt interviews Seiji Maehara, Japan's Foreign Minister. Hiatt says Maehara is committed to easing immigration and increasing tourism and student exchanges. A new program of child allowances is designed to reverse population decline. Prime Minister Kan has proposed closing the deficit by raising the consumption tax. What struck Hiatt most from the interview was the emphasis on the US-Japan partnership and shared values of democracy and open trade, and the sense of a shared disillusionment with China.

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Peter Navarro's thinking is genuinely felt and genuinely thought out after 20 years  at Harvard, UC Irvine and other universities, as an economist who abhors sitting in the office with textbook theory that has no relevance to life of working families in the heartland of America. He says of these textbook theory economists and the American companies that have recklessly shifted America's industrial base to China year after year and decade after decade- “The same damn fools who supported NAFTA, China’s entry into the W.T.O., and every other trade deal that was supposed to benefit America but only benefited Wall Street and the foreign nations screwing us. Those mainstream economists need to get out more often — maybe to Ohio or North Carolina or Pennsylvania or Wisconsin or Michigan.”  He says the 70 nations including the big ones Japan, South Korea, Taiwan, India, Britain and the European Union are already neogtiating with the Trump administration. What more proof does one want. The Nation will get a better deal as it is about fairness in world trade, and an even playing field. Navarro calls it "a beautiful thing." The three dimensional unique approach taken by Navarro, Bessent and Lutnick and by Trump is working, says Navarro. Fifteen decades ago A. Lincoln stated- "The dogmas of the quiet past are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise to the occasion.As our case is new we must think anew, and act anew. We must disenthrall ourselves, and we shall save our country."   ...

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How the state of Maharashtra was formed from Bombay state that included Gujarat, by making language as a basis of state formation offers clues for India's economic and political solutions to the problem of modernizing the country in the way Japan and China have done. The same is true for Gujarat.  Gujarat added the princely states of Saurashtra. The original Bombay state did not include Saurashtra or the Vidarbha and Marathwada regions of today's Maharashtra state. Vidarbha and Marathwada were added to create Maharashtra, Saurashtra was added to create Gujarat. Voting patterns have given the party that is pushing hardest for modernization of infrastructure with speed and scale favorability in most regions of Maharashtra except Marathwada regions and most regions of Gujarat except Saurashtra. The Bombay city region that forms a large part of the voting population in Maharashtra came first under the influence of British, then Gujarati business, then trade unions, followed by a Mumbai for Marathis movement, and now an integration of the Marathi movement into one that reaches for leadership for modernization on a national scale.   Bombay city is itself being dug up in a way Tokyo in the 20's and 60's must have been, or Shanghai in the 90's, 1912 sites have been dug up for a next generation Metro system of trains, a bullet train to Ahmedabad and New Delhi and for bridges across the Arabian sea, new expressways. Projects that were stalled for decades because of political stalling inaction are now being pushed ahead to be finished in 2-3 years or half the time. In Japan in the 20's the incentive was Japan's resurgence, in the 60's its recovery from world war. In China in the 90's the rush to modernize after the Japanese invasion and failed attempts in the 60's. In India today it is the rush to modernize after the British Empire's extraction of wealth from the country since 1850, and the failed attempts twice in the 60's and 90's.   ...

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Compromise reached at the October 2010 G-20 meeting in S. Korea to reduce trade imbalances, and for countries with current account surplus exceeding 4% of GDP (China 4.7% and Germany 6.1%) to bring these balances down by 2015. Countries with large current account deficits, Turkey 5.2% and South Africa 4.3%, were expected to bring their deficits down and increase national savings. The US is at 3.2%. The US proposal for a target was accepted by Japan as long as it was not a fixed target but a reference point. Germany was opposed, saying it was a return to planned economy thinking. China did not comment on the issue. Canada, Australia and the UK supported the US position. The compromise was an effort to continue pressure on China to redirect its policies away from exports to increasing domestic consumption, while still refraining from a fixed target. It also takes some of the pressure off a fast track currency rebalancing, with China expected to increase the value of the yuan, but given more flexibility than the rhetoric would suggest....

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Bide meets British prime minister Starmer in Wasnhington as Britain is ready to approve use of its long range missile systems inside Russia. This comes as Russia is about to gain control of the Donetsk region. Republicans other than Mr. Trump and his supporters are for stronger support to Ukraine following US policy of opposing invasion to achieve military goals since 1900 against the Japanese in China and the Vietnam War was fought on the same basis in the 1960's considering the South Vietnamese state as an independent republic, just  invaded by the north, by North Vietnam, just as the US had done in the Korean War between North and South Korea. In the Vietnam War nationalism played apart with the Vietnamese nationalism prevailing by 1970. Russians see Kiev as the origin of the Russian State in the 9th century, and eastern region of Donetsk as Russian if western Ukraine seeks to join NATO and EU. Britain has opposed Russia since 1750 as it saw Russia as the threat to an Empire it was building in South Asia, in India that financially supported its Empire worldwide for 200 years till about 1950. Britain engaged in the Crimean War against Russia so that along with the French it could control Turkey and its Ottoman states in the Arab Middle East under the guise of trade. This effort was pushed back by Kemal Ataturk in the 1920's when he founded the modern state of Turkey in Ankara. ...

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WSJ report shows that on the morning of the 90 Day Pause in Tariffs announcement discussions took place with the Swiss prime minister, with Treasury Secretary Scott Bessent, and watching Fox News interview of JP Morgan Chase's Jamie Dimon. Seeing the turmoil in financial markets and bond markets, US president DJT made the decision to give time to make the agreements with about 50 countries, and time for financial markets to understand the president's  policy and goals to reformulate the world trading system into one that offers a level playing field. The chart showing the Tariffs of 67% by China and US 34% imposed tariff in the Rose Garden on April 2, 2025, was say reports the result of the influence on the president of the advice of Peter Navarro.  Treasury Secretary Scott Bessent's expertise is in financial markets as a protege of Soros, Navarro's is world trade. Bessent stepped in when financial markets appeared to reflect the uncertainty and convinced the president that the 90 day pause would be the best way to implement the policy on trade. There is a vigorous debate in the administration about how to get a level playing field for trade, and get the job done without disruptions in financial markets or a recession induced by uncertainty. On April 10 as part of the effort to talk to the American people US president DJT opened up his Cabinet meeting to the media and had Bessent, Borghum, RFK Jr and Marco Rubio talk about their plans and policies. Proper implementation, gaining confidence of the people of America and financial markets, is now as important as the goals and policies in the next 90 days. Getting the trade deals with the European Union, Japan, South Korea, Taiwan, Britain and India would go a long way to reassure financial markets and set the right tone for the future.   ...

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Overall consumer prices were up 4.4% higher in October 2010, than a year earlier, according to the National Bureau of Statistics. Most of the increase in prices was concentrated on food and energy. China is taking action to limit price increases. During previous rise in inflation in 2004 and 2005, the government has resorted to detailed price controls. China's cabinet of ministers, the State Council, has issued orders that local governments and other government entities provide temporary subsidies to help the needy cope with rising prices and to increase allowances for needy students. Chia fears social unrest if prices go much above 5%. The Food and Agriculture Organization of the UN warns that food prices have gone up by 10% in the poorer countries. According to economists, China is effectively printing its currency renminbi to buy $1 billon a day worth of dollars to keep the renminbi weak, so that its exporters retain an advantage in overseas markets. The central bank takes away some of this renminbi but not all from the system, by selling bonds to state owned banks and increasing the amount of reserves required at the central bank. To keep the renminbi from rising, China's central bank buys up the investment dollars that are coming into the country, as well as dollars coming into the country from the trade surplus....

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The Guardian's Greenhouse says the UAW sees the tariff action with 25% tariff on cars imported into the US starting April 2 2025, as a positive step.  Shawn Fain of the UAW who had the support of president Biden during his term 2020-2024 says DJT's actions match those taken by Biden to help working class Americans and the middle class. Supporting the president “for stepping up to end the free trade disaster that has devastated working-class communities for decades”. “Ending the race to the bottom in the auto industry starts with fixing our broken trade deals, and the Trump administration has made history with today’s actions.” Greenhouse is concerned that the way it is being implemented can create problems with tariffs on one day and off the next. The reason for the on again off again action was to give Mexico, Canada, and China time to respond with action they have not taken on fentanyl flows into the US, and Mexico time to address migrant trafficking across its borders. The US International Trade Commission study in 2024 on the 25% tariff on US auto imports cited by BBC shows it would reduce imports by 75%, increase prices by a modest 5%, and increase revenues of auto makers in the US by 5%. Figures such as prices going up by $6000 may apply to BMW's that are imported from Germany and carry high price tags for a very small very affluent customer group unrepresentative of the US automobile market. ...

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Alex Frangos says mainland shares are still trading at a premium. He cites the Hang Seng A-H Share Premium Index, that shows the difference for shares in the freely trading Hong Kong market with the less freely trading mainland China market- the mainland shares trade in Jan 2016 at a premium of 38%, when the five year average premium is 8%. He cites other figures to show that Beijing policymakers face a difficult task to keep stock prices from reaching a natural valuation.

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There appears to be a conscious deliberate decision by the Chinese government and policymakers to shift the economy from low-end technologically unsophisticated and polluting industry, that pays low wages with little worker protections, towards technologically sophisticated, environment respecting, and higher wage industry. This does not mean textiles are out, but textile companies that are larger better managed, able to introduce newer technologies and produce higher quality product- that command higher prices in the world market and therefore also able to sustain decent wages and worker protection- are in. Phasing out the smaller shops and the poorly run or deliberately polluting and labor exploiting companies run from Hong Kong or elsewhere. The general shift is to be a leader in products which are value added either by technology or human capital, such as better trained more knowledgeable workers. This is similiar to the shift Japan made after the sixties, as it moved from a rural to a urbanized society and textile companies like Kanebo became technologically sophisticated, while small shops withered out, and Japan gradually shifted into automobiles, electronics and chip making. The noticeable difference is that Japan with a prewar industrial base and a smaller market protected its home market for Japanese companies, whereas China lacking this prewar industrial base let foreign investment and companies overseas bring in equipment and use low cost Chinese labor to supply western markets. And it turned a blind eye to labor protections, at least till it had built up its own industrial base and knowhow with policy requiring Chinese partners in industry and technology transfer. Economic winds are also doing the job. Inflation, Chinese goods prices increased by 4.6% in May according to the U.S. Commerce Department. This is a result of the Chinese government requiring worker protections and decent wages and stricter pollution enforcement resulting in increased energy costs. For years the U.S. and other countries depended on China for low cost goods and the demand for low cost goods depressed margins which resulted in legitmate costs such as pollution control technology, worker protection and decent wages, being ignored. China is now left with heavy environmental cleanup costs, and a bad image internationally as a heavy polluter. The huge external trade surpluses China has built up exceeding a trillion dollars have pushed up the value of the yuan making Chinese goods costlier in world markets, and apparel and shoe makers in developed countries seeing Vietnam as a better lowcost alternative. The story of this phase of Chinese industrial development can be seen in a town like Honghe, a 90 minute drive from Shanghai, which has half of its 100,000 residents working in 100 factories and 8000 shops that knit, dye, package and ship some 200 million sweaters a year, bringing in according to local government estimates $650 million a year. Now many of these shops are idle and mirant workers are returning home. To see the subtler signs of the Chinese policymakers hand note that even visa policies have been tightened to make it harder for foreign buyers to visit Chineses factories and trade shows. Also the Chinese government has raised the minimum age for workers in these factories from 16 to age 18 and so on. And the impact is being felt in places like Honghe near Shanghai, Shengzhou another city near Shanghai which makes one third of the world's neckties, and in Dongguan in Guangdong where its toy, shoes shops close. The change also shows how quickly things can change in the world economy. Only 3 years earlier in 2005, Jiaxing Yishangmei Fashion Company, a family owned company was booming and had just landed Walmart Stores as a customer. Now Walmart no longer sources from this company. Analysts say that the Chinese sweater industry was probably overbuilt, with about 6 cities in China claiming to produce more than 100 million sweaters annually. A wave of consolidation could boost efficiency, and bring pressures to innovate rater than compete only on price. And many Chinese economists, and policymakers think China has relied too much on cost-cutting and simple production models to increase exports. A researcher at the Chinese Academy of Social Sciences thinks such a high dependence on foreign trade is not good for China. For the US and Japan this researcher says that trade is equivalent to 20% of gross national product and by contrast for China trade is equivalent to an extreme of 75% of GNP. ...

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In an effort to address global uncertainty, Australia's Treasurer, Wayne Swan, presented a budget designed to move to a surplus of A$1.5 billion from a deficit of A$44.4 billion for fiscal year ending June 30, with large cuts in defense spending. Savings and cuts amount to A$33.6 billion. The trade deficit is widening, and Australia faces uncertainty about the prospects of the mining boom continuing to sustain economic growth with the slowdown in China. The budget plan is based on assumptions of 3.25% growth in the next fiscal year, unemployment at 5.5% slightly above the 5.2% today. The growth in GDP for the last quarter of the prior fiscal year slowed to 2.3%. Australia's widening trade deficit for the first quarter 2012, was A$3.2 billion. New taxes on mining profits will generate A$6.5 billion in 2 years, and taxes on carbon pollution A$7.4 billion. With elections set for 2013, the government plans to continue payments supporting low and middle income families.

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Carrie Lam, the chief executive of Hong Kong, who has struggled through the crisis triggered by the extradition bill she introduced has decided to finally withdraw it. Protests have gone beyond the issue of the extradition bill as Lam herself agrees. She pointed out in her video message that the protests are about housing, land supply, income distribution, social justice, mobility, and many social, economic issues in addition to political ones. Protestors have five demands and the freeing of all those arrested is not something Lam has agreed to. Lam says some protestors violated the rule of law. Protest leaders including Joshua Wong, see the withdrawing of the extradition bill as poor timing. Hong Kong has seen 13 weeks of protests and the pictures are all over the world showing how much the issues and the the lack of responsiveness of Carrie Lam has resulted in this standoff.  Lam would like to replace the confrontations with police "with conversations." Why she took so long to meet or seek meetings and conversations is not fully understood and will be discussed for a long time. This brought China to the brink of a crisis that would have repercussions including on trade issues, when it needed to be handled in a better way. ...

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This view in the Economist shows that president Trump actually represented the instincts of the Republican party base by 2018- anti-immigrant, anti-elitist, and to the right on social issues. As a result it says it is no surprise that he has taken over the Republican party. As the elections for Congress get closer most candidates are trying to get Trump's support and many of the older senators and Congressman from the earlier period of the party are retiring. It cites polls showing Trump has support of 85% of the Republican party base. In 2018 Mr. Trump appointed new members of his cabinet who more closely represented his views on China, Iran, NATO, and business issues. Remaining party leaders such as Mr. Romney running for Senate seat from Utah are now seeking and getting Trump's endorsement. The Republican National Committee is also run by Trump supporters. On issues of foreign affairs Trump has combined alternate shifts between demands and pragmatism in relations with China, Iran, and other countries on trade, politics, coming up with a new way international relations are tackled. Part of the reason for their appeal is the nature of the intractable problems such as the imbalances in trade, nuclear weapons, and the idea that an alternative approach might work when other approaches have failed.  On social issues such as issues facing workers in globalization and free trade the parties to the left in the U.S. and countries in western Europe have failed to deliver, leading to the appeal of Mr. Trump, Brexiters, National Front in France.  The immigration issue has also worked against the socialist parties.  In Britain dissatisfaction with Theresa May and hard core Brexiters is growing, leading to Labor Party getting 40% of the vote in the recent election. Suggesting that the changes induced by the Brexiters and the Trump administration may lead to other changes in the future that may shift the focus back to basic issues and delivery on infrastructure, health and education which are fundamental for the future.   ...

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The yuan has gained 16% since the peg to the dollar ended in 2005. For years China has resisted letting its currency appreciate significantly, why the change of heart now? Its seen as a positive thing by China's leaders to let the yuan appreciate and its now part of Chinese policymaking. First it helps keep inflation down, keeps the rising prices of imports energy, commodities, and food under control as they are denominated in USA dollars. Second it sends a signal to manufacturers to move up to more sophisticated value added products that are not sensitive to pricing and can accomodate a stronger yuan, because its precisely the manufacturers who operate on thin margins and make lower end products who will go close down. They also cost the economy in terms of higher pollution and damage to the environment in a way that higher tech products do not. And China wants to undo or limit the damage to its environment. Third by lowering rebates or eliminating rebates and letting the curtrency appreciate its changing the emphasis from exports to domestic markets and domestic consumption. This combined with new laws on wages and benefits is designed to promote domestic consumption which can better carry the burden of economic growth than exports because of the slowing down of the developed western economies especially the USA which is going through what may be a severe and protracted downturn. It also helps that China need no longer be portrayed as taking advantage of free trade through huge surpluses. Its constructive as it will help rebalance the world trading system as the USA can improve its trade deficit and China can accelerate its growth by importing more western machinery and technology and not have to depend on precarious export markets for economic growth that it badly depends on to improve the living conditions of hundreds of millions of its people. By building a large middle class of consumers china can continue growth using its domestic markets at a pace that is still very healthy and not likely to build inflationary pressures which may be a welcome thing....

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The 2022 industrial trade fair in Hanover, Hanover Messe, is covered here in DW.com with 2500 exhibitors showing how they are responding to a changed world after the pandemic and the Russian invasion of Ukraine with support from China. Export oriented companies have to rethink their strategy says Thilo Brodtmann, the executive director of the German Engineering Federation, Supply chain disruptions and the pandemic have led to many German companies reexamining their reliance on Chinese suppliers. Human rights and democracy are now part of the reorienting of business in a new direction. The war in Ukraine is also having an impact. Reducing CO2 emissions is also a major part of the reexamination. Chancellor Scholz told the Hanover Fair at the opening ceremony -"We need to bring along with us emerging and developing countries, whose demographics and economic dynamics are turning them into new centers of power." Brodtmann says the solution is "to become independent and to have a completely different value chain." The head of the German Associaltion of Electrical and Electronics Industry Wolfgang Weber says "I'm quite sure that German companies are ready to invest in any of these countries in Asia, Latin America, and Africa to diversify their supply chains." However such new markets are not very well represented at the Hanover Fair, so that policymakers and German business have a lot of work to do to open up new markets across the world in Asia, Latin America and Africa. India, Indonesia and Vietnam are considered to offer good prospects for diversifying Germany's supply chain and a lot of work needs to be done. ...

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Matt O'Brien points out that the Chinese currency may be overvalued as other currencies including the euro and the Japanese yen weakened. Since 2005 China let the yuan appreciate very gradually. As China's economic growth slowed in 2014 investor outflows have increased with an estimated $800 billion leaving the country. China has spent some of its reserves to keep it stable. Before the move the yuan was managed by letting it trade up or down 2% each day around a midpoint set by the government. The new setup keeps this but lets the market set the midpoint based on where it closed the prior day. This move was recommended by the IMF to help in the transition of the yuan to becoming a reserve currency. O'Brien points out that the soft peg to the U.S. dollar means the yuan appreciated 9.2% against the euro and 57.8% against the Japanese yen in the years 2013-2015, and this is happening as the U.S. Federal Reserve is planning to raise interest rates- the real trade weighted exchange rate being up 14% for the yuan in the last 12 months. The 8.3% decline in the exports for July 2015 over the prior year led the government to this action. The increase in investor outflows as a result will lead to further declines, with some estimates of the eventual decline in the yuan at about 10%....

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Russia invades Ukraine on multiple fronts, across Belarus, across its western border with Ukraine, on the pre dawn hours of February 24, 2022. Russian foreign minister Lavrov says "tense and detailed discussions" with US and NATO are still taking place. In talks with the US, president Putin of Russia had demanded that Ukraine commit to not joining NATO. The US insisted that this was upto Ukraine and that the territorial integrity of Ukraine had to be respected. Interventions by Macron of France and other leaders failed to bring the two sides closer. The US and Europe with a reluctant Germany looked at sanctions as a deterrent. This proved to be wrong. Mr. Putin has a passionate view of Ukraine and Kviv's historical role in the formation of the Russian state, evident in his televised address only 48 hours before the actual invasion. Ukraine has shifted between Poland and the Baltic states, Germany on one side and Russia on the other in its thousand year old history. The shift away from Bolsheviks and Communists under the Soviet Union after 1990 changed the relationship of Ukraine with its neighbors once again as Ukraine became closer to Poland and the Baltics, and Germany. Germany remains reluctant to revert to the relationship with Russia that led to 2 World Wars. During the leadership of Willy Brandt and successive German SPD leaders, as well as with Konrad Adenauer and CDU leaders, the goal was to build a good relationship with Russia. Merkel of the CDU went as far as accepting dependence on Russia for 40% of its gas supplies, after shifted out of nuclear energy and supporting a new Nordstream undersea pipeline for gas supplies.  The early reaction on DW.com and German television was one of shock as no one really expected that this would lead to a full scale invasion. Scholz of the SPD the new chancellor in 2022 was not active in forging anew consensus allowing NATO's Stoltenberg who is a former Norwegian prime minister 2005-2013 to frame the response of Europe. Norway's role in European security was marginal for most of the twentieth century. Other events had detracted from bringing active German and American participation in coming up with a framework of dialogue to address concerns of both sides and still build a common ground for peace- Afghanistan, the pandemic in its third year, China's deteriorating one sided trade relationship with America that hurt American workers and manufacturing. As a result China and Germany were essentially absent in building the framework for peace. Afghanistan hasty withdrawal made it harder for president Biden to come up with new approaches to build a common framework. President Macron made some faltering efforts on the fringes even as president Putin focused on the US response and its intentions with NATO on European soil, and declared that it was directly US Russia negotiations that needed to work. With this the whole framework of relations since the presidency of Reagan and the relations with Russia and China come to a close. And a new framework needs to be constructed that draws in India already or soon to be the most populous nation in the world, in an effort to build an enduring new framework. The voices of Eastern Europe need to be heard, yet balanced with the voices from India, China, Germany, Russia, and other countries in Asia, Latin America and Africa that are affected by world events. ...

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Jeanne Whalen on the Two Speed Economy in the US September 2025- diverging paths of low and high income Americans. With the new administration in 2025 priorities shift to immigration and what to do about 14 million illegal migrants from Latin America and other places, war on fentanyl and drug trafficking gangs with hundreds of thousands of lives lost to fentanyl and drugs in the US, crime and safety which includes the unprecedented illegal movement of drug trafficking in the Nation, and to a bold posture on using US advantages of its huge market to get European Union, Japan, South Korea, and China to level the playing field on trade bring jobs home.The Biden administration had already conceded to DJT's approach in its one term presidency by shifting on uncontrolled illegal migration but not fast enough, by not removing DJT's tariffs, and failing to take an aggressive posture on fentanyl and drug trafficking. Of the DJT plan US has tariff based revenues of 10--15% for all countries imports into US can that it redirect to groups to soften any effects of tariffs. DJT administration oil transition policy of stretching out the transition to give middle class and lower classes cost of living relief was also accepted by the Biden administration and is now the policy of Democrat run California state government.  The US economy was slowing in 2024 under the Biden administration. What has changed in 2025 is that the US stock markets are responding to steps taken by the DJT Republican administration to lower the cost of doing business by softening regulations, and giving US business the upper hand in different industries, and rebuilding the manufacturing sector with calls for EU and Japan/South Korea to invest more in the US as a quid pro quo for market access. This has led to increase in the value of market portfolios of the income earners above 250,000, or 10% of American households. As this happens the process of trade renegotiation has introduced some uncertainty in 2025 and businesses are looking for more clarity before increasing investment and slowing job hiring which hurts younger people entering the job market and lower income Americans. Were things better under Biden? Government Covid assistance and payouts in the early years 2020-2021 helped lower income workers, as this faded and the cost of living autos, housing increased sharply under Biden in 2022-2024 the situation deteriorated. The situation today is similar to the situation in 2024 with the difference in 2025 that inflation is coming down just as government help is receding. And added factor is the DJT administration plan to tackle head on the increasing cost of Medicaid to about $1 trillion by adding new requirements and reducing subsidies. The federal workforce had a disproportionate share of black workers and the policy changes to reduce the federal workforce have increased black unemployment from 6.1% under Biden in August 2024 to 7.5 % a year later. Hispanics have seen slight improvement in unemployment to 5.3% in 2025, and the middle class incomes also have held up and are holding steady. Meantime Bloomberg points out that one third of people in the top 10% are living paycheck by paycheck because of high cost of housing, university education for children, and inflation.     ...

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Manish Sabharwal writes in the Indian Express that India missed it economic tryst with destiny and economic freedom for its citizens in 1947 and the decades after that. Today with AtmanNirbhar Bharat, he says,  the country is finally making its economic tryst with destiny. It is about self-reliance, yet it is also about opening up to new supply chains set up by allies U.S., France and Japan, South Korea, opening up to trade, investment and technology flows in new and exciting ways. The prime minister's message called for a quantum leap in technology. India was already moving up in GDP terms and set to surpass both Japan and Germany to become the largest after the U.S. and China in GDP. But there was something missing in it for the people. Here he sets out what the huge investment of 10% of GDP and the possible sequel investment to this would mean for people of India, from farmers to workers in different sectors of the economy, including the informal economy. India has fallen behind in per capita GDP and this is now the focus of the people and the government, federal government and the states, to build an economy that provides the best opportunities and growth for all its people. True Gandhian Swa-raj in the best sense of the term.   ...

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Key points in Putin annexation speech are shown in the Washington Post. Putin presented an anti-western view that went over European history of colonialism in Africa and Asia. It presented a Russian nationalist view oof European powers and the US as trying to diminish Russia throughout history, that refers more to the British than for the country that emerged from British colonies in America with the idea that "all men are created equal." This was similar to a speech made at the beginning of the conflict in Ukraine that stated some of the same points. Putin referred also to the use of total bombing on Dresden, Hamburg and Cologne, by the US and Britain, and the nuclear bombs dropped on Hiroshima and Nagasaki by the US in 1945, the US action in the Vietnam war. Putin's view- "I emphasize that one of the reasons for the centuries old Russophobia, the undisguised malice of these western elites toward Russia is precisely that we did not allow ourselves to be robbed during the period of colonial conquests. We forced the Europeans to trade for mutual benefit." About this version of history of European colonial powers - it is not entirely true, because as Cambridge historian Brendan Simms points out in his  book-  Europe- the Struggle for Supremacy  from 1453 to the Present,  Russia is itself throughout this period one of these European powers. Russia was also one of the powers present in China before the Boxer Rebellion in 1900, and in 1901 when the concessions were drawn from China in that period. Of the military force of 19,000 that entered Beijing in 1900 and crushed the Boxer rebellion of local Chinese calling for ouster of foreigners from China, Britannica.com shows that most of the them came from Russian and Japan, with lesser numbers from Britain, France, the US and Austria Hungary.  After suppressing the Boxers the foreign powers including Russia, Japan, Britain, France, Germany, Austria-Hungary and also the US asked for reparations and concessions on Chinese ports. Tsingtao went to Germany, The British and Russians getting concessions in Tianjin. Only America stated under president Woodrow Wilson that the reparations were excessive. Wilson converted American reparations into funding for Beijing's first modern university Tsinghua University, where  many of China's leaders were educated. During the period 1901 to 1945 the US opposed British colonialism in India and China. The US opposition with its Pacific fleet was strong enough to prevent further division of China among the colonial powers. In the 1940's the US under Franklin Roosevelt and his representative in China General Jospeh Stilwell carried out the campaign against the Japanese invasion of China so that the national integrity of China could be preserved. Stilwell called for reforms of the corrupt Chiang Kai Shek Koumintang government which rejected Stilwell's advice. Leading to its gradual collapse to the Communists under Mao-tse-tung, as the popular support shifted. It is now known what exchanges took place between Franklin Roosevelt and British governments including Churchill and Clement Attlee, and it can be said that the US under FDR was always putting pressure on the British Empire to free India from colonial rule. In 1942 there is the letter from Gandhi at Wardha to Roosevelt asking for help just before the Quit India movement, and Roosevelt's response is clear in the way he told Churchill by 1943 that America would never go along with Britain's unfair and impoverishing rule of India after winning the war. Roosevelt did not need Churchill's "growling" response, he had already put the British as a junior and much diminished partner. American help was crucial in convincing the British to quit India, which is also why it happened so quickly after 1945.  During the Soviet occupation of Eastern Europe after defeating Germany in 1945, much of Eastern Europe came under Soviet and Russian domination. Poland was partitioned between Germany then called  Prussia, Austria and Russia, as colonial powers in 1772, followed by further partitions. The roots of the Ukraine crisis in some ways involve Poland and Polish history, as Lviv is only 70 kilometres from Poland. As the view on the Ukrainian side reflects this colonial history of Russia and of Germany in western parts of Ukraine. America under Abraham Lincoln fought a great war of Emancipation to live up to the document of the Declaration of Independence of 1776 that "all men are created equal." The United States of America did not look to colonial possessions for its wealth because of the abundant land in a new continent and the early developments of the Industrial Revolution. Of rail, steamship, of mechanized agriculture and industrial production, in the period after 1850 that made America unrivaled in its industrial strength right upto the 1950's, and  which continues to the present day.  The industrial development of of Japan and South Korea, then of China, and now in India would not be possible without the  hand extended out by America to nations in Asia,  a benevolent hand in creating a tide that lifts all boats. ...