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Canada's Drag Race contestant Tara Nova says drag performers in Newfoundland and Labrador are underpaid. (CBC/Nathan Wells) A St. John's performer is urging the city's drag community to sashay away from Velvet Club and Lounge — the city's only 2SLGBTQ+ venue — after a high-profile conflict between the nightclub and drag queen Tara Nova. Tara Nova is representing Newfoundland and Labrador on the latest season of Canada's Drag Race . In the first episode, she disclosed that drag performers at Velvet are only paid $37.50 per night. Tara Nova is performed by Lukus Oram-Feltham, who says after the episode aired, the nightclub threatened to cancel his contract for his next show, which was supposed to be a viewing party for the season's second episode. "The club immediately told me that I attacked them on TV, which is untrue. I only stated what were paid, and I also stated that the owner was a straight man, both just facts," said Oram-Feltham. Oram-Feltham made a post on social media alleging that Velvet had cancelled his contract, and asked the internet for help finding a new venue. Failed negotiations After garnering significant backlash online, the club asked to meet with Oram-Feltham and negotiate better pay for performers. Oram-Feltham says negotiations went well. But the club posted another statement — now deleted — on social media after that meeting, one that painted a different picture of their relationship. The club's manager, Stephen Dillon, sent CBC News the same statement in an email, after declining an interview due to unforeseen personal reasons. In it, Dillon suggested Oram-Feltham misrepresented the club's financial constraints and offered conditions the club decided it was not in its best interest to fulfill. "Tara Nova exposed the previous pay rate at the Velvet Club and Lounge," Dillon wrote. "Tara did not expose that there was a budget of $255 per night divided by the number of queens added to the show." Dillon also said the number of performers is decided by the show organizer, adding he's now decided to allow only four performers per show to increase their pay. He also noted Oram-Feltham asked to headline four shows per month, which would have added up to 50 per cent of all shows in a year. Dillon also said Oram-Feltham told Velvet he would "not help with damage control" until the bar agreed to those terms. "The owner and I feel this is unfair to the remaining 40+ drag performers in our city. We feel that everyone should have full access to the stage and [ability to] express their art form," said Dillon. WATCH | Welcoming spaces only for performances, says this drag queen: A comment on a reality show has shown ‘true colours’ of St. John’s club owner, says drag performer 1 hour ago Duration 0:36 Tara Nova is a contestant on Canada’s Drag Race and when she told her fellow participants she made less than $40 per night, they were shocked. Nova said Velvet Club and Lounge terminated its contracts with her simply because she was stating the facts. CBC News also received a statement from the club's owner, Luc Viau, denying that he cancelled future events with Oram-Feltham. He also said he's adding a $5 cover to increase the show budget. Viau declined an interview. "It needs to make sense for everyone," wrote Viau in an email. "[There's] slow weekends and busier weekends and I have expenses as well. Clearly [there's] a need to change things. "Tara said to us she was forced to make those statements on the show. I guess it makes for good TV. Tara is enjoying her moment in the sun right now and that's great, but at the expense of Velvet and me, the straight gay-bar owner?" he said. "Unfortunately right now I'm not sure Velvet will survive this and I will have to rebrand the venue for another purpose. That is not my goal." Downtown St. John's should be safer, says drag performer whose car is routinely broken into Better pay needed After Velvet published its statement, Oram-Feltham said the club "nullified our agreement and said that we could not move forward." Oram-Feltham said there are other factors that have contributed to the club's backlash. "I think that there is a lot that we should be looking into, because me stating a simple fact on TV should not be enough to take a business down," he said. Oram-Feltham acknowledged that the rate of pay went up to $60 per performer, per night after the show's production had already wrapped, but says it's still not enough compensation for all the work that goes into a drag performance. "$60 is still a very, very low rate for drag queens to work on," said Oram-Feltham. "$60 maybe covers the cost of just our foundation, let alone outfits, let alone wigs, let alone the rest of the makeup." Oram-Feltham also said drag shows can bring a lot of money into venues. "We bring guaranteed business, we bring guaranteed liquor sales. We bring guaranteed experiences for the public and that is something that is so valuable. Our art is so valuable," he said. On the same episode of Canada's Drag Race, contestant Xana from Vancouver said she pays performers a flat rate of $200. "Drag queens are similar to a band. We are providing you an experience. We are providing you with entertainment for the night. Pay your entertainers," said Oram-Feltham. Oram-Feltham found a new location for his next show, but says it's time for the local drag community to find a new venue. "We are so excited to bring drag into new spaces, into all these spaces that we've already been in, and that appreciate us and that pay us well and listen to our needs," he said. Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Click here to visit our landing page .
A first-half header from Kim Min-jae guided Bayern Munich to a 1-0 home win over Paris Saint-Germain on Tuesday, damaging the French side’s hopes of progressing in the Champions League. The centre-back scored after an error from PSG goalkeeper Matvei Safonov, starting ahead of Gianluigi Donnarumma, who spilled the ball into Kim’s path. The South Korean’s effort was enough to decide the rematch of the 2020 Champions League final — won by Bayern by the same scoreline — and all but extinguishes PSG’s hopes of a top-eight finish and avoiding the playoff round. Ousmane Dembele picked up a second yellow for an unnecessary challenge with half an hour remaining, with Bayern successfully shutting up shop as a result. “It was an extremely intense game,” Leon Goretzka said to Amazon Prime. “You could see in the starting XI they were going to try and hold onto the ball and to test us with their pressing -– and we pushed to the end and it’s nice we could be rewarded.” With just three games remaining, even making the knockouts is not a given for the French champions, who are in 26th spot — two outside the playoff placings. PSG host Manchester City in January along with facing tricky away trips to Red Bull Salzburg and Stuttgart. Bayern’s top-eight hopes look rosier after the win, which extended their run of clean sheets to seven straight games in all competitions. Bayern now sit 11th and take on relative European minnows Shakhtar Donetsk, Feyenoord and Slovan Bratislava in their remaining games. – Enrique’s ‘choices’ – Both sides came into the game unbeaten and six points clear in their domestic leagues but in dire need of points in Europe. Bayern coach Vincent Kompany opted for the speed of Leroy Sane over the creativity of France winger Michael Olise up front. Related News UCL: Arsenal thrash Sporting 5-1 in Lisbon masterclass Chukwueze set for first UCL start Bundesliga: Kane's hat-trick sends Bayern eight points clear PSG boss Luis Enrique made five changes to his side but most notable was his decision to stick with goalkeeper Safonov, rather than Donnarumma, who had played all but one Champions League game this season. Luis Enrique defended his call before the game, telling reporters: “I make my choices based on what I see on the pitch and what’s best for the team.” The decision appeared to pay off early, with Safonov responsible for good saves from Jamal Musiala and Sane inside the opening 12 minutes. Kingsley Coman, the PSG academy product who scored the only goal in the 2020 final, almost broke the deadlock shortly afterwards, dribbling through five defenders and blasting just wide. After PSG had a few opportunities of their own, including Joao Neves’ long-range effort whistling past the goalpost on 33 minutes, the Russian goalkeeper made a mistake which led directly to the opener. Joshua Kimmich swung in a corner on the 38-minute mark which Safonov spilled. And Kim took advantage to power a header into the net for the first Champions League goal of his career. Bayern were happy to let the game come to them in the second half but Dembele’s second yellow — his first had come for dissent — took the steam out of PSG’s hopes of a comeback. AFPis following his Oscar-winning with a true epic: Homer’s “The Odyssey.” It will open in theaters on July 17, 2026, Universal Pictures said Monday. Details remain scarce, but the studio teased that it will be a “mythic action epic shot across the world using brand new IMAX technology.” It will also be the first time that an adaptation of Homer’s saga will play on IMAX film screens. Nolan has been an for years, going back to “The Dark Knight,” and has made his last three films exclusively using large format film and the highest resolution film cameras. For “Oppenheimer,” the first black-and-white IMAX film stock was developed. Nolan hasn’t said specifically what the new technology for “The Odyssey” will be, but earlier this month that they’re in an intensive testing phase with IMAX to prepare for the new production. “They have an incredible engineering staff, really brilliant minds doing extraordinary work,” Nolan said. “It’s wonderful to see innovation in the celluloid film arena still happening and happening at the highest level possible.” “The Odyssey” will be Nolan’s second collaboration with Universal Pictures following “Oppenheimer,” which earned nearly $1 billion at the box office and won the filmmaker his first Oscars, including for and . Rumors about his next project have been swirling ever since, with near-daily speculations about plot — none of which turned out to be true — and casting. While there are many reports about actors joining the ensemble, none has been officially confirmed by the studio.
New Baileys flavour treats appear on shelves of three bargain supermarkets – but shoppers are dividedDÜSSELDORF, Germany , Nov. 27, 2024 /PRNewswire/ -- Marstek , an established leader in energy storage technology, successfully hosted the launch event of its Energycube AC Couple ESS at the Solar Solutions Düsseldorf trade show. Wholesalers, installers, and media representatives attended the event, connecting with peers, gaining valuable insights into the industry, and exploring Marstek's latest advancements in renewable energy storage. Peter Yang , CEO of Marstek, expressed his enthusiasm: "We are excited to partner with EUPD to launch the Energycube in Düsseldorf, Germany . This marks a significant milestone in our journey to deliver innovative, accessible energy storage solutions. The Energycube reflects our dedication to efficiency and sustainability, empowering users to achieve energy independence. As the demand for renewable solutions grows, we look forward to presenting this cutting-edge technology to industry experts, partners, and the community." The event highlighted the unveiling of the Energycube alongside a range of Marstek's latest energy solutions. Guests gained valuable insights from EUPD Research's PV market update, which offered a comprehensive look at the evolving photovoltaic and energy storage landscape. The Energycube The Energycube represents a significant advancement in energy storage, providing a user-friendly installation, scalable capacity, and tools for real-time energy management. Key Features of the Energycube: Plug & Play DIY Setup: Designed for straightforward installation without technical expertise, ideal for various environments including forest cabins, yachts, and remote homes. Flexible Energy Capacity: Supports both single and multiple units, allowing scalability up to 10 kW output and a capacity of up to 20.48kWh. Real-Time Global Electricity Prices: Equipped with access to real-time electricity prices across 46 countries, supporting optimized energy cost management. Smart Energy Efficiency: Utilizes peak shaving and valley filling capabilities, enhancing daily energy savings. Hybrid System Compatibility: Allows for the simple upgrade of existing solar installations to a hybrid storage solution, enabling whole-home backup power within minutes. About Marstek Founded in 2009, Marstek is a global leader in renewable energy solutions, specializing in advanced energy storage technologies. With four manufacturing bases and operations across the USA , Germany , Japan , Kenya , and Nigeria , it integrates innovation with a vertically aligned industry chain to deliver scalable, efficient energy systems. Marstek empowers households and businesses with tools that promote energy independence and sustainability. By setting new benchmarks in energy management, Marstek drives the global transition to a cleaner, more sustainable future. Contact: Ricky Ma , ricky.ma@marstek.de Photo - https://mma.prnewswire.com/media/2567857/Marstek_Energycube.jpg
Iran is poised to ‘quite dramatically’ increase stockpile of near weapons-grade uranium, official saysA social-media tribute to Coptic Christians. A billboard in Amish country. A visit to a revered Jewish gravesite. While Donald Trump’s lock on the is legendary, he and his campaign allies also wooed smaller religious groups, far from the mainstream. As it turned out, Trump won by decisive margins, but his campaign aggressively courted niche communities with the understanding that every vote could be critical, particularly in swing states. Voter surveys such as exit polls, which canvass broad swaths of the electorate, aren’t able to gauge the impact of such microtargeting, but some backers say the effort was worth it. Just one week before the election, Trump directed a post on the social-media platform X to Coptic Christians in the United States —- whose church has ancient roots in Egypt. He saluted their “Steadfast Faith in God, Perseverance through Centuries of Persecution and Love for this Great Country.” “This was the first time seeing a major U.S. presidential candidate address the community in this manner,” said Mariam Wahba, a Coptic Christian and research analyst with the Foundation for Defense of Democracies, a Washington-based research institute. “It was really a profound moment.” She said many Copts share the conservative social views of other Christian groups in the Republican constituency, and they may already have been Trump supporters. But the posting reinforced those bonds. Coptic bishops sent the president-elect congratulations after his victory and cited their “shared social and family values.” Some Assyrian Christians — another faith group with Middle Eastern roots — similarly bonded with Trump, whose mispronunciation of created a viral video moment and drew attention to their support. Sam Darmo, a Phoenix real estate agent and co-founder of Assyrians for Trump, said many community members cited the economy, illegal immigration and other prominent voter issues. They echoed other conservative Christians’ concerns, he said, on issues such as abortion, gender identity and religious expression in public. But he said Trump supported various Middle Eastern Christians recovering from the Islamic State group’s oppressive rule. Darmo also credited Massad Boulos, father-in-law to Trump’s daughter Tiffany, for mobilizing various Middle Eastern Christian groups, including Chaldean Catholics, and other voters, particularly in Michigan, such as Muslims. “He brought all these minority groups together,” he said. “We’re hoping to continue that relationship.” But members of Middle Eastern-rooted Christian groups, and their politics, are far from monolithic, said Marcus Zacharia, founder of Progressive Copts, a program of Informed Immigrants, an organization that promotes dialogue on sensitive topics among such groups in the United States and Canada. He said many younger community members question Trump’s stances on issues such as immigration, and sense that conservatives sometimes tokenize them by focusing on the plight of persecuted Christians in the Middle East while neglecting wider issues of repression in countries there that the U.S. supports. He said there needs to be more informed dialogue across the political divide in these communities. “There is no more high time than these next four years to have that way of conducting conversations,” he said. Republicans also made an aggressive push for , particularly in the swing state of Pennsylvania, where they are most numerous at about 92,000 (many below voting age). The GOP has made similar efforts in the past, even though researchers have found that less than 10% of them typically vote, due to their separatism from society. But Republicans used billboards, mailers, ads and door-to-door campaigner to drive turnout in Lancaster County, home base to the nation’s largest Amish settlement. On Election Day, Amish voters Samuel Stoltzfus and his wife Lillian Stoltzfus said they were supporting Trump, citing their anti-abortion beliefs. “We basically look at it as murder,” Stoltzfus, 31, said outside a polling center in the Lancaster County community of New Holland, where dozens of other members of the local Amish community voted. Trump has wavered on the issue, dismaying some abortion opponents, though many have said Republicans still align more closely to their views. Stolzfus added: “Make America great again and keep the moral values,” he said. “Let’s go back to the roots.” Steven Nolt, a history professor at Elizabethtown College in Lancaster College who studies the Amish and their voting patterns, said that while it’s too early to say definitively without further research, he doesn’t see evidence of a larger turnout this year. Lancaster County as a whole — most of which is not Amish — is a GOP stronghold that Trump won handily, though both parties’ votes edged up from 2020, according to unofficial results posted by the Pennsylvania Department of State. Trump’s biggest increases were in urban or suburban areas with few Amish, while some areas with larger Amish populations generally saw a modest increase in the Trump vote, said Nolt, director of the college’s Young Center for Anabaptist and Pietist Studies. “Bottom line, percentage-wise, not much change in the parts of Lancaster County where the Amish live,” he said. Trump directly reached out to members of the Chabad Lubavitch movement, a prominent and highly observant branch of Orthodox Judaism. On Oct. 7, the anniversary of the Hamas attack on Israel that triggered the Gaza war, Trump made a symbolically resonant the burial site of the movement’s revered late leader, Rabbi Menachem M. Schneerson. Wearing a yarmulke, the traditional Jewish skullcap, Trump, who has Jewish family members, brought a written prayer to the Ohel and laid a small stone at the grave in keeping with tradition. The site in New York City, while particularly central to Chabad adherents, draws an array of Jewish and other visitors, including politicians. About two-thirds of Jewish voters overall supported Trump’s opponent, Democrat Kamala Harris, according to AP VoteCast, a survey of more than 120,000 voters. But the Trump campaign has made a particular outreach to Orthodox Jews, citing issues including his policies toward Israel in his first administration. Rabbi Yitzchok Minkowitz of Chabad Lubavitch of Southwest Florida said it was moving for him to see images of Trump’s visit. “The mere fact that he made a huge effort, obviously it was important to him,” he said.HARRISBURG — Spending on public education, reforming aspects of health care, loosening regulations on business and strengthening the commonwealth’s workforce were among the legislative wins achieved in 2024 in Pennsylvania’s General Assembly. Lawmakers adopted Pennsylvania’s biggest budget, to date, a $47.6 billion spending plan with a deficit balanced by $3 billion transferred from the commonwealth’s reserves. Gov. Josh Shapiro and his supporters welcomed the move, spending down on what had been a combined $14 billion in savings they viewed as a reinvestment in taxpayers whose money sat dormant. Fiscal conservatives point to a five-year outlook in the budget that forecasts all of that money being spent by 2029, warning that the structural deficit risks fiscal insolvency. The budget included a $1.2 billion increase for public education as the commonwealth grapples with a late-2023 court decision that found its funding system unconstitutional. Schools collectively saw multi-million hikes in spending on special education, K-12 classroom subsidies plus additional funds for the poorest districts to backfill an “adequacy gap” identified by the court, plus more funding for mental health initiatives and security. Expect more record requests for spending on education in the immediate budget years to come as the commonwealth upturns its system on how public schools are funded. At the same time, a fight to establish a school voucher system will continue, too. Lifeline Scholarships were shunned two years in a row, however, Republicans remain committed to creating vouchers in the name of school choice. They’re emboldened by shifts in political party registrations and substantial victories in the 2024 election cycle. Budget battles might lead some in Harrisburg and beyond to seek libations for a brief escape and this year in Pennsylvania, those of legal age have a new option. Legislators advanced a bill into law creating a new permit for licensed bars, restaurants, grocery stores and more to sell canned cocktails to-go. The pre-packaged, pre-mixed drinks were only available in state liquor stores prior to the change. Estimates reached $145 million in new tax revenue, however, the gains will be offset to some degree by lost revenue within the state-owned system. Pennsylvania’s bars and restaurants also benefitted from other regulatory changes that expanded aggregate time allowed for happy hours from 14 hours to 24 hours a week and also permitted drink-and-meal combination discounts that were once illegal. Lawmakers approved reforms in health care with a new law that changes how pharmacy benefit managers operate in the commonwealth. The “middle men” are blamed for practices causing smaller pharmacies to close and consumer prices to rise. Pennsylvania’s legislation bars PBMs from lowering reimbursements for unaffiliated pharmacies, prevents them from spiking prices on medications above what customers might pay when using cash out of pocket, ends certain “steering practices” that lead to increased business for affiliated pharmacies and requires certain reporting requirements that will reveal which companies fail to pass on manufacturer rebates to customers. Aside from public education, state lawmakers made big changes in the realm of higher education. They created Pennsylvania’s first State Board of Higher Education directed to coordinate higher-ed across all levels and also develop recommendations to create a performance-based funding system for state-related universities including Penn State and the University of Pittsburgh. Funding for smaller schools, that is, community colleges and state-owned schools, was increased as was funding for student scholarships and grants along with a new program that for the first time will provide stipends to student teachers. A new telemedicine law assures patients that any medically necessary service they’d receive in person that’s covered by their insurance plan would also be covered if administered remotely through telemedicine. Disputes preventing Pennsylvania’s full participation in an interstate healthcare licensure compact were resolved through legislation concerning fingerprinting and background checks. With a resolution in place, nurses and doctors and others from Pennsylvania can now work in cooperating states without obtaining another license. Xylazine is now formally listed as a Schedule III narcotic in the commonwealth. Protections are included for veterinary use of the sedative developed for large animals. Illicit production of the drug led to it being cut into fentanyl and other opioids sold on the streets, greatly enhancing potency and the risk of death by overdose. Distracted driving was addressed with the passage of Paul Miller’s Law, named after a 21-year-old Scranton man killed by a distracted driver in 2010. The measure, building on an existing statute that bans texting while driving, authorizes traffic stops for similar actions on handheld mobile devices including sending an email, posting to social media, snapping a photo and recording a video. The use of hands-free functions, however, remains permissible. New state law also created a Solar for Schools program incentivizing K-12 public schools, career and technical centers and community colleges to pursue state grant funding that can fund half the construction cost of an approved solar energy project. Another law established the framework for carbon dioxide capture, utilization and sequestration toward storing the pollutant below ground, an initiative tied to the multi-billion dollar proposal to open a pair of hydrogen hubs in the Philadelphia region. The 2023-24 Legislative Session is now closed and the 2025-26 session began Dec. 1 with lawmakers already signaling the introduction of new bills and the reintroduction of old bills that haven’t yet cleared the House and Senate. When voting picks up again in January, expect continued debate and formal proposals for legislative initiatives that weren’t successful including legalizing marijuana for recreational use, enacting gun control measures, approving ballot measures for constitutional amendments on universal voter ID and opening a temporary legal window to sue alleged perpetrators or enablers of long-ago sexual abuse, creating Lifeline Scholarships for school choice, regulating skill games, expanding Sunday hunting opportunities and boosting Pennsylvania’s housing stock.
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Indian Markets To Deliver Positive Returns For 9Th Year In A Row, Outperform USJACKSON, Miss. (AP) — The U.S. Supreme Court should overturn Mississippi’s Jim Crow-era practice of from people convicted of certain felonies, including nonviolent crimes such as forgery and timber theft, attorneys say in new court papers. Most of the people affected are disenfranchised for life because the state provides few options for restoring ballot access. “Mississippi’s harsh and unforgiving felony disenfranchisement scheme is a national outlier,” attorneys representing some who lost voting rights said in an appeal filed Wednesday. They wrote that states “have consistently moved away from lifetime felony disenfranchisement over the past few decades.” This case is the second in recent years — and the third since the late 19th century — that asks the Supreme Court to overturn Mississippi’s disenfranchisement for some felonies. The cases use different legal arguments, and the most recent attempt in 2023. The new appeal asks justices to reverse a July ruling from the conservative 5th U.S. Circuit Court of Appeals, which said Mississippi legislators, not the courts, must decide whether to change the laws. Stripping away voting rights for some crimes is unconstitutional because it is cruel and unusual punishment, the appeal argues. A majority of justices in June when they cleared the way for cities to enforce bans on homeless people sleeping outside in public places. Attorneys who sued Mississippi over voting rights say the authors of the state’s 1890 constitution based disenfranchisement on a list of crimes they thought Black people were more likely to commit. A majority of the appeals judges wrote that the Supreme Court in 1974 reaffirmed constitutional law allowing states to disenfranchise felons. About 38% of Mississippi residents are Black. Nearly 50,000 people were disenfranchised under the state’s felony voting ban between 1994 and 2017. More than 29,000 of them have completed their sentences, and about 58% of that group are Black, according to an expert who analyzed data for plaintiffs challenging the voting ban. Related Articles To regain voting rights in Mississippi, a person convicted of a disenfranchising crime must receive a governor’s pardon or win permission from two-thirds of the state House and Senate. In recent years, legislators have restored voting rights for only a few people. The other recent case that went to the Supreme Court argued that authors of Mississippi’s constitution when they chose which felonies would cause people to lose the right to vote. In that ruling, justices declined to reconsider a 2022 appeals court decision that said Mississippi remedied the discriminatory intent of the original provisions in the state constitution by later altering the list of disenfranchising crimes. In 1950, Mississippi dropped burglary from the list. Murder and rape were added in 1968. The Mississippi attorney general issued an opinion in 2009 that expanded the list to 22 crimes, including timber larceny, carjacking, felony-level shoplifting and felony-level writing bad checks. Justice Ketanji Brown Jackson wrote in a 2023 dissent that Mississippi’s list of disenfranchising crimes was “adopted for an illicit discriminatory purpose.”The global economy is navigating uncharted waters. Geopolitical conflicts, supply chain disruptions and political uncertainties dominate headlines, casting a shadow over economic growth and stability. As policy-makers worldwide grapple with these challenges, a Donald Trump has re-entered the global stage as US president-elect. However, it would be short sighted to believe that the geopolitical landscape is being shaped by one leader. Across continents, governments are responding to their electorates’ concerns by embracing strategies like friendshoring and nearshoring. While these approaches address local anxieties about globalization, they also raise the spectre of trade wars, an often-ineffective solution to deeply rooted challenges. Local anxiety driving global decisions Globalization, once seen as a driver of prosperity, is increasingly viewed with suspicion by many, with electorates becoming more vocal about job security, fair trade and national sovereignty. These concerns have prompted leaders to pivot towards more domestically-oriented economic strategies. Policies encouraging companies to move production closer to home or to allied nations reflect this shift. While such moves may alleviate voter concerns in the short term, they often come at a high cost. The International Monetary Fund (IMF) estimates that increasing trade restrictions could reduce global economic output by a staggering $7.4 trillion. The stakes are too high to let reactionary policies undermine long-term global growth. Trade wars: A misguided solution Trump’s imminent return to the White House now brings renewed attention to the topics of tariffs and trade wars as policy tools. Trump’s rhetoric on tariffs as a panacea for economic disparities resonates with segments of the electorate, but risks igniting economic conflicts that hurt all parties involved. During his first term as president, the US-China trade war disrupted supply chains, raised costs for businesses and imposed billions of dollars in economic damage on both sides. US farmers alone faced estimated losses exceeding $12 billion annually, prompting federal subsidies to offset the impact. Meanwhile, tariffs on Chinese goods drove up production costs for US manufacturers and consumer prices. The US Federal Reserve estimated the trade war reduced US GDP by 0.3% – equivalent to $62 billion – while global supply chain networks struggled to adapt, leading to higher prices and market volatility. Trump’s proposed trade policies for his second term, including broad tariffs on imports, could amplify these effects. While intended to protect US industries, such measures risk increasing inflation and hurting consumer spending power. The broader economic implications include heightened tensions with trade partners and potential retaliatory measures, exacerbating further global economic fragmentation. The question we face is this: Can we establish stronger frameworks to promote stability and sustainable growth in an era of rising protectionism? The answer lies in balance. We must heed the electorate’s concerns without dismantling the systems that underpin global prosperity. If we fail to address these issues, the consequences will be severe. Rising trade barriers and economic fragmentation could lead to a prolonged global recession. The IMF warns that reduced trade opportunities could hinder productivity, suppress wages and stifle technological advancement. For emerging economies, the impacts would be particularly devastating. Reduced trade opportunities could undermine industrialization efforts, exacerbate inequality and slow poverty reduction. Many developing nations rely heavily on export-led growth; disruptions to global supply chains would compromise their access to critical markets, increasing unemployment and social unrest. The broader implications are geopolitical as well as economic. Fragmented trade relationships risk deepening divides between nations, fostering mistrust and competition. In an interconnected world, such outcomes threaten the collective ability to address global challenges like climate change and energy transitions. To chart a sustainable path forward, we must embrace policies that strike a balance between local and global interests. Friendshoring and nearshoring can coexist with global cooperation if implemented thoughtfully. The goal should not be to isolate but to adapt – reshaping globalization to meet the needs of today’s interconnected world. Policy-makers must resist the allure of quick fixes. Instead, they should pursue policies that promote inclusivity, resilience and innovation. The global economy’s momentum can only be maintained through collaboration and shared responsibility. The current landscape is fraught with challenges, but it is also an opportunity to redefine the rules of engagement in the global economy. By addressing the root causes of voter anxieties and fostering international cooperation, we can build a more resilient and equitable system. As we navigate this era of uncertainty, let us remember that long-term growth is the ultimate prize. To secure it, we must better understand and navigate the interconnected nature of global shocks, electorate concerns and the need for cooperation. The path forward is complex, but with pragmatic leadership and a commitment to shared prosperity, it is within reach. Source: World Economic Forum
Chiefs head to Pittsburgh on Christmas hoping to lock up the top seed in the AFC