TNPSC CURRENT AFFAIRS – 08.10.2024

1. BILATERAL

TRUMP TARGETS INDIA ON HIGH TARIFFS, VOWS TO RECIPROCATE

• Trump’s Perspective:
• US maintains liberal tariff policies while countries like India impose high tariffs, disadvantaging American businesses.
• Cites Harley-Davidson’s withdrawal from India (2020) due to 150% tariffs as an example.
• Accuses India of charging higher tariffs than even China.
• Indian Perspective: Higher tariffs are a necessary measure to protect domestic industriesduring early stages of growth, similar to strategies employed by other nations historically. Points to Production-Linked Incentive (PLI) schemes and tariff policies as tools to boost local manufacturing, drawing parallels with US initiatives like the Chips Act and Inflation Reduction Act.
• Argues that many countries, including the US, have raised tariff barriers against Chinese imports to protect domestic jobs.
• Facts and Figures: India’s average tariffs increased from 13% in 2014 to 18.1% in 2022.
• US is India’s largest trading partner, with bilateral trade nearing $120 billion in FY24.
• India has a trade surplus with the US, unlike its trade deficit with most other major partners.
• Global Context: Rising protectionist sentimentsglobally, with countries implementing measures to safeguard domestic industries from Chinese imports.
• Concerns about “China Shock 2.0″–potential job losses due to influx of Chinese products in clean energy and high-tech sectors.
• EAM Jaishankar’s statement on globalization leading to job losses and dissatisfaction with quality of life in many societies, and trade being “weaponized.”
• Potential Implications: Strain on India-US trade relations if Trump is re-elected and implements reciprocal tariffs.
• Further escalation of global trade tensions.
• Impact on Indian industries dependent on exports to the US.

2. GEOGRAPHY

MILTON WAS AN UNUSAL HURRIANCE, BUT NOT UNEXPECTED

• Hurricane Milton’s rapid intensification and unusual path highlight the growing threat of extreme weather events in a warming world.
• Key Features of Hurricane Milton: Rapid Intensification:Jumped from Category 1 to Category 5 in just 12 hours, with sustained winds reaching 285 kmph. This represents an extremely rapid intensification, exceeding the criteria by a significant margin.
• Unusual Path:Formed in the Gulf of Mexico, moved eastward, and made landfall on Florida’s west coast –a rare occurrence for a major hurricane.
• Devastating Impact:Caused fatalities, widespread destruction, power outages, flooding, and record rainfall in some areas.
• Factors Contributing to Milton’s Intensity: High Sea-Surface Temperatures:Temperatures in the Gulf of Mexico reached nearly 31°C, significantly above the 26°C threshold for hurricane development. This provided ample fuel for the storm’s rapid intensification.
• High Humidity:Increased atmospheric moisture content, linked to warmer temperatures, led to heavier rainfall and greater storm intensity.
• Lack of Wind Shear:The absence of strong wind shear, which can disrupt hurricane formation, allowed Milton to maintain its structure and intensify.
• Climate Change Connection: Rising Ocean Temperatures:Scientists attribute the unprecedented warmth of the Gulf of Mexico primarily to climate change, as oceans absorb a significant portion of excess heat trapped by greenhouse gases.
• Increased Atmospheric Moisture:Warmer temperatures allow the atmosphere to hold more moisture, exacerbating the intensity of precipitation events.
• Trend of Rapid Intensification:The increasing frequency of rapidly intensifying hurricanes is consistent with climate change projections.

3. GEOGRAPHY

NORTHERN LIGHTS IN GERMANY

• The Northern Lights, also known as the Aurora Borealis, are a natural light display in the Earth’s sky, predominantly seen in the high-latitude regions (around the Arctic and Antarctic).
• Cause:The lights are caused by collisions between electrically charged particles from the sun that enter the Earth’s atmosphere.
• Process: Solar Wind:The sun constantly emits a stream of charged particles called the solar wind.
• Earth’s Magnetosphere:Earth’s magnetic field, the magnetosphere, deflects most of these particles.
• Funneling towards Poles:Some particles are drawn in towards the Earth’s magnetic poles.
• Atmospheric Collision:These particles collide with atoms and molecules in the upper atmosphere (primarily oxygen and nitrogen).
• Energy Release as Light:This collision excites the atmospheric particles, causing them to release energy as light, creating the aurora.
• Colors: Green:The most common color, produced by oxygen at lower altitudes.
• Red:Produced by oxygen at higher altitudes and sometimes by nitrogen.
• Blue and Violet:Produced by nitrogen. Southern Lights:The same phenomenon occurs in the Southern Hemisphere, where it is called the Aurora Australis or the Southern Lights.

4. ECONOMY

WEST ASIA CRISIS : WTO CUTS TRADE GROWTH OUTLOOK CONNECTING ECONOMIES INDIA, VIETNAM TO BUCK THE TREND

• West Asia Crisis & Trade Disruptions: Escalating Conflict:The ongoing conflict, particularly involving Israel and Hezbollah, disrupts crucial trade routes like the Red Sea.
• WTO Warning:The WTO warns of potential intensification, leading to further shipping disruptionsand increased energy pricesdue to higher risk premiums.
• Impact on Global Trade:These disruptions can negatively impact global and regional trade flows, affecting even regions beyond West Asia.
• WTO Trade Growth Forecast Revision: Reduced Forecast:The WTO loweredits 2025 global merchandise trade growth forecast from 3.3% to 3%due to the West Asia crisis.
• 2024 & 2025 Projections:2.7% growth in global merchandise trade and GDP in 2024, followed by 3% trade growth and 2.7% GDP growth in 2025.
• Previous Projections:In April, the WTO projected 2.6% growth for both trade and GDP in 2024, and 3.3% trade growth and 2.7% GDP growth in 2025.
• “Connecting” Economies -India & Vietnam: Positive Trend:India and Vietnam’s exports are rising, showcasing their roles as “connecting” economies.
• Asian Exports Rebound:Driven by manufacturing economies like China, Singapore, and South Korea. However, Japan’s exports remain stagnant.
• European Trade Performance: Negative Impact:Europe’s trade performance is negatively impacting global merchandise trade, acting as a drag on both imports and exports.
• Key Sectors:Chemicals and vehicles are the primary sectors driving Europe’s negative export performance.
• Reduced Imports from China:Europe’s machinery imports, particularly from China, have significantly reduced. This trend is also observed in the US, South Korea, and Japan, suggesting factors beyond geopolitical fragmentation.
• Global Economic Risks: Diverging Monetary Policies:Different monetary policies across major economies could trigger financial volatility through exchange rate fluctuations and capital flow shifts.
• Debt Servicing Challenges:This volatility can make debt servicing difficult for some economies, especially poorer nations.
• Policymaker Dilemma:Policymakers face the challenge of balancing cautious actions to avoid economic slowdown against aggressive measures to control inflation.
• Trade Fragmentation: Geopolitical Influence:The WTO observes increasing trade fragmentation along geopolitical lines since the start of the war in Ukraine.

5. AWARDS

NOBEL FOR N-BOMB SURVIVORS

• The Japanese atomic bomb survivor organization, Nihon Hidankyo, has been awarded the 2024 Nobel Peace Prize for its efforts to eliminate nuclear weapons.
• Key Information about Nihon Hidankyo: Meaning of Hibakusha:Japanese term for survivors of the atomic bombings of Hiroshima and Nagasaki.
• Formation:Established on August 10, 1956, during the 2nd World Conference against A and H Bombs.
• Purpose:Works towards a world free of nuclear weapons and advocates for the rights and well-being of Hibakusha.
• Activities: Sharing survivor testimonies to educate the world about the devastating impact of nuclear weapons.
• Petitioning for international treaties banning nuclear weapons.
• Conducting research on the long-term effects of the bombings on survivors.
• Sending delegations to nuclear-armed states to advocate for disarmament.
• Previous Recognition: Mentioned in the 2005 Nobel Peace Prize acceptance speech.
• Received the Peace Summit Award for Social Activism in 2010.
• Significance of the Nobel Prize: Recognition of Hibakusha’s suffering:Acknowledges the immense pain and suffering endured by atomic bomb survivors.
• Highlighting the dangers of nuclear weapons:Reinforces the message that nuclear weapons must never be used again.
• Boosting the anti-nuclear movement:Strengthens global efforts towards nuclear disarmament.

ONE LINER

1. The Chief Minister of Chhattisgarh has inaugurated the Jal – Jagar Mahotsav at the Ravishankar Reservoir in Gangrel Dam, Dhamtari district
2. The Ministry of Electronics and Information Technology (MeitY) has launched the Vishvasya Blockchain Technology Stack to support the various permissioned Block based applications

BANKING

1. What international day was observed on September 28, 2024, focusing on access to information?

Ans: International Day for Universal Access to Information.

2. What new initiative was launched to promote women in space leadership?

Ans: Women in Space Leadership Programme (WiSLP).