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Indian Express
4 minutes ago
- Indian Express
Company advised by Trump sons said it hoped to benefit from fed money, then took it back
A public document filed by a company that just hired President Donald Trump's two oldest sons as advisers included a sentence early Monday that said it hoped to benefit from grants and other incentives from the federal government, which their father happens to lead. But when The Associated Press asked the Trump family business about the apparent conflict of interest, the document was revised and the line taken out. Eric Trump and Donald Trump Jr. are getting 'founder shares' worth millions of dollars in New America Acquisition 1 Corp., a company with no operating business that hopes to fill that hole by purchasing an American company that can play 'a meaningful role in revitalizing domestic manufacturing,' according to the filing. The president has geared his trade policy toward boosting manufacturing in the U.S. The original version of the securities filing said the target company should be 'well positioned' to tap federal or state government incentives. That reference was taken out of the revised version. The Trump Organization didn't reply to a question about whether New America still planned to benefit from government programs or why the line was cut. But the outside law firm Paul Hastings that helped prepare the document sent an email to AP saying it was 'mistake' made by 'scriveners,' an old term for transcribers of legal papers. Kathleen Clark, an expert in government ethics, said any excuses are too late because the Trumps had already tipped their hand. 'They just deleted the language. They haven't committed not to do what they said earlier today they were planning to do,' said the Washington University law professor and Trump critic. 'It's an attempt to exploit public office for private profit.' New America is what's know as a special purpose acquisition company, or SPAC. It's a publicly traded company that exists solely to use its funds to acquire another company and take the target public. New America plans to raise money by selling new stock on the New York Stock Exchange at $10 a share. That will hand the two Trump sons a potential total of $50 million in paper wealth the moment the stock begins trading on the first day. The company hopes to sell enough shares to raise $300 million, which it then plans to use buying a yet unidentified manufacturer. A press release issued by New America saying it was focused on 'American values and priorities.' It made no mention of the aim to get government incentives. The filing to New America's potential new investors to the Securities and Exchange Commission was explicit about what it was looking for in a target company. It said, among other things, it wanted a company that can ride 'public policy tailwinds' by benefiting from federal or state 'grants, tax credits, government contracts or preferential procurement programs.'
Time of India
5 minutes ago
- Time of India
Why Trump's tariff move isn't likely to shake India's oil ties with Russia
Donald Trump has made a lot of noise about India's oil trade with Russia, calling it profiteering and threatening to 'substantially raise' tariffs on Indian goods. But New Delhi isn't blinking. As reported by TOI, a senior Indian government official put it plainly, 'We will go solely by the interest of our consumers and opt for the best option price-wise. If Russian crude works out cheaper than what we can get from other sources, why should we penalise our consumers?' The Centre has so far not made any move to wean off Indian oil refiners from Russian crude, which comes at a steep discount compared to purchases from west Asia or US. It has not just helped keep domestic pump prices lower, but also benefited European countries, which have been major buyers of diesel and jet fuel from India, sources told TOI. The economic logic is straightforward. Russian oil has been cheaper than what's available from West Asia or the US. India's refiners are not just cutting costs—they're helping stabilise fuel prices at home. And here's the kicker: Europe benefits too, as Indian refiners export refined fuels like diesel and jet fuel, some of which reach European markets. Trump's pressure tactics and the political showmanship Trump's frustration is spilling over into tariff threats. His core accusation? 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine .' He followed that with, 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' No actual figures were given. But just last week, he'd already slapped a 25 per cent tariff on Indian goods and floated a possible jump to 100 per cent unless India stops buying Russian oil. Trump's new deadline is August 7. If Russia doesn't agree to a ceasefire in Ukraine, he's hinted at secondary sanctions on countries that continue trading energy with Moscow. That includes India, China, and Brazil. But these threats are running into hard economic and political realities. Why Russian oil imports still makes sense for India After the West sanctioned Moscow in 2022, Russia started offering deep discounts on its oil. That's when India stepped in. It now buys around 1.7 million barrels a day of Russian crude, according to Bloomberg data. India isn't just stockpiling it. In the first half of this year, it exported 1.4 million barrels a day of refined fuels. About 40 per cent of that was diesel or gasoil, and 30 per cent was petrol and blending components. Refiners blend multiple sources of crude before producing fuels, so it's not always clear which exports came from Russian barrels. But the volume speaks for itself. And the trade hasn't slowed down. Over the weekend, at least four tankers delivered millions of barrels of Russian crude to Indian ports. India pushes back: No apologies, no shift in strategy India's Ministry of External Affairs had a sharp response. 'The targeting of India is unjustified and unreasonable,' it said. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' It also pointed out that the US and EU themselves continue to trade with Russia, even when there's no national compulsion. India's position has been consistent. The decision to buy Russian oil was triggered when traditional suppliers diverted their barrels to Europe. It was the US, in fact, that nudged India to continue those purchases—albeit within the G7's price cap. Energy Minister Hardeep Singh Puri told CNBC in July that the Russian crude trade helped global prices stay in check, saying India was advised by Washington to keep buying—'but within the price cap.' NSA Doval heads to Moscow National Security Adviser Ajit Doval is heading to Moscow this week. The visit is expected to offer clarity on how India plans to navigate what officials call a 'geo-economic trilemma': cheap energy, political pressure, and long-term security interests. India has not made any move to scale back Russian imports. If anything, officials are eyeing additional discounts in light of Trump's bluster. Even business circles in Delhi are calling out the former US president's rhetoric. A statement from trade research body GTRI summed it up, 'India's oil trade with Russia has taken place with full transparency and broad understanding with the US… Trump's decision to raise tariffs on India citing oil trade is not only unjustified—it ignores market realities, misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific.' The BRICS factor and Dollar alternatives This isn't just about oil. Trump has also slammed India's involvement in BRICS and the bloc's discussions around alternatives to the US dollar. He's claimed India has the 'most strenuous and obnoxious non-monetary trade barriers' and is using tariffs as leverage to open up Indian markets to US agriculture and dairy—an area where India has refused to budge. One official noted that despite discussions, India would not allow imports of genetically modified American corn and soybean. Nor would it revise its stand on farm and dairy tariffs, which Trump has repeatedly criticised. India's energy alternatives, but only if needed If forced to diversify, India could boost imports from Iraq, Saudi Arabia, the UAE, and the US. In fact, last week saw India's largest refiner suddenly snap up several million barrels from the US and UAE—moves widely interpreted as precautionary, not strategic shifts. India had, during trade talks, shown interest in ramping up imports of American gas, fertiliser, and defence equipment to improve the trade balance. But there are limits. Modi has refused to open up sensitive sectors like dairy, even as the US pushes hard. Trump and Modi were once seen as political allies. That relationship has cooled. The current standoff is the latest in a string of Trump-led escalations over oil, trade barriers, and foreign policy. From threatening to block access to US markets over India-Pakistan tensions, to taking credit for peace deals India denies happened, Trump's combative posture has worn thin in Delhi. His latest push threatening penalties on anyone still paying for Russian oil reflects growing frustration with Putin's unwillingness to compromise. Trump's nuclear submarine move last week, reportedly in response to Dmitry Medvedev's rhetoric, only adds to the volatility. But India, for now, isn't shifting course. As one Indian official summed it up, 'We are guided by what's best for Indian consumers, not what's best for Washington politics.' And that might be the line that defines this whole saga.
NDTV
35 minutes ago
- NDTV
"No Tariffs Or Sanctions Can Halt...": Russia's History Lesson On US Threats
Moscow: Russia has accused the Donald Trump administration in the United States of pursuing a "neocolonial" policy against nations in Global South to maintain Washington's hegemony, and said no amount of tariffs and sanctions could change the "natural course of history." Russian Foreign Ministry spokesperson Maria Zakharova said that US was putting "politically motivated economic pressure" on nations who are choosing an independent course on the international stage, and expressed Moscow's willingness to boost cooperation with these countries to form a "truly multilateral" and equal world order. Remarks from Moscow came days after US President Donald Trump unveiled sweeping new tariffs on dozens of countries. Calling sanctions and restrictions a "regrettable reality" of today's historical stage that affects the entire world, Zakharova said that the US cannot come to terms with the "loss of hegemony in the emerging world order." 🎙 Russian MFA Spokeswoman Maria #Zakharova: Washington is unable to accept the erosion of its dominance in an emerging multipolar international order. ❗️ No tariff wars or sanctions can halt the natural course of history. — MFA Russia 🇷🇺 (@mfa_russia) August 4, 2025 "Sanctions and restrictions have unfortunately become a defining feature of the current historical period, impacting countries across the globe. Unable to accept the erosion of its dominance in an emerging multipolar international order, Washington continues to pursue a neocolonial agenda, employing politically motivated economic pressure against those who choose an independent course on the international stage," she said. Commenting on Trump's tariff policy against Russia's partners in the Global South, Zakharova called it a "direct encroachment" on the national sovereignty of nations and an "attempt to interfere in their internal affairs". "We firmly believe that no tariff wars or sanctions can halt the natural course of history. We are supported by a vast number of partners, like-minded states, and allies, particularly among the countries of the Global South and, above all, within BRICS, who share this perspective," Zakharova said, adding that Russia stands ready to deepen cooperation and resist the "unlawful unilateral sanctions." Zakharova was referring to the bloc originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia joining in 2025. She said that US policy is fraught with a slowdown in economic growth, damage to supply chains, and fragmentation of the global economy. "Contrary to the basic provisions in the area of free trade, which the Western countries themselves once promoted, there is politically motivated protectionism and voluntaristic build-up of tariff barriers," she added. Trump's Tariffs On India Donald Trump on Monday said it will "substantially raise" the tariff paid by India for buying "massive amounts of Russian Oil", stating that much of the oil purchased from Moscow is being sold in the open market "for big profits". In a strong worded reply, India reminded Washington that when it began importing from Russia after the outbreak of the Ukraine conflict, the US "actively encouraged such imports". It also countered the stance of the European Union for singling out Indian refiners over their exports of crude. The foreign ministry said that while India's imports are "a necessity compelled by the global market situation", the nations criticising it are themselves "indulging in trade with Russia" even when "such trade is not even a vital compulsion".
