They love him: Usha Vance recalls her children hugging PM Modi during India visit
Russia has reaffirmed its commitment to deliver the remaining units of the S-400 air defense system to India by 2025-2026. Roman Babushkin, Russia's deputy chief of mission in India, made this statement on Monday. He highlighted that the system performed very efficiently during the recent India-Pakistan tensions.
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India Today
3 hours ago
- India Today
Tesla's brand loyalty took a hit after Musk backed Trump as US President: Report
Tesla for years had more repeat US customers than any other major automotive brand, but its loyalty has plunged since CEO Elon Musk endorsed President Donald Trump last summer, according to data from research firm S&P Global Mobility shared exclusively with data, which has not been previously reported, shows Tesla's customer loyalty peaked in June 2024, when 73% of Tesla-owning households in the market for a new car bought another Tesla, according to an S&P analysis of vehicle-registration data in all 50 industry-leading brand loyalty rate started to nosedive in July, that data showed, when Musk endorsed Trump following an assassination attempt in Pennsylvania on the Republican nominee. The rate bottomed out at 49.9% last March, just below the industry average, after Musk launched Trump's budget-slashing Department of Government Efficiency in January and started firing thousands of government US loyalty rate has since ticked back up to 57.4% in May, the most recent month the S&P data is available, putting it back above the industry average and about the same as Toyota but behind Chevrolet and Ford.S&P analyst Tom Libby called it "unprecedented" to see the runaway leader in customer loyalty fall so quickly to industry-average levels. "I've never seen this rapid of a decline in such a short period of time," he and Musk did not respond to requests for Monday, Tesla granted Musk 96 million shares worth about USD 29 billion, a move aimed at keeping the billionaire entrepreneur at the helm as he fights a court ruling that voided his original pay deal for being unfair to timing of Tesla's plunging brand loyalty suggests the CEO's involvement in politics turned off customers in the EV pioneer's eco-conscious customer base, some analysts said. "If they have Democratic leanings, then perhaps they consider other brands in addition to Tesla," said Seth Goldstein, an analyst at ageing model lineup also faces stiffer competition from an array of EVs from legacy automakers including General Motors, Hyundai and BMW. The only new model Tesla has released since 2020, its triangular Cybertruck, has proved a flop despite Musk's prediction of hundreds of thousands of annual an April earnings call, Tesla CFO Vaibhav Taneja singled out "the negative impact of vandalism and unwarranted hostility towards our brand and people," but also said there were "several weeks of lost production" when the company retooled factories to produce a refreshed version of its top-selling Model on the April call said that "absent macro issues, we don't see any reduction in demand".advertisementTesla vehicle sales overall are falling globally and have declined 8% in the United States the first five months of 2025, according to S&P. Sales fell 33% over the first six months of the year in Europe, where public backlash to Musk's politicking has been particularly increased political activism was "very bad timing" for Tesla, said Garrett Nelson, an analyst who tracks the EV maker at CFRA Research, because it came exactly as the company faced heightened competition from Chinese EV makers and other traditional automakers. He said his top concerns for Tesla are its loss of market share and "what can be done to repair the brand damage".LOYALTY NOSEDIVETesla remains the US electric-vehicle sales leader but has seen its dominance erode as Musk last year delved into politics and focused Tesla more on developing self-driving technology than on new affordable models for human loyalty is a closely watched auto-industry metric because it is "much more expensive" to take new customers from competitors than to retain existing ones, said S&P's Libby.S&P offers some of the most detailed industry data on automotive purchases because it analyses vehicle registration data from all 50 states on a household-by-household basis. Unlike survey data, it follows actual vehicle transactions to track how consumers migrate among brands and the fourth quarter of 2021 through the third quarter of last year, more than 60% of Tesla-owning households bought another one for their next car purchase, the data show. Only one other brand – Ford – posted a quarterly loyalty rate exceeding 60% during the period, and only DEFECTIONSS&P's data also examines another aspect of the automotive market: Which brands and models are taking customers away from others, and which ones are losing them?Until recently, Tesla was in a different stratosphere than other automotive brands on this metric. For the four years prior to July 2024, Tesla, on average, acquired nearly five new households for every one it lost to another other brand from a major automaker was even close: Hyundai's luxury Genesis brand was the next best, acquiring on average 2.8 households for every one it lost, followed by Kia and Hyundai, which acquired on average 1.5 and 1.4 households, respectively, for every one they lost. Ford, Toyota and Honda lost more households on average than they gained during that average inflow of customers started to decline in July 2024, along with its loyalty rate. Since February, Tesla has been gaining fewer than two households for every one it loses to the rest of the industry, its lowest level ever, according to the data."The data shows clearly that the net migration to Tesla is slowing," Libby that now attract more Tesla customers than they lose to Tesla include Rivian, Polestar, Porsche and Cadillac, the data Mulberry, client portfolio manager at Tesla investor Zacks Investment Management, said he isn't concerned about Tesla's long-term earnings because he expects enormous profits from its plans to operate robotaxis and licence self-driving technology to other launched a small test of robotaxis in Austin in June, giving rides to hand-picked fans and Internet personalities but the service isn't available to the general public. If Tesla succeeds in expanding the technology, Mulberry said, "there's a case to be made that Tesla doesn't need to sell cars and trucks anymore".- EndsTune InMust Watch
Economic Times
6 hours ago
- Economic Times
72 hours of chaos: Trump just shook the $30 trillion US economy - inflation spikes, jobs stall, and investors panic
Donald Trump US economy 2025: Donald Trump's policies raised concerns about a US economic slowdown. Job growth slowed significantly in July. Trump fired Erika McEntarfer, head of the Bureau of Labor Statistics. He accused her of manipulating data. Experts warned of a dangerous precedent. Inflation remained high, and economic growth slowed. The S&P 500 fell. Trump also attacked Federal Reserve Chair Jerome Powell. Tired of too many ads? Remove Ads US Job Growth Stalls Sharply in July, Missing Expectations Tired of too many ads? Remove Ads Donald Trump Fires Bureau of Labor Statistics Head After Disappointing Jobs Report Experts Warn of Dangerous Precedent Following BLS Chief's Removal US Inflation Proves Stubborn as Growth Slows S&P 500 Suffers Weekly Drop as Market Confidence Falters Policy Uncertainty Under Trump Raises Economic Red Flags Tired of too many ads? Remove Ads Trump's Attack on Jerome Powell Resumes Fed Likely to Cut Rates in September FAQs The US economy appeared surprisingly resilient for months, as inflation had cooled, jobs were steadily growing, and consumer confidence was stabilizing, but in the span of just 72 hours, that sense of calm was disrupted, and all fingers point to US president Donald Trump, as per a Trump administration's trade, labor, and economic policies sparked renewed fears of a slowdown in the world's largest economy, according to the Washington Groshen, senior labor market adviser at Cornell University, highlighted that 'Government policy [has] been the biggest change over the past couple of months,' as quoted in the tipping point came Friday, when the government reported that the US added just 73,000 jobs in July, far below expectations, as per the report. Even worse, previous months' job gains were revised downward by 258,000, cutting total hiring over the past quarter to a weak 106,000, a drastic decline from the same period in 2024, as reported by the Washington READ: Tesla board approves $30 billion stock award for Elon Musk amid leadership uncertainty Within hours of the report,, accusing her without evidence of manipulating employment data to damage him politically, as per the report. Markets fell, economists raised red flags, and confidence in official US data took a hit, according to the Shierholz, a former Labor Department chief economist pointed out that firing a nonpartisan analyst for delivering bad news was 'straight out of an autocratic playbook,' adding, 'If policymakers and the public can't trust the data - or suspect the data are being manipulated - confidence collapses and reasonable economic decision-making becomes impossible. It's like trying to drive a car blindfolded,' as quoted in the Washington READ: As the July jobs report paints a grim picture, 114 companies plan layoffs in August - is yours on the list? The economic warning signs were already flashing. Inflation, which helped fuel Trump's return to the White House, is proving unexpectedly stubborn, consumer spending has slowed, and over the first half of 2025, the US economy grew at an annual rate of just 1.2%, down sharply from 2.4% at the end of 2024, as reported by the Washington investor confidence wobbled, the Sundefined it's the uncertainty coming directly from the White House, according to the Winograd, senior vice president of AllianceBernstein, said, 'We're seeing dramatic changes in policy across multiple dimensions. Trump inherited an economy that was in very good shape, that was in balance. He is trying to move it to a different equilibrium. And the corporate sector and everyone else are in the process of adjusting,' as quoted in the Washington Post firing of Erika McEntarfer, a widely respected labor economist who led the BLS since early 2024, was a watershed moment, as the US president's volatile temperament could cause additional economic harm by undermining market confidence in the government data that investors, business executives and policymakers require to make decisions, as reported by the Washington William Beach, a former Trump appointee and ex-Heritage Foundation economist, called the move 'totally groundless,' as quoted in the abrupt dismissal deepened fears that Trump is attempting to exert unprecedented control over the independent institutions that underpin financial markets and public trust, according to the the US president resumed his public attacks on Federal Reserve Chair Jerome Powell, just days after praising him, according to the Washington Post said, 'Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW,' just one week after telling reporters the Fed chief was 'a very good man,' as quoted in the US president has repeatedly hinted that he may fire Powell, a near-unprecedented move in US history, if the Fed doesn't slash interest rates, according to the the weak jobs report Trump criticized could increase the likelihood of a rate cut in September, according to financial analysts, reported the Washington Post. Markets are now pricing in an 80% chance of a cut, according to CME Group, reported the Washington Adriana Kugler, the former US president Joe Biden-appointed Fed governor, announced her resignation Friday, giving Trump the chance to name a more loyal replacement, as per the claimed, without evidence, that she manipulated job data to make him look bad 73,000 jobs were added, far fewer than expected. Plus, previous numbers were revised down sharply.
Hindustan Times
10 hours ago
- Hindustan Times
Donald Trump thinks he's winning on trade, but America will lose
MORE than 100 days after President Donald Trump's 'Liberation Day', the new global trading order is becoming clear. It is a system of imperial preference. Canada has angered the president, partly by planning to recognise Palestine as a state, and so it faces a duty of 35%. Because Mr Trump reckons that exporters unfairly cheat America, on July 31st he said he would impose 'reciprocal' tariffs on many trading partners, ranging from 10% to 41%. Meanwhile, in order to ward off tariff threats the European Union, Japan and South Korea have all struck deals with Mr Trump, where they promise to open their markets and invest hundreds of billions of dollars in America, in return for levies on their exports of 15%. A seductive idea is settling in that America is winning from all this. The president has, after all, got his biggest trading partners to make deals that are closer to his demands than theirs. Financial markets have shrugged off higher duties, the real economy shows little sign of damage and all the time tariff revenues are rolling in. But that thinking is deeply misguided. The game is not over. And it is one that America cannot win. For all the crowing about how Trump Always Chickens Out, the president has pressed forward with tariffs. America's effective tariff rate is due to rise to 18% on August 7th, according to the Yale Budget Lab, nearly eight times the prevailing rate last year, and back to levels last seen in the Depression. The way MAGA paints it, this is a triumph for Mr Trump, because America's trading partners are eating higher tariffs, helping US Customs rake in nigh on $30bn in revenues a month. Unfortunately, that idea is gaining currency even outside America. Soon after the eu struck its deal with Mr Trump, opponents in European capitals lamented the fact that the bloc would have to pay. This is a fundamental misunderstanding of trade economics. Years of experience show that tariffs do not harm the sellers of goods as much as they harm the buyers. The more the president raises tariffs, the more his own compatriots will be deprived of choice at low prices. Even though foreign suppliers are lowering their prices more steeply than after Mr Trump's first-term tariffs, analysts at Goldman Sachs reckon that fully four-fifths of tariff costs have so far been borne by American firms and consumers. Just ask Ford, or GM: the carmakers reckon they paid $800m and $1.1bn in tariff costs, respectively, in the second quarter of this year alone. What of the muted economic and financial market reaction so far? The IMF has raised its projections for both global and American economic growth this year, compared with forecasts it made in April. Although it has fallen since Mr Trump signed his order, the S&P 500 remains nearly 12% higher than it was on Liberation Day; the dollar, though down, has strengthened in recent weeks. The answer is that the economy is being buffeted by various forces, including heavy stockpiling before tariffs came into effect—delaying the pain, but not eliminating it—as well as an extraordinary boom in artificial-intelligence-based capital spending. According to Renaissance Macro Research, capital investments in AI have contributed more to America's gdp growth in the past two quarters than all of consumer spending. Partly propelled by this, stockmarkets have gone from strength to strength. Perhaps, too, investors believe that companies will adapt to higher tariffs. The incentive to route trade through places with relatively low duties will be strong—even though Mr Trump has vowed to punish such 'trans-shipment' with tariffs of 40%. An uncomfortable dynamic has also set in: because investors think that the president will eventually chicken out, they are emboldening him to press ahead. As he does so, however, the long-term costs to the economy will mount. In the name of fairness Mr Trump is discarding a multilateral system in which tariffs were charged on the same goods, regardless of where they came from. In its place is a bilateral system where products can face differential rates depending on their origin. These new rates are not just higher; they are subject to ceaseless bargaining over almost any issue. Just this week, those issues included the Brazilian courts' pursuit of a Trump ally and a border war between Thailand and Cambodia. Because tariff policy is set by one man alone, the bargaining will be subject to lobbying and presidential whim. Because of who he is, Mr Trump will consider exemptions when he is next flattered, and threaten duties when he is next displeased. American shoppers will pay the price. Once they were spoilt for choice, as both domestic and foreign producers competed to sell to them. Now the companies that succeed will do so not only because they are the most innovative, but also because they are the cleverest at playing the system. And remember that a ratchet effect is at work here. When—or rather, if—future presidents want to restore tariffs to their original level, they will be met by furious lobbying from American firms that got used to sheltering behind tariff barriers and have thereby become uncompetitive in world markets. Everything about this is harmful. And, whatever Mr Trump says, nothing about it is fair.
