Share market: Sensex falls by 210 points, Nifty below 24,750
30-share BSE index declined by 210 points to reach 80,975, while the Nifty 50 saw a dip of 50 points to settle at 24,718.
Trump announced new tariffs of up to 41% on goods imported from dozens of countries. The move resulted in Asian markets witnessing a fall due to the new trade deals that will be implemented from August 7.
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The Hindu
4 minutes ago
- The Hindu
U.S. Federal Reserve Governor Kugler steps down, giving Trump slot to fill
The Federal Reserve announced Friday (August 1, 2025) that governor Adriana Kugler will step down next week, opening up a spot on the central bank's powerful board that President Donald Trump will be able to fill. Ms. Kugler, who did not participate in the Fed's policy meeting earlier this week, would have completed her term in January. Instead, she will retire August 8. She did not provide a reason for stepping down in her resignation letter. Mr. Trump has continued his attacks on the Fed since chair Jerome Powell said Wednesday that the central bank would keep its short-term interest rate unchanged. Mr. Powell also said the Fed could take months to evaluate the impact of tariffs on the economy before deciding to cut rates, as Mr. Trump has demanded. Mr. Powell is 'a stubborn MORON, must substantially lower interest rates, NOW," Mr. Trump posted early Friday morning, before the monthly jobs report was released. That report showed hiring slowed in July and was much lower in May and June than had been initially reported. Ms. Kugler was appointed to the Fed's seven-member board of governors by former President Joe Biden in September 2023. She was the first Hispanic Fed governor, and prior to joining the Fed, was a professor at Georgetown University and was the U.S. representative to the World Bank. She will return to the Georgetown faculty in the fall. 'I am proud to have tackled this role with integrity, a strong commitment to serving the public, and with a data-driven approach strongly based on my expertise in labour markets and inflation,' she said in her resignation letter. In her last speech as a Fed governor two weeks ago, Ms. Kugler expressed support for Mr. Powell's view that the central bank should keep rates unchanged while officials monitor the economy to see how Mr. Trump's tariffs affect inflation and the economy. Mr. Trump, meanwhile, has said he will appoint Fed officials who favour cutting rates. One complication is that Mr. Powell's term as chair ends in May 2026. But his position on the Fed's governing board lasts through January 2028. As a result, he could stay on the board even after stepping down as chair, and simply remain as one of seven governors. There is some precedent for such a step: Marriner Eccles, who served as Fed chair in the 1930s, remained on the board after completing his term as chair. If Mr. Powell took such a step, that would mean whomever the Trump administration chose to replace Ms. Kugler could then be elevated to chair after Mr. Powell finishes as chair in May 2026. In other words, to get their choice of Fed Chair in 2026, the Trump White House may choose to appoint that person to replace Ms. Kugler as governor, and then elevate them to Fed chair in May 2026. Mr. Powell has declined to answer at the last two press conferences whether he will leave the board when he is done as chair.
The Hindu
4 minutes ago
- The Hindu
Trump welcomes reports India may halt Russian oil imports, calls it a 'good step'
U.S. President Donald Trump on Friday (August 1, 2025) expressed cautious optimism over reports that India may be ending its purchases of Russian oil, calling it a 'good step' while addressing reporters before departing the White House. 'I understand India no longer is going to be buying oil from Russia. That's what I heard. I don't know if that's right or not, but that's a good step,' Mr. Trump said during an impromptu press gaggle on the South Lawn. His remarks come amid growing American scrutiny of India's continued energy and defence ties with Russia, especially in the context of the ongoing war in Ukraine and broader U.S. efforts to isolate the Kremlin economically. While there has been no official confirmation from New Delhi regarding such a move, Mr. Trump's comments mark the first public acknowledgement from the U.S. administration of a potential policy shift by India. Mr. Trump has maintained a firm stance against countries maintaining close commercial ties with Moscow. His administration has already imposed a 25% tariff on Indian imports, citing both trade imbalances and India's longstanding energy relationship with Russia. In his remarks, Mr. Trump did not elaborate on whether the reported change in India's oil policy would impact those tariffs or future negotiations. 'We'll see what happens,' he said. The issue of India's energy imports from Russia has been a point of contention between Washington and New Delhi, with previous administrations urging India to reduce its reliance on Russian crude in the wake of the Ukraine conflict. India has so far defended its purchases as essential for energy security and economic stability. Mr. Trump's tone on Friday, however, suggested an openness to engage with India if the reported shift holds. 'That's a good step,' he repeated, signalling potential diplomatic movement should the reports prove accurate. Officials in New Delhi have historically avoided commenting on energy policy decisions until after implementation. Mr. Trump's brief but pointed remarks come as part of a broader foreign policy strategy to pressure both adversaries and allies into realigning their global partnerships in accordance with US strategic interests. Russia remains under sweeping U.S. sanctions, and energy exports have been a critical lifeline for the Kremlin amid ongoing war-related expenditures. (This article is published in an arrangement with 5WH.)
Time of India
17 minutes ago
- Time of India
With new 40% tariff on transshipments, Trump takes aim at US dependence on China's factories
Ever since President Trump began raising tariffs on goods from China during his first term, Chinese companies have raced to set up warehouses and factories in Southeast Asia, Mexico and elsewhere to bypass US tariffs with indirect shipments to the American market via other countries. But on Thursday, Trump took aim at all indirect American imports, which he blames for part of the $1.2 trillion US trade deficit. Trump imposed 40% tariffs on so-called transshipments, which will take effect in a week. And a senior administration official who briefed reporters said work was under way that could broaden considerably the definition of indirect shipments. The new rules cover indirect shipments from anywhere, not just China. But China, with its massive factory infrastructure and expansive manufacturing ambition, has been the main country to develop a global network for such shipments. Trade experts were quick to predict that China would be the most affected - and the most executive order Thursday created a new category of imports: goods that are transshipped through other countries instead of coming straight from the country of origin. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Were So Beautiful Before; Now Look At Them; Number 10 Will Shock You Reportingly Undo The 40% tariffs on these goods will be on top of whatever tariffs would have applied if the goods had come directly from the country where they were originally made. The legal definition of transshipment is narrow: a good that did not undergo a "substantial transformation" in the country through which it was indirectly shipped. Countries in Southeast Asia have long denied that they allow a lot of transshipment. They contend that their soaring imports of Chinese components are being assembled into new and different products that can appropriately be labelled made in their countries, and not labelled "made in China. " Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
