Trump threatens tariffs on India over Russian oil deal
Sky News contributor Kosha Gada says the move serves multiple purposes but risks backlash from Trump's base, wary of deeper US involvement in the Russia-Ukraine conflict.
'It's a multilayered lever for him, certainly for economics and pouring in external revenue,' Ms Gada said.
'This one is a little bit controversial, where he is paying a price with his base that does not want the us to interfere much more in the Ukraine–Russia saga.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
14 minutes ago
- Sydney Morning Herald
ASX set to slide, Apple rally leads Wall Street higher; $A stronger
Wall Street is rising on Wednesday, led by a rally for Apple. The S&P 500 was 0.7 per cent higher in afternoon trading. The Dow Jones Industrial Average was up 145 points, or 0.3 per cent, in mid-afternoon trade, and the Nasdaq composite was 1.1 per cent higher. Apple alone accounted for nearly half of the S&P 500's gain. It rose 5.7 per cent ahead of an announcement at the White House where it was announced the tech giant will increase its US investments by an additional $US100 billion ($153.7 billion) over the next four years. The Australian sharemarket is set to retreat, with futures at 4.55am AEST pointing to a fall of 27 points, or 0.3 per cent, at the open. The ASX gained 0.8 per cent on Wednesday. The Australian dollar gained. It was 0.5 per cent higher at US65.05¢ at 5.14am. Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald's and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts' expectations. Disney fell after its earnings beat forecasts but its revenue fell short. Loading Worries are still high that President Donald Trump's tariffs may be hurting the economy, but hopes for coming cuts to interest rates by the Federal Reserve and a parade of stronger-than-expected profit reports from US companies have helped steady the market. Companies are under pressure to deliver bigger profits to justify the big gains their stock prices have made since the US market hit a low point in April. The S&P 500 is just a bit below its record, which was set late last month, and the big rally fuelled criticism that the broad market has become too expensive. McDonald's climbed 3.4 per cent after reporting stronger profit and revenue for the spring than analysts expected. A meal tied to the Minecraft movie proved to be a hit for the restaurant chain.
AU Financial Review
14 minutes ago
- AU Financial Review
Before the Bell: ASX to fall, Apple leaps, oil slides
Australian shares are set to rise. Wall Street advanced helped by a near 6 per cent surge in Apple on reports its eased tensions with the Trump administration. The White House said the iPhone maker will commit to investing an additional $US100 billion into its US business. In addition, there were reports iPhones will avert new tariffs on imports from India. Apple was 5.8 per cent higher near 2.55pm, lifting its market cap back above the $US3 trillion mark. President Donald Trump said he's going to increase tariffs on India to 50 per cent, from 25 per cent because India refuses to stop buying oil from Russia. India says it needs the oil for its national security. Market highlights ASX 200 futures are pointing down 32 points or 0.4 per cent to 8774. All US prices near 2.55pm New York time. Today's agenda AMP and Light & Wonder are set to report results on Thursday. The June trade balance is scheduled for 11.30am. Across the Tasman, the RBNZ's third-quarter Survey of Expectations will be most closely followed for its inflation expectations components. Overseas, the Bank of England is widely expected to cut its key rate by 25 basis points. China is set to release its July trade balance. Top stories ASX under fire after 'ridiculous' $400m TPG mix-up | A major investor has slammed the 'continuing saga' within the exchange operator after it confused the telco with a private equity firm. | A spokesperson for India's Ministry of External Affairs called the US president's announcement 'unfair, unjustified and unreasonable'. | Mining unions leapt on the proposal as a reason workers should organise, but Rio Tinto says long sick leave puts pressure on those who stay on the job.
The Age
14 minutes ago
- The Age
ASX set to slide, Apple rally leads Wall Street higher; $A stronger
Wall Street is rising on Wednesday, led by a rally for Apple. The S&P 500 was 0.7 per cent higher in afternoon trading. The Dow Jones Industrial Average was up 145 points, or 0.3 per cent, in mid-afternoon trade, and the Nasdaq composite was 1.1 per cent higher. Apple alone accounted for nearly half of the S&P 500's gain. It rose 5.7 per cent ahead of an announcement at the White House where it was announced the tech giant will increase its US investments by an additional $US100 billion ($153.7 billion) over the next four years. The Australian sharemarket is set to retreat, with futures at 4.55am AEST pointing to a fall of 27 points, or 0.3 per cent, at the open. The ASX gained 0.8 per cent on Wednesday. The Australian dollar gained. It was 0.5 per cent higher at US65.05¢ at 5.14am. Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald's and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts' expectations. Disney fell after its earnings beat forecasts but its revenue fell short. Loading Worries are still high that President Donald Trump's tariffs may be hurting the economy, but hopes for coming cuts to interest rates by the Federal Reserve and a parade of stronger-than-expected profit reports from US companies have helped steady the market. Companies are under pressure to deliver bigger profits to justify the big gains their stock prices have made since the US market hit a low point in April. The S&P 500 is just a bit below its record, which was set late last month, and the big rally fuelled criticism that the broad market has become too expensive. McDonald's climbed 3.4 per cent after reporting stronger profit and revenue for the spring than analysts expected. A meal tied to the Minecraft movie proved to be a hit for the restaurant chain.
