Post-Operation Sindoor Strike, India Doubles Down on BrahMos Missiles to Fortify Armed Forces
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Hindustan Times
25 minutes ago
- Hindustan Times
Gold steady amid Trump's 100% tariff threat on chip imports and trade tensions
Gold held a moderate loss, as traders looked past uncertainty created by US President Donald Trump's latest trade moves, including threatening a 100% tariff on chip imports. Traders also watched for Trump's nomination within days of a temporary Federal Reserve governor who is expected to be more aligned with his agenda to ease monetary policy.(AFP File Photo) Bullion was steady around $3,370 an ounce after a 0.3% decline in the previous session. This came after Trump said he would impose a 100% levy on semiconductor imports in a bid to force companies to move production back to the US. Meanwhile, relations with key trade partners soured, with the US leader doubling the tariff on Indian goods to 50% over the South Asian country's continued purchases of energy from Russia. Japan may also face higher duties than agreed last month on some products, Kyodo reported. Traders also watched for Trump's nomination within days of a temporary Federal Reserve governor who is expected to be more aligned with his agenda to ease monetary policy. Lower rates benefit gold, which doesn't yield interest. The precious metal's recent rally has been driven by rising expectation of rate cuts. Central bank buying and a broad trend of diversifying away from US dollar-denominated assets have also offered support. It's climbed nearly 30% this year, though the bulk of its gains happened in the first four months, as geopolitical and trade tensions rattled the market. Gold was 0.1% higher at $3,373.45 an ounce as of 8:42 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady. Silver, palladium and platinum all rose.
Time of India
25 minutes ago
- Time of India
Big U.S.-India Escalation: Trump Threatens SANCTIONS After 50% Tariffs Over Russia Oil
Brazil's Big BRICS Snub At Trump Over Tariff War, Nikki Haley Warns US Not To Burn Bridge With India In a stunning diplomatic twist, Brazilian President Lula da Silva has refused to call US President Donald Trump amidst a growing trade war. While Trump imposed a crushing 50% tariff on Brazilian imports and threatened similar action on India, Lula declared that he would instead reach out to Indian PM Narendra Modi and Chinese President Xi Jinping. Lula called the tariff day "the most regrettable" in Brazil-US ties and hinted at coordinated BRICS retaliation. India, too, faces tariff threats from Trump over Russian oil purchases. Meanwhile, Nikki Haley warned Trump against alienating India while soft-pedaling on China. As Trump dismisses BRICS as "fading fast," the bloc's symbolic banknote launch and anti-dollar stance suggest a global realignment, with India at its center. The global trade game is shifting, and New Delhi is no longer a silent player.#lula #donaldtrump #trumptariffs #brics #bricsbanknote #modi #xijinping #putin #nikkihaley #indianews #brazilnews #globaltradewar #usindia #usbrasil #russianoil #chinaus #wto #geopolitics #modigovernment #usforeignpolicy #trendingnow #india #breakingnews #trending #bharat #toi #toibharat #indianews 6.1K views | 20 hours ago
India.com
25 minutes ago
- India.com
Rs 2580000000000: US's treasury overflowing with billions in tax revenue! Here's how Trump administration plans to use money..., Americans to get...
Escalating his tariff offensive against India, US President Donald Trump on Wednesday slapped an additional 25 per cent duty–doubling it to 50 per cent–on Indian goods over New Delhi's continued imports of Russian oil. The move that is likely to hit sectors such as textiles, marine and leather exports hard was slammed by India as 'unfair, unjustified, and unreasonable'. How much has the US government collected so far this year? The Treasury Department reported that in the last month, the US government collected almost $30 billion in tariff revenue in July, a 242% increase from July of last year, reported CNN. The government has earned $100 billion in revenue from tariffs since April, when the president instituted a 10% tariff on nearly all goods and many other even higher tariffs. This is three times more than was collected in the previous year in the same four months. So the question arises: what will the Trump administration do with all this money? As reported by CNN, Trump has offered two possible options for the tariff revenue: Either to reduce the government's multi-trillion-dollar debt or to send 'tariff rebate checks' back to the American people. 'The purpose of what I'm doing is primarily to pay down debt, which will happen in very large quantity,' Trump was quoted as saying by CNN. 'But I think there's also a possibility that we're taking in so much money that we may very well make a dividend to the people of America,' he added. How will tariff revenues affect the federal budget deficit? According to CNN reports, neither of those plans has come to fruition – at least not at this time. So, many Americans may feel that the billions of dollars coming in from tariffs, mostly paid upfront by U.S.-based businesses importing foreign goods, are sitting idle. There is a lot more going on behind the scenes. The government collects revenue from various sources, such as taxes and tariffs. The revenue is all sent into the general fund, which is managed by the Treasury Department. The Treasury calls this general fund 'America's checkbook.' The Treasury Department then spends that money on the government's obligations, including payments such as Social Security. When the money raised by the government does not equal the expenses it has, resulting in a budget deficit, it needs to borrow money to cover the expenses it cannot pay with tax revenue. The national debt is now exceeding $36 trillion, and the debt is increasing. Many economists are concerned about the increasing debt and think it could be impacting economic growth. This is because the government, like an individual, is also required to pay interest on the money borrowed. The more it borrows, the larger its interest obligations grow—adding another monetary impediment that forces money away from critical public investments, like upgrading roadways and infrastructure. While the tariff revenue isn't enough to plug the $1.4 trillion budget deficit the government is facing this fiscal year, it has helped close the gap somewhat. Therefore, the government is borrowing a bit less than it would in the absence of these tariff collections. If Congress agrees to Trump's proposal to use tariffs to send 'rebate checks' to Americans—an idea supported by a bill introduced last week by Republican senator Josh Hawley—it would probably create a budget hole, Ernie Tedeschi, director of economics for the Budget Lab at Yale, and a former economist in the Biden White House said, reported CNN.
