Luxury Brands Chanel, Dior, LV Spared In US-EU Deal — But Is Demand The Real Threat?
Chanel, Dior, and Louis Vuitton may have dodged steep U.S. tariffs thanks to the new US-EU trade deal—but weakening demand and resistance to further price hikes could pose a bigger challenge. Are luxury brands running out of room to grow?
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India.com
3 hours ago
- India.com
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London: The Schengen visa of 29 countries of Europe is going to be completely digital as the European Union (EU) is preparing to do away with the traditional Schengen visa sticker. A secure digital barcode will be imprinted in its place. The foreign ministers of the European Union had decided last year to transfer the visa application process for travel to the Schengen area to the online platform. After this, a new change has been made. However, this is not the only change that travellers going to Europe will see. Apart from this, many changes are going to be made to the visa. What is the use of the 2D barcode? The European Union is moving towards digital innovation in the form of a secure 2D barcode. This is one of the biggest reforms made in the Schengen visa system in decades. This move will speed up the process and provide a completely digital travel experience. On reaching the border, passengers will now scan the barcode, which will be directly linked to the centralized EU visa system. This will give immigration officials information about the validity of the visa and personal data. What benefit will Indian travellers get? The European Union had issued 70,000 digital Schengen visas as a test to the players and staff participating in the 2024 Paris Olympics. After its success, it is now being fully implemented. People coming to Europe on a Schengen visa will have to submit their biometrics in person for the first time. This process will be fast and seamless for those who travel regularly to Europe. Indian citizens travelling to Europe are going to get many benefits from the change in the Schengen visa. The most important of these is that the digital visa will facilitate entry through biometric e-gate access. This will greatly reduce the need for paperwork. Things will be much easier, especially for those who travel to Europe regularly. What is the Schengen Visa? Schengen is a short-term visa, which allows travel within the Schengen area for up to 90 days. As such, it is quite popular among people who love to travel. The Schengen area includes 29 European countries like Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden, and Switzerland.
Time of India
5 hours ago
- Time of India
EAM Dr S Jaishankar, NSA Doval plan trips to Russia this month
India is reinforcing its longstanding relationship with Russia, planning high-level visits to Moscow despite pressure from the US to reduce oil imports. National Security Advisor Ajit Doval and External Affairs Minister S Jaishankar will discuss defense collaboration, regional issues, Arctic cooperation, and increased trade. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: India is keeping its ties with Russia steady with high level visits planned to Moscow this month amid US President Donald Trump's demand asking to reduce oil imports from Russia and threatening penalties if New Delhi failed to do Security Adviser Ajit Doval and External Affairs Minister S Jaishankar are planning Moscow trips this month, ET has learnt. While Doval could visit Moscow in early part of this month, Jaishankar is planning a trip to Russia mid-August, it has been further defence industry collaboration besides regional situation will be big on the agenda when Doval meets his Russian counterpart, according to persons familiar with the are reports that India is looking to purchase additional S-400 defence systems which had contributed to India's success during Operation Sindoor. India also plans to have MRO facilities for S-400 here. There are also unconfirmed reports that India is exploring purchase of Su-57 fighter jets from in the resource rich Arctic region and increasing Indian exports to Russia will figure high on the agenda when Jaishankar meets his counterpart Sergey Lavrov besides First Deputy Prime Minister Denis Friday while defending ties with Russia MEA spokesperson Randhir Jaiswal said, "India and Russia have a steady and time-tested partnership." "Our bilateral relationships with various countries stand on their own merit and should not be seen from the prism of a third country."India will host the next edition of the annual India-Russia summit this year that will enable President Vladimir Putin to travel to New Delhi for the first time since industry ties, energy ties in the backdrop of recent EU sanctions, civil nuclear partnership, Arctic cooperation besides joint roadmap for cooperation in the high-tech sector will be on the agenda of the Summit, ET had reported last monthFood security could also be on the agenda of the Summit. Putin recently mentioned following Modi's direct request, Russia increased exports of fertilisers to other issues, Russia wants India to increase its presence in a big way in the resource rich Arctic region and earmark a second site for the nuclear power plant even as it has established its presence in the Small Modular Reactor workforce is increasing in the Russian construction and textile sector and a formal agreement on manpower could be inked during the summit.
The Print
6 hours ago
- The Print
No duty concessions to US on agri, dairy, GM foods: An explainer
Earlier, this duty was to be imposed from August 1. The President has also not specified the penalty which he has announced on India for buying crude oil and military equipment from Russia. With the US not able to finalise a deal with India so far, US President Donald Trump on Thursday announced imposition of an additional 25 per cent import duty on Indian goods entering American markets from August 7. New Delhi, Aug 2 (PTI) India has toughened its stance on extending duty concessions on agri products, dairy and GM foods in the proposed bilateral trade agreement (BTA) with the US. Here is a list of Q&A (questions and answers) to explain reasons behind India's stand and impact of US tariffs on labour-intensive sectors: * What is the India-US bilateral trade agreement (BTA)? – India and the US entered into negotiations for a fair, balanced and mutually beneficial BTA in March 2025 with a target to complete the first tranche/phase of the pact by fall (October-November) of 2025. So far, five rounds of talks have been completed. For the next round, the US team, headed by Assistant US Trade Representative for South and Central Asia Brendan Lynch, is visiting India from August 25. * What is the aim of the BTA? – Normally in a trade agreement, two trading partners either significantly reduce or eliminate import duties on the maximum number of goods traded between them. Besides, they ease norms to promote trade in services and increase two-way investments. The India-US BTA is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the present USD 191 billion. *What are the major demands of the two countries from each other in the BTA? – The US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agri goods, dairy items, apples, tree nuts, and genetically-modified crops. India is seeking the removal of this additional tariff (25 per cent now) and cut in tariffs on steel and aluminium (50 per cent), auto sector (25 per cent), labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas. *How much tariff is imposed by the US on Indian goods at present? – India's average import duty is about 17 per cent, while the US' is 3.3 per cent. On April 2, the US announced to impose 26 per cent duty (16 per cent reciprocal tariff and 10 per cent baseline tariff). At present, only the baseline tariff is in force. It is over and above the existing import duty on Indian goods. For example, before April 2, the Indian textiles were attracting a 6-9 per cent tariff in America. With the baseline tariff, it rose to 16-19 per cent. But from August 7, the sector will attract a 31-34 per cent duty. The baseline tariff will be replaced by 25 per cent duty notified on July 31 by the White House. However, certain products are exempted from these tariffs such as pharmaceutical, electronics and energy products. * From when the 25 per cent duty will come into force? – The duty, announced this week, will come into force from August 7 (9.30 am IST). The executive order has also clarified that goods in transit until October 5, 12:01 am eastern daylight time (EDT), or 09:30 am IST, will be subject to a 10 per cent tariff, provided that such goods have entered into transit before August 7 12:01 am EDT. *Why India is not ready to provide duty concessions on dairy, agri and GM foods? – Agri: Farm livelihoods are at stake. This is a politically and economically sensitive area as over 700 million people in India's rural economy are dependent on the sector. If India removes tariffs, cheap, subsidised US grains could flood Indian markets during global price crashes. Unlike the US, where agriculture is corporatised, Indian farming is a livelihood issue. Tariffs are essential to protect small farmers, manage price volatility, and ensure food security. Dairy: India wants to safeguard its small farmers. GTRI stated that the US argues that India's GM-free feed certification and facility registration protocols effectively bar American dairy imports. 'Indian rules prohibit imports from animals fed with animal-derived feed'for example, butter from a cow fed meat'due to religious sensitivities. India considers this policy non-negotiable,' GTRI has said. GM Food: These are created by inserting specific genes, often from bacteria, viruses, other plants, or occasionally animals, into a plant's DNA to introduce new traits, such as pest resistance or herbicide tolerance. Allowing the import of GM products such as soybean meal and distillers dried grains with solubles (DDGS) for animal feed would affect India's agricultural exports to the EU, a key destination for Indian exporters. PTI RR ANU ANU This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
