No halt in Russian oil imports by Indian firms: Government Sources
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Fibre2Fashion
10 minutes ago
- Fibre2Fashion
China-US tensions could bring more Chinese goods to Europe: ECB blog
Hit by higher US tariffs, Chinese exporters may redirect some of their goods from the United States to the euro area, and that could bring down headline harmonised index of consumer prices (HICP) inflation in the zone by around 0.15 percentage points in 2026, with smaller effects persisting into 2027, according to a blog by European Central Bank (ECB) experts. During the 2018 US-China trade war, such redirection resulted in euro area imports from China increasing by around 2-3 per cent between 2018 and 2019, they noted. Now, history could repeat. In a severe scenario in which US tariffs on Chinese goods escalate to an effective rate of around 135 per cent, the euro area could see imports from China rise by up to 10 per cent in 2026. Hit by higher US tariffs, Chinese exporters may redirect some of their goods from the US to the euro area, and that could bring down headline HICP inflation in the zone by around 0.15 pps in 2026, with smaller effects persisting into 2027, an European Central Bank blog said. Chinese authorities have pledged targeted support to help affected exporters redirect sales to domestic or third markets. A second estimate that uses general equilibrium models featuring production inter-linkages suggests a somewhat more moderate increase in euro area imports from China of 7-9 per cent, the blog said. Several factors suggest that the euro area could experience a larger redirection of Chinese exports this time than it did back in 2018. First, the composition of Chinese exports to the United States and to the euro area is similar, making the euro area a natural alternative. Second, established supply chain links, which have expanded since the last China-US trade war, and ongoing industrial upgrades in China facilitate the redirection of trade flows. Many euro area firms already rely on Chinese imports, making it easier to absorb redirected goods. More broadly, around three-fourths of all products imported by large euro area countries already have at least one Chinese supplier. Third, Chinese businesses have laid the groundwork to facilitate faster market entry. For example, they have almost tripled their presence with investments in European sales and distribution networks since 2017, the ECB blog noted. Fourth, the depreciation of the Chinese renminbi makes Chinese goods cheaper and more attractive for European importers. And fifth, while the profit margins of Chinese exporters have narrowed since the onset of the first trade conflict in 2018, many firms, especially those in final goods production, still have room to absorb the reduced profit margins, the blog said. In addition, Chinese authorities have pledged targeted support to help affected exporters redirect sales to domestic or third markets, which could allow for further price cuts, it noted. Calculations by the ECB experts indicate that lower Chinese import prices would reduce overall import prices by 1.6 per cent. But it will take some time for consumer prices to drop. The magnitude of the effect depends on several factors, including the strength of domestic demand, the scale of the shock itself and the potential policy responses that may offset the disinflationary impact, the blog added. Fibre2Fashion News Desk (DS)
Hans India
12 minutes ago
- Hans India
Parliament must condemn Trump blabber
US President Donald Trump has launched a scathing attack on India, calling its economy "dead" and imposing a 25 pr cent tariff on its imports, effective from August 1. Trump expressed displeasure with India's purchase of oil and defence equipment from Russia, stating that India has "always bought a vast majority of their military equipment from Russia" and is Russia's largest buyer of energy, along with China. He said that maybe India will buy oil from Pakistan someday, which further strained the already tense relationship between the two neighbours. The Indian Parliament should condemn Trump's statement in one voice, as his remarks have sparked concern and added fuel to the escalating tensions between the US and India. Ganti Venkata Sudhir, Secunderabad Modi's foreign policy dealt Trump blow US President Donald Trump's announcement to impose a 25 per cent tariff on Indian goods has dealt a severe blow to the Indian economy. Citing India's trade ties with Russia and high tariffs as reasons, this decision is set to disrupt Indian exports, particularly in critical sectors like pharmaceuticals and textiles. The move has sparked widespread criticism of Prime Minister Narendra Modi's foreign policy, which has failed to avert the crisis. Despite Modi's much-touted close relationship with Trump, the lack of progress in securing a favourable trade agreement highlights a perceived leadership shortfall. Urgent measures are needed to safeguard India's economic interests. Srinivaas Goud Muddam, Hyderabad
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Business Standard
12 minutes ago
- Business Standard
Hamas denies disarmament claim, calls US envoy's Gaza visit a 'staged show'
Hamas has dismissed reports that it expressed willingness to disarm during Gaza ceasefire negotiations with Israel, affirming its "national and legal" right to resistance against Israeli occupation, Al Jazeera reported. The Palestinian group issued a statement on Saturday in response to comments allegedly made by United States President Donald Trump's special envoy to the Middle East, Steve Witkoff, during a meeting with relatives of Israeli captives held in Gaza. Citing a recording of the conversation, Israeli outlet Haaretz reported that the US envoy told the families Hamas was "prepared to be demilitarised." However, Hamas firmly denied the claim. In its statement, Hamas said, "The resistance and its weapons are a national and legal right as long as the [Israeli] occupation persists." It added that this right "cannot be relinquished until our full national rights are restored, foremost among them the establishment of a fully sovereign, independent Palestinian state with Jerusalem as its capital," according to Al Jazeera. Witkoff had met the families in Tel Aviv on Saturday, a day after visiting a US and Israeli-backed aid distribution site in Gaza run by the controversial GHF group. Hamas previously criticised the envoy's visit as a "staged show" intended to mislead the public about conditions in the enclave, Al Jazeera reported. The group pointed to worsening humanitarian conditions, highlighting a United Nations report stating that more than 1,300 Palestinians have been killed while attempting to access food at GHF-run sites since the organisation began operating in Gaza in May. Despite growing international criticism of the group's operations, the Trump administration has stood firmly behind GHF. In June, Washington announced $30 million in funding support for the organisation, Al Jazeera reported. Witkoff's remarks on disarmament come amid intensifying global efforts to push for recognition of a Palestinian state, as the humanitarian crisis in Gaza continues. At a two-day United Nations conference in New York this week, the United Kingdom said it may follow France in recognising a Palestinian state in September if Israel does not implement a ceasefire. Echoing Prime Minister Keir Starmer's earlier stance, Foreign Secretary David Lammy said the UK would proceed with recognition under specific conditions. The UN meeting also saw 17 countries, along with the European Union and the Arab League, endorse a seven-page document supporting a two-state solution. The text called on Hamas to "end its rule in Gaza and hand over its weapons to the Palestinian Authority, with international engagement and support, in line with the objective of a sovereign and independent Palestinian State," Al Jazeera reported. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
