Trump Vs Judiciary: Tariffs On Shaky Legal Grounds
| 'So much for being a nice guy'—Trump slams China, reignites trade tensions, says tariff deal was violated. For a brief moment on Thursday, it looked like the European Union and countries around the globe would get a surprise reprieve from the widest-sweeping tariffs imposed by US President Donald Trump.The little-known US Court of International Trade in New York struck down the blanket baseline 10% tariffs on virtually all goods imported into the US, announced two months ago on what Trump dubbed "Liberation Day," along with even higher country-specific rates.The US federal court argued that Trump had overstepped his presidential powers with the radical and sprawling penalties, a central pillar of his isolationist "America First' economic policy, and ordered a halt to the tariffs. n18oc_worldNews18 Mobile App - https://onelink.to/desc-youtube
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Time of India
39 minutes ago
- Time of India
War Clouds Over Europe as Ukraine Hits Russia
On the eve of peace talks, Ukraine and Russia sharply ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an ambitious attack on nuclear-capable bombers deep in Siberia. After days of uncertainty over whether or not Ukraine would even attend, President Volodymyr Zelenskiy said Defence Minister Rustem Umerov would sit down with Russian officials at the second round of direct peace talks in Istanbul on Monday. The first round of the talks more than a week ago yielded the biggest prisoner exchange of the war - but no sense of any consensus on how to halt the fighting. Amid talk of peace, though, there was much war. At least seven people were killed and 69 injured when a highway bridge in Russia's Bryansk region, neighbouring Ukraine, was blown up over a passenger train heading to Moscow with 388 people on board. No one has yet claimed responsibility. Ukraine attacked Russian nuclear-capable long-range bombers at a military base deep in Siberia on Sunday, a Ukrainian intelligence official said, the first such attack so far from the front lines more than 4,300 km (2,670 miles) away. The official said the operation involved hiding explosive-laden drones inside the roofs of wooden sheds and loading them onto trucks that were driven to the perimeter of the air bases. A total of 41 Russian warplanes were hit, the official said. RUSSIA ACKNOWLEDGES AIR BASE ATTACKS, SAYS FIRES PUT OUT Ukraine did not tell the Trump administration about the attack in advance, Axios reporter Barak Ravid said on X, citing an unnamed Ukrainian official. Russia's Defence Ministry acknowledged on the Telegram messaging app that Ukraine had launched drone strikes against Russian military airfields across five regions on Sunday. It said the attacks repelled the assaults in all but two regions — Murmansk in the far north and Irkutsk in Siberia - where "the launch of FPV drones from an area in close proximity to airfields resulted in several aircraft catching fire". The fires were extinguished without casualties. Some individuals involved in the attacks had been detained, the ministry said. Russia launched 472 drones at Ukraine overnight, Ukraine's air force said, the highest nightly total of the war so far. Russia had also launched seven missiles, the air force said. Russia said it had advanced deeper into the Sumy region of Ukraine, and open source pro-Ukrainian maps showed Russia took 450 square km of Ukrainian land in May, its fastest monthly advance in at least six months. U.S. President Donald Trump has demanded Russia and Ukraine make peace and he has threatened to walk away if they do not - potentially pushing responsibility for supporting Ukraine onto the shoulders of European powers - which have far less cash and much smaller stocks of weapons than the United States. According to Trump envoy Keith Kellogg, the two sides will in Turkey present their respective documents outlining their ideas for peace terms, though it is clear that after three years of intense war, Moscow and Kyiv remain far apart. Putin ordered tens of thousands of troops to invade Ukraine in February 2022 after eight years of fighting in eastern Ukraine between Russian-backed separatists and Ukrainian troops. The United States says over 1.2 million people have been killed and injured in the war since 2022. Trump has called Putin "crazy" and berated Zelenskiy in public in the Oval Office, but the U.S. president has also said that he thinks peace is achievable and that if Putin delays then he could impose tough sanctions on Russia. In June last year, Putin set out his opening terms for an immediate end to the war: Ukraine must drop its NATO ambitions and withdraw all of its troops from the entirety of the territory of four Ukrainian regions claimed and mostly controlled by Russia. Ukrainian negotiators in Istanbul will present to the Russian side a proposed roadmap for reaching a lasting peace settlement, according to a copy of the document seen by Reuters. According to the document, there will be no restrictions on Ukraine's military strength after a peace deal is struck, no international recognition of Russian sovereignty over parts of Ukraine taken by Moscow's forces, and reparations for Ukraine. The document also stated that the current location of the front line will be the starting point for negotiations about territory. Russia currently controls a little under one fifth of Ukraine, or about 113,100 square km, about the same size as the U.S. state of Ohio.
Mint
an hour ago
- Mint
General industries stocks to trade on 2 June as recommended by expert Raja Venkatraman
The reimposition of Trump-era tariffs has reignited global trade uncertainty, posing fresh challenges for the general industrials sector—home to firms that manufacture and assemble advanced machinery, digital systems, and automated equipment. Initially hit by disrupted supply chains and rising input costs, these companies have been quick to adapt. To counter the pressure, players in this space have ramped up investments in automation, digitization, and supply chain diversification—moves that are gradually mitigating tariff-induced strain. Market metrics reflect this resilience: firms in the sector average a market cap of ₹7,807 crore, a P/E ratio around 55, and an ROE exceeding 20%. Looking ahead, the sector shows moderate bullishness, buoyed by tech-driven efficiency and evolving global trade realignments. With continued focus on automation, R&D, and supply chain flexibility, General Industrials is poised for steady, long-term growth. Also read: This textile star's rally masks a margin meltdown. Should investors be worried? Sector dynamics Cost Savings and price stabilisation Challenges: Demand revival, pricing trends, and growth prospects Based on the above pointers I have selected the following stocks: Shaily Engineering Plastics Ltd CMP: ₹2,016.20 | Target: ₹2,250–2,350 | Stop Loss: ₹1,850 | Time Horizon: 1 Month The stock presents a positive setup and can be considered for long positions at current levels or on dips towards ₹1,900, with a stop loss below ₹1,850. Upside potential lies in the ₹2,250–2,350 range over the next month. Elgi Equipments CMP: ₹535.20 | Target: ₹615 | Stop Loss: ₹490 | Time Horizon: 1 Month The technical setup indicates potential for a near-term rally. Long positions may be considered above current levels and on dips toward ₹505, with a stop loss below ₹490. The stock could test levels of ₹615 over the next month. Shaily Engineering Plastics Ltd Shaily Engineering Plastics Ltd is adapting well to the evolving General Industrials landscape by focusing on supply chain partnerships, collaborative innovation, and operational efficiency. With global trade uncertainties, including the reimposed 26% Trump-era tariffs on Indian exports, the company is prioritizing agility and premium product strategies to manage rising costs and sustain global competitiveness. These efforts are reflected in its strong Q4 FY25 results. Shaily reported a 27.7% year-on-year rise in total income to ₹217.83 crore, with operating profit up 75.7% at ₹43.39 crore. Net profit grew 47.9% to ₹28.59 crore, while EPS improved to ₹6.20. The performance highlights the company's resilience and effective execution amid external pressures. Source: TradingView Shaily Engineering Plastics has held firm through the choppy trends of the past five months, forming higher lows with strong volume support despite persistent market volatility. The stock found solid support near the ₹1,400 level while facing stiff resistance around ₹1,950. This wide consolidation created large swing-based moves, but as broader market sentiment began to improve in late April 2025, the stock staged a notable recovery, drawing increased interest from retail investors. Also read: Strong domestic demand, firm steel prices to keep SAIL in focus Recent momentum in the industrials sector has further fueled participation, with steady volumes helping the stock break past its key resistance zone. The breakout, marked by a strong bullish candle, suggests renewed strength and upside potential. With positive technical cues, traders may consider going long above the current market price or on dips toward ₹1,900, with a stop-loss below ₹1,850. The stock could potentially rally to the ₹2,250– ₹2,350 range over the next month. ELGI EQUIPMENTS Elgi Equipments Ltd, a leading manufacturer of air compressors and related equipment, is realigning its operations to adapt to shifts in the General Industrials sector. As consolidation through mergers, acquisitions, and strategic partnerships gains momentum among peers, Elgi is focused on scaling up operations and boosting efficiency. This strategy aims not only to strengthen its domestic foothold but also to expand its international presence. Additionally, the company is diversifying its portfolio to cater to premium segments alongside its traditional customer base, enhancing brand value and pricing power. The company's Q4 FY25 results reflect this resilience amid external challenges. Consolidated revenue rose about 15% year-on-year to nearly ₹993 crore, while profit after tax jumped approximately 34%, from ₹76 crore in Q4 FY24 to ₹102 crore in Q4 FY25. These gains come despite headwinds like the 26% tariff on certain Indian exports imposed under Trump-era policies, which have complicated cost structures and competitive positioning. Elgi's proactive pricing and cost management have helped cushion these impacts effectively. From a technical perspective, the stock faced a sharp decline following a stock split that reversed gains made since March 2024. After peaking in December 2024, prices gradually slid to form a double bottom near ₹100, establishing a strong base. A robust Q4 performance has since propelled a sharp rebound. Volume is steadily increasing, accompanied by rising momentum indicators such as the Directional Momentum Index, signaling potential further upside. Last Friday's long-bodied candle indicates a breakout above the key resistance zone near ₹150, suggesting positive momentum. Source: TradingView The last six months have been challenging for Elgi Equipments, with the stock experiencing a sharp 40% decline. This drop was largely driven by profit booking trends that affected the broader Mid and Small Cap segments. However, as market volatility eased in March, the stock found support and began a recovery phase. During this rebound, the price formed a classic double bottom pattern, signaling renewed buying interest as geopolitical tensions started to ease. Technically, this recovery has pushed the stock price above the Ichimoku Cloud, a positive indicator of trend strength. Last Friday's strong move above the neckline of the double bottom formation further confirmed this bullish shift. The stock also broke through a key resistance zone near ₹500, adding to the upside momentum. With the positive Directional Index (+DI) climbing and the ADX confirming trend strength, the outlook remains bullish over the coming weeks. For investors, this presents an attractive opportunity to initiate long positions above the current market price (CMP), with a potential entry on dips toward ₹505. A prudent stop-loss could be placed below ₹490, aiming for a target price near ₹615 within the next month. Elgi Equipments remains cautiously optimistic about FY26. Its strategic focus on consolidation, premium product development, and supply chain agility—alongside targeted market expansion in regions such as Europe, Brazil, and Australia—positions the company well to manage uneven demand recovery and pricing pressures. These initiatives should help Elgi navigate challenges while capitalizing on growth opportunities. Also read: Mint Explainer: Why has Sebi barred Arshad Warsi from markets again? Conclusion The general industrials sector is demonstrating notable resilience and adaptability. Despite headwinds like renewed tariffs, rising input costs, and uneven demand across urban and rural markets, companies are strategically realigning their operations. Through consolidation, mergers, acquisitions, and a shift toward premiumised, diversified product offerings, firms are effectively countering external pressures. The sector's ability to adapt to changing global trade dynamics and embrace innovation points to a promising outlook for sustained growth, even as short-term challenges persist. Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Hindustan Times
an hour ago
- Hindustan Times
Why stricter voting laws no longer help Republicans
'The Republicans should pray for rain'—the title of a paper published by a trio of political scientists in 2007—has been an axiom of American elections for years. The logic was straightforward: each inch of election-day showers, the study found, dampened turnout by 1%. Lower turnout gave Republicans an edge because the party's affluent electorate had the resources to vote even when it was inconvenient. Their opponents, less so. The findings offered an empirical reason for Republicans to make voting harder for marginal or 'low propensity' voters. The party and its conservative allies had already adopted voting restrictions as an ideological plank, one previously advanced by southern Democrats courting white support in the Jim Crow era. In 2013 the Supreme Court gutted the preclearance system under the Voting Rights Act that had forced most southern states to vet changes to their voting rules with the federal government. Alabama, Mississippi and Texas immediately enacted voter ID laws that had been previously blocked. Over the next decade 29 states passed nearly 100 bills to restrict voting and Donald Trump's obsession with 'election integrity' became Republican doctrine. Yet Mr Trump's takeover of the Republican Party has scrambled the voting coalitions that underpinned the pray-for-rain logic. Rich people used to vote Republican and poor people Democrat. But the correlation started to wane in the 2000s and ultimately flipped for white voters when Mr Trump ran, according to research by Michael Barber and Jeremy Pope at Brigham Young University. Poor blacks and Hispanics still voted Democrat, but in 2024 they too moved to the right. At the same time, voters without college degrees took to the Republican Party and the college-educated moved in the other direction. Today voters who may or may not bother to turnout for elections no longer vote overwhelmingly for Democrats. Having embraced voting restrictions for so long Mr Trump and his party are reluctant to abandon them, even if they no longer help them win elections. In his second term the president is jostling for even tighter rules. Amongst his barrage of executive orders just one has dealt with elections, but it is one of his most constitutionally ambitious. In it Mr Trump criticises America's 'patchwork of voting methods' and calls for a national set of rules that require voters to prove their citizenship before registering. The attorney-general, it said, would also force states to stop counting absentee ballots that arrive after election day. A judge blocked the order, writing that Congress and the states set election rules under the constitution, not the president. She noted that Congress is considering a similar bill and Mr Trump should not 'short-circuit' that. The SAVE Act, which cleared the House in April, also makes voters prove citizenship. But it is very unlikely to pass the Senate. States, however, are passing voter restrictions with gusto. Since January at least 25 states have introduced new voter ID bills, 30 have ones related to citizenship verification and 26 are trying to change the rules around absentee voting. Florida lawmakers decided to punish non-citizens who vote with up to five years in prison and Wisconsin voters enshrined a voter ID requirement in their state's constitution. Americans want it to be harder to cheat in elections and 'that's why states aren't waiting for a solution from Washington,' says Lee Schalk of the American Legislative Exchange Council, a conservative group that writes model legislation. Indeed, Gallup polling shows that more than 80% support stricter ID and citizenship rules. In every country in Europe, where politics tends to be more liberal, voters must show ID at the polls. Would even stricter rules affect election outcomes in America? Consider Georgia, a swing state controlled by Republicans. When an omnibus election bill that tightened voter ID rules passed in 2021 Stacey Abrams, a Democrat who had run for governor, warned that it would disenfranchise black voters. She called it 'Jim Crow in a suit and tie'. But turnout in the next year's midterms surged and a consensus grew among election wonks that the suppression effect was negligible. Analysis by the Brennan Center for Justice, a public-policy institute, found that the turnout gap between white and black voters did widen in Georgia between 2020 and 2024. But the new rules may not have been to blame. The drop-off was mostly limited to younger black men, who were particularly unenthused by Kamala Harris. Fewer young women of both races voted for the first time, but white women slid more than black women. Democrats across the country argue that new citizenship verification policies will cause mass confusion and get citizens tangled up in bureaucracy. The hassle would be more justifiable if the new laws solved a big problem, but non-citizens rarely vote. An audit by Georgia's secretary of state from the summer of 2024 found just 20 non-citizens out of 8.2m on the voter rolls. Most were registered before Georgia checked for citizenship and had never cast a ballot. The best evidence seems to be that the impact of restrictive laws is minimal. An analysis published in the Quarterly Journal of Economics of 1.6bn voting records from every state in America found that strict voter ID rules, on average, neither significantly suppressed votes nor prevented fraud. Nor do ID laws hurt Democrats any longer, other research by Jeffrey Harden and Alejandra Campos shows. While in 2010 voter ID laws reduced Democratic vote share by 3%, by 2020 they increased it slightly. Because of the changes in party voting coalitions, the overall effect of the next phase of even tighter voting rules could now 'easily be a wash' when it comes to benefitting one party or the other, says Nicholas Stephanopoulos, who studies elections at Harvard University. Get 360° coverage—from daily headlines to 100 year archives.
