'I won't humiliate myself': Brazil president Lula da Silva sees no point in tariff talks with Donald Trump
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Economic Times
6 minutes ago
- Economic Times
Iran says IAEA official to visit for talks, no access to nuclear sites planned
Synopsis A senior U.N. nuclear watchdog official is scheduled to visit Iran for discussions on Monday, according to Iran's Foreign Minister Abbas Araghchi, but no visits to nuclear sites are currently planned. Reuters A senior official from the U.N. nuclear watchdog will fly to Iran for talks on Monday, but no visit to nuclear sites is planned, Iran's Foreign Minister Abbas Araghchi said on Sunday. Since Israel launched its first military strikes on Iran's nuclear sites during a 12-day war in June, inspectors from the International Atomic Energy Agency (IAEA) have been unable to access Iran's facilities, despite IAEA chief Rafael Grossi stating that inspections remain his top priority. Iran has accused the agency of effectively paving the way for the bombings by issuing a damning report on May 31, which led the IAEA's 35-nation Board of Governors to declare Iran in breach of its non-proliferation obligations. Iran, which denies seeking nuclear weapons, said it remained committed to the nuclear Non-Proliferation Treaty (NPT). "Negotiations with the IAEA will be held tomorrow to determine a framework for cooperation," Araghchi said on his Telegram account. "A Deputy Director General of Grossi will come to Tehran tomorrow, while there are no plans to visit any nuclear sites until we reach a framework." Last month, Iran enacted a law passed by parliament suspending cooperation with the IAEA. The law stipulates that any future inspection of Iran's nuclear sites by the IAEA needs approval by Tehran's Supreme National Security Council.
Time of India
8 minutes ago
- Time of India
$600 stimulus payment for adult and dependent child in US soon? What you should know
Senator Josh Hawley introduced the "American Worker Rebate Act of 2025," proposing rebate checks for working Americans funded by Trump's tariffs. The plan suggests a minimum of $600 per adult and child, phasing out for higher-income couples. However, the bill faces significant hurdles, including Republican opposition, economic concerns, and potential inflationary effects, making its passage unlikely. The bill proposes 'at least' $600 for every adult and dependent child. For example, if you're a family of four, you'd get $2,400 Tired of too many ads? Remove Ads Will you be getting $600 stimulus payment? Tired of too many ads? Remove Ads What is $600 stimulus payment and why you won't get it? Republican Senator Josh Hawley introduced the 'American Worker Rebate Act of 2025' — a bill that would send rebate checks to working Americans, funded by revenue from President Donald Trump's tariff policies. The proposal was expected to provide a huge financial relief to millions of people in the United is weighing a bill that would send Americans hundreds of dollars in the form of tariff rebate checks in a bid to soften the financial blow of the administration's new tariffs. The bill proposes 'at least' $600 for every adult and dependent child. For example, if you're a family of four, you'd get $2,400. The amounts would phase out for married couples making over $150,000 a year.'Like President Trump proposed, my legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country,' Hawley said in a legislation regarding tariff rebate introduced by Josh Hawley in late July 2025 must be approved by both the Senate and House of Representatives before going to the president. There are significant obstacles to its passing right now: Sen. Hawley's fellow Republicans in the Senate are less than enthusiastic about the bill, and several economists have voiced concerns that it won't provide the relief consumers are looking for amid bill is also facing criticism from other Republican senators, who call it a "bad idea" and "unsustainable" due to the federal cost of approximately $164 billion, according to a report in Marca. This is compounded by skepticism from several economists who doubt that the measure will provide the financial relief that consumers need. Despite the fact the President Trump has endorsed the idea, his strained relationship with Hawley makes it unlikely that they will work together to move the project project, spearheaded by Hawley, is called the "Reimbursement for American Workers Act" and consists of sending direct checks to US households funded by revenues generated from tariffs imposed on foreign products. The plan seeks to send a minimum of $600 for each adult and dependent minor. If tariff revenue exceeds projections for 2025, the bill could allow for 'a larger credit per person.'Josh Hawley's proposal to send tariff rebate checks faces insurmountable hurdles. On the one hand, the lack of enthusiasm from Republicans in Congress themselves, who have already passed a bill costing $4.1 trillion in the last decade, makes any new spending initiative addition, several senators, including James Lankford, Ron Johnson and Roger Marshall, have publicly opposed the idea, suggesting that the funds be used to pay down the national himself is open to the idea. Asked at the White House about a possible rebate for Americans from tariff revenue, he told reporters: 'We're thinking about that. We have so much money coming in, we're thinking about a little rebate.'To be fair, Trump also said the 'big thing we want to do is pay down debt' — but added that 'a little rebate for people of a certain income level might be very nice.''I don't believe a rebate would make for sound policy,' Alex Durante, senior economist at the Tax Foundation, told CNBC. 'I'd much rather see that revenue directed toward reducing the deficit than handing out checks to individuals.'Critics also caution that such payments could reignite inflationary pressures — a problem that has persisted since the pandemic-era stimulus.'Recipients are likely to spend at least part of that money, which would drive up demand, push prices higher, and potentially intensify inflation,' said Joseph Rosenberg, senior fellow at the Urban-Brookings Tax Policy Center.
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Business Standard
8 minutes ago
- Business Standard
India should weigh benefits of Russian oil after US tariff hike: Banerjee
India should consider whether the cheap oil imports from Russia are 'worth it' after the Trump administration announced an additional 25 per cent tariff on Indian goods, Nobel laureate Abhijit Banerjee has said. Last week, US President Donald Trump signed an executive order, slapping an additional 25 per cent levy on India for New Delhi's purchases of Russian oil, bringing the total duties to 50 per cent -- among the highest imposed by the US on any country in the world. The additional 25 per cent duty will come into effect on August 27. "We need to think hard about whether Russian oil imports are worth it and then go back to the US to say that, you know, will they take it (tariff) off, if we stop importing Russian oil," Banerjee told PTI on the sidelines of an event organised by BML Munjal University. Since the steep tariffs are likely to hit the USD 27 billion of non-exempt exports that India does to the US, there has been chatter around stopping or curtailing oil imports from Russia. "It is not crazy to think about it. At a 25 per cent tariff, some of our exports are already not competitive, so maybe 50 per cent (tariff) does not matter," the eminent economist said. India is the largest importer of Russian crude, purchasing 1.6 million barrels per day in July. However, it has not placed any orders for August and September, mainly because the discounts that initially encouraged Indian refiners to import oil from the Black Sea have decreased to about USD 2 per barrel. In terms of volume, India imported 88 million tonnes from Russia in FY25, out of the total shipment of 245 million tonnes. With such a minimal price advantage compared to other internationally available oil, Indian refiners did not place any orders for August and September. Oil companies typically secure import contracts about two months in advance, meaning the supplies for August and September were arranged before Trump's August 7 announcement of higher tariffs. The bilateral trade deal between the US and India has been stuck over the US demand for greater access to India's agricultural and dairy market. Asked if India should lift curbs on investments from China, Banerjee said, "Maybe we should combine that with trade negotiations with China". "I think it is a good moment to do it. The Chinese also need to think of how they will deal with the US, and what leverage points they have," Banerjee added. Following the Galwan clash in 2020, India took a hard stance on China and its companies operating in the country. Under Press Note 3 of 2020, the government has made its prior approval mandatory for foreign investments from countries that share land borders with India. These countries are China, Bangladesh, Pakistan, Bhutan, Nepal and Afghanistan. Following the decision, FDI proposals from these countries need government approval for investments in any sector in India. Asked whether India should join the ASEAN trading block, he said, "Maybe, I think we need to. I think China is much more important than ASEAN". Responding to a question on how he sees the Indian economy doing this year amid geopolitical tensions and trade uncertainties, Banerjee said, "Not as good as we expected". He pointed out that the middle class is actually hurting, and for the past few years, private investments have also not picked up. "Companies like TCS are not hiring, the salary of IT employees is not increasing... These are all issues we have not dealt with, and we are sitting on them, so we need to kind of embrace the fact," he said.
