logo
LIVE news: Trump warns extra 10% tariffs against countries 'aligning' with Brics

LIVE news: Trump warns extra 10% tariffs against countries 'aligning' with Brics

US President Donald Trump announced on Sunday that nations supporting what he described as Brics' 'anti-American policies' will face an added 10% tariff.
'Any Country aligning themselves with the anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!' Trump stated in a Truth Social post.
He did not elaborate on what he meant by 'anti-American policies".
The Brics group strongly denounced the recent terrorist attack in Pahalgam and echoed India's stance advocating a "zero tolerance" approach to terrorism.
Brics leaders underscored their determination to combat terrorism in all its forms, including cross-border terrorism and terror financing, during the opening day of their two-day summit in the coastal city of Rio de Janeiro, Brazil.
In what appeared to be a veiled criticism of US trade actions, the leaders also denounced the "indiscriminate" use of tariffs, warning that such practices threaten global trade.
Indian Prime Minister Narendra Modi, addressing the Brics Summit in Rio de Janeiro, highlighted the Pahalgam attack, calling terrorism one of humanity's gravest threats.
"Terrorism is among the most serious challenges facing humanity. Recently, India faced an inhuman and cowardly terrorist attack in Pahalgam. This was an attack on all of humanity," said Modi.
Speaking during the summit's session on 'Peace and Security and Reform of Global Governance,' he reaffirmed India's dedication to peace and unity, and called for decisive global cooperation in fighting terrorism.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Jaishankar To Wang Yi: India, China Must Move Ahead With Mutual Respect After Difficult Phase
Jaishankar To Wang Yi: India, China Must Move Ahead With Mutual Respect After Difficult Phase

Hans India

time25 minutes ago

  • Hans India

Jaishankar To Wang Yi: India, China Must Move Ahead With Mutual Respect After Difficult Phase

External affairs minister S. Jaishankar on Monday underlined the need for India and China to adopt a 'candid and constructive' approach to rebuild their relationship after years of strain, while meeting Chinese foreign minister Wang Yi in New Delhi. In his opening remarks, Jaishankar noted that both nations had gone through a difficult phase but now wished to move forward. 'This requires us to be guided by three principles – mutual respect, mutual sensitivity and mutual interest,' he said, stressing the importance of advancing the de-escalation process along the Line of Actual Control (LAC). The two ministers discussed a wide range of issues, including trade and economic cooperation, river data sharing, border trade, connectivity projects, cultural exchanges, pilgrimages, and counter-terrorism efforts. Jaishankar said he would also follow up on 'particular concerns' that he had raised with Wang Yi during his July visit to Beijing. The Chinese minister, on a two-day trip to India, will also meet National Security Adviser Ajit Doval on Tuesday under the Special Representatives mechanism – the highest-level channel to address the long-standing border dispute. This is Wang's first visit to India since the two countries agreed in October 2024 to end the military standoff that began in 2020 along the LAC, which had plunged ties to their lowest point in decades after the Galwan Valley clash. Jaishankar stressed that differences should not turn into disputes and competition should not spiral into conflict. He cautioned against restrictive trade practices, referring indirectly to China's curbs on rare earth mineral exports that have affected global supply chains, including electric vehicle manufacturing. He also called terrorism a 'major priority' and urged both sides to work towards a stable and forward-looking partnership. 'India and China share the vision of a fair, balanced and multipolar world order, including a multipolar Asia. Reformed multilateralism is the need of the hour,' Jaishankar said, pointing to the importance of safeguarding stability in the global economy. Wang Yi, for his part, said that the two nations had developed 'shared confidence' that helped strengthen cooperation and rebuild trust. Without naming the US, he warned that unilateralism and protectionism were undermining global free trade and stability. He argued that India and China, as the two largest developing nations with a combined population of 2.8 billion, had a responsibility to safeguard the interests of the Global South and provide certainty to Asia and beyond. The thaw in ties has already paved the way for the resumption of the Kailash Mansarovar Yatra after five years, reopening of Indian tourist visas for Chinese nationals, and advanced discussions on restarting direct flights and border trade. Following talks with Doval, Wang Yi is scheduled to meet Prime Minister Narendra Modi. The meeting is significant as Modi is expected to visit China later this month to attend the Shanghai Cooperation Organisation (SCO) Summit in Tianjin on August 31–September 1, where he is also likely to hold a bilateral meeting with President Xi Jinping.

Trump admin in talks to acquire 10% stake in Intel, may convert grants into equity to become largest shareholder
Trump admin in talks to acquire 10% stake in Intel, may convert grants into equity to become largest shareholder

Mint

time25 minutes ago

  • Mint

Trump admin in talks to acquire 10% stake in Intel, may convert grants into equity to become largest shareholder

The Donald Trump administration is in talks to acquire a 10% stake in Intel Corp, making the US its largest shareholder, news agency Bloomberg reported, citing a White House official and other people familiar with the matter. The government is exploring an option to take a stake in Intel by turning some or all of the company's grants from the US Chips and Science Act into equity, it added. Intel is expected to get a combined $10.9 billion in Chips Act grants for commercial and military production. This grant amount is sufficient to get the targeted holding. Based on Intel's current market value, a 10% ownership would be approximately $10.5 billion. The precise size of the stake and the White House's decision to proceed with the plan remain uncertain, the people aware of the development said. Livemint could not independently verify the report. A White House official also mentioned that the administration might turn some Chips Act awards into equity stakes. It remains uncertain if this idea has gained support within the broader administration or if officials have talked about it with any relevant companies. Meanwhile, SoftBank Group Corp. announced on Monday its plans to purchase $2 billion worth of shares in Intel. However, it remains uncertain whether government support will boost Intel's business. The company faces stagnant sales and ongoing losses, and it has difficulty regaining its technological leadership in the industry. New CEO Lip-Bu Tan aims to revive the company, concentrating mainly on cost reductions and job cuts. Intel investors initially responded positively to news of government investment, sparking the largest one-week rally in the stock since February. However, the shares fell 3.7% on Monday following Bloomberg's report on the ongoing discussions. Last week, Tan met with Trump at the White House after the US President criticised him. Trump called for Tan's removal due to past connections to China. Following the meeting, Trump commended Intel's chief, describing him as having 'an amazing story.' Despite earlier criticisms, Tan is expected to remain in his position, the report noted. If the Trump administration progresses with an Intel equity stake, it would fit into a recent pattern where Washington adopts a more assertive role in strategic sectors. Trump's team secured an agreement to receive a 15% share of certain semiconductor sales to China and acquired a so-called golden share in United States Steel Corp. as part of a deal to approve its sale to a Japanese competitor. (With inputs from Bloomberg.)

Asian stocks, oil dip ahead of US Fed meet; European futures rise
Asian stocks, oil dip ahead of US Fed meet; European futures rise

Business Standard

time25 minutes ago

  • Business Standard

Asian stocks, oil dip ahead of US Fed meet; European futures rise

Stocks in Asia and oil prices edged lower on Tuesday before a key meeting of central bankers and as traders evaluated promising diplomatic signals toward ending hostilities between Russia and Ukraine. European equity futures posted modest gains after Ukrainian President Volodymyr Zelenskiy said security guarantees for his nation will likely be worked out within 10 days after talks with US President Donald Trump and European leaders. Japan's Nikkei share gauge set a new intraday record high before heading lower. The US dollar held on to gains from the previous session as traders awaited policy hints from the Federal Reserve ahead of its annual gathering in Jackson Hole, Wyoming. "The Jackson Hole Symposium looms as one potential source of volatility, and going into the event, the markets remain cautious," Kyle Rodda, an analyst at wrote in a note to clients. "A dovish shift is being priced in, with further strength in equity markets - and weakness in the US dollar - reliant on the Fed meeting these expectations." MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.2 per cent in early trading, after US stocks ended the previous session with mild losses. Pan-region Euro Stoxx 50 futures were up 0.3 per cent, German DAX futures rose 0.2 per cent, and FTSE futures added 0.3 per cent. Nato Secretary General Mark Rutte told Fox News on Monday that Trump's meeting with Zelenskiy and other European and Nato partners was very successful. The meeting followed a summit in Alaska between the US president and Russian leader Vladimir Putin, which did not result in an agreement on ceasing hostilities in the 3-1/2-year-old war. In a social media post late on Monday, Trump said he had called Putin and begun arranging a meeting between Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. While traders are keeping an eye on geopolitical developments, another key focus for the week is the Fed's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. Money markets reflect an 83.6 per cent chance of a quarter-point rate cut at the Fed's meeting on September 17, according to CME FedWatch. Japan's Nikkei stock index rose at the open before sliding 0.5 per cent, dragged lower by a 5 per cent plunge in SoftBank Group after the company announced a $2 billion stake in struggling US chipmaker Intel. The dollar was little changed at 147.78 yen. The euro traded steady at $1.1658, while the dollar index, which tracks the greenback against a basket of currencies, edged up to 98.171 after a 0.2 per cent gain in the previous session. US crude dipped 0.2 per cent to $63.29 a barrel. Spot gold was slightly higher at $3,334.9 per ounce. [GOL/]

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store