Trump's bigger Maga war
The President of the United States is facing the wrath of his core supporters over his administration's scandalous about-turn on the 'Jeffrey Epstein Files'.
Cancel anytime. Ad-free. Full access to Web and App.
RM 13.90/month
RM 9.73 /month
Billed as RM 9.73 for the 1st month, RM 13.90 thereafter.
RM 12.39/month
RM 8.63 /month
Billed as RM 103.60 for the 1st year, RM 148 thereafter.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
Oil shock looms as Trump cuts Russia deadline to 10 days
UNITED States President Donald Trump unexpectedly shortened his deadline for hitting Russia with the most severe sanctions on its oil exports to date. While the market has called the president's bluff thus far, the sheer scale of the threat may force investors to start pricing in this meaningful tail risk. Speaking alongside British Prime Minister Keir Starmer in Scotland on Monday, Trump said he was giving Moscow only 10 to 12 days to reach a deal to end the war in Ukraine before he would impose so-called secondary sanctions on its oil exports, cutting short his previous 50-day timeframe set on July 14. The sanctions would slap 100 per cent tariffs on buyers of Russian oil, with the biggest customers being India and China. This move has the potential to disrupt global oil supplies, given that Russia exported 4.68 million barrels per day (bpd) of crude oil in June, around 4.5 per cent of global demand, as well as 2.5 million bpd of refined products, according to the International Energy Agency (IEA). Going through with the secondary tariffs on Russia risks causing a severe spike in oil prices that could put upward pressure on US inflation, an outcome that could stay Trump's hand, even if he is "disappointed" in Russian President Vladimir Putin. And there have been several headline-grabbing moments in recent months where the Republican president has rowed back on his threats, including the "reciprocal tariffs" originally announced on April 2 that he quickly toned down in the face of market pressure. But Trump has also made good on some of his threats, most notably the bombing of Iran's nuclear facilities on June 22. Unlike his initial announcement on secondary tariffs, which investors appeared to shrug off, oil prices rose by nearly three per cent on Monday. So his erratic Russia policy may make some investors wary of writing off the risk altogether. The next question is, would secondary tariffs — a relatively untested, blunt financial weapon — be effective? The answer is probably yes. One of Russia's key customers, India — the largest importer of seaborne Russian crude in June at 1.5 million bpd — is currently engaged in tense trade talks with the US. New Delhi is, therefore, unlikely to want to exacerbate trade tensions with Washington and thus may be apt to ditch Moscow in favour of new, though undoubtedly more expensive, energy sources. On the other hand, China, which imported around two million bpd of Russian oil in June via pipeline and by sea, is less likely to change its buying patterns since it already faces several layers of US tariffs and considers its ties with Moscow to be strategic. But the Kremlin's finances would still be squeezed regardless if India were to cease purchasing Russian oil, as China would likely be able to buy it even more cheaply. The scale of the potential new sanctions' impact on the global oil market is hard to gauge, given current supply and demand dynamics. World oil demand is expected to grow by 700,000 bpd this year, its lowest rate since 2009, while supplies are forecast to rise sharply by 2.1 million bpd to 105.1 million bpd, according to the IEA. The growth in supply has been driven in recent months mostly by output increases by the Saudi Arabia-led oil producing group collectively known as Opec+. The group in April started unwinding 2.2 million bpd of production cuts and upped the United Arab Emirates' (UAE) production quota by 300,000 bpd. The Opec+ production increases have led, naturally, to a decline in the group's spare production capacity, but Saudi Arabia still held, as of June, 2.3 million bpd of production it can bring on stream within 90 days, while the UAE and Kuwait held 900,000 bpd and 600,000 bpd of spare capacity, respectively. This means that the three Gulf producers could ramp up output relatively quickly in the event of a sudden supply disruption. But that knowledge is unlikely to be enough to calm markets should Trump impose his secondary sanctions, partly because of the uncertainty surrounding possible retaliatory measures by Moscow. Trump's latest threat could be an empty one, but it has shortened the fuse of a timebomb that oil markets might struggle to ignore.
New Straits Times
an hour ago
- New Straits Times
India committed to 'fair, balanced' trade with US
NEW DELHI: India on Wednesday said it was committed to negotiating a "fair, balanced" trade deal with Washington, after US President Donald Trump said Indian goods would face steep tariffs and New Delhi would be penalised for purchases of Russian weapons and energy. Months of trade negotiations between India and the United States have failed to seal a deal, with sticking points including Trump's sweeping demands and New Delhi's reluctance to fully open its agricultural and dairy sectors. Two days before Trump's August 1 tariffs deadline, the US president announced that imports from India would be hit with a 25 per cent tariff. The Indian government said it had "taken note" of Trump's announcement and was "studying its implications". "India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective," it said in a statement, also noting that it was determined to protect the welfare of Indian farmers and entrepreneurs. "The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK." - AFP
Free Malaysia Today
an hour ago
- Free Malaysia Today
Trump slaps 25% tariff on ‘friend' India
Donald Trump's decision dashes hopes of a limited trade agreement between the US and India. (AP pic) WASHINGTON : President Donald Trump said today the US will impose a 25% tariff on goods imported from India starting on Aug 1. He said India, which has the world's fifth largest economy, will also face an unspecified penalty on Aug 1, but did not elaborate on the amount or what it was for. 'While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,' Trump wrote in a Truth Social post. 'They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!' India's commerce ministry, which is leading the trade negotiations with the US, did not immediately respond to a request for comment. Trump's decision dashes hopes of a limited trade agreement between the two countries, which had been under negotiation for several months. US and Indian trade negotiators had held multiple rounds of discussions to resolve contentious issues, particularly over market access for American agricultural and dairy products. Despite progress in some areas, Indian officials resisted opening the domestic market to imports of wheat, corn, rice and genetically modified soybeans, citing risks to the livelihood of millions of Indian farmers. The new tariffs are expected to impact New Delhi's goods exports to the US, estimated at around US$87 billion in 2024, including labour-intensive products such as garments, pharmaceuticals, gems and jewellery, and petrochemicals. The US currently has a US$45.7 billion trade deficit with India. India now joins a growing list of countries facing higher tariffs under Trump's 'Liberation Day' trade policy, aimed at reshaping US trade relations by demanding greater reciprocity. The White House had previously warned India about its high average applied tariffs – nearly 39% on agricultural products, with rates climbing to 45% on vegetable oils and around 50% on apples and corn. The setback comes despite earlier commitments by prime minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn 2025 and expand bilateral trade to US$500 billion by 2030, up from US$191 billion in 2024. US manufacturing exports to India, valued at around US$42 billion in 2024, as well as energy exports such as liquefied natural gas, crude oil and coal, could also face retaliatory action if India chooses to respond in kind. Indian officials have previously indicated that they view the US as a key strategic partner, particularly in counter-balancing China. But they have emphasised the need to preserve policy space on agriculture, data governance and state subsidies.
