EU to buy ‘significant' US energy to replace Russian sources: Von der Leyen
'Purchases of US energy products will diversify our sources of supply and contribute to Europe's energy security. We will
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1News
15 hours ago
- 1News
Trump reveals 25% tariff on India, unspecified penalties for buying Russian oil
The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, President Donald Trump said today. India 'is our friend,' Trump said on his Truth Social platform, but its tariffs on US products 'are far too high'. The Republican president added India buys military equipment and oil from Russia, enabling Moscow's war in Ukraine. As a result, he intends to charge an additional 'penalty' starting on Friday (local time) as part of the launch of his administration's revised tariffs on multiple countries. Trump told reporters today the two countries were still in the middle of negotiations on trade despite the tariffs slated to begin in a few days. 'We're talking to India now," the president said. "We'll see what happens.' ADVERTISEMENT The Indian government said today it's studying the implications of Trump's tariffs announcement. 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, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement. Trump today signed separate orders to tax imports of copper at 50% and justify his 50% tariffs on Brazil due to their criminal prosecution of former President Jair Bolsonaro and treatment of US social media companies. Trump also signed an order saying that government now had the systems in place to close the tariff loophole on 'de minimis' shipments, which had enabled goods priced under $800 (NZ$1355) to enter America duty-free, largely from China. Trump also said on Truth Social that he was meeting today with a trade delegation from South Korea, which currently faces 25% tariffs starting on Friday (local time). He also said the US has reached a deal with Pakistan that includes the development of its oil reserves. Meanwhile, Treasury Secretary Scott Bessent was briefing him on trade talks with China. Trump's view on tariffs Trump's announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which he said would open markets for American goods while enabling the US to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in US growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. ADVERTISEMENT There's also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips. Kevin Hassett, director of the White House National Economic Council, said Trump and US Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date. Tariffs face European pushback The morning's headlines in 90 seconds, including tsunami threat remains for NZ and quake sparks Russian volcanic eruption, plus the pop star and the politician spotted having dinner. (Source: 1News) Trump's approach of putting a 15% tariff on America's long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to US leadership on the world stage. French President Emmanuel Macron said today in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the US will continue as the agreement gets formalised. ADVERTISEMENT 'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Seeking a deeper partnership with India Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. When Trump in February met with Modi, the US president said that India would start buying American oil and natural gas. The new tariffs on India could complicate its goal of doubling bilateral trade with the US to $500 billion (NZ$847.3 billion) by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While US has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. The Census Bureau reported that the US ran a $45.8 billion (NZ$77.6 billion) trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs could put India at a disadvantage in the US market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations. 'We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff,' Sahai said. 'The demand for Indian goods is bound to be hit.'
NZ Herald
2 days ago
- NZ Herald
Trump hits India with 25% tariff and ‘penalty' over Russia ties
US President Donald Trump said imports to the US from India will face 25% tariffs, while also announcing an unspecified 'penalty' over New Delhi's purchases of Russian weapons and energy. The measures will kick in on Friday, Trump posted on his Truth Social platform, adding to a host of other
The Spinoff
4 days ago
- The Spinoff
Doodling and the art of the sale on Sir Michael Hill's superyacht
Renowned New Zealand jeweller Sir Michael Hill has died, aged 86. Back in 2019 The Spinoff visited his superyacht not once but twice: Toby Morris spoke to him about one of his other passions, drawing, as part of video series Two Sketches – watch below – while Mad Chapman learnt a valuable lesson in the art of the sale. Sir Michael Hill (first name Michael, last name Jeweller) gently held my hand on his superyacht. His hands were insultingly softer than mine, and he was selling me an imaginary engagement ring. 'You slide the ring on the finger, straighten it up. We don't say anything and we wait for a reaction,' he said, gazing expectantly at my very-much-not-engaged-to-be-married face. My reaction was to place my clammy hand back onto the new leather of Hill's couch in the dining room of Hill's superyacht and realise with a cold certainty that I would never acquire even half a percent of Hill's wealth. I was on the superyacht, a 40 metre vessel painted in navy camouflage grey and docked in the Auckland Viaduct, to talk to Hill about his new book of drawings, Catch & Release, but I was immediately distracted by the Russian nesting doll situation on deck. On the big deck of the big yacht was a smaller yacht. Next to the smaller yacht was a sealeg amphibious craft (look it up). Under the frog craft were four kayaks. Russian nesting boats. I had never met Michael Hill but I wanted to make sure I learned something, anything, from one of New Zealand's most successful businessmen. I wanted to know how he did it. I wanted to know how I could achieve all my goals as he had. 'Gotta have a 30 year goal,' he said, quashing my first goal of one simple trick to a life of fulfilment. 'People don't know where they're going! If you think of what you want to be known for in 30 years' time, you can then work backwards from that. I say that to young people these days and they stare at me blankly.' I stared at him blankly. After opening the first Michael Hill Jewellery store in 1979, Hill swiftly took over the New Zealand jewellery industry, buying up competitors' stores throughout the country and replacing them with his own. What was he doing differently? Turns out Michael Hill knows how to sell – 'selling is a real art, it really is' – and he was willing to teach it to me, someone who has no ambitions to sell anything ever. 'It's exactly like catching flounder,' he began. 'You ever done that?' I shook my head. 'You've got your gorgeous windows and the net goes down and around here,' he gestured from the front entrance of his hypothetical store, along one side, and to the back. 'In a normal shop a person will come in and gravitate towards the right. People slide in so they're coming along the side of the net. You have your most tempting stock there at the start. They're a little more tempted so they go in a little further. Once they're in a bit, the salesperson can say something. Basically a salesperson shouldn't move. If you spook [the customer] they'll fold their arms and walk straight back out.' I agreed. Nothing makes me leave a store faster than an aggressive salesperson. Don't talk to me at all and I'll work myself up into such a state that I'll buy something out of guilt without you having to do any selling. Once the consumer flounder has made their way deep into the net, it's time for phase two: building a relationship. 'You have to start a conversation casually, not being too pushy. Find out what the customer really wants and then it's [about] fulfilling their desires.' Right. 'It becomes a lifelong journey if it's done right. If you force them to buy, they'll never come back.' It sounded simple enough. Make every customer a lifelong friend and your business will thrive. I have four friends and no business to speak of. It all made sense. 'It's not easy to teach,' said Hill. 'Most people talk too much. The big trick when they're trying a ring on is not to talk at all.' I nodded mutely and we sat in silence for a moment. Who would crack first and prove themselves to be a lesser salesperson? He did. 'You show them the product and they have to hold it. If they don't hold the ring, they're never going to buy it. No good talking about it, you have to get it in their hand. 'Would you like to try it on?' So you put it on the finger, you hold the finger…' He grabbed my hand and I panicked. Etiquette dictates you must allow a woman a moment to surreptitiously wipe her sweaty hand on her shorts before you hold it. Instead I sat there, my flounder of a hand in his, as he mimed placing a ring on my finger. 'We don't say anything and we wait for a reaction.' I looked at him, he looked at me, I looked down at my outstretched hand and wondered if I was going to have to act out a reaction to a non-existent ring. Thankfully, Hill did it for me. 'There's two reactions you're gonna get. The first reaction is that if you don't like it you're going to take it straight off so quick and shove it down on the tray. We can ask 'I can see that wasn't what you cared for, can you explain why?' 'Of course if they like it then it's the reverse. We say 'can you explain what it is you like about that?' Whereas a stupid salesperson will be rattling off everything like 'this is a half carat diamond it's 58 carats it's got 18 carat gold band it's got four claws it's $2200 and I can give it to you for $900'. What?' When shopping for engagement rings, people aren't so interested in the logistics, said Hill, because 'it's emotional. It's the most emotional purchase you can ever get.' I stored this knowledge for later use and moved on with the interview. Before long, Hill was describing an exclusive line of jewellery sold in his stores, and why such a line was perfect for me specifically. 'You'd love one of those, that would be really you. Big time. It's made from the Totorere shell, which are those shells you find on Northern beaches. They're amazing. It's made for strong women that are resilient and show strength.' I was nodding along, wanting him to continue tangentially complimenting me. It took a while before I caught on. 'Wait a minute, is this you selling to me?' He just laughed. When I got back to the office I looked up the necklace he'd described to me. He was right, it was really nice. It was also $900. I closed the tab and went back to work. Maybe in 30 years.
