26 years after establishment, Bengaluru's Kristu Jayanti gets university status
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Economic Times
8 hours ago
- Economic Times
Trumpland: What if the world turned US trade war back on America?
AI image Tariff' Trump has announced a 25% levy on Indian goods entering US starting tomorrow, coupled with a penalty for India's continued oil and defence purchases from Russia. Prefixing his announcement on Truth Social with 'while India is a friend', the US president has sought to punish India for asserting sovereign choices in trade and foreign policy. With friends like this, who needs friends? The irony is poetic: the self-declared custodian of free trade is now its most protectionist offender. Economics is built around the principle of movement: of goods, capital, labour and data. This isn't just ideology, it's the physics of prosperity. Yet, the US, once the world's most vocal advocate for free markets, is, in the form of Trumpland, its most disruptive force. From semiconductor export bans and weaponised sanctions to unilateral tariffs and extraterritorial dictates, Trumpland has turned the global economy into a minefield of exceptions, exclusions and coercion. So, here's the question that can now be asked aloud: what if the rest of the world sanctioned the US? What if countries collectively paused the flow of rare earths, APIs, industrial machinery, telecom infrastructure, even data? Could the US survive the very conditions it imposes on others? In 2024, US goods imports hit a record $3.3 tn, while exports reached $2.1 tn, pushing goods trade deficit to $1.2 tn, a 14% increase from the previous year. Even after including services like finance and travel, total trade deficit stood at $918 bn, up 17%, the second highest on record. Trade gap with China grew to $295 bn, a clear sign of ongoing reliance. Beyond China, the US remains critically dependent on imports for over 221 essential goods, including microchips and battery components, with foreign sourcing levels between 90% and 100%. China supplies 70% of rare earths, and dominates the global graphite supply chain. Other key materials like lithium and cobalt are also heavily imported from countries like Chile, Canada and Argentina. In total, just four trading partners — China, the EU, Mexico and Canada — each account for more than 10% of US import value. These are not discretionary purchases, but foundational components of American industry. The US is not merely part of global supply chains, but also structurally dependent on them, never mind all that talk of decoupling and University's Budget Lab assessed that the US' 2025 tariff surge has raised its average effective tariff rate to 22.5%, the highest since 1909. This policy shift has led to a 2.3% rise in consumer prices, costing the average household $3,800 annually. Lower-income families are hit hardest, with those in the second income decile losing $1,700 a GDP growth is expected to drop by 0.9 percentage points in 2025. Long-term output is projected to remain 0.6% smaller, a permanent loss of around $180 bn a year. Exports have declined by 18.1%. Prices for essentials have spiked, with apparel up 17%, food nearly 3% higher, and new cars costing an extra $4,000 on from protecting the economy, Trump tariffs are eroding household income, slowing growth and adversely affecting America's economic Walter Scheidel explains in his 2017 book, The Great Leveler, entrenched systems rarely reform themselves through negotiation alone. Meaningful redistribution often follows rupture rather than consensus. So, what might rupture look like today? Imagine the world's major exporters including Europe, China, India, Asean and Latin America agreeing to a coordinated pause in shipments to the US. No semiconductors, no APIs, no telecom equipment. In a matter of weeks, American production lines would slow, inflation would surge, and financial markets would be rattled. It would serve as a powerful reminder that the US economy is not insulated by exceptionalism. It operates on the consent and cooperation of the rest of the world. This isn't about restoring balance. It's a call to deliberately hit the US economy where it hurts, to expose the double standards that define today's global order. In any functioning market, domestic or global, rules matter not only because they enable exchange but also because they constrain abuse. Participation in global trade is characterised by the principle of mutualism and benefits will flow only as long as responsibilities are this fundamental point, the US' economic bullying undermines not just the trust but the very ethos of the current global economic system. The world, India included, now faces a pivotal question. Should it continue to accommodate this exception, or begin to act as a collective? A coordinated stand by global exporters, in defence of systemic integrity, would affirm that globalisation is not the privilege of a single actor but the shared project of many. If the international order is to survive, it must demonstrate that no participant is above its rules. Trumpland may yet learn that the system the US helped create can continue to evolve without its dominance. And that the invisible hand, if constrained long enough, may simply withdraw its reach from the United States. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Regulators promote exchanges; can they stifle one? Watch IEX Jane St: How an options trader smelt a rat when others raised a toast TCS job cuts may not stop at 12,000; its bench policy threatens more From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Stock Radar: SBI Life rebounds after testing 50-DEMA; could hit fresh record highs above Rs 2,000 – check target & stop loss These 10 banking stocks can give more than 25% returns in 1 year, according to analysts Two Trades for Today: A metals stock for an over 6% gain, a large-cap chemicals maker for about 7% upmove F&O Radar| Deploy Broken Wing in LIC Housing Finance to benefit from bearish outlook
Time of India
10 hours ago
- Time of India
1k private schools served notices for lapses in RTE admissions in Haryana
Gurgaon: The education department has issued show-cause notices to over 1,000 private unaided schools for failing to update student admissions under the Right to Education (RTE) Act for the 2025–26 academic session. Officials said that about 1,600 schools across the state have been served notices. The urgency stems from the state's recent admission tracking report dated July 21, which revealed that only 58.52% of total admissions were verified. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon Out of 11,803 RTE entries, just 4,096 were marked as accepted, 2,811 rejected and a staggering 4,896 remained unverified — despite clear directives issued weeks earlier. A senior department official said, "This is the first time this year that show-cause notices have been issued at this scale specifically for RTE admission reporting failures after giving multiple deadlines." While the academic session is already underway, officials warn that these lapses could not only delay reimbursements to schools but also jeopardise the admission rights of thousands of economically weaker section (EWS) students entitled to free education under RTE. In Gurgaon, 92 admissions were accepted and 179 rejected, while 199 were still waiting to be verified. Overall, only 57.66% of admissions have been verified. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like NRIs Living In Italy Are Eligible For INR 2 Lakh Monthly Pension. Invest 18K/Month Get Offer Undo The education department notices were issued shortly after it extended the final update deadline to target schools that failed to comply with mandatory reporting guidelines on the official RTE tracking portal. The move came after the department flagged 4,896 unverified RTE admissions statewide — procedural lapses such as no checking or submission of documents — despite repeated deadlines and warnings. An education department official said replies have begun coming in, but the department is still waiting for the latest consolidated report from the IT wing to assess district-wise follow-ups. "Verification is not just a technical step — it directly affects a child's future. We cannot allow systemic negligence in something so critical," the official said. As of now, the department continues to monitor responses to the show-cause notices and will take further action based on school replies and the final verification status. Meanwhile, districts like Karnal (640), Faridabad (490) and Bhiwani (332) accounted for the highest number of unverified cases. Nuh Mewat, where education standards are already low, stood out for its dismal verification rate of just 15.44%, with 219 out of 259 entries pending.
Time of India
10 hours ago
- Time of India
Four Bills tabled in assembly
Bhopal: The state govt on Wednesday tabled four Bills, including the Indian Stamp (Madhya Pradesh) Amendment Bill that provides for an increase in the stamp duty for different deeds. The stamp duty of Rs 50 for a certain work was raised to Rs 200, and where stamp duty of Rs 1,000 was applicable, Rs 5,000 will be charged. The stamp duty in other brackets was raised likewise. The reason for the amendment states that the stamp duty imposed for different tasks like contract deeds or agreements was rationalised. Another amendment Bill in the Indian Stamp (Madhya Pradesh) Act provides for the imposition of a 1 percent penalty on the amount less paid than stipulated as stamp duty if the person concerned pays the remaining amount. Besides, 1 per cent interest on the amount less paid will also be charged from the day when an agreement was executed to the day when the remaining amount of stamp duty due is paid. The amendment Bill in the Registration Act provides that the bank or financial institution, which pays debt to a person against hypothecation of property, will inform the office of the registrar when the debt is paid and the title transferred to the name of the owner, so that the latter doesn't have to go to the registrar's office to inform about the transfer of title in his name. A Bill proposing a change in calculating the extra guarantee amount in case of a customer seeking extra power load was also presented in the House.
