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Zawya
25 minutes ago
- Zawya
Trump again threatens India with harsh tariffs over Russian oil purchases
WASHINGTON: U.S. President Donald Trump again threatened on Monday to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. In a social media post, Trump wrote, "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine." "Because of this, I will be substantially raising the Tariff paid by India to the USA," he added. A spokesperson for India's foreign ministry said in response that India will "take all necessary measures to safeguard its national interests and economic security." "The targeting of India is unjustified and unreasonable," the spokesperson added. Trump has said that from Friday he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end its 3-1/2 year war with Ukraine. Russian President Vladimir Putin has shown no public sign of altering his stance despite the deadline. Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump's threats. India has faced pressure from the West to distance itself from Moscow since Russia invaded Ukraine in early 2022. New Delhi has resisted, citing its longstanding ties with Russia and economic needs. Trump had already in July announced 25% tariffs on Indian imports, and U.S. officials have cited a range of geopolitical issues standing in the way of a U.S.-India trade accord. Trump has also cast the wider BRICS group of developing nations as hostile to the United States. Those nations have dismissed his accusation, saying the group promotes the interests of its members and of developing countries at large. CRUDE BUYER India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources. India began importing oil from Russia because traditional supplies were diverted to Europe after the outbreak of the Ukraine conflict, the Indian spokesperson said, calling it a "necessity compelled by global market situation." The spokesperson also noted the West's, particularly the European Union's, bilateral trade with Russia: "It is revealing that the very nations criticizing India are themselves indulging in trade with Russia." Despite the Indian government's defiance, the country's main refiners paused buying Russian oil last week, sources told Reuters. Discounts to other suppliers narrowed after Trump threatened hefty tariffs on countries that make any such purchases. Indian government officials denied any policy change. The country's largest refiner, Indian Oil Corp, has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources told Reuters on Monday. India also has been frustrated by Trump repeatedly taking credit for an India-Pakistan ceasefire that he announced on social media in May, which halted days of hostilities between the nuclear-armed neighbors. The unpredictability of the Trump administration creates a challenge for Delhi, said Richard Rossow, head of the India program at Washington's Center for Strategic and International Studies. "India's continued energy and defense purchases from Russia presents a larger challenge, where India does not feel it can predict how the Trump administration will approach Russia from month to month," he said. (Reporting by Kanishka Singh, Doina Chiacu and David Brunnstrom in Washington, Harshita Meenaktshi in Bengaluru, and Shivam Patel and Manoj Kumar in New Delhi; Writing by Joseph Ax; Editing by Bill Berkrot and Rosalba O'Brien)
Zawya
25 minutes ago
- Zawya
Shares in Asia rally, dollar lower against yen on Fed rate cut bets
TOKYO: Shares in Asia rose for a second consecutive session and the U.S. dollar held most of its losses on Tuesday as investors increased bets the Federal Reserve will act to prop up the world's largest economy. U.S. shares rallied on Monday on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday. Oil remained lower after output increases by OPEC+ and threats by U.S. President Donald Trump to raise tariffs on India over its Russian petroleum purchases. Japan's Nikkei rallied, with data showing a jump in the nation's service sector activity in July. "There are signs of weakness in parts of the U.S. economy, that plays to the view that maybe not in September, but certainly this year that the Fed's still on course to ease potentially twice," said Rodrigo Catril, senior currency strategist at National Australia Bank. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6% in early trade. The Nikkei climbed 0.5% after falling by the most in two months on Monday. The dollar dropped 0.1% to 146.96 yen. The euro was unchanged at $1.1572, while the dollar index, which tracks the greenback against a basket of major peers, edged up 0.1% after a two-day slide. Odds for a September rate cut now stand at about 94%, according to CME Fedwatch, from a 63% chance seen on July 28. Market participants see at least two quarter-point cuts by the end of this year. The disappointing nonfarm payrolls data on Friday added to the case for a cut by the Fed, and took on another layer of drama with Trump's decision to fire the head of labor statistics responsible for the figures. News that Trump would get to fill a governorship position at the Fed early also added to worries about politicisation of interest rate policy. Trump again threatened to raise tariffs on goods from India from the 25% level announced last month, over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests. Second-quarter U.S. earnings season is winding down, but investors are still looking forward to reports this week from companies including Walt Disney and Caterpillar. Tech heavyweights Nvidia, Alphabet and Meta surged overnight, and Palantir Technologies raised its revenue forecast for the second time this year on expectations of sustained demand for its artificial intelligence services. "Company earnings announcements continue to spur market moves," Moomoo Australia market strategist Michael McCarthy said in a note. In Japan, the S&P Global final services purchasing managers' index climbed to 53.6 in July from 51.7 in June, marking the strongest expansion since February. Oil prices were little changed after three days of declines on mounting oversupply concerns, with the potential for more Russian supply disruptions providing support. Brent crude futures were flat at $68.76 per barrel, while U.S. crude futures dipped 0.02% to $66.28 a barrel. Spot gold was slightly higher at $3,381.4 per ounce. The pan-region Euro Stoxx 50 futures were up 0.2%, while German DAX futures were up 0.3% and FTSE futures rose 0.4%. U.S. stock futures, the S&P 500 e-minis , were up 0.2%. Bitcoin was little changed at $114,866.06 after a two-day rally. (Reporting by Rocky Swift in Tokyo; Editing by Jamie Freed)
Zawya
an hour ago
- Zawya
Southco Introduces New T6 Stamped Friction Hinge
HONG KONG SAR - Media OutReach Newswire - 5 August 2025 - Southco has launched the new T6 Friction Hinge, a cost-effective access hardware solution that helps designers remove play from their panels without breaking their budget. Friction and torque hinges have been used to add resistance to panels for decades, and come with several benefits. Their resistance makes the panel easier to position, makes lighter materials feel heavier, and keeps users safe by preventing panels from quickly swinging open or slamming shut. However, these benefits have historically come at a significantly higher price compared to free-swinging hinges. While embedded torque engines and polished stainless-steel hardware are certainly the industry standard, they may become cost prohibitive as budgets tighten and engineers look to optimize every part of their design. Southco solved this price problem with their T6 Friction Hinge, foregoing expensive torque engines for precision stamping construction that tightly wraps the hinge knuckles around the pin, providing enough friction to remove play from the hinge without grinding or preventing movement. This process greatly reduces manufacturing costs, giving designers on all budgets access to the quality feel of a friction hinge. They also keep the benefits of stainless-steel construction, making the T6 Friction Hinge suitable for both indoor and outdoor applications. "The T6 Friction Hinge offers a more cost-efficient solution, and the stainless-steel material offers corrosion resistance and aesthetic benefits," said Southco Product Manager Stewart Beck. " Its stamped construction helps keep the price down for all designers, while the added friction solves the play issues without the need for a high-end positioning control hinge." For more information about the T6 Friction Hinge, visit or email the 24/7 customer service department at info@ Hashtag: #southco #frictiontechnology #hinge #touchpoint The issuer is solely responsible for the content of this announcement. About Southco Southco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world's most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world. Southco Asia
