Trump likes China's Xi Jinping, but finds him 'extremely hard' to make a deal with
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U.S. President Donald Trump on Wednesday weighed in once again on U.S.-China relations amid their ongoing trade talks after the tariff war.In his post on Truth Social, Trump described Chinese President Xi Jinping as 'VERY TOUGH' and 'EXTREMELY HARD TO MAKE A DEAL WITH,' even as he reiterated his personal admiration for the Chinese leader.'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' Trump wrote.Trump's remarks come as negotiations between the world's two largest economies hit a snag. U.S. officials confirmed over the weekend that China has yet to fulfill parts of a temporary tariff reduction agreement struck in Geneva last month, a deal meant to pause the escalating trade war for 90 days.Further, Bessent and White House economic adviser Kevin Hassett both had indicated the leaders' call could happen as early as this week.According to The Wall Street Journal, Chinese delays in approving export licenses for rare earth elements , materials crucial to manufacturing electric vehicles and semiconductors, have sparked new concerns in Washington. U.S. Treasury Secretary Scott Bessent confirmed those reports, stating on Face the Nation that China appears to be 'withholding some of the products they agreed to release.''Maybe it's a glitch in the Chinese system. Maybe it's intentional. We'll see after the president speaks with Xi,' Bessent said, adding, 'I'm confident that when President Trump and Party Chairman Xi have a call, this will be ironed out.'The backdrop to the tension is the recently agreed tariff reduction, in which the United States dropped additional tariffs on Chinese goods from 145 per cent to 30 per cent, while China lowered its retaliatory duties from 125 per cent to 10 per cent. The pause was hailed as a breakthrough, but with rare earths still restricted, the relations remains fragile.Commerce Secretary Howard Lutnick said on Fox News Sunday that China was 'slow-rolling the deal,' prompting Washington to consider reciprocal pressure tactics. 'We are taking certain actions to show them what it feels like on the other side of that equation,' Lutnick said.Separately, Trump signed executive order doubling tariffs on steel and aluminum imports, from 25 per cent to 50 per cent, a move aimed at bolstering U.S. national defense capacity. The decision drew immediate criticism from the European Union, which threatened retaliation.Hassett defended the move, citing China's 'dumping' of cheap steel as a threat to U.S. military preparedness. 'If we have cannons but not cannonballs, then we can't fight a war,' he told This Week. 'And if we don't have steel, then the U.S. isn't ready.'
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First Post
22 minutes ago
- First Post
Cancelling contracts, making big disclosures: Who loses what in Musk-Trump breakup?
Donald Trump and Elon Musk have called time on their friendship in the most shocking of ways — social media posts were fired off, threats were made, and big bombshells were dropped. In the aftermath of it, Tesla stocks tanked, and the world's richest man's personal net worth declined. Yes, this breakup could be costly for both. Here's how read more The aftermath of Donald Trump and Elon Musk's breakup raises the question: Who has the most to lose? File image/Reuters No one believed that the Donald Trump-Elon Musk friendship would be one that would last forever. But the fact that it ended in the most spectacular of ways and that too so quickly was not anticipated. On Thursday (June 5), America's two most powerful men — one is the US president and the other is the world's richest man — spent time on social media trying to destroy each other's reputations with threats and secrets. STORY CONTINUES BELOW THIS AD Their spectacular breakup also means the end to perhaps the most powerful of alliances in the US with many pondering who emerges as the bigger loser in this spat. Does Trump have more to lose or will Musk be the one to suffer? A bromance turns nasty It was last July when Elon Musk endorsed Trump for president and became an integral part of his campaign machinery — who can forget Musk manically jumping around at Trump rallies, funding a massive super-PAC on his behalf. Later, when Trump became US president, he returned the favour by appointing Musk to take charge at Department of Government Efficiency (Doge). When Elon Musk attached himself to Trump many began speculating when these two massive egos would, eventually, clash and that their strategic partnership would flame out spectacularly. And crash and burn the relationship did. Since late May, Musk has been vocally critical of Trump's so-called big, beautiful spending bill. 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And that wasn't the end, the feud kept going with Musk levelling a serious allegation, '@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!' STORY CONTINUES BELOW THIS AD Consequences of the big, nasty breakup But who shall suffer from this breakup? After all, it was a mutual relationship benefiting both individuals. Many analysts and Trump watchers believe Musk shall be the big loser from this breakup. In fact, as the two bickered on social media, Tesla shares slumped — dropping 14 per cent, wiping out roughly $150 billion in market value in one of the worst days in months. Analysts and pundits believed that the losses were an indication of what might be at stake for Musk. Musk's personal net worth also took a tumble on Thursday — it fell by nearly $34 billion, making him the biggest daily loser on Bloomberg's list of the world's 500 richest people. Trump could even take the fight further with cancelling government contracts with Musk's various companies, including SpaceX and Tesla. In fact, the US president even suggested this while feuding with Musk online. 'The easiest way to save money in our budget, billions and billions of dollars, is to terminate Elon's Governmental Subsidies and Contracts,' Trump wrote. STORY CONTINUES BELOW THIS AD SpaceX headquarters is shown in Hawthorne, California. If the Trump administration pauses government contracts, SpaceX will lose billions of dollars. Reuters According to data available, last year, Musk's companies were promised $3 billion in nearly 100 contracts with 17 government agencies. Additionally, Reuters reported that if Trump did go ahead with this move, about $22 billion of SpaceX's government contracts would be at risk. In addition to hitting his businesses, this feud could also threaten Musk's stay in the US. 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Musk could fund campaigns against Republicans, hurting Trump in the long run. Moreover, he could also align with fiscally conservative lawmakers to block Trump's signature tax bill in the Senate. Besides this, Musk could also use the time he has spent with Trump against him. After spending a lot of time closely with the US president, he could use information that the two shared to hurt Trump. He could make big revelations, which have the ability to hurt the US president. For instance, on Thursday, amid the online battle Musk claimed that the US president was part of the Epstein Files STORY CONTINUES BELOW THIS AD Musk could also use X against Trump — the X owner has more than 220 million followers compared to the US president's 105.6 million followers. As some note, Musk could use the platform to keep airing his grievances against Trump. In fact, on Thursday, he called for the impeachment of the US president and even asked his followers 'is it time to create a new political party in America that actually represents the 80 per cent in the middle?' It's left to be seen if Trump or Musk will win this battle, but for now, we can buckle up and wait for their next steps. With inputs from agencies
Mint
26 minutes ago
- Mint
US hiring likely slowed to 1,30,000 new jobs last month amid uncertainty over Trumps policies
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Time of India
28 minutes ago
- Time of India
Crafting luxury: How this Jaipur-based MSME is winning India's elite
Jaipur-based ARL Group , known for its Specta Quartz Surfaces brand, has spent 30 years in the utility building material industry. After years of focusing on functional products, the company decided to diversify into the luxury segment, expanding its portfolio to cater to high-end customers seeking premium building materials. The Group explored new opportunities for diversification and discovered engineered quartz stones at exhibitions. Intrigued, they began a comprehensive study of the product and conducted global market research to understand its potential and trends. This helped them in evaluating the demand, competition, and potential applications of engineered quartz stones in the luxury segment, says Ankit Jain, Founder of Specta Quartz Surfaces, a luxury brand specialising in engineered quartz surfaces. 'Globally, the market is huge, and it is a very well-accepted product,' adds Jain. The global quartz market, estimated at $7.62 billion in 2025, is expected to grow at a CAGR of 4.19% to reach $9.35 billion by 2030. The Indian quartz market is projected to grow at a CAGR of 8.4% to reach $2,462 million by 2026. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bank Owned Properties For Sale In Tan Dinh (Prices May Surprise You) Foreclosed Homes | Search ads Search Now Undo 'We saw an opportunity to enter a new product line, leveraging export markets to kickstart growth while simultaneously investing in the Indian market to build our brand. This strategy allowed for a beneficial synergy between international expansion and domestic development,' says second-generation entrepreneur Jain. As these luxury projects continue to grow in volume, there is a growing demand for luxury interior materials like quartz surfaces for kitchen and washroom countertops and wall cladding, says Jain. The entrepreneur identified an opportunity in the market for high-quality quartz surfaces, particularly those manufactured using Italian technology, which is preferred by discerning buyers for its superior quality and durability compared to Chinese alternatives. Live Events Ankit leveraged his manufacturing expertise and built India's first manufacturing facility with the Italian Bretonstone technology in the Bagru Industrial Area , Jaipur, Rajasthan. For the uninitiated, Bretonstone is the gold standard in engineered quartz manufacturing worldwide. This Italian technology enables the creation of highly durable, design-consistent, and hygienic quartz surfaces that are ideal for modern living spaces. 'We were only the third company in India to do so and the first to focus so much on the Indian market. This decision has paid off, as Specta's designs are now a benchmark in the industry,' says Jain. India's luxury housing market The growth of luxury real estate and consumption in India has fuelled the demand for high-end home products, says Jain. As people invest more in their homes, especially kitchens and bathrooms, the market for premium materials like quartz surfaces has naturally expanded, offering an opportune time for brands like Specta Quartz Surfaces to capitalise on this trend, adds Jain. Luxury housing units priced above Rs 1.5 crore account for around 17% of new residential launches in India, according to ANAROCK Research's 2024 data. The luxury homes priced over Rs 1 crore dominated sales in 2024, crossing the 50% mark. Specta is planning to open six exclusive experience centres, including flagship locations in Mumbai, Jaipur, and Ahmedabad. The Jaipur-based MSME has made strides in the stone surfaces market, successfully catering to high-end customers seeking premium building materials. It has achieved nearly Rs 150 crore in revenue within just three years. The company also supplies its products to the Middle East. The price of Specta's products ranges from Rs 500 per sq ft to Rs 2,000 per sq ft depending on design intricacies and colours. 'Our turnover (revenue) has steadily grown from Rs 23 crore in 2022-23 to Rs 90 crore in 2023–24, with an EBITDA of Rs 4 crore. The provisional figures for 2024-25 show continued momentum, with turnover reaching Rs 145 crore, underscoring strong demand, strategic execution, and improved profitability,' says Jain. Over the next one year, Specta is expecting a revenue of Rs 300 crore. Specta Quartz Surfaces is working to boost capacity by year-end and aims for 50% year-on-year revenue growth over the next three years. To drive this expansion, the company is launching six exclusive experience centers, with flagship locations in Mumbai, Jaipur, and Ahmedabad, as part of its strategic retail growth plan. How is the sector placed? Aarti Harbhajanka, Co-founder, CHRO & MD, Primus Partners, says that India's luxury market, including premium building materials like engineered quartz surfaces, is growing steadily due to rising disposable incomes, urbanisation, and demand for high-end interiors. 'The engineered quartz segment is expected to expand at a compound annual growth rate (CAGR) of 8-12% over the next five years, driven by real estate development and an increasing preference for durable, aesthetically pleasing surfaces, adds Harbhajanka. However, Harbhajanka cautions that India's engineered quartz market also faces hurdles like price sensitivity due to competition from affordable alternatives such as ceramics and laminates. Additionally, the industry struggles with high import dependency on raw materials and consumer preference for traditional marble, she says. The Jaipur-based MSME has made strides in the stone surfaces market, successfully catering to high-end customers seeking premium building materials. 'Logistics complexities, considering the weight of the quartz and sustainability concerns around silica sourcing and carbon emissions, may add further hurdles. However, manufacturers are countering these issues through localised production and eco-friendly innovations,' adds Harbhajanka. Specta's operating model Specta's business model leverages partnerships with architects, designers, and developers, wherein Specta, founded in 2022, integrates its premium surfaces into luxury residences, commercial spaces, and hospitality projects. Also, it has recently expanded into retail and direct-to-consumer sales for its next phase of scaling. Specta operates in 80 tier-II and tier-III cities across India, supported by a robust network of approximately 60 distributors and 300 dealers. Our business follows a B2B model, wherein we dispatch products from our factory directly to our distributor network, who then handle local logistics and last-mile delivery. 'While our transactions are B2B, over 95% of our sales cater to retail homeowners, facilitated by our dealer ecosystem. Our sales team also works closely with kitchen installers, architects, and designers who act as key influencers, helping get our products specified in premium residential and commercial projects,' says Jain. The company also partners with modular kitchen brands like Livspace, Spacewood, Arancia, and Nolte, who showcase its quartz surfaces in their showrooms. 'When customers place orders, our distributors handle fulfilment. Meanwhile, our business development team collaborates with these kitchen installers and architects in major cities to pitch and showcase our products,' he adds. However, Jain agrees that the product is still at a very nascent stage in India. But he is hopeful more and more people will access the product since people's spending power in India has increased over the years. More than the spending power, the willingness to spend has increased, says Jain. 'With luxury kitchens ranging from Rs 25 lakh to Rs 1.5 crore, high-end consumers aren't satisfied with basic materials like granite. Brands like Nolte and Livspace cater to this demographic, where premium quartz surfaces become a natural choice for those investing in high-end kitchen designs,' adds Jain. Expansion plans Specta, which has so far managed its working capital entirely through bank credit, is planning to open six exclusive experience centres, including flagship locations in Mumbai, Jaipur, and Ahmedabad. 'This is a part of our retail expansion strategy and will help us bring our products closer to customers in high-demand areas. Additionally, we are also banking on the rising luxury real estate market in tier-II and tier-III cities to expand our customer base within the luxury homeowner segment in these regions,' says Jain. The company has also invested in a new manufacturing plant, which will become operational by the end of the year. 'This plant will increase our capacity by almost 150%, and it will be capable of producing super-jumbo slabs and ultra-thin 7mm slabs with unique design possibilities. This advancement will open new applications beyond traditional surfaces, reinforcing Specta's position as an industry leader in innovation and design,' adds Jain.
