Trump is 'waging a war on Democratic-run cities'
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Qatar Tribune
4 hours ago
- Qatar Tribune
Trump gives summit with Putin 25% chance of failure
dpa Washington US President Donald Trump said on Thursday that he's giving his Friday meeting with Russian President Vladimir Putin a 25% chance of failure. 'There is a 25% chance that this meeting will not be a successful meeting,' Trump told Fox News Radio. 'In which case I will run the country, and we have made America great again already in six months.' The US president reiterated that he views this first meeting in Alaska as primarily preparation for a second meeting. 'This meeting sets up the second meeting. The second meeting is going to be very, very important - cuz that's gonna be the meeting where they make a deal and I don't wanna use the word divvy things up but you know to a certain extend it's not a bad term, okay?' Ukrainian President Volodymyr Zelensky, who is not invited to the summit in Alaska, has consistently opposed giving up Ukrainian territory that Russia has seized during the war launched by Moscow more than three years ago. When asked whether Russia would then face consequences such as sanctions, specifically if the tough Senate sanctions bill against Russia would be the focus, Trump responded briefly: 'Oh, certainly.' He then emphasized that the United States had not lost any soldiers in Ukraine, claiming that if he hadn't intervened, the Russian-Ukraine conflict 'could have been World War III' and repeated his oft-stated claim that his predecessor Joe Biden 'had no clue what was happening' in this war. The day before, Trump had threatened Putin with 'very serious consequences' if he refused to end hostilities after the meeting. However, the US president expressed confidence that Putin was coming to Alaska because he wanted to make a deal. He said he would find out very quickly whether that was the case.
Qatar Tribune
4 hours ago
- Qatar Tribune
Indian exporters eye options to mitigate Trump's tariff salvo
Agencies Indian exporters are scrambling for options to mitigate the fallout of US President Donald Trump's threatened tariff salvo against the world's most populous nation. Many warn of dire job losses after Trump said he would double new import tariffs from 25 percent to 50 percent if India continues to buy Russian oil, in a bid to strip Moscow of revenue for its military offensive in Ukraine. 'At 50 percent tariff, no product from India can stand any competitive edge,' said economist Garima Kapoor from Elara Securities. India, one of the world's largest crude oil importers, has until August 27 to find alternatives to replace around a third of its current oil supply from abroad. While New Delhi is not an export powerhouse, it shipped goods worth about $87 billion to the United States in 2024. That 50 percent levy now threatens to upend low-margin, labor-intensive industries ranging from gems and jewelry to textiles and seafood. The Global Trade Research Initiative estimates a potential 60 percent drop in US sales in 2025 in sectors such as garments. Exporters say they are racing to fulfil orders before the deadline. 'Whatever we can ship before August 27, we are shipping,' said Vijay Kumar Agarwal, chairman of Creative Group. The Mumbai-based textile and garment exporter has a nearly 80 percent exposure to the US market. But Agarwal warned that is merely triage. Shipping goods before the deadline 'doesn't solve' the problem, he said. 'If it doesn't get resolved, there will be chaos,' he said, adding that he's worried for the future of his 15,000 to 16,000 employees. 'It is a very gloomy situation... it will be an immense loss of business.' Talks to resolve the matter hinge on geopolitics, far from the reach of business. Trump is set to meet Vladimir Putin on Friday, the first face-to-face meeting between the two countries' presidents since Russia launched its full-scale invasion of Ukraine in February 2022. New Delhi, with longstanding ties with Moscow, is in a delicate situation. Since Trump's tariff threats, Prime Minister Narendra Modi has spoken to both Putin and Ukrainian President Volodymyr Zelensky, urging a 'peaceful resolution' to the conflict. Meanwhile, the US tariff impact is already being felt in India. Businesses say fresh orders from some US buyers have begun drying up—threatening millions of dollars in future business and the livelihoods of hundreds of thousands in the world's fifth biggest economy. Among India's biggest apparel makers with global manufacturing operations, some are looking to move their US orders elsewhere. Top exporter Pearl Global Industries has told Indian media that some of its US customers asked that orders be produced in lower-duty countries such as Vietnam or Bangladesh, where the company also has manufacturing facilities. Major apparel maker Gokaldas Exports told Bloomberg it may boost production in Ethiopia and Kenya, which have a 10 percent tariff. Moody's recently warned that for India, the 'much wider tariff gap' may 'even reverse some of the gains made in recent years in attracting related investments'. India's gems and jewelry industry exported goods worth more than $10 billion last year and employs hundreds of thousands of people. 'Nothing is happening now, everything is at a standstill, new orders have been put on hold,' Ajesh Mehta from D Navinchandra Exports told AFP. 'We expect up to 150,000 to 200,000 workers to be impacted.' Gems, and other expensive non-essential items, are vulnerable. 'A 10 percent tariff was absorbable - 25 percent is not, let alone this 50 percent,' Mehta added. 'At the end of the day, we deal in luxury products. When the cost goes up beyond a point, customers will cut back.' Seafood exporters, who have been told by some US buyers to hold shipments, are hoping for new customers. 'We are looking to diversify our markets,' says Alex Ninan, who is a partner at the Baby Marine Group. 'The United States is totally out right now. We will have to push our products to alternative markets, such as China, Japan... Russia is another market we are really looking into.' Ninan, however, warns that is far from simple. 'You can't create a market all of a sudden,' he said.
Qatar Tribune
4 hours ago
- Qatar Tribune
Trump's tariffs push US companies to the brink
Agencies When U.S. President Donald Trump announced tariffs on almost all trading partners in April, Ben Knepler contacted the factory in Cambodia producing his company's outdoor furniture. 'Stop production,' he ordered. The announcement involved a 10-percent levy on imports from most partners, set to rise further for many of them. For Cambodia, the planned duty was a staggering 49 percent. 'That night, we spoke to our factory,' Knepler told AFP. 'We literally cannot afford to bring our own product into the U.S. with that kind of tariff.' The decision was even more painful for Knepler and his Pennsylvania-based company, True Places, given that he had previously shifted production of his outdoor chairs to Cambodia from China, following tariffs on Chinese imports imposed by Trump during his first presidency. 'We were facing 25-percent tariffs in China, and there were zero-percent tariffs in Cambodia,' Knepler recalled. It took him a year to move the massive equipment and molds to Cambodia only to see another steep levy. With Trump's 'reciprocal' tariff hikes taking effect last Thursday, these Cambodia-made chairs face a lower -- though still significant -- 19 percent duty. Knepler's experience echoes that of many U.S. companies producing everything from yo-yos to clothing abroad, after years of offshoring American manufacturing. To cope, businesses use various strategies. Some pass on the new costs as a surcharge to customers. Others halted imports when duties reached prohibitive levels, hoping Trump would strike bilateral trade deals that would make their businesses viable again. Trump frames his tariffs as paid for by other countries, touting tens of billions in revenue this year -- but firms contest this description. 'We make the tariff payments when the product comes into the U.S.,' Knepler stressed. 'Before we sell it, we're the ones who pay that tariff.' Now saddled with hundreds of thousands of dollars in debt he took on to relocate the company's production to Cambodia, Knepler worries if his business will survive. He likens the rapid policy changes to spinning a 'wheel of misfortune,' resulting in a new tariff each time. Over four months this year, the planned tariff rate on Cambodian exports has gone from 0 to 49 percent, to 10 percent, to 36 percent, to 19 percent, he said. 'No one knows what it's going to be tomorrow,' he added. 'It's impossible to have any kind of confidence in what the rate will be in three- or four-months' time.' Economists warn that tariffs could fuel inflation and drag on growth. EY chief economist Gregory Daco noted that the duties effective Thursday raise the average tariff rate to 17.6 percent from 2.8 percent at the start of the year -— the highest level since the early 1930s. While Trump lauds the limited effects his duties have had on U.S. prices so far, experts say tariffs take time to filter through to consumers. Many of Trump's sweeping levies also face legal challenges over his use of emergency economic powers. The global tariffs are especially hard to avoid. Barton O'Brien said he accelerated production and borrowed money to bring in as much inventory as possible before Trump took office. On the election campaign trail, the Republican leader had floated a 60-percent tariff on imports from China, where O'Brien makes most of his products. The Maryland-based veteran selling dog harnesses and other accessories rented a container to ship as many products as he could before Trump's new tariffs would take effect. 'I had dog life jackets in the bathroom,' he told AFP. There is 'no way' to produce domestically, he said, adding that comparable American-made products sell for nearly six times his retail prices. He makes some items too in India and Vietnam. But Chinese products face an additional 30-percent duty this year, even under an extended truce now expiring in November. The rates for India and Vietnam are 25 percent and 20 percent respectively. 'If you look at the brands I compete with, we're all made in the same countries. We're all going to have to raise prices together,' said O'Brien.
