European companies among biggest manufacturers of industrial goods in U.S.: GMF
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CNBC
an hour ago
- CNBC
U.S. delegation's India visit reportedly called off as trade tensions simmer
A scheduled visit by U.S. trade representatives to New Delhi later this month has been called off, according to Indian news broadcaster NDTV Profit. The visit that was expected to take place between Aug. 25 and Aug. 29 will likely be rescheduled, NDTV reported, citing people familiar with the matter. The report comes at a time when trade relations between the two countries have soured with U.S. President Donald Trump imposing a 25% blanket tariff on Indian exports, and topping those with another 25% duties — expected to come into effect on Aug. 27 — as a "penalty" for India purchasing Russian crude. Both sides are in contact with each other, but a new schedule for talks not been finalized, the report said. Trump's cumulative 50% tariff rate on India is among the highest on any of the U.S.' trading partners, and has drawn a sharp response from New Delhi. India has said it was being targeted unfairly, while calling out the EU and the U.S. on their continuing trade with Russia. "It is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion [for them]," the country's foreign ministry said in a statement earlier this month. India's Ministry of Commerce and Industry, and the Office of the U.S Trade Representative did not immediately respond to CNBC's request for comments. The U.S. is India's single largest export partner, with nearly 20% of its overall exports, or $86.51 billion worth of goods, shipped to the U.S. in fiscal year ended March 2025, according to the latest official data. Read the full NDTV story here.
Yahoo
3 hours ago
- Yahoo
Fashion giants Shein and Temu in hot water after secret shopper investigation: 'Shocked'
Fashion giants Shein and Temu in hot water after secret shopper investigation: 'Shocked' Online fast-fashion giants Shein and Temu are facing pressure from European regulators after a secret shopper investigation uncovered serious safety violations in a range of their products. What's happening? The European Commission is cracking down on Shein and Temu after discovering dangerous and noncompliant products sold through the platforms. These include baby teethers with choking hazards, sunglasses with no UV protection, and children's raincoats laced with toxic chemicals. A report from members of the European Parliament also found banned substances linked to fertility and developmental harm in cosmetics sold on the sites. EU Justice Commissioner Michael McGrath said he was "shocked" by the findings, as reported by Euro Weekly News. This news is surfacing as the EU struggles to manage an overwhelming influx of imported goods. In 2024, the bloc received 4.6 billion cheap shipments under €150, double the number from the year before. Why are discount and fast-fashion retailers such as Temu and Shein concerning? These violations are putting people at risk. From toxic chemicals to unsafe children's products, the quality issues show how ultra-cheap imports are more dangerous and problematic than people think. In 2023, the EU issued a record 4,137 alerts for unsafe nonfood products. Shein's and Temu's business models are also concerning. Many of their items aren't made to last, feeding into the global mountain of landfill waste. About 101 million tons of textile waste are generated every year. And in the U.S., about 85% of all textiles end up in the dump each year. To make things worse, European companies that play by the rules face higher compliance costs, putting them at a disadvantage compared with low-cost international sellers skirting regulations. What's being done about it? In response, the EU is considering removing the €150 duty-free threshold and introducing a per-package fee to better fund customs, which is already being overwhelmed by the sheer number of orders. McGrath also plans to raise the issue with Chinese officials at the upcoming EU-China summit. Shein has responded by pointing to its compliance investments, and Temu shared a report about its seller vetting and compliance checks. But so far, EU officials remain unconvinced. Consumers can do plenty to curb the environmental effects of fast fashion and cheap retailers. First, rethink your shopping habits. Shopping secondhand can save money while cutting waste. Plus, thrifters often find luxury or valuable items at dirt-cheap prices. Learn about better alternatives in this guide to breaking up with fast fashion. While the scale of the issue is massive, awareness and action from everyday shoppers can help hold retailers accountable for the true cost of cheap goods. Which of these factors would most effectively motivate you to recycle old clothes and electronics? Giving me money back Letting me trade for new stuff Making it as easy as possible Keeping my stuff out of landfills Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Solve the daily Crossword
Yahoo
4 hours ago
- Yahoo
Former US Representative Matt Gaetz Buys Pudgy Penguins' PENGU, Calls It 'Digital Penguins'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Former U.S. Representative Matt Gaetz stated on X that he has purchased the Pudgy Penguins token PENGU (CRYPTO: PENGU), calling them "digital penguins" and exclaiming, "What a time to be alive."Cryptocurrency Ticker Price Market Cap 7-Day Trend Pudgy Penguins (CRYPTO: PENGU) $0.03359 $2.1billion -7.7% Dogecoin (CRYPTO: DOGE) $0.2262 $33.9 billion +5.3% Shiba Inu (CRYPTO: SHIB) $0.00001300 $7.7 billion +3% Trader Notes: Crypto trader Broski labelled PENGU the best long-term investment of the bull run, recommending purchases on every dip. Trader Fuel praised its "most passionate" community and largest mindshare in 2025, targeting a $50 billion market capitalization. Trending: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — Osemka, however, noted recent weakness in PENGU's price action, warning that a break of diagonal support could trigger a double zigzag correction similar to May–June's move. Community News: The Pudgy Penguins community has announced that BTCS Inc (NASDAQ:BTCS), a NASDAQ-listed company holding over $300 million in Ethereum, has added three Pudgy Penguins NFTs to its treasury. PENGU has also gone live on Ripio, one of Latin America's largest exchanges, following its recent Arkham listing. After winning the Kraken and Williams Racing's Meme Coin Showdown by leading in trading volume, PENGU will serve as the mascot for the F1 Singapore Grand Prix. Pudgy Penguins CEO Luca Netz shared in a recent podcast that the project's vision extends beyond memes, aiming to become a licensing and IP powerhouse. With $40 million in current annual revenue from royalties, staking, plush toys, collectibles, brand partnerships, content, and events, they target $100 million next year with a stronger Web3 push. Read Next: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article Former US Representative Matt Gaetz Buys Pudgy Penguins' PENGU, Calls It 'Digital Penguins' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
