Chinese shares decline on weakening manufacturing data
U.S. President Donald Trump on Thursday confirmed imports from most countries will face a minimum tariff rate of 10 percent, while imports from countries with trade surpluses with the U.S. face duties of 15 percent or higher.
The dollar was little changed in Asian trade after posting its best month of the year in July. Oil prices were steady following Trump's threats to impose 100 percent tariffs on countries importing oil from Russia.
Gold dipped below $3,300 per ounce ahead of the U.S. July jobs report due later in the day, with employment likely to moderate after a June increase. The jobless rate is seen ticking up to 4.2 percent.
China's Shanghai Composite index dropped 0.37 percent to 3,559.95 on worrying signs about the economy's momentum in the period ahead. Hong Kong's Hang Seng index fell 1.07 percent to 24,507.81 on Fed rate jitters and soft Chinese data.
China's factory activity contracted in July as softening new orders forced manufacturers to scale back production and staffing, purchasing managers' survey results from S&P Global showed on Friday. The manufacturing Purchasing Managers' Index fell to 49.5 in July from 50.4 in June. A score below 50.0 indicates contraction.
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India Today
26 minutes ago
- India Today
Despite war and warnings, US traded more with Russia than ally Ukraine
United States President Donald Trump on August 6 announced an additional tariff of 25 per cent on India, taking the total to 50 per cent, making tariffs on India one of the highest in the tariffs, as per Trump, are a sanction against India for importing fuel from Russia. Trump alleges that India, by doing this, has been financing the Russian invasion of data by the US Census Bureau presents a different picture.A deep dive into the monthly trade data of the US with Russia and Ukraine reveals that the US has been doing more trade with Russia than it is with since the war began in February 2022, the US-Russia total trade has stood at USD 25.233 billion, while the trade with Ukraine stands at a mere USD 9.69 we merely look at import data for the two nations, as Trump's major concern is India financing Russia through imports, we see a trend that exposes US hypocrisy. In 2022, US imports from Russia stood at USD 14.43 billion, while imports from Ukraine stood at $1.503 billion In 2023, US imports from Russia stood at USD 4.57 billion, while imports from Ukraine fell to USD 1.39 billion In 2024, US imports from Russia stood at USD 3 billion, while imports from Ukraine stood at USD 1.17 billion In 2025, till June, US imports from Russia stood at USD 2billion while imports from Ukraine stood at merely USD 769 trend is clear, in terms of imports. Even though substantially reduced, the US continues to buy from Russia more than it does from all, the US has imported goods worth over USD 22 billion from Russia, ever since Ukraine was attacked, while has only imported goods worth USD 4 billion in the same time period from we take a look at the percentage increase in Indian trade cooperation with Ukraine, when it comes to Ukrainian imports to India, since the the war began during FY 2021-22, India imported USD 3.38 billion worth of goods from Ukraine, as per data published by the Indian Embassy in Kyiv, while in 2024-25 this data stood at USD 1.2 billion, which stands more than what the US buys from the war-torn the data is clear: While the US has accused India of arming and financing the Russian war, it is the US which is financing Russia more than it is financing Ukraine through trade, while India is balancing its partnership without taking a side and without financing any one side.- EndsTune InMust Watch
Mint
26 minutes ago
- Mint
Trump's tariffs on India and US–Russia trade: A double standard? What data reveals
The Indian government and the country's top leaders called out the "double standards" of the United States and the European Union, which criticised India for buying oil from Russia. US President Donald Trump on August 6 imposed a 25 per cent additional tariff on India and also threatened penalties for doing trade with Russia 'at a time when everyone wants Russia to stop the killing in Ukraine'. With India's sharp response to Trump's "unjustified" and "unreasonable" tariff, the focus has now shifted to the trade the US itself does with Russia while condemning India for doing it. India said in a statement on August 4 that the US 'continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilisers and chemicals'. Congress MP Shashi Tharoor also pointed out that the US continues to import uranium, palladium and various other products from Russia. Notably, both the US and the EU have sharply scaled back their trade ties with Russia since it launched a full-scale invasion of Ukraine in February 2022. The US also banned oil imports from Russia in March 2022. However, they still import billions of euros worth of Russian energy and commodities, including liquefied natural gas and enriched uranium. According to the United States Census Bureau, US imports from Russia fell to around $2.50 billion in the first half of 2025 (June 2025) from $14.14 billion four years earlier. "In May 2025, the US exported $51.4 million and imported $540 million from Russia, resulting in a negative trade balance of $488 million," The Observatory of Economic Complexity (OEC) revealed. According to the United States Trade Representative, US goods and services trade with Russia totalled an estimated $5.2 billion in 2024 — down 25.8 per cent ($1.8 billion) from 2023. $3.5 billion: US total goods trade (exports plus imports) with Russia in 2024 $528.3 million: US goods exports to Russia in 2024 $3.0 billion: US goods imports from Russia 2024 $2.4 billion: US goods trade deficit with Russia in 2024 $1.6 billion: US total services trade (exports plus imports) with Russia in 2024 $1.3 billion: US services exports to Russia in 2024 $384 million: US services imports from Russia in 2024 $873 million: US services trade surplus with Russia in 2024 Source: According to OEC, in May 2025, the US' main imports from Russia were radioactive chemicals, nitrogenous fertilisers, and platinum ($122M). Here are key products the US reportedly imported from Russia in 2024, as per OEC data, Trading Economics and other reports: 1. Fertilisers/nitrogenous fertilisers: Fertilisers were the most-imported commodity to the US from Russia in the first 11 months of 2024, as per Statista. Last year, the US imported around $1.27 billion of Russian fertilisers, up slightly from $1.14 billion in 2021. 2. Radioactive chemicals: The US imported enriched uranium and plutonium from Russia worth around $624 million in 2024, down from $646 million in 2021. 3. Palladium: Russia exported palladium to the US for around $878 million in 2024, down from $1.59 billion in 2021, according to Reuters. Source: OEC Some other products imported by the US from Russia are: 1. Precious stones and metals 4. Wood and articles of wood 5. Nuclear reactors and machinery (HS code 84): $80.81 million 8. Aircraft, spacecraft & parts thereof 10. Oil seeds and oleaginous fruits The US recently imposed a whopping 50 per cent tariff on Indian product imports. US President Donald Trump even threatened unspecified penalties against India for buying Russian oil. India, meanwhile, justified buying Russian oil and said on Wednesday, "...our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India." Taking a dig at the US and the EU over "unjustified" and "unreasonable" targeting of India, the Ministry of External Affairs said that the "very nations" criticising the country for buying Russian oil are 'themselves indulging in trade with Russia.'
Hindustan Times
26 minutes ago
- Hindustan Times
Trump Pledged to Bring Back Manufacturing. The Sector Is Sputtering
President Trump has claimed that his sweeping tariff regime will reshore American companies and revive manufacturing in the U.S. So far, that hasn't happened. Economic activity tied to manufacturing has shrunk for most of Trump's second term. A few investments and pledges aimed at beefing up domestic manufacturing appear timed to appease the president, and may or may not come to fruition. The latest is from Apple, which is planning to commit an additional $100 billion to the U.S., after saying in February it would spend more than $500 billion in the country over four years to make servers and parts for its key products. Beneath the shiny announcements lies a sector that can't seem to get off the ground. From March to July, U.S. manufacturing activity contracted, according to the Institute for Supply Management's monthly survey. The Manufacturing PMI last registered at 48, below the 50 score that differentiates growth and decline. The effective average tariff rate on all imported goods now stands at around roughly 18% versus 2.3% last year, the highest levels since the 1930s. Still, some economists say Trump's tariffs, set to take broader effect on Thursday, aren't high enough to bring companies back. Major U.S. trade partners like South Korea, the European Union and Japan for example, all face 15% tariffs, below the 25%-to-30% levels the president once threatened. A cargo ship leaving the Port of Savannah in Georgia earlier this year. Tariff levels might be high enough to bring back production of some textiles but probably not enough to encourage additional production of cars and steel in a significant way, said William Reinsch, senior adviser at the Center for Strategic and International Studies. 'The obvious candidates are sectors where labor is proportionally a smaller cost of production and where input materials are available domestically or from nearby sources,' he said. He and others say the unpredictability of Trump's trade wars still makes it impossible for companies to decide on big capital commitments, like moving a factory from Asia to the U.S. Trump surprised investors on Wednesday by saying he would soon double tariffs on India to 50%. Tariff levels on China and Mexico have been in flux since the start of the year, and seem far from settled. Other factors have hurt the sector, too. Take Whirlpool, which domestically produces about 80% of its large appliances sold in the U.S. The company says its plants have made fewer products this year as Asian competitors accelerated shipments to the U.S. to get ahead of an expected jump in tariffs. The company, whose business has also been hurt by slumping home sales, hopes its U.S. factory base will give it an advantage over its rivals as tariffs take hold in the second half of the year. Motorcycle maker Harley-Davidson and off-road vehicle manufacturer Polaris, both of which have extensive U.S. factory operations, cited consumer uncertainty as a factor behind decisions to tamp down production. 'Consumers are really just reluctant to go spend right now unless they really need to or they're fortunate enough to have the financial flexibility to do that,' Polaris CEO Mike Speetzen said during the company's July earnings call. Harley-Davidson has decided to tamp down production because of consumer uncertainty. Manufacturers may not be laying off swaths of their workforces but they are taking a cautious approach to hiring and refraining from filling roles that do get vacated. Last week's weaker-than-expected jobs report showed downward revisions for manufacturing in particular. The sector lost a total of about 26,000 jobs in May and June, and another preliminary estimate of 11,000 jobs in July. Even if some firms do reshore production, how fast that can be achieved is in question. Manufacturers might struggle to find the American workers they need, and new facilities might face higher prices for steel, copper and aluminum, all of which Trump has tariffed. Oliver Allen, U.S. economist at Pantheon Macroeconomics, compares U.S. manufacturing to a person who hasn't gone to the gym in 30 years. 'Getting him to bench press 100 pounds is going to be quite difficult,' he said. The White House touts nearly $2 trillion of manufacturing-related projects announced since the start of the year. Nearly 80 projects are included in the tally, from factories to data centers to a liquefied natural gas facility. But those projects could take years to materialize. From finding and deciding on a site for expansion, to establishing a domestic supply chain, 'you're talking years out, not months or quarters,' said Mike Reid, U.S. economist at RBC Capital Markets. Many larger-scale domestic manufacturers rely on global supply chains to source steel, copper, aluminum and other components. So while high tariffs might give domestic manufacturers an advantage against their foreign competitors, they will likely boost U.S. companies' production costs as well. Tom Derry, ISM's CEO, says Trump's tariffs are already weighing on manufacturers that can't pass on the additional cost to their buyers, or U.S. consumers. One reason for optimism: The latest ISM survey wrapped up in the third week of July, before the Trump administration announced trade deals with Japan, Europe and South Korea that pegged levies at 15%—an amount that might still allow the U.S. to import many goods as before. 'Most manufacturers would say they can deal with 15%,' said Derry. 'It's basically a one-time price increase.' Write to Chao Deng at and John Keilman at Trump Pledged to Bring Back Manufacturing. The Sector Is Sputtering
