&w=3840&q=100)
Trump likely to impose 10-15% tariff rates for more than 150 countries
Speaking to journalists at the White House, Trump said, 'We'll have well over 150 countries that we're just going to send a notice of payment out, and the notice of payment is going to say what the tariff rate will be.'
He further said, 'It's all going to be the same for everyone, for that group,' stating that the trading partners that would be receiving these letters were 'not big countries, and they don't do much for business.'
In an interview with Real America's Voice on Wednesday, Trump said that his administration has not yet decided on the rate, adding that it would probably be 10 or 15 per cent.
US-Europe deal in the pipeline?
During his interview, Trump reiterated that the US is very close to finalise a deal with India soon. He further added that an agreement with Europe is also likely. He said, 'We could make a deal possibly with Europe. You know, it's, I'm very indifferent to it.'
His comments on a possible deal with Europe come as the European Union's trade chief, Maros Sefcovic, was headed to Washington for tariff discussions. Speaking on a deal with the European Union, Trump said, '(The) European Union has been brutal, and now they're being very nice. They want to make a deal, and it'll be a lot different than the deal that we've had for years.'
It was previously reported that Trump threatened a 30 per cent tariff on imports from the European Union from August 1, a level which, according to Europe, is unacceptable and would end normal trade between two of the world's largest markets.
25 per cent tariff for Japan
On Wednesday, Trump announced that the US will probably 'live by the letter' on tariffs with Japan. Trump imposed 25 per cent tariffs on Japan on July 7, which will take effect on August 1. Trump cited persistent trade deficits and 'unfair' practices as he announced a new tariff rate for Japan and South Korea. He announced the new tariff rates by posting letters addressed to the leaders of the two countries, warning the countries against retaliatory measures.
US-Canada trade deal
When asked about a deal with Canada, which, like the European Union, is preparing countermeasures, if the talks with the US fail, Trump said, 'Too soon to say.'
His remarks on Canada come after Canadian Prime Minister Mark Carney on Tuesday (local time) said that there is little evidence Ottawa can secure a deal with the US that avoids tariffs. Carney's recent statement marks a shift from the more hopeful tone his government had maintained in the last few months.
US-India trade deal
On Wednesday, Trump reiterated that the US is 'very close to a deal with India'. This comes after he suggested on Tuesday that the US could soon gain access to the Indian market. He said, 'We've made deals with a lot of great places. We have another one coming up — maybe with India. I don't know, we're in negotiation. When I send out a letter, that's a deal.'
His remarks come at a time when a team from India's Commerce Ministry is in Washington to negotiate a proposed Bilateral Trade Agreement (BTA) ahead of the August 1 deadline.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
4 minutes ago
- India Today
Kashmir issue main source of India-Pak tension: Shehbaz Sharif
Pakistani Prime Minister Shehbaz Sharif on Tuesday said that the Kashmir issue remains the main source of tension between Pakistan and India, as he strongly criticised New Delhi's 2019 decision to revoke the special status of Jammu and on the occasion of Youm-i-Istehsal, observed every year in Pakistan to protest the Indian government's move, Sharif condemned the abrogation of Article 370, which stripped Jammu and Kashmir of its semi-autonomous status and led to the bifurcation of the erstwhile state into the Union Territories of Jammu and Kashmir and Pakistani Prime Minister said that the Kashmir issue was the main reason for tension between Pakistan and India. 'The will and aspirations of the Kashmiri people, in line with United Nations Security Council resolutions, are the only path forward,' he added. He reaffirmed that a just and peaceful resolution of the Kashmir issue remains a cornerstone of Pakistan's foreign policy. Shehbaz also urged the international community to play a constructive role in reversing what he termed India's 'unilateral' actions of August 5, Deputy Prime Minister Ishaq Dar also called for peace in the region, stating that Islamabad seeks friendly ties with all its neighbours and prefers dialogue and diplomacy over a rally in Islamabad, Dar said Pakistan's armed forces and its people are fully prepared to respond firmly to any act of aggression. Rallies, symbolic walks, and commemorative events were held across all four provinces and Pakistan-administered Kashmir. Pakistani missions abroad also marked the occasion with special 370 ABROGATIONSix years have passed since the abrogation of Article 370 and the reorganisation of the erstwhile state of Jammu and Kashmir into two Union Territories. On August 5, 2019, Home Minister Amit Shah announced in the Rajya Sabha the revocation of Article 370, a constitutional provision granting special status to Jammu and Kashmir since 1954 under the Instrument of move was passed in the Rajya Sabha with 125 votes in favour and 61 against, and later cleared by the Lok Sabha with 370 votes for and 70 Jammu and Kashmir Reorganisation Act, 2019, also introduced by Shah, formalised the bifurcation of the state into two Union Territories, Jammu and Kashmir (with a legislature), and Ladakh (without one).- EndsTrending Reel
Time of India
16 minutes ago
- Time of India
Trump escalates threat level, says more tariff in 24 hours
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: US President Donald Trump Tuesday threatened to 'very substantially' increase the 25% tariff on imports from India over continued purchases of Russian oil, maintaining his aggressive posture. This comes a day after New Delhi's strong response to comments by him in a similar vein over the past week or so.'India has not been a good trading partner because they do a lot of business with us, but we don't do business with them. So we settled on 25%, but I think I'm going to raise that rate quite substantially in the next 24 hours,' Trump said in an interview to CNBC that was aired on Tuesday evening in India. The US President reiterated his claim that India has the highest tariffs.'They're buying Russian oil and fuelling the war machine. If they are going to do that, I'm not going to be happy,' he said, adding that the main sticking point remained that India's tariffs were too high. 'With India, what people don't like to say is, they have the highest tariffs of anybody.'On Monday, India reacted strongly after Trump threatened substantial tariffs for purchasing Russian oil and 'selling it in the open market for big profits.'This is helping to fund Russia's war against Ukraine, according to had accused the US and the European Union of unfairly 'targeting' India when they themselves were importing essential material from Russia. 'The targeting of India is unjustified and unreasonable,' the ministry of external affairs had said.'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' India also pointed out that the US had initially backed India's purchases from Russia 'for strengthening global energy markets stability.'Trump had last week announced a 25% duty on all Indian goods, in addition to a penalty for buying a 'vast majority' of Russian military equipment and crude oil. The US President has targeted India and Russia for their close ties and said the two can take their 'dead economies down together.'India had responded by reiterating that it will take all necessary steps to safeguard its national interest, besides pointing out that its economy — the fastest-growing major one — was a bright spot amid global had earlier threatened an additional 10% tariff on BRICS members, which he said were aligning themselves against the US. His threats come amid the two sides negotiating a bilateral trade agreement (BTA), the first part of which is planned to be concluded by trade negotiators are scheduled to visit India for the sixth round of talks on August 25-30. The US was India's largest export destination in FY25 with shipments valued at $87 billion, accounting for about a fifth of the $437 billion total.
Time of India
21 minutes ago
- Time of India
From Scam to Sagas: Applause expands slate with Archer titles
As streaming platforms ramp up their demand for scalable IP and cross-market appeal, Indian content studios are increasingly looking beyond domestic formats and entering the global literary market. Applause Entertainment , backed by the Aditya Birla Group , is the latest to make a move, acquiring exclusive screen rights to six novels by British author Jeffrey Archer . The acquisition, which includes The Clifton Chronicles, Fourth Estate, First Among Equals, The Eleventh Commandment, Sons of Fortune, and Heads You Win , marks Applause's first foray into global fiction IP . While notable, the development fits into a broader trend of Indian studios building slates that can travel across languages, territories, and platforms. Applause plans to adapt them as series and films across multiple Indian languages and distribution platforms, including global streaming services. 'We have just closed the deal and now we are getting started in earnest,' said Sameer Nair, managing director of Applause Entertainment. 'We want to move fast. The idea is to identify a showrunner or creative director for each title and begin working on adaptation, deciding the context, setting, and treatment.' Nair added that the studio hopes to have at least one or two properties entering the pre-production phase in the next three to six months. 'Everything we develop will be run past Jeffrey Archer and will go through our own iteration process. We want to make sure we're doing justice to the original material, while also adapting it meaningfully for screen,' he said. From local books to global IP Applause's earlier successes have largely come from Indian non-fiction adaptations like Scam 1992 and Black Warrant and scripted versions of international formats including Criminal Justice, Hostages, Call My Agent . This move into global fiction marks a strategic expansion geared toward meeting a rising demand for high-concept IP that can be localised but is inherently global in theme and structure. 'Jeffrey Archer's stories are sagas, not single-incident plots,' said Nair. 'They lend themselves to both long-form drama and feature films, depending on how we reimagine them.' While Archer's books are widely read in India, Nair acknowledged that a large segment of India's tier II and tier III viewers may not be familiar with them. 'The larger Indian mass has not heard these stories. That's the excitement you can take these stories to them. Once it comes on a streamer or platform, it reaches,' he said. He drew a parallel with Scam 1992, which was based on Sucheta Dalal and Debashis Basu's book The Scam. 'I don't think many people had read the book before the show came out, but more people saw the show. Hopefully, that encouraged some to go read the book,' Nair said. 'We only used a small part of it but the book itself is far deeper.' Stabilising and expanding Applause's expansion comes at a time when the Indian content market is undergoing a cost correction, following years of aggressive investment between 2020 and 2023. Several production houses were forced to scale back due to unsustainable content spends and shifting platform strategies. However, Applause has avoided major disruption by maintaining cost discipline. 'We've always been frugal,' said Nair. 'When others were spending INR 100-INR 200 crore on a single show, we were building profitable units. All our projects aim to recover cost and make a margin. That allows us to reinvest continuously.' He estimated that the company has already invested and reinvested over INR 2,500–INR 3,000 crore and continues to operate on a reinvestment-led growth model. 'There's no fixed number for how much we will invest in the next two years,' Nair said. 'We just keep doing it.' Applause evaluates all projects on a unit economics basis, aiming for profitability at the project level rather than relying solely on large upfront investments or slate deals. While budgets have come under pressure, Nair said the overall outlook for the industry is positive. 'There was a lot of pressure on content cost in the past couple of years, but now things are levelling out. It's fair, platforms also need to be profitable,' he said. Alongside the literary acquisition, Applause is also diversifying its production slate with a growing focus on theatrical films and digital-first animation . The company has signed filmmakers Kabir Khan and Imtiaz Ali for upcoming Hindi projects and is producing a Tamil feature film Bison with director Mari Selvaraj, targeted for release around Diwali. Nair said the move into theatrical films is a natural extension of the studio's capabilities. 'Hopefully, in the next couple of years, you'll see us as a major movie studio,' he said. In the kids content space, Applause launched a YouTube channel ApplaToon earlier this year, leveraging its animation rights to Amar Chitra Katha 's intellectual property. The channel, aimed at a digital-first audience, focuses on mythological and historical narratives. 'YouTube turned out to be the most effective distribution channel for children's content,' Nair said. 'Many streamers and broadcasters are currently re-evaluating their kids' programming slates, but YouTube remains consistent. We've made a strong start and we plan to build aggressively in that direction.' For Applause, the Archer collaboration is not a one-off prestige play, but part of a deliberate expansion into IP-driven content development. 'This is a milestone moment for us,' Nair added. 'To reimagine these stories with scale and style, and position them for audiences across the globe, that's the creative opportunity we're excited about.'
