Trump Claims Five Jets Were Shot Down in India-Pakistan Clash
'You had India, Pakistan—that was going… in fact, planes were being shot out of the air. Four or five. But I think five jets were shot down actually,' Trump said. 'That was getting worse and worse, wasn't it? That was looking like it was going to go [further]. These are two serious nuclear countries, and they were hitting each other.'
The incident Trump referred to appears to be the military clash that followed India's Operation Sindoor, a four-day episode of heightened tensions between the two nuclear-armed neighbors. His claim of mediating peace, however, has previously been denied by the Indian government.
Trump also linked his involvement to trade negotiations, saying the U.S. used economic leverage to encourage both nations to de-escalate. 'We said, 'You guys want to make a trade deal? We're not making a trade deal if you're going to be throwing around weapons—and maybe nuclear weapons.''
India and Pakistan have a long history of strained relations, and while past U.S. administrations have often encouraged dialogue, Trump's claim of directly resolving the crisis remains controversial and unconfirmed by either country.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
7 hours ago
- Daily Tribune
Trump slashes Russia ultimatum to ‘10 or 12 days'
Donald Trump issued yesterday a dramatic new ultimatum to Russia to end the war in Ukraine or face tough new sanctions, as he met UK Prime Minister Keir Starmer in Scotland. Saying he was not very interested in talking to Russian President Vladimir Putin anymore, the US leader also shifted his tone on Gaza, acknowledging there were signs of 'real starvation' in the conflict-ravaged Palestinian territory. Trump, sitting alongside Starmer at the US leader's luxury golf resort in Turnberry, south of Glasgow, said he was 'very disappointed' with Putin over continued strikes against Ukrainian civilian targets. He announced that he was reducing an earlier 50-day deadline for Putin to bring the Ukraine conflict to an end to 'about 10 or 12 days', starting immediately. 'There is no reason in waiting,' Trump said, adding he thought Putin would want to end things quick. 'I really felt it was going to end. But every time I think it's going to end he kills people. 'I'm not so interested in talking (to him) anymore,' he added. Ukraine swiftly praised the US president's stand and thanked Trump for 'standing firm and delivering a clear message of peace through strength'. 'When America leads with strength, others think twice,' Ukrainian presidential aide Andriy Yermak said on social media.
Daily Tribune
10 hours ago
- Daily Tribune
Dollar rises on EU-US trade deal but European stocks turn sour
The dollar jumped Monday on the back of the US-EU trade deal, but the main European stock markets fell, reflecting unease at terms viewed as lopsided. Frankfurt closed sharply down, as shares in German carmakers plunged. Paris dipped, while London -- outside the EU -- also receded. In New York, the S&P 500 and Nasdaq rose, while the Dow largely traded flat. While Brussels defended the deal it struck on the weekend as 'better than a trade war with the United States', several EU countries expressed unhappiness. European capitals saw the agreement's 15% tariffs on most EU exports to the United States -- but none on US ones to the EU -- as skewed. As part of the deal, President Donald Trump said the bloc had agreed to purchase '$750 billion worth of energy' from the United States, and make $600 billion in additional investments. 'While the deal has avoided a much worse outcome for now, it remains to be seen whether it will last,' cautioned Jack Allen-Reynolds, a eurozone economist at Capital Economics. With average US tariffs on EU imports now around 17%, 'we think this will reduce EU GDP by about 0.2%,' he said. He predicted that 'uncertainty is likely to remain high' because Trump 'could still change his mind even after the deal has been finalised and signed'. Oil prices rose strongly. That was partly on relief from the deal -- but also because Trump shortened a deadline for Russia to end its war in Ukraine to August 7 or 9, after which he vowed to sanction countries buying its crude. Monday also saw the start of a fresh round of trade negotiations between China and the United States ahead of August 12, when a 90-day truce between the economic superpowers is scheduled to end. Shares in European companies tracked the unease at the EU-US deal. Volkswagen, BMW and Porsche all shed more than three% as the implications of high tariffs on their exports to the United States sank in. In Paris, shares in Pernod Ricard, which exports wine and spirits to the United States, fell more than 3%. Shares in Dutch brewer Heineken -- the world's second-biggest beer-maker -- lost more than 8% in Amsterdam after it announced a drop in sales. Traders were prepared for a busy week in the United States, with a slew of corporate earnings reports -- including from Apple, Microsoft, Meta and Amazon -- and macro data readings coming their way giving indications about US jobs and growth. The Federal Reserve is expected to keep interest rates unchanged at its meeting this week, with investors focused on its outlook for the rest of the year given Trump's tariffs and recent trade deals. What did EU, US agree? Both sides confirmed there will be a 15-percent acrossthe-board rate on a majority of EU goods -- the same level secured by Japan this month. Most significantly, that means a tariff reduction for the EU auto sector from the 27.5 percent carmakers had been forced to pay. While 15 percent is much higher than pre-existing US tariffs on European goods -- averaging 4.8 percent -- it mirrors the status quo, with companies currently facing an additional flat rate of 10 percent imposed by Trump since April. The EU also agreed its companies would buy $750 billion of liquefied natural gas, oil and nuclear fuels from the United States -- split equally over three years -- to replace Russian energy sources. And it said it would pour $600 billion in additional investments in the United States -- based on the "investment intentions of private companies" in the bloc, a senior EU official explained. A White House factsheet said EU countries -- which recently pledged to ramp up defence spending within NATO -- "agreed to purchase significant amounts of US military equipment." But the EU official said arms procurement was not "agreed or discussed" -- suggesting Washington was alluding to purchases expected independently from the trade agreement. Will any goods be tarifffree? The White House said the deal involved 'the elimination of all EU tariffs on US industrial goods'. Brussels meanwhile said the leaders had agreed bilateral tariff exemptions for key goods -- with the exact list still to be finalised. The EU official said the bloc was ready to lower levies to zero percent on US cars, machinery products, some chemicals and items linked to fertilisers -- which could be an alternative to Russian sources. In exchange, the official said, Washington was expected to eliminate levies on European aircraft, certain medical devices and some pharmaceuticals for which the United States depends on EU imports. Discussions are ongoing about European alcohol exports becoming tariff-free -- including wine. The EU official also said the bloc would be willing to do away with levies on certain US products taxed at very low rates -- in the order of one to four percent -- including nuts, lobster, fish, dairy and pet food. Are there sector-specific terms? Semiconductors and pharmaceuticals are currently the target of US trade probes that could see Trump impose massive levies. Under the deal struck Sunday, the EU says the United States has agreed that whatever the outcome of those investigations, those sectors will not be taxed at more than 15 percent. The White House said pharmaceuticals and semiconductors would indeed be taxed at that rate. Protecting pharmaceuticals -- a major EU export to the United States and a critical sector for Ireland -- was a priority in the bloc's negotiations. Steel was another key area -- which along with copper and aluminium is currently facing a 50-percent US tariff. The White House said those sectoral tariffs 'will remain unchanged' but that it would 'discuss securing supply chains for these products' with the EU. But the EU official said the understanding was a certain quota of steel -- based on historic levels -- would enter the United States before the 50-percent levy kicks in. What happens next? The deal needs to be approved by EU states, under a process to be determined by what legal form the final agreement takes, the EU official said. On the US side, the majority of the undertakings are expected to be carried out by executive order. The EU had prepared a $109-billion retaliation package against US goods, which was due to take effect from August 7. Brussels will suspend the measures once Trump publishes his executive order.
Daily Tribune
11 hours ago
- Daily Tribune
US Fed poised to hold off on rate cuts, defying Trump pressure
The US central bank is widely expected to hold off slashing interest rates again at its upcoming meeting, as officials gather under the cloud of an intensifying pressure campaign by President Donald Trump. Policymakers at the independent Federal Reserve have kept the benchmark lending rate steady since the start of the year as they monitor how Trump's sweeping tariffs are impacting the world's biggest economy. With Trump's on-again, offagain tariff approach -- and the levies' lagged effects on inflation -- Fed officials want to see economic data from this summer to gauge how prices are being affected. When mulling changes to interest rates, the central bank -- which meets on Tuesday and Wednesday -- seeks a balance between reining in inflation and the health of the jobs market. But the bank's data-dependent approach has enraged the Republican president, who has repeatedly criticized Fed Chair Jerome Powell for not slashing rates further, calling him a 'numbskull' and 'moron.' Most recently, Trump signaled he could use the Fed's $2.5 billion renovation project as an avenue to oust Powell, before backing off and saying that would be unlikely. Trump visited the Fed construction site on Thursday, making a tense appearance with Powell in which the Fed chair disputed Trump's characterization of the total cost of the refurbishment in front of the cameras. But economists expect the Fed to look past the political pressure at its policy meeting. 'We're just now beginning to see the evidence of tariffs' impact on inflation,' said Ryan Sweet, chief US economist at Oxford Economics. 'We're going to see it (too) in July and August, and we think that's going to give the Fed reason to remain on the sidelines,' he told AFP. 'Trial balloon' Since returning to the presidency in January, Trump has imposed a 10% tariff on goods from almost all countries, as well as steeper rates on steel, aluminum and autos. The effect on inflation has so far been limited, prompting the US leader to use this as grounds for calling for interest rates to be lowered by three percentage points. Currently, the benchmark lending rate stands at a range between 4.25% and 4.50%. Trump also argues that lower rates would save the government money on interest payments, and floated the idea of firing Powell. The comments roiled financial markets. 'Powell can see that the administration floated this trial balloon' of ousting him before walking it back on the market's reaction, Sweet said. 'It showed that markets value an independent central bank,' the Oxford Economics analyst added, anticipating Powell will be instead more influenced by labor market concerns. Powell's term as Fed chair ends in May 2026. Jobs market 'fissures' Analysts expect to see a couple of members break ranks if the Fed's rate-setting committee decides for a fifth straight meeting to keep interest rates unchanged. Sweet cautioned that some observers may spin dissents as pushback on Powell but argued this is not necessarily the case. 'It's not out-of-line or unusual to see, at times when there's a high degree of uncertainty, or maybe a turning point in policy, that you get one or two people dissenting,' said Nationwide chief economist Kathy Bostjancic. Fed Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman have both signaled openness to rate cuts as early as July, meaning their disagreement with a decision to hold rates steady would not surprise markets. Bostjancic said that too many dissents could be 'eyebrow-raising,' and lead some to question if Powell is losing control of the board, but added: 'I don't anticipate that to be the case.' For Sweet, 'the big wild card is the labor market.' There has been weakness in the private sector, while the hiring rate has been below average and the number of permanent job losers is rising. 'There are some fissures in the labor market, but they haven't turned into fault lines yet,' Sweet said. If the labor market suddenly weakened, he said he would expect the Fed to start cutting interest rates sooner.
