Trump tariff: Asian stocks rise on US rate cut hopes; Hang Seng gains 0.4%
Japan's shares hit a new all-time high, while Hong Kong's Hang Seng gained 0.4% and China's blue-chip index rose 0.3%.
The rally followed a solid performance on Wall Street, where the S&P 500 rose 0.7% and the Nasdaq jumped 1.2%.
US stock futures continued the momentum, with both S&P 500 and Nasdaq futures up 0.3% each.
Taiwan's TSMC surged nearly 5% after the island's economic officials said the company was not affected by upcoming trade actions.
TSMC, which is building a massive facility in Arizona, has pledged up to $165 billion in US investment its largest ever abroad, Reuters reported.
Apple-linked stocks also rose after the tech giant announced plans to invest an additional $100 billion in the US , increasing its total commitment to $600 billion over four years.
In other markets, the US dollar edged up slightly, with the dollar index at 98.245.
Gold gained 0.4% to about $3,382 per ounce, supported by the softer dollar.
Oil prices also recovered some ground: Brent crude rose 0.3% to $67.09, while US WTI crude climbed 0.3% to $64.57 per barrel.
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United News of India
28 minutes ago
- United News of India
‘We expect another repo cut this fiscal,' says the CRISIL report
New Delhi, Aug 13 (UNI) India's retail inflation plunged to its lowest level in over six years as the Consumer Price Index eased to 1.55 per cent in July compared to 2.1 per cent in June, as per the data of the Ministry of Statistics and Programme Implementation (MoSPI). The MoSPI lays standards, norms, and methods for data collection, processing, and dissemination across various statistical domains. The Consumer Price Index (CPI) measures the average change over time in prices paid by urban consumers for a basket of consumer goods and services. CRISIL report stated, ' We expect headline inflation to average 3.5 per cent this fiscal from 4.6 per cent in the last. Healthy agricultural production is expected to keep food inflation in check. As of August 8, Kharif sowing is up to a healthy 4.0 per cent on-year, and adequate soil moisture should benefit the rabi crop as well.' 'Assuming Geopolitical uncertainties remain under control, Brent crude oil prices are projected to remain subdued at USD 60-65 per barrel in the current fiscal, which should help contain non-food inflation,' the report added. The CRISIL report also pointed out that the effect of inflation varies across income groups since spending on food, fuel, and core categories differs for classes. Moreover, essential items such as food and fuel account for a greater share of the consumption basket for lower-income households. " The highest-income segments (top 20 per cent) in rural and urban areas faced a higher burden than their lower-income counterparts as core items (the category having the highest inflation rate in July) comprised a larger portion of their consumption baskets,' the report noted. UNI SAS AAB
News18
31 minutes ago
- News18
Trump's 50% Tariffs Could Fast-Track India's Green Manufacturing Push, Say Climate Experts
With India standing firm on its green resolve, experts say it's time to manufacture, generate jobs, and attain climate-aligned exports that can thrive amid tariffs. Despite potential shocks to sectors like textiles, steel and aluminum, the US's 50 per cent tariffs on Indian imports could be a turning point for India to fast-track its green manufacturing, experts say, as geopolitical tensions rise and climate targets come under pressure. India has set a Net Zero target of 2070 to balance its greenhouse gas emissions with the same amount it removes from the atmosphere, so the overall emissions are zero. It remains steadfast. As of June 2025, it has already achieved 235.7 GW from non-fossil fuel sources. The emission intensity of India's GDP has reduced by 36 per cent between 2005 and 2020. 'The last time President Trump dismissed climate concerns, India did not budge – it went greener. India's position is clear, it will not compromise on its climate commitments, despite the trade upheavals," said Aruna Sharma, Former Secretary, Union Ministry of Steel. 'The tariffs are a cause of concern, but the time has come to talk bluntly and take corrective measures. Our logistics and manufacturing inefficiencies must be fixed. If we don't strengthen our production base now, as China did years ago, we risk losing this window of opportunity." Global pundits warn that rising costs in the clean energy supply chain could slow the transition, but note that growing protectionist trade policies –already growing before President Trump could break up the global market anyway and drive countries to produce more at home. 'The 50 per cent US tariff could slow India's decarbonization in the short term by raising costs for clean tech and disrupting exports. But in the interim, it could be a blessing—products meant for the US may be redirected to the domestic market, boosting renewable deployment at home. India's huge domestic demand means the long-term impact is less of a worry, though higher overall tariffs could still push up the cost of energy," said Vibhuti Garg, Director South Asia, Institute for Energy Economics and Financial Analysis (IEEFA). Speaking at a webinar organised by Climate Trends on 'Decarbonization, Tariffs, and the Future of India's Trade Competitiveness', a global panel of experts from India, Europe and the US highlighted that this is a window of opportunity for India to upgrade manufacturing, reduce costs, look for alternate markets and accelerate its green shift. According to Julian Popov, Former Bulgarian Minister of Environment & Senior Fellow, Strategic Perspectives, said clean technology investment is re-defining global investment, and India and Europe are moving rapidly towards an energy transition. 'Europe is actively looking for allies, and there is no more obvious ally than India. With Europe not backing down on its net-zero agenda, the next decade will see accelerated adoption of green technologies. India has a very good opportunity to develop zero- or low-carbon industrial zones to position itself competitively. President Trump's rhetoric will not change that," said Julian Popov, Former Bulgarian Minister of Environment & Senior Fellow, Strategic Perspectives. MORE ROADBLOCKS OR STEPPING STONES? But then there is another challenge. The European Union (EU)'s Carbon Border Adjustment Mechanism (CBAM), comes into effect on January 1st, 2026, with steel and aluminum – among the highest CO2-emitting products – facing a carbon tax in Europe. But experts concur that India can counter the EU's CBAM by developing zero- or low-carbon industrial zones – an opportunity well within its reach. 'Green aluminum and green steel are costly to produce, raising the question of whether two production lines would be needed. The quality remains the same, only the production processes and costs change. But it's important that India must now shift focus from trade policy to manufacturing and production policy. Quality products will define our ability to survive in this new trade order," said Ajay Srivastava, Founder, Global Trade Research Initiative. Uncertainty prevails in global markets after the US President Donald Trump announced an additional 25 per cent penalty on Indian goods, starting August 27. But it also opens up opportunities to expand for India, especially across Europe since environment-friendly business will be the focus. 'India can and should play a stronger role in global renewable energy supply chains – especially in electronics, biofuels, solar panels, and green steel. If India invests now, CBAM can work to its advantage, giving Indian firms a long-term competitive edge," said Dr Bentley Allan, Associate Professor and Affiliate, Ralph O'Connor Sustainable Energy Institute, Johns Hopkins University. INDIA STANDS FIRM ON CLIMATE GOALS As of June, 2025, India has already achieved 235.7 GW from non-fossil fuel sources comprising 226.9 GW of renewable energy and 8.8 GW of nuclear power, accounting for 49% of the total installed power generation capacity of 476 GW – a key step towards its decarbonization goals. With this, it also achieved its NDC goal of 50 per cent of its installed electric power capacity from non-fossil fuel sources, five years ahead of the 2030 target. Experts suggest boosting trade with partners like the EU, Japan and South Korea, investing in low-carbon industrial sectors to avoid the EU's 2026 CBAM, while also working to cut logistics costs to rival China and expanding in green sectors like steel, solar, electronics and bio-fuels could help India withstand the tariff shock. At the same time, meeting green standards could give high-emission exporters a long-term edge in climate-conscious markets. tags : climate action donald trump tariff view comments Location : New Delhi, India, India First Published: August 13, 2025, 13:39 IST News india Trump's 50% Tariffs Could Fast-Track India's Green Manufacturing Push, Say Climate Experts Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Economic Times
an hour ago
- Economic Times
'Can't depend on dollar': Brazil President Lula says 'Brics should test a new currency' amid trade tensions with US
Synopsis Amid escalating trade tensions with the U.S., Brazilian President Lula da Silva champions a BRICS trade currency to reduce reliance on the dollar. Despite Trump's tariff threats and refusal to engage directly, Lula seeks support from leaders like Xi Jinping and Modi. Brazil plans WTO action against U.S. tariffs while remaining open to diplomatic resolutions, emphasizing dialogue over economic retaliation. BRICS leaders with inset of commemorative currency note President Luiz Inácio Lula da Silva has reiterated his support for a BRICS trade currency, saying Brazil "cannot depend on the dollar" and must remain open to testing alternatives for trade among member nations. In social media videos circulating widely, Lula clarified, 'We do not want to mess with the dollar, it's an important currency. But we can have a currency for trade in BRICS — it's an idea we have to test.' He added, 'Not seeking to undermine the dollar, [we] recognize it as an important currency,' while maintaining that BRICS should be open to 'testing a common trade currency.'Amid Trump's tariff war, the Brazilian president has again brought up the issue of BRICS countries having their own currency. Lula has also proposed that BRICS nations begin discussions on creating such a shared trade currency, arguing it would reduce global dependence on the U.S. dollar. 'We need to test it,' Lula said. 'If it fails, then I was wrong — but someone would have to convince me that I was wrong.' His remarks come amid escalating trade tensions with the United States. The United States has imposed a 50% tariff on Brazilian goods, adding to an existing 10%, prompting Lula to announce that Brazil will seek recourse through the World Trade Organization (WTO) and other formal diplomatic channels. He also confirmed he will not engage directly with U.S. President Donald Trump in light of the January 2025, Trump publicly threatened a 100% tariff on BRICS countries if they pursued the creation of a shared currency. 'Any attempt by BRICS to form a trade currency that bypasses the dollar will be met with full-scale tariffs. 100% — no exceptions,' he said during a campaign early July, Trump reinforced his administration's hardline stance via social media: 'Any country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy.' Lula emphasized Brazil's broader aim of reducing its dependency on the dollar. 'We want independence in our policies, we want freer trade, and things are progressing wonderfully. We are even discussing the possibility of creating our own currency, or perhaps using each country's national currency for trade, without relying on the dollar,' he a televised interview with Jornal da Record TV, Lula said Trump's actions reflect discontent over BRICS' rising global influence. 'I am not obliged to purchase dollars to trade with countries like Venezuela, Bolivia, Chile, Sweden, the European Union, or China. We can use our own currencies. Why should I be tied to the dollar, a currency I do not control? It's the United States that prints dollars, not us.'Rejecting Trump's earlier offer to speak 'anytime,' Lula said, 'He does not want to talk.' Instead, the Brazilian president stated, 'I will call Xi Jinping, I will call Prime Minister Modi, I won't call Putin, because he can't travel now, but I will call many Presidents.'Despite ongoing tensions, Lula confirmed that Trump will still receive an invitation to COP30, the United Nations climate summit set to take place in Belém, Pará this 50% tariff affects a wide range of Brazilian exports, though exemptions include civil aircraft and parts, aluminum, tin, wood pulp, energy products, and fertilizers. Trump said the decision was in response to what he called a 'witch hunt' against former Brazilian President Jair Bolsonaro, who is currently facing charges related to an alleged coup attempt following the 2022 the move 'the most regrettable' moment in Brazil, U.S. relations, Lula reaffirmed Brazil's intention to strengthen trade ties with BRICS nations and other global Lula has ruled out direct talks with Trump, he emphasized that Brazil remains open to negotiations through international bodies. 'In 2025, we will resort to all possible measures, starting with the WTO, to defend our interests,' he at the White House, Trump said Lula was welcome to contact him at any time and expressed admiration for the Brazilian people. 'The people running Brazil did the wrong thing,' he Finance Minister Fernando Haddad welcomed the tone of Trump's remarks, describing them as 'great,' and noted that Lula could be open to talks if approached through appropriate diplomatic called for differences to be resolved through dialogue rather than economic retaliation. 'If he [Trump] had a disagreement, the right thing to do would be to raise the issue at a G20 meeting, have a civilized discussion, convince us, and talk it through. What he can't do is act like he owns everyone else,' he said.
