US averted nuclear disaster: Trump repeats his India-Pak ceasefire brokering claim
US President Donald Trump on Friday, while addressing the media with Elon Musk from the Oval Office, claimed credit for defusing tensions between India and Pakistan, suggesting that US intervention helped prevent a potential nuclear conflict.Speaking at a press event, Trump said, "We stopped India and Pakistan from fighting. I believe that could have turned out into a nuclear disaster.'advertisementTrump thanked the leaders of both countries, as well as his administration, for their roles in de-escalating the situation.
Highlighting trade concerns, Trump added, 'We can't trade with people who are shooting at each other and potentially using nuclear weapons.' He praised the willingness of both nations to cooperate and emphasised the broader U.S. role in preventing global conflicts, citing America's military strength and leadership. However, India has maintained that the recent ceasefire with Pakistan was a bilateral decision, reached directly through talks between the Director Generals of Military Operations (DGMOs) of both nations.India has consistently rejected any claims of third-party mediation, stressing that the agreement resulted from direct communication between New Delhi and Islamabad, with no connection to trade negotiations.On May 13, President Trump remarked that India and Pakistan might someday "have a nice dinner together," crediting his administration with brokering a "historic ceasefire" between the two nations, facilitated through trade negotiations.advertisement"They are actually getting along. Maybe we can even get them together where they go out and have a nice dinner together. Wouldn't that be nice?", Trump said at the Saudi Arabia-US Investment Forum 2025 in his visit to the West-Asian nation."We've come a long way. Millions of people could have died from that conflict that started off small and was getting bigger and bigger by the day," US President added.Trump also credited his administration with resolving the India-Pakistan conflict through trade diplomacy, while praising the prime ministers of both nations for their cooperation."Just days ago, my administration successfully brokered a historic ceasefire to stop the escalating violence between India and Pakistan, and I used trade to a large extent to do (that)," Trump said."I said, fellas, come on, let's make a deal. Let's do some trading. let's not trade nuclear missiles. Let's trade the things that you make so beautifully. And they both have very powerful, strong, good and smart leaders," he added.
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Mint
11 minutes ago
- Mint
Stocks edge up, dollar steady as ceasefire buoys confidence
TOKYO (Reuters) -Stocks ticked higher and crude oil held not far from multi-week lows on Wednesday, as investors took a ceasefire between Israel and Iran as a green light to head back into riskier assets and cast aside immediate worries about an energy shock. The dollar languished close to an almost four-year low versus the euro, with two-year U.S. Treasury yields sagging to 1-1/2-month troughs as lower oil prices reduced the risk to bonds from an inflation spike. The shaky truce has so far held, although Israel says it will respond forcefully to Iranian missile strikes that came after U.S. President Donald Trump announced an end to the hostilities. In addition, U.S. airstrikes did not destroy Iran's nuclear capability and only set it back by a few months, according to a preliminary U.S. intelligence assessment, contradicting Trump's earlier comments that Iran's nuclear programme had been "obliterated". Europe's Stoxx 600 index edged up 0.2% in early trade, while S&P 500 futures and Nasdaq futures were flat. Japan's Nikkei rose 0.4%, while Hong Kong's Hang Seng climbed 1.3% and mainland Chinese blue chips gained 1.44%, closing at their highest level since March 20. An MSCI index of global stocks held steady after pushing to a record high overnight. "If the still tense situation in the Middle East does indeed continue to calm down, the stock markets could have a pleasant July ahead of them, in line with their typical seasonal pattern," analysts at Frankfurt-based Metzler said. "This would result in new all-time highs in the U.S., possibly further fuelled by renewed expectations of interest rate cuts by the Fed." A series of U.S. macroeconomic data released overnight including on consumer confidence showed possibly weaker than expected economic growth in the world's largest oil consumer, bolstering expectations of Federal Reserve rate cuts this year. Brent crude rose 2% to $68.43 per barrel, bouncing a bit following a plunge of as much as $14.58 over the previous two sessions. U.S. West Texas Intermediate crude was up as much to trade at $65.60 per barrel. "While concerns regarding Middle Eastern supply have diminished for now, they have not entirely disappeared, and there remains a stronger demand for immediate supply," analysts at ING wrote in a note to clients. The two-year U.S. Treasury yield was at its lowest since May 8 at 3.7848%. The euro slipped 0.1% to $1.1594, still close to the overnight high of $1.1641, a level not seen since October 2021, while the U.S. dollar index, which measures the currency against six major counterparts, was only slightly higher at 98.079. Gold rose marginally to about $3,328 per ounce. Aside from geopolitics, U.S. monetary policy continues to dominate investor concerns. Federal Reserve Chair Jerome Powell said on Tuesday that higher tariffs could begin raising inflation this summer, a period that will be key to the U.S. central bank considering possible rate cuts. Markets continue to price in a roughly 19% chance that the Fed will cut rates by a quarter point in July, according to the CME FedWatch tool.
Hindustan Times
14 minutes ago
- Hindustan Times
Terms of trade: West Asia isn't the Empire's Achilles' heel anymore
This column is being written on a day when US President Donald Trump seems to have, or claims to have engineered a cease fire between Iran and Israel despite the US having helped the latter with its bombing of Iran's underground nuclear installations. The cease fire followed what seems like token missile attacks by Iran on US military bases in Qatar. The developments so far have turned all doomsday predictions of experts from various ideological standpoints -- they include MAGA's fears of the US entering yet another long-drawn war in West Asia, liberal voices fearing an uncontrolled escalation using even non-conventional means and market watchers fearing a large geopolitical disruption to the global economy and trade or energy flows -- gross overestimates. So, are seemingly knowledgeable people getting worked up about nothing? Or is Trump really a master of brokering deals, and most of the commentariat is unable to see this quality because of its prejudice towards him? There is another way to look at this question. It is best approached by quoting from the Wall Street Journal's 23 June Hard on the Street column. The cease fire followed what seems like token missile attacks by Iran on US military bases in Qatar. (AFP) 'Back in 1977, just before the Iranian Revolution began and planted the seeds of the Second Oil Crisis, the US had net imports of about 3.1 billion barrels of petroleum and refined products, or 14 barrels per person. That per-capita number was unchanged as recently as 2003 at the time of the Iraq war. The US also was a significant importer of natural gas in both of those years. Today, because of hydraulic fracturing, the US has net exports of about 2.5 barrels per capita and is also the world's largest seller of liquefied natural gas. The technology isn't new, but improvements in the past 15 years have been transformational,' it says. 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The simplest answer to this question is that being seen as not standing with Israel would put the Trump administration in a position which would force a rupture with the neoconservative and Zionist lobby in US's domestic politics. This will have severe financial and ideological consequences. The pro-Israel lobby still controls a lot of purse strings for political finance in the US. Not standing with Israel at the current moment would also be seen as playing into the hands of a pro-Palestinian voice which does not stand against things such as Hamas, Hezbollah or Iran's other violent proxies. Also Read:India welcomes Iran-Israel truce, reiterates concern about stability in region However, Trump is shrewd enough to ensure that it is him and not Benjamin Netanyahu who is seen as the boss in the ongoing chain of events. His outburst including using expletives on Tuesday while referring to both Iran and Israel on Tuesday was meant to send exactly this message. The only other US president who is said to have used an expletive after having met Netanyahu is Bill Clinton, who was frustrated that it was the Israeli and not the American who got away with playing the superpower in that meeting held in 1996. The West Asian or Middle East (as the Americans and Europeans call it) contradiction for the US has lost its economic criticality significantly compared to what it used to be in the 20th century because of the US's self-sufficiency in energy. However, the Israeli aggression in the region – it is only expected to become worse – is creating a deep super-structural fault line in the West, US included, as the Muslim population rises in these countries and they assume a growing role in domestic politics. But it is the non-right-wing parties such as the Democratic Party in the US and Labour in the UK which are facing most of the growing strain because of this cleavage. Does this mean Trump can keep going from one deal or chutzpah to another? Not necessarily. A politics of schadenfreude – best seen in things such as Trump penalising Harvard University for refusing to crack down on alleged antisemitic behaviour on campus – can keep Trump's working class conservative base animated for some time. But it can do precious little to solve the economic contradiction which drove this lot to Trump's fold in the first place. This contradiction is best described as America's success in keeping down inflation by importing from the Global South, most importantly China, but which also entailed unleashing a deindustrialisation and destruction of blue-collared jobs in its domestic economy. Trump's knee jerk response to this problem, his reciprocal tariffs, which he himself put in abeyance, and even a crackdown on illegal migration will likely create more problems for his working-class base than bring back the glory days of the Golden Age of Capitalism. 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Time of India
15 minutes ago
- Time of India
How China stands to gain from US strikes on Iran
The Israel-Iran war escalated rapidly following the United States' bombing of Iranian nuclear sites over the weekend, a move China framed as a blow to Washington's global reputation. Tired of too many ads? go ad free now On Tuesday, just hours after US President Donald Trump announced the beginning of a "complete and total ceasefire" between Israel and Iran, the Israel Defence Forces (IDF) said missiles had been launched from Iran toward Israel. Israeli Defence Minister Israel Katz said he had instructed the IDF to "respond with force" to the missile launch. The Israeli army said one or two missiles launched from Iran toward the north of Israel had been intercepted. However, Iran's armed forces denied any missile launch toward Israel in recent hours, according to local media in Iran. Trump's ceasefire plans followed US strikes on Iran's key nuclear enrichment sites over the weekend. In response, Tehran on Monday targeted a US military base in Qatar, a key regional hub for American forces. China has not immediately commented on the latest developments. On Sunday, its Foreign Ministry spokesperson, Guo Jiakun, criticized the US attack on Iran as a serious violation of the United Nations Charter, the founding UN treaty that largely prohibits the use of force between countries except in self-defence or with the approval of the UN Security Council. Guo said Beijing was "ready to work with the international community for restoring peace and stability in the Middle East," without providing specific details. The rhetoric echoed earlier criticism from China's UN Ambassador Fu Cong, who said US credibility had been "damaged" both as a country and as a participant in any international negotiations. What is at stake for Beijing? China's call for stability in the Middle East comes amid economic concerns Iran could close off the Strait of Hormuz, which would destabilize oil prices worldwide. Tired of too many ads? go ad free now The narrow waterway between Oman and Iran that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea is a critical gateway for oil transport. Washington has previously urged China — Iran's largest trading partner and primary oil export market — to dissuade Tehran from blocking the key waterway. "An increase in the oil and gas prices would, of course, put pressure on [China's] economy. It would make inflation worse," said Ja Ian Chong, a political scientist at the National University of Singapore. "Beijing certainly has reason to make sure that escalation doesn't get out of control. But whether it's able to fully restrain Iran is a different story altogether," he added. China is Iran's key economic backer, especially amid Western sanctions and Tehran's growing international isolation stemming from its nuclear program and human rights record. Iran is a significant partner in China's Belt and Road Initiative, a massive infrastructure plan that aims to connect Chinese trade and influence across dozens of countries. "With a weakened Iran, one that's perhaps militarily bordering on either full-on conventional war or civil war as a result of US military intervention, it's going to make Iran a lot less effective partner for China's outreach in the Middle East," said Wen-Ti Sung, a non resident fellow with the Atlantic Council's Global China Hub. China's chance to gain diplomatic capital Sung told DW that China is likely to earn more diplomatic goodwill in the wake of the US military attack on Iran's nuclear sites. "So long as the potential for further future military strikes from the US is not off the table, the diplomatic effect will be the same," he said. China has long portrayed the US as a destabilizing force, while framing itself as a responsible advocate for peace and stability. "[China] will now have more ability to talk about the US being a disruptive actor, being a potential threat. They have been especially active in pushing this narrative in the global south," said Chong. In 2023, China brokered a landmark agreement between Saudi Arabia and Iran to restore diplomatic relations after seven years of severed ties — a move Beijing portrayed as a major diplomatic success. But in the current crisis, Beijing's backing of Tehran has remained mostly rhetorical, with no indications of it playing a similar mediation role. "Beijing is influential, but just like the US cannot control Israel, Beijing cannot [restrain Iran]," Chong said. Beijing could benefit if Washington shifts focus from Asia Meanwhile, a US that is devoting less attention and resources to the Indo-Pacific region could potentially relieve international pressure on China over its growing military presence in Asia. Earlier this month, a US aircraft carrier originally scheduled to arrive at a port in Vietnam was rerouted and headed toward the Middle East due to an "emergent operational requirement," the US Embassy in Hanoi said. "That port visit was supposed to show the US commitment to security and stability in Asia. Now, that shifts away," Chong said. "If there's going to be a prolonged drain on US attention toward the Middle East, Beijing may recalculate [its strategy]," Chong said, referring to China's approach toward Taiwan, a self-ruled island Beijing claims as its own. Beijing has not ruled out the possibility of using force to achieve "reunification." With the US now deeply entangled in the Middle East, its regional allies including Japan, South Korea, the Philippines and Australia "will have to do more themselves and also work harder with each other," Chong said. At this stage it's unclear whether the US strike on Iran is an isolated incident before Washington refocuses on Asia, or if it signals a broader pivot toward prioritizing the Middle East.
