Trump announces 30% tariff on Mexico
Trump
said in a letter posted to his social media platform on Saturday.
(More to come)
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Play this game for 1 minute and see why everyone is addicted.
Panzer.Quest
Undo
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
26 minutes ago
- Business Standard
Morgan Stanley profit rises as trading gains from market volatility
Morgan Stanley's profit climbed as market volatility buoyed its trading desk, echoing second-quarter results among its Wall Street rivals. Equity markets swung sharply during the quarter after US President Donald Trump announced sweeping tariffs against major economies. The turbulence spurred trading as investors repositioned their portfolios and hedged risks, driving gains in Morgan Stanley's trading business. In trading, equities revenue surged 23 per cent, while jumped 9 per cent in fixed income, Morgan Stanley said on Wednesday. Institutional Securities, which houses the bank's Wall Street operations, posted revenue of $7.6 billion in the second quarter, compared with $7 billion, a year ago. "Institutional Securities saw strength and balance across businesses and geographies. Wealth continues to deliver," said CEO Ted Pick said in a statement. The investment bank posted net income of $3.5 billion, or $2.13 per share, for the three months ended June 30. That compares with $3.1 billion, or $1.82 per share, a year earlier. Rival Goldman Sachs' profit jumped in the second quarter, as turbulent markets lifted equities trading revenue. JPMorgan Chase also beat Wall Street estimates for second-quarter profit on strong investment banking results a day earlier. Citigroup also reported a windfall from trading and investment banking. DEALS REBOUND Dealmaking rebounded at the end of the quarter as some companies looked past tariff uncertainty and gained confidence to carry out IPOs, mergers and acquisitions. Industry executives held up that optimism this week, anticipating that deals and stock market listings will pick up in the second half of the year. Investment banking revenue declined 5 per cent in the quarter. Advisory revenue slid to $508 million, compared with $592 million, a year ago. Morgan Stanley CEO Ted Pick has maintained a positive view for the year, telling investors in June that deal discussions were persistent and ramping up. It earned the fourth-highest investment banking fees among global banks in the first half of the year, according to Dealogic data. Among prominent deals in the quarter, Morgan Stanley advised Elon Musk's xAI on a $5 billion debt raise and a separate $5 billion strategic equity investment. It also advised TJC on the $5 billion sale of Silvus Technologies to Motorola. The concern about US tariff policies has also abated since Trump's initial "Liberation Day" announcement on April 2 spurred market volatility. Morgan Stanley's equity underwriting surged 42 per cent to $500 million, while fixed-income underwriting decreased 21 per cent to $532 million. It was the lead underwriter of fintech giant Chime's $864 million June IPO. The bank also led IPOs for Hinge Health, raising $437.3 million, and marketing tech firm MNTN, which raised $187.2 million, in May. Shares of the bank were last flat following the results.
Fibre2Fashion
26 minutes ago
- Fibre2Fashion
Industry players optimistic as Trump hints at tariff relief for India
Even as US-India trade talks continue with negotiations intensifying ahead of the August 1 deadline with much at stake as the clock ticks, US President Donald Trump on Tuesday stated that India is working on a trade deal along the same lines as the one he announced with Indonesia recently. 'India basically is working along that same line,' Trump maintained speaking to the reporters in Washington on Tuesday, hinting at the possibility that India could be offered similar trade terms as Indonesia. As per Donald Trump, Indonesia will face a 19 per cent tariff on imports into the US as part of new deal with Jakarta, but no tariff on exports from the US to Indonesia. President Donald Trump hinted at a potential USâ€'India trade deal similar to the recent Indonesia agreement, which imposes a 19 per cent tariff on exports to the US but grants duty-free access for US goods. Indian apparel exporters are optimistic, viewing this as a chance to boost competitiveness in the US market. Industry leaders believe the move could unlock significant trade growth. And as news of this announcement spreads through industry circles it brings into focus what such a deal could mean for India's major export sectors, especially the apparel industry, which counts the United States as its crucial garment export destination. 'President Trump hinting at a potential India–US trade deal modelled on the recent Indonesia agreement (where exports face a 19 per cent tariff), Indian exporters may finally find a more level playing field in the lucrative US apparel market,' underlined Kishan Daga, founder anchor of consulting service provider Concepts N Strategies, speaking to Fibre2Fashion , who also added that a tariff reduction to under 20 per cent could open 'more doors' for Indian exporters, particularly in athleisure and MMF-heavy segments where India is ramping up production. Such a shift would also support India's vision to become a reliable global supplier in technical textiles and functional apparel, claimed Daga even as Sabhari Girish, chief sustainability officer at Sulochana Cotton Spinning Mills (Tiruppur) on his part stated: 'It is undoubtedly a very positive development if we have to pay 19 per cent tariff as is the case with Indonesia; and it also implies how hard we negotiated on tariffs to maintain our competitiveness.' Girish also noted that assuming India also have to pay 19 per cent tariff, the real challenge for the industry would be in seizing the opportunity even as he urged exporters to expand their production capacities and boost manpower in order to make the most of this situation. Meanwhile, N Thirukkumaran, chairman of Tiruppur based Ess Tee Exports India Pvt Ltd , said, ' India will definitely have a competitive advantage compared to many of its rivals. However, this will come with a caveat—the new tariff would be in addition to the existing duties Indian apparel exporters already pay on shipments to the US, which could somewhat diminish the overall benefit, even if the new tariff rate is set at 19 per cent.' He, however, remained cautiously optimistic, noting that India might negotiate hard to bring the tariff down from 19 per cent in the interim deal—a move that, if successful, could be a game-changer for the industry. It may be mentioned here that with discussions focusing on expanding market access and negotiating tariff reductions on goods estimated to constitute between $150 billion and $200 billion in bilateral trade, it is clear that both nations see the potential to unlock even greater economic value, a sentiment that is echoed in several recent media reports suggesting that India and the US aim to boost bilateral trade volumes to $500 billion by 2030, a figure that would mark a substantial leap and a transformative moment in their strategic and economic partnership. But this optimistic projection hinges on the successful completion of an equitable and mutually beneficial trade agreement. Even as the discussions with the US continue, aiming to finalise a comprehensive trade deal, all eyes are now on the so called 'mini trade deal', which is on the verge of being formalised, and is seen as a precursor or stepping stone to a more robust and all-encompassing arrangement. The origins of this mini trade deal date back to when Trump first announced his intention to impose additional tariffs on a number of countries with which the US has a trade deficit, a list that prominently included India due to its substantial export surplus vis-à-vis the US, with India exporting roughly $77 billion worth of goods to the United States annually while importing only around $42 billion, thus maintaining a trade surplus that has long been a point of contention for the Trump administration, which has repeatedly demanded more equitable terms of trade and better access for US goods and services in the Indian market. If one may recall, in February, Prime Minister Narendra Modi and President Trump had announced during Modi's two-day visit to the United States that the 'first tranche' of a larger bilateral trade agreement would be announced by fall 2025, raising hopes in both capitals that years of stalled talks, misunderstandings, and tariff disputes would finally begin to yield concrete results. However, the impetus for a more accelerated approach to the deal grew stronger after the US administration decided to impose or consider tariffs on nearly every major trading partner around the world in a bid to shrink America's longstanding trade deficit, a goal Trump has pursued with singular focus since his election as the US President. New Delhi has in the past demurred from signing any agreement that could have potentially adverse implications for its sensitive agricultural and dairy sectors, both of which are politically sensitive and socially vital for India. That said, as we now wait for formal signing and announcement of the deal, which would define the tariff India will pay on its exports to the US, the sentiment within the Indian apparel industry remains notably upbeat, in anticipation of 19 per cent tariff, which is expected give an edge to Indian apparel exporters to the crucial US market. Fibre2Fashion News Desk (DR)
Time of India
26 minutes ago
- Time of India
Donald Trump hints at finalising trade deal with India before August 1 as US prepares to enforce new tariff measures; details here
US President Donald Trump on Wednesday indicated that a trade agreement with India could be reached soon, possibly before the United States enforces reciprocal tariffs starting August 1. The comment follows his announcement of a successful trade arrangement with Indonesia, where the US revised its earlier 32% tariff down to 19%. Trump's comments suggest that similar agreements are being considered with India and several other countries, as part of broader efforts to reshape US trade relationships in the lead-up to the tariff deadline. 'Something similar' to Indonesia deal expected with India When asked about how many more trade deals could be concluded before August 1, Trump mentioned, 'We made a terrific deal, [the Indonesian President] opened up the entire country to trade with the United States. I think something similar would happen with India and we have a couple of others.' This signals that a trade deal with India is high on the US administration's priority list, and aligns with earlier statements Trump made about being 'close to making a deal with India.' Bilateral talks with India ongoing in Washington Trump's latest comments come as a four-day bilateral trade discussion between India and the US is underway in Washington. According to reports from PTI, these discussions began on Monday and are expected to conclude by July 17. This round of negotiations is seen as part of the larger framework for establishing a Bilateral Trade Agreement (BTA), which both countries have been exploring to ease trade tensions and expand market access. Letters sent to trade partners, tariff pressure mounts According to Bloomberg, Trump referred to letters recently issued to various trade partners, which outlined potential tariff rates. India was among 14 countries included in this wave, alongside Japan, South Korea, Myanmar, and Bangladesh. In the days following, the Trump administration announced sweeping tariffs, including 35% on Canadian goods, 50% on Brazilian imports, and a threatened 100% tariff on Russian products should a peace deal with Ukraine not be reached within 50 days. With talks ongoing in Washington, a US-India trade deal before the August 1 tariff deadline now seems increasingly possible.
