logo
'Economic blackmail, unjust': Congress slams Trump's 50 per cent tariff on India

'Economic blackmail, unjust': Congress slams Trump's 50 per cent tariff on India

New Indian Express11 hours ago
NEW DELHI: After the imposition of an additional 25 per cent tariff on Indian goods entering the US, the Congress on Wednesday called the action "unjust" and "economic blackmail" aimed at bullying India into an unfair trade deal, even as it hit out at Prime Minister Narendra Modi, saying his "personalised" and "headline-grabbing style of huglomacy" has been an "abysmal failure."
The opposition party also sought a comprehensive reset of India's foreign policy and administration.
The Leader of Opposition in Lok Sabha, Rahul Gandhi, said, "(Donald) Trump's 50 per cent tariff is economic blackmail -- an attempt to bully India into an unfair trade deal."
"PM Modi better not let his weakness override the interests of the Indian people," Gandhi said in a post on X.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

This is Modi's era, everything moves fast: Tejasvi Surya's jibe at DKS
This is Modi's era, everything moves fast: Tejasvi Surya's jibe at DKS

Hans India

time23 minutes ago

  • Hans India

This is Modi's era, everything moves fast: Tejasvi Surya's jibe at DKS

Bengaluru: BJP MP Tejasvi Surya took a sharp dig at Karnataka Deputy Chief Minister DK Shivakumar, stating that the era of delayed inaugurations and indecisive governance is over. 'I belong to a new generation that believes in speedy execution. The time when Indira Gandhi laid the foundation stone and Sonia Gandhi inaugurated the same project decades later is gone. This is the Modi era—everything moves fast,' Surya said, addressing the media in New Delhi. Referring to criticisms about the urgency in implementing the Yellow Line metro project, Surya countered, 'Why are they questioning the urgency now? Where were they when there were real problems? For four years, the Metro project had no MD. BMRCL fixed and postponed half a dozen inauguration dates in two years.' Surya emphasized the importance of swift action. 'In the past, classical Congress-style politics delayed progress. Even for simple inaugurations, there were decades of delay. Those enjoying zero-traffic VIP routes don't understand the urgency of metro connectivity for the common people,' he said. Citing the example of the Suburban Rail Project, Surya pointed out, 'It still doesn't have a full-time MD. Four corridor projects are stalled, and contractors have abandoned work. This is the state government's story. The fare revision committee report is still pending. I had to approach the court regarding this. The Bengaluru Metro has the highest fares in the country. When ticket prices are hiked by 130%, how will common people cope?' On the issue of voter list revision in Bihar and Rahul Gandhi's protest, Surya said, 'Let's keep politics aside. The Supreme Court has ruled that the process was fair. Every time a decision goes against Rahul Gandhi, he questions the judiciary. But when a verdict favors him, the court becomes 'super'. This double standard must stop.' Commenting on the voter roll discrepancies in Mahadevapura, Surya questioned the sudden uproar. 'If the issue has existed for years, why protest now? It's clear—Congress wants power. Rahul Gandhi is unable to mentally accept that PM Modi has led the country successfully for 10–11 years. Power once belonged to them. They can't handle the people's verdict, and hence continue to attack the judiciary, Lokpal, and other institutions.'

Adani Group stocks trade weak; Adani Green, Power, Enterprises down upto 3%
Adani Group stocks trade weak; Adani Green, Power, Enterprises down upto 3%

Business Standard

time23 minutes ago

  • Business Standard

Adani Group stocks trade weak; Adani Green, Power, Enterprises down upto 3%

Adani Group stocks in focus: Shares of Adani Group companies were under pressure, falling by up to 3 per cent on the BSE in Thursday's intra-day trade due to overall weakness in the equity market. Indian equity indices were trading lower on Thursday after US President Donald Trump imposed an additional 25 per cent tariff on Indian exports to the US, citing New Delhi's continued purchases of Russian crude oil. Adani Green Energy, Adani Ports and Special Economic Zone, Adani Enterprises, Adani Power, ACC and Adani Energy Solutions were down in the range of 1 per cent to 3 per cent on the BSE in intra-day trade. By comparison, the BSE Sensex was down 0.61 per cent at 80,050 at 11:10 AM. CATCH STOCK MARKET LIVE UPDATES TODAY In the past one month, these stocks have underperformed the market by falling between 6 per cent and 12 per cent, as against 4 per cent decline in the benchmark index. Among the individual stocks, Adani Enterprises has slipped 2.6 per cent to ₹2,240.20 in intra-day trade today. The stock price of Adani Group flagship company is quoting at its lowest level since May 9, 2025. In the past month, the stock has corrected 12 per cent. For April to June 2025 quarter (Q1FY26), Adani Enterprises reported a 50 per cent year-on-year (Y-o-Y) decline in its consolidated profit after tax at ₹734 crore, against ₹1,458 crore in Q1FY25. Consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) down 12 per cent Y-o-Y to ₹3,786 crore. Total income decreased 14 per cent Y-o-Y at ₹22,437 crore. However, the company's Ebitda from incubating businesses has increased by 5 per cent to ₹2,800 crore on Y-o-Y basis and contributes 74 per cent to Q1FY26 results. Adani Enterprises said the company shall witness operationalization of the large infra assets during this fiscal year reflecting its project execution capabilities, which should result in Ebitda unlock and long-term value creation. This performance has been led by the company's Airports business, which delivered an exceptional 61 per cent Y-o-Y growth in Ebitda. Meanwhile, global economic growth is expected to moderate from 3.3 per cent in 2024 to 2.8 per cent in 2025, before recovering to 3 per cent in 2026. The combined effects of new trade restrictions, their spillover through global trade linkages, and rising uncertainty may dampen business sentiment and pace of economic recovery. Financial market volatility has raised concerns about extreme vulnerabilities, particularly in countries grappling with persistent inflation and signs of economic slowdown, Adani Enterprises said in its FY25 annual report. Meanwhile, shares of Adani Energy Solutions were down 2 per cent to ₹778.25 on the BSE in intra-day trade. In the past two trading days, the stock declined 3 per cent as Abu Dhabi-based Envestcom Holding RSC Ltd offloaded 22 million shares of Adani Energy Solutions on Wednesday, via open market, according to bulk deal data from the exchanges. While 11 million shares were sold on the NSE, the remaining 10.98 million shares were offloaded on the BSE at an average price of ₹790 per share, data shows. The names of buyers are not ascertained immediately. As of June 2025, Envestcom held 32.18 million shares or 2.68 per cent stake in Adani Energy Solutions, the shareholding pattern data shows. Meanwhile, shares of Adani Power has moved higher by 2 per cent to Rs 565.80 from its intra-day low after the company said it will set up a 2,400 MW ultra-supercritical power plant at Village Pirpainti in Bhagalpur district of Bihar at an investment of up to $3 billion and supply the entire net capacity of 2,274 MW to Bihar Utilities. Adani Power said the company has received a Letter of Intent (LoI) from Bihar State Power Generation Company (BSPGCL) to supply 2,274 MW power to North Bihar Power Distribution Company (NBPDCL) and South Bihar Power Distribution Company (SBPDCL) from a 2,400 MW thermal power project to be developed at Pirpainti in Bhagalpur District of Bihar.

Trump's tariff hike could shave 0.3 pp off India's GDP: Goldman Sachs
Trump's tariff hike could shave 0.3 pp off India's GDP: Goldman Sachs

Business Standard

time23 minutes ago

  • Business Standard

Trump's tariff hike could shave 0.3 pp off India's GDP: Goldman Sachs

India condemns new 25% duty on exports; total levy now at 50%; analysts expect talks before August 27 deadline New Delhi India's economy could take an additional 0.3 percentage point (pp) annualised hit to real gross domestic product (GDP) growth following US President Donald Trump's decision to impose a fresh 25 per cent duty on Indian imports, Goldman Sachs said. This is over and above the 0.3 pp impact previously estimated from the April 2025 tariff round. According to Goldman Sachs, once exclusions, such as those under Section 232 of the US Trade Expansion Act, 1962, are applied, the effective average tariff rate on Indian exports to the US will settle at around 32 per cent. US doubles tariff on Indian goods On Wednesday evening, Trump issued an executive order imposing an additional 25 per cent duty on Indian imports. This brings the total levy to 50 per cent, effective August 27. India's US exposure significant India's exposure to the US market is substantial. Around 4 per cent of India's GDP is linked to final demand from the United States, Goldman Sachs analysts noted. In FY25, India exported goods worth $86.5 billion to the US, while imports stood at $45.7 billion. Key exports include electronics, chemicals, pharmaceuticals, and textiles, while major imports are crude oil, gems and jewellery, and machinery. Russian crude oil: A flashpoint in India-US trade relations One major point of tension is oil. While Russia provided about one-third of India's crude oil in FY25, the US share was just 4 per cent. That share did rise to 8 per cent in April and May 2025, but the US remains a minor supplier overall. MEA terms move 'unfair' India's Ministry of External Affairs (MEA) called the US action ' unfair, unjustified, and unreasonable.' It said India's energy sourcing was guided by market pricing and supply security. 'It is extremely unfortunate that the US has chosen to penalise India for decisions being made by several other countries in their own national interest,' the MEA said in a strongly worded statement. PM Modi: Farmers, fishers, dairy will not be sacrificed Addressing the MS Swaminathan Centenary International Conference on Thursday, Prime Minister Narendra Modi asserted that India would not compromise on the interests of its farmers, fishers, or dairy industry. ' The interest of our farmers is our top priority … I know that I will have to pay a heavy personal price for this. But I am ready for it,' the Prime Minister said. Room for negotiations remains Goldman Sachs has not revised its India GDP forecast yet, but flagged the possibility of further impact if retaliatory actions or broader trade restrictions follow. 'There is a window for negotiation,' the report said, pointing to the three-week gap before the new tariffs come into effect. A day earlier, the Reserve Bank of India (RBI) held its FY26 GDP growth projection steady at 6.5 per cent, citing a lack of sufficient data to warrant revisions. RBI Governor Sanjay Malhotra, speaking after the Monetary Policy Committee (MPC) meeting, said, ' We do not have sufficient data to revise our GDP forecast,' adding that global uncertainties had already been factored into earlier projections.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store