logo
‘We'll crush your economy, impose 500 percent tariff

‘We'll crush your economy, impose 500 percent tariff

India.coma day ago
New Delhi: In a significant bad news for India amid the US-India trade deal talks, Senators Lindsey Graham and Richard Blumenthal have warned countries, including India, of economic sanctions if they continue business with Russia of 500 per cent tariffs. Notably, US President Donald Trump had called for imposing 100 per cent 'secondary tariffs' on Moscow if Russian President Vladimir Putin fails to end the conflict in Ukraine within 50 days Why is US threatening to announce 500 % tariffs on India?
As per a joint statement by Graham and Blumenthal, China, India, and Brazil and other nations 'that prop up Putin's war machine' by purchasing 'cheap Russian oil and gas', which that claim is fuelling Putin's effort in the conflict with Russia. It called for the imposition of tariffs as high as 500 per cent on any country that helps Russia.
'The ultimate hammer to bring about the end of this war will be tariffs against countries, like China, India and Brazil, that prop up Putin's war machine by purchasing cheap Russian oil and gas. President Trump's decision to announce the implementation of 100 percent secondary tariffs on countries that buy Russian oil and gas if a peace agreement is not reached in the next 50 days is a real executive hammer to drive the parties to the negotiating table. The goal is not more tariffs and sanctions – the goal is to entice Putin to come to the peace table,' the statement read. What did Trump say on US sanctions?
Notably, US President Trump stated during his meeting with the NATO chief that he was 'very unhappy' with Russia. He also announced the imposition of the 100 per cent tariffs on Russia if a peace deal wasn't made within 50 days. How did India respond to US tariff threats?
External Affairs Minister S Jaishankar had stated earlier this month that the Indian embassy and ambassador have been in touch with Senator Graham regarding the bill on Russia and that 'India will have to cross that bridge if it comes to it.'
Most importantly, Jaishankar had stated that India's concerns and interests on energy and security have been made conversant to Graham.
(With inputs from agencies)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Two ways State Bank of India plays a role in Maldives' development
Two ways State Bank of India plays a role in Maldives' development

First Post

time2 minutes ago

  • First Post

Two ways State Bank of India plays a role in Maldives' development

From resort development loans in the 1970s to interest-free budgetary support in 2024, SBI's footprint spans the Maldivian archipelago read more India, via SBI, has been helping Maldives' economy for decades now. File image The State Bank of India has emerged as a key financial player in the Maldives, playing a decades-long dual role that supports private sector growth and national fiscal stability. From resort development loans in the 1970s to interest-free budgetary support in 2024, SBI's footprint spans the Maldivian archipelago. Since it began operations in the Maldives in February 1974, India's largest state-owned bank has been at the forefront of funding the country's tourism industry, helping to build the very resorts that now anchor the local economy. STORY CONTINUES BELOW THIS AD It has further extended credit to firms engaged in marine exports and fishing, reinforcing India's longstanding financial presence in the island nation. Interest-free Treasury Bill support Beyond private sector engagement, SBI has provided sovereign budgetary support that goes to show the strategic angling of Indo-Maldivian ties. In 2022, India, via SBI, subscribed to US$100 million in domestic Treasury bonds issued by the Maldivian government. The loan came with a sovereign guarantee from New Delhi and no interest charges: an extraordinary concession in sovereign finance. This model continued into 2024. At the request of the Maldivian Ministry of Finance, SBI rolled over two separate US$50 million Treasury Bills in May and September, again on a zero-interest, 'government-to-government' basis. These measures were aimed at helping the Maldives cope with acute fiscal stress and maintain budget liquidity without adding to debt-servicing burdens. A uniquely generous model of assistance India's support via SBI is unusually generous in global finance, offering interest-free debt and sovereign guarantees. While other lenders impose market-based rates, New Delhi's willingness to underwrite the Maldives' fiscal stability shoes economic practicality and geopolitical intent in the Indian Ocean region. The bank's assistance has helped the Maldivian government manage high external debt and prevent payment disruptions. Officials familiar with the matter say this direct lending mechanism reflects 'a high-trust, bilateral financial architecture' that allows rapid responses to economic emergencies. Stabilising the economy, reinforcing influence The larger impact of this support is unmistakable. Indian credit, delivered through SBI, has given the Maldives room to stabilise its balance of payments, keep essential imports flowing, and begin fiscal reforms. In the short term, such aid has insulated Male from market volatility; in the long term, it reinforces Indian influence at China's maritime doorstep. Meanwhile, SBI's legacy in the Maldivian private sector continues to shape employment and enterprise. From aviation and fisheries to housing and trade, the bank's commercial credit lines have fuelled entrepreneurship for half a century.

Maruti Suzuki makes six airbags as standard in XL6; hikes prices by up to 0.8%
Maruti Suzuki makes six airbags as standard in XL6; hikes prices by up to 0.8%

Time of India

time2 minutes ago

  • Time of India

Maruti Suzuki makes six airbags as standard in XL6; hikes prices by up to 0.8%

Maruti Suzuki India Limited (MSIL) has announced the introduction of six airbags as standard in its premium MPV , the XL6. The safety upgrade comes with a price revision, with the ex-showroom price of the model increasing by up to 0.8 per cent, effective immediately, the company said in its regulatory filings. The move aligns with the industry-wide push for improved in-car safety and follows a growing trend among automakers in India to offer advanced safety features across their vehicle portfolios. Maruti Suzuki stated the update aims to enhance passenger protection and reinforce the company's commitment to delivering safer mobility solutions to Indian consumers. The XL6, which is sold under Maruti Suzuki's Nexa channel, caters to the premium multi-purpose vehicle segment and is positioned as a family-oriented urban MPV. With this latest update, the model joins the list of Maruti Suzuki vehicles offering six airbags—expanding its safety offering at a time when government policy and consumer preference are increasingly focused on occupant protection. Maruti Suzuki continues to update its model range in line with market expectations and evolving regulatory norms.

Japanese PM Ishiba vows to stay on despite election loss, pledges to prioritise new US tariff pact
Japanese PM Ishiba vows to stay on despite election loss, pledges to prioritise new US tariff pact

First Post

time2 minutes ago

  • First Post

Japanese PM Ishiba vows to stay on despite election loss, pledges to prioritise new US tariff pact

Despite his business-as-usual demeanour, Ishiba is under increasing pressure to resign after the LDP and junior coalition partner Komeito lost their majority in Sunday's election in Japan's 248-member upper house, shattering his grip on power read more Prime Minister Shigeru Ishiba promised on Wednesday to remain in power to supervise the implementation of a new Japan-US tariff pact, amid media speculation and rising calls for his resignation following his governing party's historic setback. At party headquarters, Ishiba met with senior members of his Liberal Democratic Party (LDP), as well as former Prime Ministers Taro Aso, Fumio Kishida, and Yoshihide Suga. He later told reporters that they did not discuss his resignation or a new party leadership contest, but rather the election results, voter dissatisfaction, and the urgent need to avoid party discord. STORY CONTINUES BELOW THIS AD Despite his business-as-usual demeanour, Ishiba is under increasing pressure to resign after the LDP and junior coalition partner Komeito lost their majority in Sunday's election in Japan's 248-member upper house, the smaller and less powerful of Japan's two chambers of parliament, shattering his grip on power. It followed a defeat in the more powerful lower house in October, and his coalition now lacks a majority in both chambers of parliament, making it much more difficult for his administration to adopt programs and exacerbating Japan's political instability. Despite calls from within and beyond his party for his resignation, Ishiba says he plans to remain on to address important issues, such as tariff discussions with the United States, in order to avoid creating a political vacuum. Ishiba 'keeps saying he is staying on. What was the public's verdict in the election all about?' said Yuichiro Tamaki, head of the surging Democratic Party for the People, or DPP. At the LDP, a group of younger lawmakers led by Yasutaka Nakasone started a petition drive seeking Ishiba's early resignation and renewal of party leadership. 'We all have a sense of crisis and think the election results were ultimatum from the voters,' he said. Japanese media reported that Ishiba is expected to soon announce plans to step down in August. STORY CONTINUES BELOW THIS AD The conservative Yomiuri newspaper said in an extra edition on Wednesday that Ishiba had decided to announce his resignation by the end of July after receiving a detailed report from his chief trade negotiator, Ryosei Akazawa, on the impact of the US tariffs on the Japanese economy, paving the way for a new party leader. Ishiba denied the report and said that he wants to focus on the US trade deal, which covers more than 4,000 goods affecting many Japanese producers and industries. He welcomed the new agreement, which places tariffs at 15% on Japanese cars and other goods imported into the US from Japan, down from the initial 25%. Still, local media are already speculating about possible successors. Among them are ultraconservative former Economic Security Minister Sanae Takaichi, who lost to Ishiba in September. Another conservative ex-minister, Takayuki Kobayashi, and Agriculture Minister Shinjiro Koizumi, the son of former popular Prime Minister Junichiro Koizumi, are also seen as potential challengers. STORY CONTINUES BELOW THIS AD In Sunday's election, voters frustrated with price increases exceeding the pace of wage hikes, especially younger people who have long felt ignored by the ruling government's focus on senior voters, rapidly turned to the emerging conservative DPP and right-wing populist Sanseito party. None of the opposition parties have shown interest in forming a full-fledged alliance with the governing coalition, but they have said they are open to cooperating on policy. People expressed mixed reaction to Ishiba, as his days seem to be numbered. Kentaro Nakamura, 53, said that he thought it's time for Ishiba to go, because he lacked consistency and did poorly in the election. 'The (election) result was so bad and I thought it would not be appropriate for him to stay on,' Nakamura said. 'I thought it was just a matter of time.' But Isamu Kawana, a Tokyo resident in his 70s, was more sympathetic and said if it wasn't Ishiba who was elected prime minister last year, the result would have been the same. STORY CONTINUES BELOW THIS AD 'I think he got the short end of the stick,' Kawana said.

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