China's Steel Output Cuts Could Intensify Coking Coal's Plunge
Steel mills are expected to curtail production this year to cope with the drop in consumption. The protracted collapse in the property sector remains the biggest drag, while exports that have helped soak up the domestic surplus are likely to recede in the face of mounting trade barriers.
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In India, Modi and the Mountains Are Under Siege
This is Bloomberg Opinion Today, a far-ranging ramble through Bloomberg Opinion's opinions. Sign up here. It's not been a good couple of weeks for India. On Aug. 1, the US announced that it would impose a 25% tariff on imports from the country. That was followed by a punitive and additional 25% — what President Donald Trump has called a 'secondary tariff' — for New Delhi's continuing purchase of Russian oil, which Washington says is helping to finance Moscow's invasion of Ukraine. The fallout from Trump's trade neologism may spread beyond India, says Andy Mukherjee. 'Secondary sanctions impose a cost on third parties for allegedly enabling bad behavior by someone else. If a US bank, port, ship, or company is prohibited from engaging in a transaction involving the Russian financial system, then a secondary sanction can make it potentially illegal for non-Americans, too.' Andy concludes: It's really a sanction, and it will shake the seemingly monolithic power of India's Prime Minister Narendra Modi.
