Jimmy Kimmel says he got his Italian citizenship amid Trump presidency
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Economic Times
19 minutes ago
- Economic Times
Swiss gold industry warns against Swatch boss's US gold tax proposal
Synopsis Following U.S. tariffs on Swiss goods, Swatch CEO Nick Hayek proposed a retaliatory export tax on Swiss gold bars destined for the United States. However, the Swiss Association of Manufacturers and Traders in Precious Metals expressed skepticism, fearing economic harm and damage to Switzerland's reputation as a free trade advocate. Reuters Gold bullion bars (file photo) Switzerland's gold industry on Thursday voiced skepticism about a proposal by the boss of watchmaker Swatch to introduce a levy on gold exports to the United States in retaliation for U.S. tariffs on Switzerland. U.S. President Donald Trump last week imposed tariffs of 39% on imported Swiss goods, causing shock and dismay in the Alpine republic, a major refining and transit hub for gold. The U.S. Customs and Border Protection afterwards said Washington might put tariffs on the most widely-traded gold bullion bars in the United States. However, Trump said on Monday that gold would not face tariffs. Swatch CEO Nick Hayek told Swiss newspaper Blick that Trump's announcement indicated that tariffs on gold would be painful for the U.S. president. "Now is the time to go on the offensive. Switzerland should order a 39% export tax on gold bars for the United States," Hayek told the paper. "That's where we have to get at him. That's his Achilles' heel." The Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP) said that while ideas to better balance bilateral trade were welcome, careful consideration needed to be given to Switzerland's longer-term interests. "An export tax on Swiss gold destined for the USA would not only harm Switzerland economically, but also damage the reputation of a country that has consistently promoted and defended free trade," ASFCMP President Christoph Wild said. The Swiss Economy Ministry declined to comment on the proposal, but said the support of business representatives was in general welcome and helped underscore the close economic ties between the U.S. and Switzerland. Trump justified his 39% tariff by pointing to Switzerland's sizeable trade surplus with the United States. Part of that is due to gold exports. Hayek said that even if a gold levy failed to move Trump, it would cut the U.S. trade deficit with Switzerland. "If Trump doesn't give in to our pressure, we'll at least improve the trade balance with the U.S. if the Americans no longer import gold bars via Switzerland," he told Blick. Switzerland is continuing to hold talks with U.S. officials aimed at lowering the U.S. tariffs.
Mint
19 minutes ago
- Mint
Trump's crypto cheer lifts Bitcoin, but core risks still loom
The cryptocurrency faithful are having quite a moment. Donald Trump's return to the White House has brought a veritable cornucopia of pro-crypto promises, from talk of a 'Strategic Bitcoin Reserve" to declarations about making America the 'crypto capital of the world." Markets have reacted predictably: Bitcoin has surged past previous highs, and believers are treating this as ultimate vindication. Yet beneath the sheen of political legitimacy, nothing fundamental has changed about cryptocurrencies' essential nature. The irony in Trump's embrace of crypto is hard to miss. The proposed 'Strategic Bitcoin Reserve and US Digital Asset Stockpile" will apparently consist entirely of assets seized from criminals. In other words, the US government's official cryptocurrency holdings will be digital assets once used for ransomware, money laundering, drug trafficking, and other illicit activities. It's rather like announcing a strategic reserve of stolen goods as proof of their virtue. This detail neatly captures crypto's central problem. Despite all the technological sophistication and political endorsements, it remains the payment method of choice for criminals worldwide. Every major ransomware attack, dark web marketplace, and cross-border money laundering network gravitates to crypto for the same reasons enthusiasts celebrate it—anonymity, irreversibility, and freedom from traditional oversight. Political enthusiasm can't fix these structural flaws. Governments seeking to legitimise crypto are, in effect, blessing a system designed to bypass governmental authority. The contradiction is glaring: regulators tout an asset class while acknowledging that their strategic reserves will be filled mainly by seizing it from criminals. The ease with which fraud and theft occur in crypto remains staggering. Consider the 'socialised loss" strategy, where a major Indian exchange, after losing customer funds to hackers, decided everyone should share the pain, a perfect example of the Wild West ethos. When exchanges profit, it's capitalism; when they're robbed, suddenly everyone's a socialist. The frequency of such episodes would be comical if they didn't wipe out life savings. These aren't isolated mishaps or growing pains; they're built into a system that operates outside traditional financial protections. When a bank is robbed, deposit insurance protects you. When a crypto exchange is 'hacked", often a euphemism, you're on your own. The very decentralisation crypto champions means there's no safety net when things go wrong. Trump's enthusiasm also underlines another uncomfortable reality: an anti-establishment movement has been fully co-opted by the establishment it once vowed to disrupt. Wall Street, which Bitcoin was meant to circumvent, is now its biggest backer via ETFs and institutional products. The so-called revolutionary currency depends on the same traditional finance for its legitimacy. Political endorsement carries psychological weight. When governments and big institutions adopt a position, it creates an illusion of safety and permanence. Past crypto bubbles fed on tech mystique and get-rich-quick dreams; this cycle adds political validation, which could make it more dangerous for ordinary investors mistaking political backing for sound investment. For Indian investors, the temptation to chase this apparent legitimacy will be strong. Domestic taxation has curbed much local speculation, but political developments in the US could encourage some to seek workarounds. The 'don't miss out" narrative, wrapped in patriotic American rhetoric about financial dominance, could be persuasive. Yet the math hasn't changed. Crypto produces nothing, earns nothing, and represents no underlying asset. It serves no economic purpose that existing systems can't fulfil more efficiently. Its price is driven purely by speculative sentiment, whether fuelled by tech hype, celebrity endorsements, or presidential tweets. The most telling part of crypto's political embrace is how quickly its advocates abandoned anti-government principles in exchange for government approval. Those who once railed against fiat currencies and central banks now cheer politicians promising to hoard their preferred tokens. It's a striking shift from revolutionary idealism to conventional rent-seeking. Short-term price predictions are futile, speculative bubbles can inflate far beyond reason. But knowing what you're buying matters. Political theatre and presidential applause can't turn speculation into investment, gambling into wealth-building, or criminal infrastructure into legitimate finance. However much hot air gets pumped into this bubble, the fundamentals remain unchanged. Dhirendra Kumar is founder and chief executive officer of Value Research, an independent advisory firm. Views expressed are personal.
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First Post
19 minutes ago
- First Post
Should India flatter Trump with Nobel nomination? Give him two, jokes Bolton
As world leaders line up to nominate US President Donald Trump for the Nobel Peace Prize, former US NSA John Bolton joked that India should hand over two nominations to Trump for better ties As countries line up to nominate US President Donald Trump for a Nobel Peace Prize, his former National Security Advisor John Bolton jokes about India offering Trump two such nominations for better ties. While speaking to Firstpost's Bhagyasree Sengupta, Bolton said Trump's sudden courting of Pakistan Army chief Asim Munir and his tariff tirade against India have nothing to do with 'strategic rethinking'. He maintained that the apparent change in the American leader's stance on India and Pakistan revolves around his dream to win a Nobel. STORY CONTINUES BELOW THIS AD Soon after the India-Pakistan military confrontation, Munir met President Trump in the White House. He is currently in the US attending the farewell ceremony of the Centcom chief. Munir eventually used American soil to deliver nuclear threats to India. During Trump's first term, we saw events like ' Howdy Modi' and 'Namaste Trump'. So what changed? Bolton said it is all about a Nobel Peace Prize nomination. 'I don't think this is any strategic rethinking by Trump because he doesn't do strategic rethinking. One thing Munir did was to offer to nominate him for a Nobel Peace Prize, which has become an obsession with Trump,' Bolton told Firstpost on Tuesday. 'It's part of a strategy of flattery, which often works with Trump as well. So my suggestion to Prime Minister Modi is that when he talks to Trump next, he should offer to nominate him twice for a Nobel Peace Prize and to keep nominating him until he gets it. Maybe that'll help,' he joked. How Pakistan seeks brownie points with Nobel nomination Soon after Operation Sindoor, Pakistan rushed to deliver a nomination for a Nobel Peace Prize to Trump. It was one of the first countries to take that initiative after Trump returned to the White House. With this, Pakistan attempted to reaffirm Trump's claim that he was the one who brokered a ceasefire deal following a four-day military escalation between India and Pakistan. Meanwhile, India maintained that the ceasefire between the two nations was a bilateral decision and no third party was involved; many believe that New Delhi's rejection of Trump's assertion might have also contributed to Trump's latest ire against India. Pakistan, on the other hand, was also not earnest with its Nobel nomination. Because right after it nominated Trump for the prestigious award, Islamabad slammed his administration for supporting Israel in the war against Hamas. STORY CONTINUES BELOW THIS AD In a Firstpost interview, Ambassador Bolton maintains that he is not thinking much about US-Pakistan ties. 'I wouldn't conclude a closer Pakistani-US relationship, although frankly I think it's in the interest of everybody to see Pakistan retain a democratic government and not be under the military,' he said. 'But Trump doesn't understand Pakistan at all. He's been speaking in the past few weeks about the significant development of Pakistan's oil reserves, which comes as a complete surprise to people in Pakistan. It's just typical of Trump. He lives in many senses in a world of his own, a world he has created. I'm afraid because he does not think very much about what happens outside his world, he doesn't see the ramifications sometimes of what he says," he explained. Other nations attempt to flatter Trump However, it is important to note that Pakistan is not the only country which has nominated Trump for a Nobel Peace Prize. The trend started with Pakistan, followed by Israel and Cambodia. After Trump's 'peace summit' bringing together the leaders of Armenia and Azerbaijan on August 8 and ending decades of conflict, the heads of the two former Soviet Union states promised to write a joint nomination to the Nobel Peace Committee. STORY CONTINUES BELOW THIS AD Trump has long coveted the honour, and in the past, his friends, including lawmakers, have nominated him for the honour numerous times. However, in the past, Trump often mocked former President Barack Obama, who won the award in 2009, one year into his first term, saying he didn't know 'what the hell he got it for.' Hence, it would now be interesting to see if Norway would pay any heed to these nominations.
