Trump announces 30% tariff on EU goods starting August 1
He made the announcement through a letter posted on the social media platform, Truth Social.
Trump escalated his trade offensive this week, sending over 20 letters to foreign governments warning of steep new tariffs unless bilateral trade agreements are reached by 1 August.
Back in April, Trump introduced a 10 per cent baseline tariff on imports, along with additional duties of up to 50 per cent targeting specific countries. However, following widespread market anxiety, he postponed the implementation of all tariffs—except the 10 per cent rate—until 9 July.
As the 90-day grace period expired this week, Trump unveiled a fresh set of tariff rates for various nations, while pushing their enforcement date to next month.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
10 minutes ago
- First Post
Russia open to peace in Ukraine war but achieving goals is priority, Kremlin says after Trump's 50-day ultimatum
Kremlin spokesperson Dmitry Peskov said President Vladimir Putin still wanted a peaceful resolution to the war but reiterated that Russia's conditions for a deal had not changed read more Russia is open to a peace settlement with Ukraine but achieving its military and political objectives remains a top priority, Kremlin spokesman Dmitry Peskov said on Sunday (July 20), days after US President Donald Trump warned Moscow to agree to a ceasefire within 50 days or face stiffer sanctions. Speaking to state TV journalist Pavel Zarubin, Peskov said President Vladimir Putin still wanted a peaceful resolution to the war but reiterated that Russia's conditions for a deal had not changed. STORY CONTINUES BELOW THIS AD 'President Putin has repeatedly spoken of his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible. This is a long process, it requires effort, and it is not easy,' Peskov said. 'The main thing for us is to achieve our goals. Our goals are clear,' he added. Russia has demanded that Ukraine withdraw from the four regions Moscow annexed in September 2022 but does not fully control. It also wants Ukraine to abandon its bid to join Nato and to accept strict limits on the size and capabilities of its armed forces– conditions that Kyiv and its Western allies have rejected. Peskov and other Russian officials have denied stalling negotiations, though Moscow continues to escalate its long-range strikes on Ukrainian cities. Analysts say drone attacks in particular are becoming more frequent, with Russia recently launching more drones in a single night than during some full months in 2024. Trump's warning to Moscow On July 14, Trump hardened his stance towards Moscow, announcing a 50-day deadline for Russia to agree to a ceasefire or face 'severe tariffs'. The US president, who had previously expressed frustration over failed negotiations, also said the new measures would target Russia's trading partners in an effort to further isolate the Kremlin economically. Trump also unveiled plans to accelerate US military support for Ukraine, stating that European allies would purchase 'billions and billions' of dollars' worth of American defence equipment to transfer to Kyiv. The package is expected to include Patriot air defence systems, which Ukraine has identified as a key priority to counter Russian missile and drone attacks. STORY CONTINUES BELOW THIS AD The Pentagon had paused some military shipments earlier this year due to concerns over diminishing US stockpiles, prompting doubts over Washington's ability to maintain steady support for Ukraine. With inputs from AP
&w=3840&q=100)
Business Standard
10 minutes ago
- Business Standard
Kremlin says open to peace with Ukraine; but insists on achieving its goals
Russia is open to peace with Ukraine, but achieving its goals remains a priority, Kremlin spokesman Dmitry Peskov said Sunday, days after US President Donald Trump gave Moscow a 50-day deadline to agree to a ceasefire or face tougher sanctions. Peskov and other Russian officials have repeatedly rejected accusations from Kyiv and its Western partners of stalling peace talks. Meanwhile, Moscow continues to intensify its long-range attacks on Ukrainian cities, launching more drones in a single night than it did during some entire months in 2024, and analysts say the barrages are likely to escalate. President Putin has repeatedly spoken of his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible. This is a long process, it requires effort, and it is not easy, Peskov told state TV reporter Pavel Zarubin. The main thing for us is to achieve our goals. Our goals are clear, he added. The Kremlin has insisted that any peace deal should see Ukraine withdraw from the four regions that Russia illegally annexed in September 2022 but never fully captured. It also wants Ukraine to renounce its bid to join NATO and accept strict limits on its armed forces demands Kyiv and its Western allies have rejected. US President Donald Trump threatened Russia on July 14 with steep tariffs and announced a rejuvenated pipeline for American weapons to reach Ukraine, hardening his stance toward Moscow after months of frustration following unsuccessful negotiations aimed at ending the war. The direct Russia-Ukraine negotiations in Istanbul resulted in several rounds of prisoner exchanges but little else. Trump said he would implement severe tariffs unless a peace deal is reached within 50 days. He provided few details on how they would be implemented, but suggested they would target Russia's trading partners in an effort to isolate Moscow in the global economy. In addition, Trump said European allies would buy billions and billions of dollars of US military equipment to be transferred to Ukraine, replenishing the besieged country's supplies of weapons. Included in the plan are Patriot air defense systems, a top priority for Ukraine as it fends off Russian drones and missiles. Doubts were recently raised about Trump's commitment to supply Ukraine when the Pentagon paused shipments over concerns that US stockpiles were running low.
Mint
10 minutes ago
- Mint
Sona Comstar enters China EV parts market amid tariff, rare earth hit
Sona Comstar has entered China's electric vehicle market through a joint venture with Jinnaite Machinery Co. at a time when its US business is facing headwinds due to Trump's tariffs and India unit is suffering because of Chinese rare earth restrictions. The Gurugram-based firm will invest $12 million in the joint venture and hold a 60% stake, while its Chinese partner will contribute $8 million, according to a company statement. The JV will provide driveline components to Chinese and global OEMs (original equipment manufacturers). The joint venture is expected to start operations in the second half of the current financial year. The country's eighth-largest component maker's management highlighted a look-east approach to business in its latest annual report, anticipating a hit to revenue in the North American region. "This joint venture marks a significant step in our strategy to expand into the rapidly growing Asian markets. As the largest electric vehicle market in the world and a leader in EV technologies, China offers tremendous opportunities for innovation and growth," Vivek Vikram Singh, managing director and chief executive officer (CEO) of Sona Comstar, said. According to the company's presentation on the move, the joint venture will have five board members, the majority of whom will be appointed by Sona Comstar. In the financial year 2025, the company received 41% of its overall ₹ 3,555 crore revenue from the North American region, 29% from India, and only 6% from the rest of the Asian region. Among vehicle technologies, 36% of its revenue came from battery electric vehicles, the highest for a component maker in the country. Singh told analysts in the last earnings call that the company can face a 3% revenue hit in the North American region. However, the company's entry into China, the world's largest EV market, can help offset the adverse impact on business. With 11.3 million electric vehicles sold in China in 2024, China held a 66% share in the global EV market. About 76% of the Chinese electric vehicle market is held by domestic manufacturers, including BYD, NIO, Geely and XPeng, among others. The entry into the region is part of the firm's broader strategy of increasing its focus on Asia. "In addition to growing market shares in North America and Europe, we will increase our focus on Eastern markets, particularly India, China, Japan, and Korea," Sona Comstar said in its latest annual report. "This may necessitate adaptations to our operating model, including the possibility of forming joint ventures or alliances. By concentrating more on these Asian markets, we aim to achieve a balanced geographical diversification in our revenue," it added. According to the company's statement, Jinnaite Machinery manufactures complex castings and moulds and is a supplier to major Chinese companies and firms in North America, Europe, and Japan. The announcement of Sona Comstar's joint venture in China comes at a time when the country is facing export restrictions imposed by China on rare earth magnets. As one of the largest manufacturers of motors for EVs, Sona Comstar is among the players facing restrictions on the import of rare earth magnets. The company has developed new solutions, such as light rare-earth magnet motors and magnet-free motors, to counter China's restrictions. However, the new solutions are currently in the testing phase. Sona Comstar's share price has declined by 19% so far compared with a 3% rise in Nifty Auto.
