India's chilling warning to Pakistan after ceasefire: ‘We are fully ready and alert'
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Business Standard
6 hours ago
- Business Standard
US-China tariff status quo working well ahead of November, says Bessent
Bessent's remarks indicate that an easing of tensions between the two sides remains in place, potentially creating an opening for President Donald Trump to meet Chinese leader Xi Jinping Bloomberg Treasury Secretary Scott Bessent indicated the US is satisfied with the current tariff set up with China, a signal the Trump administration is looking to maintain calm with its economic rival before a trade truce expires in November. When asked in a Fox News interview when progress in negotiations would be seen and if the US needed a trade agreement because of how tariffs were going, Bessent said that 'we're very happy' with the situation with China. 'I think right now the status quo is working pretty well,' he said. 'China is the biggest revenue line in the tariff income — so if it's not broke, don't fix it,' he said in the interview on Tuesday. 'We have had very good talks with China. I imagine we'll be seeing them again before November.' Bessent's remarks indicate that an easing of tensions between the two sides remains in place, potentially creating an opening for President Donald Trump to meet Chinese leader Xi Jinping. The Trump administration has generally dialed down its confrontational tone with Beijing recently to get a summit with Xi and a trade deal. Secretary of State Marco Rubio has said a meeting between the two leaders is likely, though no date has been set. Last week, Trump extended a pause on higher tariffs on Chinese goods for another 90 days into early November, a move that stabilized trade ties between the world's two largest economies. That was possible because the US and China agreed to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies. S&P Global Ratings has said revenues from Trump's tariffs would help soften the blow to the US's fiscal health from the president's tax cuts, enabling it to maintain its current credit grade. Still, the trade dispute with China is causing some pain for the US Caleb Ragland, president of the American Soybean Association, said in a letter to Trump dated Tuesday that American soybean farmers are near a 'trade and financial precipice' and cannot survive a prolonged dispute. Trump said last week that he hoped China would massively step up its purchases of American soybeans. China hasn't bought a single cargo of soybeans from the next harvest, which starts in September. And in a move that's likely to irk Beijing, the Trump administration is set to step up scrutiny of imports of steel, copper, lithium and other materials from the world's No. 2 economy to enforce a US ban on goods allegedly made with forced labor in the country's Xinjiang region. The plan dovetails with Trump's broader trade goals, given he wants to lower the US trade deficit with China and put pressure on Beijing to curb shipments of fentanyl and precursor chemicals. Earlier this month Trump doubled tariffs on Indian goods to 50 per cent, saying the hike was punishment for India's purchases of discounted oil from Russia, which he argues helps fund President Vladimir Putin's war against Ukraine. There's been concern that the US may also target other nations — China is the largest overall buyer of Moscow's crude — but so far India has been the only major economy to be hit with such 'secondary tariffs.' Bessent defended the administration's lack of secondary tariffs on China in an interview with CNBC, saying India only ramped up its purchases after the Kremlin's full-scale invasion of Ukraine in 2022.
India Today
7 hours ago
- India Today
The alliance that Trump cannot break
As External Affairs Minister S. Jaishankar prepares for crucial talks with Russian Foreign Minister Sergey Lavrov in Moscow, India finds itself at the centre of a diplomatic storm. President Trump has unleashed his most aggressive economic assault on India in recent memory, wielding tariffs and sanctions as weapons to force New Delhi away from its Russian partnerships. advertisementThe pressure campaign began in August 2025 with sweeping 25% tariffs on Indian exports, later doubled to 50% specifically targeting Russian oil imports. For a nation whose economic planners depend heavily on US markets, this represents a devastating blow. Nearly 70% of India's American exports now face punitive duties, threatening everyone from farmers to IT firms and small manufacturers. Yet Trump's arsenal extends beyond tariffs. The spectre of secondary sanctions looms large, threatening to cut India from dollar-based financial networks if it maintains Russian trade ties. The warning is unambiguous: choose between Moscow and access to the global financial system dominated by public response has been characteristically defiant. Officials denounce the measures as "unfair, unjustified, and unreasonable," repeating the familiar mantra that India does not recognise country-specific sanctions. However, the ghosts of previous capitulations haunt this stance, particularly the Iranian oil episode where similar rhetoric eventually gave way to compliance under American Iran precedent is instructive. When Washington reimposed sanctions after abandoning the nuclear deal, India initially stood firm, thundering about the illegitimacy of unilateral sanctions. Yet reality gradually eroded this defiance. Iranian oil, once vital and discounted, was quietly phased out of India's energy mix. The much-touted non-recognition policy withered under the threat of secondary time, however, the stakes are fundamentally different. Unlike Iran, Russia is integral to India's core security architecture. Between 60 to 70% of India's military hardware originates from Moscow, including fighter jets, submarines, and the controversial S-400 missile defence systems. Simultaneously, Russia has emerged as India's largest crude supplier, accounting for over a third of oil dependency runs deeper than mere commercial convenience. Russian oil provides India with crucial leverage against OPEC price manipulation whilst offering substantial discounts that help manage domestic inflation. Similarly, decades of defence cooperation have embedded Russian technology throughout India's military ecosystem. Severing these ties would not merely inconvenience New Delhi; it could fundamentally compromise national hypocrisy argument carries considerable weight. China imports even more Russian energy yet faces far less American pressure, highlighting what appears to be selective enforcement based on perceived vulnerability rather than principled opposition to Russian trade. This double standard allows India to position itself as an unfairly targeted middle power, potentially rallying sympathy amongst BRICS partners and Global South upcoming Jaishankar-Lavrov meeting represents more than bilateral diplomacy; it is geopolitical theatre. Both nations are accelerating work on rupee-ruble trade mechanisms and non-dollar payment systems designed to circumvent American financial dominance. Russian Deputy Chief of Mission Roman Babushkin has already signalled Moscow's commitment to supporting India against Western the economic pain is mounting. Exporters are suffering, farmers linked to American markets are protesting, and opposition parties smell political opportunity. Prime Minister Modi has publicly vowed not to compromise domestic welfare for diplomatic expediency, declaring India prepared to bear significant costs for its strategy appears clear: project defiance whilst quietly exploring compromises, diversify markets away from American dependence, and leverage the crisis to accelerate long-delayed economic reforms. Whether this gambit succeeds depends largely on India's ability to endure short-term pain for long-term strategic battle lines are drawn, with India's fundamental principle at stake: that sovereign nations should not bow to extraterritorial sanctions. The outcome will define not just India-US relations, but India's place in an increasingly multipolar world order.- EndsMust Watch
India Today
9 hours ago
- India Today
Unilateral sanctions are illegal: Russian envoy Roman Babushkin amid tariff threat
In an exclusive with India Today, Roman Babushki, Deputy Chief of Mission at the Russian Embassy in India, spoke on India-Russia relations, Western sanctions on Russia and a host of issues. Babushkin said, " As far as the sanctions are concerned, you know our position is very clear. We are absolutely against this unlawful tool of competition sanctions. I mean that unilateral sanctions are illegal'. He also talked about overcoming potential disruptions in oil trade and the continuation of military cooperation, referencing the success of 'Operation Sindoor,' the S-400 system, and BrahMos missiles. Babushkin expressed optimism for future joint production and technology sharing. The upcoming SCO Summit and a visit by President Putin are also mentioned as key future engagements.
