‘Drug companies will have problems': Trump unveils 200% tariff plan to slash soaring drug prices
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Business Standard
7 minutes ago
- Business Standard
EU, US near trade deal to avoid 30% tariffs, settle at 15% rate instead
The European Union is heading towards a trade deal with Washington that would result in a broad 15 per cent tariff on EU goods imported into the US, avoiding a harsher 30 per cent levy slated to be implemented from August 1, two EU diplomats said on Wednesday. The rate, which could also extend to cars, would mirror the framework agreement the United States struck with Japan. Officials from the European Commission, which negotiates trade deals on behalf of the 27-nation bloc, briefed EU envoys on the state of talks with their US counterparts. US President Donald Trump would ultimately make any final decision on a deal, however. Under the outlines of the potential deal, the 15 per cent rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5 per cent. There could also be concessions for sectors like aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, the diplomats said. Washington does not, however, appear willing to lower its current 50 per cent tariff on steel, they said. The Commission said earlier on Wednesday that its primary focus was to achieve a negotiated outcome to avert the threatened 30 per cent tariffs. At the same time it planned to submit counter-tariffs on 93 billion euros ($109 billion) worth of US goods to EU members for approval. A vote is expected on Thursday, though no measures would be imposed until August 7. Germany supported the EU readying countermeasures, a government representative said. If Trump's 30 per cent tariffs are implemented, EU diplomats also said there was broad support among European governments to activate wide-ranging so-called "anti-coercion" measures , which would allow the bloc to target US services and other sectors. US-Japan deal as template? The EU appears to be following in the footsteps of Japan, whose agreement with the United States is the most significant Trump has struck since launching his tariff offensive in April. European shares climbed around 1 per cent, led by automobile stocks, following the US-Japan announcement. One stand-out feature of that deal was that the same 15 per cent rate applies to cars, compared to the current US tariff of 27.5 per cent, something the EU may want for its own auto exports. The US imported vehicles and automotive parts valued at more than $55 billion from Japan last year. EU exports were 47.3 billion euros ($55.45 billion). Far fewer US cars were sold into the EU or Japanese markets. EU officials say Washington has shown little sign of budging on car tariffs, but the Japan deal could hint at flexibility. "Whatever the Japanese got will become the minimum for the EU negotiating objectives," said Simon Evenett, professor of geopolitics and strategy at IMD Business School.
Hindustan Times
24 minutes ago
- Hindustan Times
Harvard under investigation over participation in visa program for foreign students and researchers
In the latest in series of Trump administration inquiries targeting Harvard University, the State Department said Wednesday it is investigating whether the Ivy League school will remain part of a government program that provides American visas for students and researchers from other countries. FILE PHOTO: A view of the Business School campus of Harvard University in Cambridge, Massachusetts, U.S., April 15, 2025. REUTERS/Faith Ninivaggi/File Photo(REUTERS) Harvard has faced mounting sanctions and scrutiny from Washington since rejecting demands from a federal antisemitism task force in April. Harvard has filed a lawsuit challenging $2.6 billion in federal cuts and has accused the Republican administration of waging a retaliation campaign. The statement from Secretary of State Marco Rubio did not say why his department was examining Harvard's eligibility to take part in the Exchange Visitor Program, which allows foreign nationals to study or work in the United States through cultural and education exchange programs. It said all sponsors, such as Harvard, 'are required to fully comply with exchange visitor regulations, transparency in reporting, and a demonstrated commitment to fostering the principles of cultural exchange and mutual understanding upon which the program was founded.' Harvard spokesperson Jason Newton said the investigation was "another retaliatory step" taken by the administration. "Harvard continues to enroll and sponsor international scholars, researchers, and students, and will protect its international community and support them as they apply for U.S. visas and travel to campus this fall,' Newton said in a statement. He said the school is committed to complying with the program's rules. Brett Bruen, a former director of global engagement under Democratic President Barack Obama, said there is no justification for the administration's action. 'It not only damages Harvard, but American higher education & industry that depend on the best & brightest wanting to come here,' Bruen said in a post on X. The State Department said the investigation will seek to ensure that its programs "do not run contrary to our nation's interests.' The administration also has tried several times to prevent the school in Cambridge, Massachusetts, from hosting foreign students, and President Donald Trump has threatened to revoke Harvard's tax-exempt status. Last month, his administration issued a finding that Harvard tolerated antisemitism, a step that could jeopardize all of Harvard's federal funding, including student loans or grants. The penalty is typically referred to as a 'death sentence.' Harvard's president, Alan Garber, has said the university has made changes to combat antisemitism and will not submit to the administration's demands.
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Business Standard
37 minutes ago
- Business Standard
Rahul questions PM's silence as Trump repeats India-Pak ceasefire claim
Congress leader Rahul Gandhi on Wednesday attacked the government over US President Donald Trump repeating his claims about bringing about a ceasefire between India and Pakistan, saying there is something fishy as the American leader has made the statement "25 times". The Leader of Opposition in the Lok Sabha questioned as to who is Trump to get a ceasefire done and said Prime Minister Modi has not given a reply even once. Asked about Trump's claim and if the PM should make a statement as being demanded by the opposition, Gandhi said, "How can the prime minister make a statement. What will he say-- Trump got it done, he can't say that. But that is the truth. Trump got the ceasefire done, the whole world knows. That is the reality." "This is not just about ceasefire there are big problems that we want to discuss. There are problems related to defence, defence industry, Operation Sindoor. The situation is not good and the whole world knows. Those who call themselves patriot have run away. The prime minister is not able to give one statement," Gandhi told reporters in Parliament House complex. "Trump has said 25 times that 'I got the ceasefire done'. Who is Trump to get a ceasefire done? It is not his job. But the prime minister has not given a reply even once. That is the truth, he cannot hide," Gandhi said. He said the government has accepted to have a discussion on Operation Sindoor when Prime Minister Modi returns from abroad. "On the one hand you (government) say Operation Sindoor is ongoing and on the other hand you say that victory has been achieved. Either victory has been achieved or (Operation) Sindoor is ongoing. Trump is saying I halted Sindoor, he has said it 25 times. So, 'kuch na kuch toh daal mein kala hai na' (something is fishy)," Gandhi said. To a question on India's outreach post Operation Sindoor, Gandhi said, "They (government) have destroyed our foreign policy, no one supported us." The Congress on Wednesday said that while US President Trump has reached the quarter century mark on his claims, Prime Minister Modi is "totally quiet, finding time only to travel abroad and to destabilise democratic institutions at home". Trump on Tuesday claimed yet again that he stopped the recent "war" between India and Pakistan and that five planes were shot down in the conflict. He also claimed that the conflict between India and Pakistan "was probably going to end up in a nuclear war". Congress general secretary in-charge communications Jairam Ramesh said, "As the Modi Government continues in its refusal to give firm dates for a debate on Pahalgam-Sindoor in Parliament and as the Modi government persists in its refusal to commit to a reply by the PM in the debate, President Trump reaches the silver jubilee, the quarter century mark on his claims." "He has trumpeted 25 times in the last 73 days but the Prime Minister of India is totally quiet - finding time only to travel abroad and to destabilise democratic institutions at home," Ramesh said in X. Speaking at a reception in the White House, Trump said, "We stopped wars between India and Pakistan, the Democratic Republic of the Congo and Rwanda." "They shot down five planes and it was back and forth, back and forth, back and forth. I called them and said, 'Listen, no more trade. If you do this, you're not going to be good They're both powerful nuclear nations and that would have happened, and who knows where that would have ended up. And I stopped it'," he said. Trump claimed the US took out Iran's entire nuclear capability and also stopped the conflict between Kosovo and Serbia. Trump, who has repeatedly said that he stopped the conflict between India and Pakistan through trade, last Friday said for the first time that five jets were shot down during the fighting. "You had India, Pakistan, that was going in fact, planes were being shot out of the air, five, five, four or five. But I think five jets were shot down actually, that was getting worse and worse, wasn't it? That was looking like it was going to go, these are two serious nuclear countries and they were hitting each other," he had said at the White House in his remarks made during a dinner that he hosted for the Republican senators. Since May 10, when Trump announced on social media that India and Pakistan had agreed to a full and immediate ceasefire after a long night of talks mediated by Washington, he has repeated his claim on several occasions that he helped settle the tensions between India and Pakistan. However, India has been consistently maintaining that the understanding on cessation of hostilities with Pakistan was reached following direct talks between the Directors General of Military Operations (DGMOs) of the two militaries. In a nearly 35-minute phone call with Trump last month, Modi firmly stated that India does not and will "never accept" mediation and that the discussions between Indian and Pakistani militaries on cessation of military actions were initiated at Islamabad's request. India launched Operation Sindoor on May 7, targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir in retaliation for the Pahalgam attack that killed 26 civilians. India and Pakistan reached an understanding on May 10 to end the conflict after four days of intense cross-border drone and missile strikes. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
